NEWS RELEASE
FOR IMMEDIATE RELEASE
January 18, 2023
Contact: Mr. Patrick McWilliams
Chief Financial Officer and Investor Relations (217) 356-2265
Great American Bancorp, Inc. Announces Earnings for the
Year Ending December 31, 2022
Champaign, Illinois – Great American Bancorp, Inc. (OTC Pink®/GTPS), the holding company for First Federal Savings Bank of Champaign-Urbana, reported net income of $1.098 million for the year ended December 31, 2022, which is an increase of $700 thousand, or 175.8% from $398 thousand reported for the year ended December 31, 2021. Basic and fully diluted earnings per share were $2.71 for the year ended December 31, 2022 compared to $0.97 for the same period in 2021. The return on average assets (“ROA”) and the return on average equity (“ROE”) were 0.49% and 5.88% for the year ended December 31, 2022, increasing from 0.18% ROA and 2.14% ROE for the same period in 2021.
Interest income from loans decreased $400 thousand in 2022 compared to 2021 due to a $407 thousand decrease in interest income related to the Paycheck Protection Program loans. Interest income from deposits with financial institutions and other, which are mostly overnight deposits maintained at the Federal Reserve Bank and the Federal Home Loan Bank, increased $612 thousand in 2022 compared to 2021 due to the Federal Open Market Committee increasing the Federal funds target rate range from 0 to 1/4 percent in March 2022 to 4 ¼ to 4 ½ percent by the end of December 2022. Interest on securities increased $1.019 million in 2022 compared to 2021 due the Company purchasing a total of $90 million par value United States Treasury bonds beginning in December 2021.
Noninterest income decreased $609 thousand in 2022 compared to 2021, from $3.966 million for 2021 to $3.357 million for 2022. The decrease in noninterest income is primarily due to the decrease in net gains on sales of loans. Net gain on sales of loans decreased $598 thousand for 2022 compared to 2021 due to the Company selling $16.918 million in loans during 2022 compared to $34.030 million in loans during 2021.
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Total noninterest expense decreased $264 thousand, from $7.744 million for 2021 to $7.480 million for 2022, primarily due to a decrease in other real estate owned expense. Other real estate owned expense decreased $420 thousand in 2022 compared to 2021 due to maintaining less other real estate properties during 2022 compared to 2021. The Company had ten other real estate owned properties as of December 31, 2020 and took possession of an additional thirty-two properties in March 2021. As of December 31, 2022 and 2021, the Company had possession of five and ten properties, respectively.
Net income for the three months ended December 31, 2022 was $480 thousand, which is an increase of $399 thousand from $81 thousand reported for the same period in 2021. The return on average assets (“ROA”) and the return on average equity (“ROE”) were 0.87% and 10.10% for the three months ended December 31, 2022, increasing from 0.15% ROA and 1.74% ROE for the same period in 2021.
Total assets at December 31, 2022 were $218.874 million compared to $230.054 million at December 31, 2021, a decrease of $11.180 million. Total net loans, including loans held for sale, were $92.147 million at December 31, 2022, increasing $4.582 million or 5.23% from total net loans of $87.565 million at December 31, 2021. Total deposits decreased $11.310 million, from $207.349 million at December 31, 2021 to $196.039 million at December 31, 2022.
First Federal Savings Bank of Champaign-Urbana is headquartered in Champaign, Illinois, and operates through its administrative/branch office in Champaign and through one additional full service branch located in Urbana, Illinois. The Bank also provides full service brokerage activities through a third-partybroker-dealer. The Bank’s subsidiary, Park Avenue Service Corporation, 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 OTC Pink®, under the symbol, “GTPS.”
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GTPS-pr-2023-02
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GREAT AMERICAN BANCORP, INC. AND SUBSIDIARY Consolidated Balance Sheets
December 31, 2022 and 2021
(unaudited except amounts reported as of December 31, 2021; in thousands, except share data)
|
2022 |
2021 |
|||
|
Assets |
||||
|
Cash and due from banks |
$ |
4,477 |
$ |
4,356 |
|
Interest-bearing demand deposits |
25,960 |
120,265 |
||
|
Cash and cash equivalents |
30,437 |
124,621 |
||
|
Securities available for sale |
21 |
52 |
||
|
Securities held to maturity |
89,094 |
9,984 |
||
|
Federal Home Loan Bank stock, at cost |
258 |
258 |
||
|
Loans held for sale |
– |
436 |
||
|
Loans, net of allowance for loan losses of 2022 – $861; 2021 – $867 |
92,147 |
87,129 |
||
|
Premises and equipment, net |
3,842 |
4,041 |
||
|
Goodwill |
485 |
485 |
||
|
Other real estate owned |
323 |
689 |
||
|
Other assets |
2,267 |
2,359 |
||
|
Total assets |
$ |
218,874 |
$ |
230,054 |
|
Liabilities and Stockholders’ Equity |
||||
|
Liabilities |
||||
|
Deposits |
