UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) January 18, 2000
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GREAT AMERICAN BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 000-25808 52-1923366
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
1311 S. Neil St., P.O. Box 1010, Champaign, IL 61824-1010
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(Address of principal executive offices) (Zip Code)
(217) 356-2265
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(Registrant's telephone number, including area code)
<PAGE>
Item 5. Other Events.
The Registrant incorporates by reference the press releases dated
January 18, 2000 and January 21, 2000 attached as Exhibit 20, relating to the
unaudited results for the year ended December 31, 1999 and the announcement of
the date for the Company's annual meeting of stockholders.
Item 7. Financial Statements and Exhibits.
The Registrant incorporates by reference the press releases dated
January 18, 2000 and January 21, 2000 attached as Exhibit 20, relating to the
unaudited results for the year ended December 31, 1999 and the announcement of
the date for the Company's annual meeting of stockholders.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Great American Bancorp, Inc.
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(Registrant)
Date January 24, 2000 /s/ Jane F. Adams
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Chief Financial Officer
<PAGE>
EXHIBIT INDEX
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Exhibit
No. Description Method of Filing
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20 News Releases Filed herewith
Dated January 18, 2000
and January 21, 2000
<PAGE>
Exhibit 20
NEWS RELEASE
FOR IMMEDIATE RELEASE
January 18, 2000
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
PRELIMINARY UNAUDITED RESULTS 1999 - NET INCOME $644,000
Champaign, Illinois - Great American Bancorp, Inc. (Nasdaq NMS/GTPS), the
holding company for First Federal Savings Bank of Champaign-Urbana, reported
earnings of $644,000 for the year ended December 31, 1999, a decrease of
$204,000, or 24.1%, below the $848,000 reported for the same period in 1998.
Basic earnings per share were $0.53 in 1999, compared to $0.61 in 1998, while
fully diluted earnings per share were $0.52 in 1999, compared to $0.57 in
1998.
Net interest income was $5,710,000 for the year ended December 31, 1999,
compared to $5,877,000 for the year ended December 31, 1998, a decrease of
$167,000, or 2.8%. The provision for loan losses was $573,000 in 1999
compared to $456,000 in 1998, an increase of $117,000, or 25.7%. The increase
in the provision for loan losses was primarily due to an increase in the
monthly provision due to a commercial loan totaling $1,363,000 becoming non-
performing during the fourth quarter of 1998. During 1999, the Company
collected $188,000 in principal payments on this loan and in the fourth
quarter of 1999, the Company charged-off $800,000. The remaining balance of
$375,000 continues as non-performing at December 31, 1999.
Noninterest income totaled $1,523,000 for the year ended December 31, 1999,
$228,000, or 17.6%, higher than the $1,295,000 recorded for the year ended
December 31, 1998. This increase was largely due to commissions generated from
GTPS Insurance Agency and an increase in service charges on deposit accounts.
Noninterest expense was $5,554,000 for the year ended December 31, 1999,
$349,000, or 6.7%, higher than the $5,205,000 reported for the year ended
December 31, 1998. Noninterest expense was higher in 1999 due mainly to
increased depreciation, maintenance and other expenses related to equipment
and software purchased during 1998 when the Company installed a network and
converted to a new in-house computer data-processing system. Attorneys' fees
were also higher in 1999 due to expenses relating to the non-performing
commercial loan.
Net income totaled $133,000 for the quarter ended December 31, 1999, compared
to $69,000 for the quarter ended December 31, 1998. Basic earnings per share
for the fourth quarter of 1999 were $0.11 in 1999, compared to $0.06 in 1998,
while fully diluted earnings per share were $0.11 in 1999, compared to $0.05
in 1998.
Total assets at December 31, 1999 were $154.3 million, a decrease of $2.9
million, or 1.8%, from total assets of $157.2 million at December 31, 1998.
First Federal Savings Bank of Champaign-Urbana is head quartered in Champaign,
Illinois, and operates through its administrative/branch office in Champaign
and through two other full service branches located in Champaign and Urbana.
The Bank, through its subsidiary, Park Avenue Service Corporation, also
provides full service brokerage activities through a third-party broker-
dealer, Scout Brokerage Services, Inc., and sells insurance products through
the GTPS Insurance Agency. The Bank's deposits are insured by the Federal
Deposit Insurance Corporation.
