Great American Bancorp Inc. Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015
October 20, 2015
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Great American Bancorp Inc. reported consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the nine months, the company reported total interest and dividend income of $3,961,000 against $4,018,000 a year ago. Net interest income was $3,683,000 against $3,713,000 a year ago. Net interest income after provision for loan losses was $3,684,000 against $3,713,000 a year ago. Income before income taxes was $768,000 against $1,038,000 a year ago. Net income was $443,000 against $597,000 a year ago. Basic and diluted earnings per share were $0.95 against $1.26 a year ago. ROA (annualized) was 0.33% compared to 0.46% reported a year ago. ROE (annualized) was 3.60% compared to 4.81% reported a year ago.
For the third quarter, the company reported total interest and dividend income of $1,296,000 against $1,394,000 a year ago. Net interest income was $1,203,000 against $1,294,000 a year ago. Net interest income after provision for loan losses was $1,203,000 against $1,294,000 a year ago. Income before income taxes was $213,000 against $273,000 a year ago. Net income was $121,000 against $153,000 a year ago. Basic and diluted earnings per share were $0.26 against $0.32 a year ago. ROA (annualized) was 0.27% compared to 0.35% reported a year ago. ROE (annualized) was 2.92% compared to 3.62% reported a year ago.
Great American Bancorp, Inc. is a thrift holding company. The Company's principal activity is the ownership and management of its wholly owned subsidiary, First Federal Savings Bank of Champaign-Urbana (the Bank). The Bank is primarily engaged in providing a full range of banking and financial services to individual and corporate customers in Champaign County, Illinois. The Bank also provides full-service brokerage activities through a third-party broker-dealer and engages in the sale of tax-deferred annuities. The Bankâs subsidiary, Park Avenue Service Corporation (PASC), offers insurance services to customers located primarily in Illinois. GTPS Insurance Agency, a division of PASC, sells a variety of insurance products to both individuals and businesses, including life, health, auto, property and casualty insurance. It grants mortgage, commercial and consumer loans to customers. The Bank operates through two full-service offices located in Champaign and Urbana, Illinois.