||||
|
Noninterest-bearing |
$ |
50,742 |
$ |
50,277 |
|
Interest-bearing |
145,297 |
157,072 |
||
|
Total deposits |
196,039 |
207,349 |
||
|
Advances from borrowers for taxes and insurance |
229 |
268 |
||
|
Other liabilities |
3,038 |
3,852 |
||
|
Total liabilities |
199,306 |
211,469 |
||
|
Stockholders’ Equity |
||||
|
Preferred stock, $0.01 par value; |
||||
|
1,000,000 shares authorized; none issued |
– |
– |
||
|
Common stock, $0.01 par value; |
||||
|
1,000,000 shares authorized and issued |
10 |
10 |
||
|
Additional paid-in capital |
3,310 |
3,310 |
||
|
Retained earnings |
35,494 |
34,671 |
||
|
Accumulated other comprehensive (loss) income |
(199) |
(668) |
||
|
Common stock in treasury, at cost (2022 – 600,011 shares; 2021 -590,686 shares) |
(19,047) |
(18,738) |
||
|
Total stockholders’ equity |
19,568 |
18,585 |
||
|
Total liabilities and stockholders’ equity |
$ |
218,874 |
$ |
230,054 |
3
GREAT AMERICAN BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Income
Year Ended December 31, 2022 and 2021
(unaudited, in thousands, except share data)
|
2022 |
2021 |
|||
|
Interest and Dividend Income |
||||
|
Loans |
$ |
3,899 |
$ |
4,299 |
|
Securities |
1,022 |
3 |
||
|
Dividends on Federal Home Loan Bank stock |
6 |
7 |
||
|
Deposits with financial institutions and other |
755 |
143 |
||
|
Total interest and dividend income |
5,682 |
4,452 |
||
|
Interest Expense |
||||
|
Deposits |
64 |
68 |
||
|
Other |
4 |
4 |
||
|
Total interest expense |
68 |
72 |
||
|
Net Interest Income |
5,614 |
4,380 |
||
|
Provision (Credit) for Loan Losses |
– |
– |
||
|
Net Interest Income After Provision (Credit) for Loan Losses |
5,614 |
4,380 |
||
|
Noninterest Income |
||||
|
Insurance sales commissions |
1,682 |
1,601 |
||
|
Customer service fees |
490 |
414 |
||
|
Other service charges and fees |
351 |
388 |
||
|
Net gain on sales of loans |
438 |
1,036 |
||
|
Loan servicing fees, net of amortization of mortgage servicing rights |
118 |
65 |
||
|
Net gain on sales of other real estate owned |
79 |
256 |
||
|
Other |
199 |
206 |
||
|
Total noninterest income |
3,357 |
3,966 |
||
|
Noninterest Expense |
||||
|
Salaries and employee benefits |
4,299 |
4,262 |
||
|
Occupancy expense |
597 |
598 |
||
|
Equipment expense |
896 |
865 |
||
|
Professional fees |
309 |
305 |
||
|
Marketing expense |
192 |
160 |
||
|
Printing and office supplies |
129 |
110 |
||
|
Directors and committee fees |
176 |
176 |
||
|
Other real estate owned expense, net |
143 |
563 |
||
|
FDIC deposit insurance expense |
61 |
58 |
||
|
Other |
678 |
647 |
||
|
Total noninterest expense |
7,480 |
7,744 |
||
|
Income Before Income Taxes |
1,491 |
602 |
||
|
Income tax expense |
393 |
204 |
||
|
Net Income |
$ |
1,098 |
$ |
398 |
|
Earnings per share, basic and diluted |
$ |
2.71 |
$ |
0.97 |
|
Dividends Declared per Share |
$ |
0.68 |
$ |
0.68 |
4
GREAT AMERICAN BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three Months Ended December 31, 2022 and 2021
(unaudited, in thousands, except share data)
|
2022 |
2021 |
|||
|
Interest and Dividend Income |
||||
|
Loans |
$ |
1,034 |
$ |
1,015 |
|
Securities |
547 |
2 |
||
|
Dividends on Federal Home Loan Bank stock |
2 |
2 |
||
|
Deposits with financial institutions and other |
241 |
42 |
||
|
Total interest and dividend income |
1,824 |
1,061 |
||
|
Interest Expense |
||||
|
Deposits |
16 |
16 |
||
|
Other |
1 |
1 |
||
|
Total interest expense |
17 |
17 |
||
|
Net Interest Income |
1,807 |
1,044 |
||
|
Provision (Credit) for Loan Losses |
– |
– |
||
|
Net Interest Income After Provision (Credit) for Loan Losses |
1,807 |
1,044 |
||
|
Noninterest Income |
||||
|
Insurance sales commissions |
320 |
311 |
||
|
Customer service fees |
129 |
116 |
||
|
Other service charges and fees |
86 |
97 |
||
|
Net gain on sales of loans |
40 |
155 |
||
|
Loan servicing fees, net of amortization of mortgage servicing rights |
35 |
18 |
||
|
Net gain on sales of other real estate owned |
(13) |
159 |
||
|
Other |
40 |
47 |
||
|
Total noninterest income |
637 |
903 |
||
|
Noninterest Expense |
||||
|
Salaries and employee benefits |
1,055 |
1,017 |
||
|
Occupancy expense |
145 |
142 |
||
|
Equipment expense |
211 |
223 |
||
|
Professional fees |
72 |
77 |
||
|
Marketing expense |
47 |
51 |
||
|
Printing and office supplies |
33 |
31 |
||
|
Directors and committee fees |
44 |
44 |
||
|
Other real estate owned expense, net |
4 |
57 |
||
|
FDIC deposit insurance expense |
15 |
15 |
||
|
Other |
176 |
156 |
||
|
Total noninterest expense |
1,802 |
1,813 |
||
|
Income Before Income Taxes |
642 |
134 |
||
|
Income tax expense |
162 |
53 |
||
|
Net Income (loss) |
$ |
480 |
$ |
81 |
|
Earnings per share, basic and diluted |
$ |
1.19 |
$ |
0.20 |
|
Dividends Declared per Share |
$ |
0.17 |
$ |
0.17 |
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Disclaimer
Great American Bancorp Inc. published this content on 18 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 January 2023 14:09:02 UTC.
Publicnow 2023
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Income Statement Evolution
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