This earnings report may contain certain forward-looking statements which are
based on management's current expectations regarding economic, legislative,
and regulatory issues that may impact the Company's earnings in future
periods. Factors that could cause future results to vary materially from
current management expectations include, but are not limited to, general
economic conditions, changes in interest rates, deposit flows, real estate
values, and competition, changes in accounting principles, policies, or
guidelines, changes in legislation or regulation, and other economic,
competitive, governmental, regulatory and technological factors affecting the
Company's operations, pricing, products and services.
Great American Bancorp, Inc. stock is traded on the Nasdaq National Market
System under the symbol "GTPS."
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GTPS-pr-2000-01
Great American Bancorp, Inc.
Consolidated Balance Sheet
December 31, 1999 and December 31, 1998
(in thousands)
December 31, 1999 Dec. 31, 1998
(Unaudited)
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ASSETS
Cash and due from banks $ 5,560 $ 6,429
Interest-bearing demand deposits 4,453 15,386
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Cash and cash equivalents 10,013 21,815
Investment securities:
Available for sale 2,977 1,001
Held to maturity 3,463 1,977
Loans 128,431 122,672
Allowance for loan losses (703) (925)
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Net loans 127,728 121,747
Premises and equipment 7,188 7,551
Federal Home Loan Bank stock 767 736
Other assets 2,173 2,344
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Total assets $ 154,309 $ 157,171
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LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest bearing $ 8,565 $ 8,401
Interest bearing 114,280 114,619
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Total deposits 122,845 123,020
Short-term borrowings 2,000 2,000
Long-term borrowings 6,000 7,000
Other liabilities 1,693 1,999
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Total liabilities 132,538 134,019
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STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value
Authorized and unissued --
1,000,000 shares -- --
Common stock, $0.01 par value
Authorized -- 7,000,000 shares
Issued and outstanding -- 2,052,750 shares 21 21
Paid-in-capital 19,968 19,877
Retained earnings --
substantially restricted 16,521 16,411
Net unrealized gain on securities
available for sale (13) 1
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36,497 36,310
Less:
Treasury stock - 829,035 and
693,067 shares (14,019) (11,999)
Unearned employee stock
ownership plan shares (410) (637)
Unearned incentive plan shares (297) (522)
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(14,726) (13,158)
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Total stockholders' equity 21,771 23,152
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Total liabilities and
stockholders' equity $ 154,309 $ 157,171
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Twelve Months Ended December 31, 1999 and December 31, 1998
(unaudited, in thousands, except share data)
Twelve Months Ended Twelve Months Ended
December 31, 1999 December 31, 1998
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Interest income:
Loans $ 10,157 $ 10,183
Investment securities
Taxable 262 214
Tax exempt 28 19
Deposits with financial
institutions and other 578 602
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Total interest income 11,025 11,018
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Interest expense:
Deposits 4,856 4,958
Other 459 183
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Total interest expense 5,315 5,141
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Net interest income 5,710 5,877
Provision for loan losses 573 456
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Net interest income after
provision for loan losses 5,137 5,421
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Noninterest income:
Brokerage commissions 152 135
Insurance sales commissions 625 490
Service charges on deposit accounts 567 483
Loan servicing fees 19 25
Other customer fees 144 150
Net gains on loan sales -- 1
Other income 16 11
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Total noninterest income 1,523 1,295
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Noninterest expense:
Salaries and employee benefits 2,908 2,894
Net occupancy expenses 567 580
Equipment expenses 598 385
Data processing fees 108 135
Deposit insurance expense 71 69
Printing and office supplies 282 255
Legal and professional fees 292 152
Directors and committee fees 100 104
Insurance expense 48 42
Marketing and advertising expenses 169 208
Other expenses 411 381
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Total noninterest expense 5,554 5,205
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Income before income tax 1,106 1,511
Income tax expense 462 663
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Net income $ 644 $ 848
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Earnings per share:
Basic $ 0.53 $ 0.61
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Diluted $ 0.52 $ 0.57
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Great American Bancorp, Inc.
