Great American Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015
January 20, 2016
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Great American Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. The company reported net income of $531,000 for the year ended December 31, 2015, which is a decrease of $209,000, or 28.2% from the $740,000 reported for the year ended December 31, 2014. Basic and fully diluted earnings per share were $1.15 for fiscal 2015 compared to $1.56 for 2014. The return on average assets ("ROA") and the return on average equity ("ROE") were 0.30% and 3.23%, respectively for 2015, decreasing from a 0.42% ROA and 4.45% ROE for 2014. Total interest and dividend income was $5,253,000 against $5,414,000 for the same period a year ago. Net Interest Income was $4,882,000 against $5,012,000 for the same period a year ago. Net Interest Income after provision for loan losses was $4,878,000 against $5,022,000 for the same period a year ago. Income before income taxes was $925,000 against $1,293,000 for the same period a year ago.
Net income for the three months ended December 31, 2015 was $88,000, which is a decrease of $55,000, or 38.5% from the $143,000 reported for the fourth quarter of 2014. Basic and fully diluted earnings per share were $0.19 for the three months ended December 31, 2015 compared to $0.30 for the same quarter in 2014. The ROA and ROE were 0.20% and 2.14% for the three months ended December 31, 2015, decreasing from a 0.32% ROA and 3.39% ROE for the three months ended December 31, 2014. Total interest and dividend income was $1,292,000 against $1,396,000 for the same period a year ago. Net Interest Income was $1,199,000 against $1,299,000 for the same period a year ago. Net Interest Income after provision for loan losses was $1,194,000 against $1,309,000 for the same period a year ago. Income before income taxes was $157,000 against $255,000 for the same period 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.