Great American Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017
April 17, 2017
Share
Great American Bancorp Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company's total interest and dividend income was $1.333 million compared with $1.285 million a year ago. Net interest income was $1.298 million compared with $1.194 million a year ago. Net interest income after provision for loan losses was $1.298 million compared with $1.194 million a year ago. Income before income taxes was $0.334 million compared with $0.272 million a year ago. Net income was $0.195 million or $0.44 per basic and diluted share compared with $0.158 million or $0.35 per basic and diluted share a year ago. ROA (annualized) was 0.44% compared with 0.35% a year ago. ROE (annualized) was 4.55% compared with 3.69% a year ago. Net income increased in the first quarter of 2017 compared to the first quarter of 2016 due to higher net interest income and an increase in total noninterest income, offset by an increase in total noninterest expense.
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.