Consolidated Income Statement
For the Three Months Ended December 31, 1999 and December 31, 1998
(unaudited, in thousands, except share data)
Quarter Ended Quarter Ended
December 31, 1999 December 31, 1998
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Interest income:
Loans $ 2,584 $ 2,605
Investment securities
Taxable 115 46
Tax exempt 5 8
Deposits with financial
institutions and other 61 138
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Total interest income 2,765 2,797
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Interest expense:
Deposits 1,212 1,246
Other 104 115
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Total interest expense 1,316 1,361
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Net interest income 1,449 1,436
Provision for loan losses 150 339
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Net interest income after
provision for loan losses 1,299 1,097
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Noninterest income:
Brokerage commissions 36 16
Insurance sales commissions 148 137
Service charges on deposit accounts 150 147
Loan servicing fees 5 6
Other customer fees 37 43
Other income 1 1
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Total noninterest income 377 350
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Noninterest expense:
Salaries and employee benefits 723 737
Net occupancy expenses 101 154
Equipment expenses 281 105
Data processing fees 21 17
Deposit insurance expense 18 17
Printing and office supplies 73 68
Legal and professional fees 49 42
Directors and committee fees 25 26
Insurance expense 11 11
Marketing and advertising expenses 35 60
Other expenses 104 87
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Total noninterest expense 1,441 1,324
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Income before income tax 235 123
Income tax expense 102 54
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Net income $ 133 $ 69
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Earnings per share:
Basic $ 0.11 $ 0.06
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Diluted $ 0.11 $ 0.05
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Great American Bancorp, Inc.
Selected Financial Data
(unaudited, in thousands, except per share data)
As of As of
December 31, 1999 December 31, 1998
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Total assets $ 154,309 $ 157,171
Total loans, net 127,728 121,747
Allowance for loan losses 703 925
Non-performing assets 468 1,472
Non-performing assets to total assets 0.30% 0.94%
Allowance for loan losses to total assets 0.46% 0.59%
Investment securities 6,440 2,978
Total deposits 122,845 123,020
Checking deposits 24,475 23,452
Money market deposits 9,332 8,871
Passbook savings deposits 14,705 15,105
Certificates of deposit 74,333 75,592
Total borrowings 8,000 9,000
Total stockholders' equity 21,771 23,152
For the Three Months For the Twelve Months
Ended December Ended December
1999 1998 1999 1998
(unaudited) (unaudited)
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Net interest margin 4.13% 4.08% 4.02% 4.35%
ROA (annualized) 0.34% 0.18% 0.41% 0.57%
ROE (annualized) 2.41% 1.18% 2.86% 3.28%
NEWS RELEASE
Great American Bancorp, Inc.
Holding Company for First Federal Savings Bank of Champaign-Urbana
FOR IMMEDIATE RELEASE
January 21, 2000
Contact: Ms. Jane F. Adams
Chief Financial Officer and Investor Relations
(217) 356-2265
GREAT AMERICAN BANCORP, INC.
ANNUAL MEETING DATE - APRIL 25, 2000
Champaign, Illinois - Great American Bancorp, Inc. (NASDAQ/GTPS). Great
American Bancorp, Inc., the holding company for First Federal Savings Bank of
Champaign-Urbana, Champaign, Illinois, has announced that its Annual Meeting
of Stockholders will be held on Tuesday, April 25, 2000 at 9:30 a.m., Central
Time, at the offices of First Federal Savings Bank of Champaign-Urbana, 1311
S. Neil Street, Champaign, Illinois. The Company intends to distribute its
proxy solicitation materials on approximately March 24, 2000.
First Federal Savings Bank of Champaign-Urbana is head quartered in
Champaign, Illinois, and operates through its administrative/branch office in
Champaign and through two other full service branches located in Champaign
and Urbana. The Bank, through its subsidiary Park Avenue Service
Corporation, also provides full service brokerage activities through a
third-party broker-dealer, Scout Brokerage Services, Inc., and sells insurance
products through the GTPS Insurance Agency. The Bank's deposits are insured
by the Federal Deposit Insurance Corporation.
Great American Bancorp, Inc. stock is traded on the NASDAQ National Market
System under the symbol "GTPS".
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GTPS-pr-2000-02
