UNITED STATES
                   SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 20549

                              FORM 10-QSB
(Mark One)
[ X ]     QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
          SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended      September 30, 2002
                                ----------------------

[   ]     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
          SECURITIES EXCHANGE ACT OF 1934

For the transition period from                 to
                              ----------------  ----------------
Commission File Number:                  0-25808
                        ----------------------------------------

                   GREAT AMERICAN BANCORP, INC.
                   ----------------------------

            Delaware                         52-1923366
----------------------------------------------------------------
State or other jurisdiction of          (I.R.S. Employer
Incorporation or organization)          Identification Number)

1311 S. Neil St., P.O. Box 1010, Champaign, IL   61824-1010
---------------------------------------------------------------
(Address of principal executive offices)          (Zip Code)

                         (217) 356-2265
---------------------------------------------------------------
      (Registrant's telephone number, including area code)

At October 31, 2002, the Registrant had 822,790 shares of Common Stock
outstanding, for ownership purposes, which excludes 1,229,960 shares held as
treasury stock.


Transitional Small Business Disclosure Format (Check One): Yes      No    X
                                                               ---       ---


                             Table of Contents


PART I -- FINANCIAL INFORMATION

     Item 1.        Financial Statements

                         Condensed Consolidated Balance Sheets

                         Condensed Consolidated Statements of Income

                         Condensed Consolidated Statements of Cash Flows

                         Notes to Condensed Consolidated Financial Statements

     Item 2.        Management's Discussion and Analysis or
                    Plan of Operation

     Item 3.        Controls and Procedures

PART II -- OTHER INFORMATION

     Item 1.        Legal Proceedings

     Item 2.        Changes in Securities

     Item 3.        Defaults Upon Senior Securities

     Item 4.        Submission of Matters to a Vote of Security
                    Holders

     Item 5.        Other Information

     Item 6.        Exhibits and Reports on Form 8-K

SIGNATURES

                 Great American Bancorp, Inc. and Subsidiary
                    Condensed Consolidated Balance Sheets
                As of September 30, 2002 and December 31, 2001
                      (in thousands except share data)

                                           Sept. 30, 2002      Dec. 31, 2001
                                             (unaudited)
-----------------------------------------------------------------------------
ASSETS
Cash and due from banks                     $       6,049      $       4,832
Interest-bearing demand deposits                   18,352              6,334
                                            --------------------------------
     Cash and cash equivalents                     24,401             11,166

Held-to-maturity securities                         1,503              2,056
Mortgage loans held for sale                        1,559              2,343
Loans, net of allowance for loan losses
 of $1,151 and $1,040 in 2002 and 2001,
 respectively                                     130,295            143,063
Premises and equipment                              6,230              6,362
Federal Home Loan Bank stock                        1,212              1,166
Interest receivable                                   733                789
Cash surrender value of life insurance                263                251
Insurance premiums receivable                         357                204
Deferred income taxes                                  75                 81
Mortgage servicing rights                             198                 51
Goodwill                                              485                485
Other                                                 323                328
                                            --------------------------------
     Total assets                           $     167,634      $     168,345
                                            ================================
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
 Deposits
  Noninterest-bearing deposits              $      12,509      $      11,890
  Interest-bearing deposits
    Savings, NOW and money market                  53,987             46,300
    Time                                           62,421             69,350
                                            --------------------------------
     Total deposits                               128,917            127,540

 Federal Home Loan Bank advances                   18,000             20,500
 Deferred compensation - directors                    626                648
 Advances from borrowers for taxes
  and insurance                                        75                319
 Accrued postretirement benefit obligation            245                211
 Accrued real estate taxes                             97                136
 Premiums due insurance companies                      83                101
 Dividend payable                                      91                 95
 Income taxes payable                                  33                 23
 Interest payable                                      74                 91
 Other                                                411                122
                                            --------------------------------
    Total liabilities                             148,652            149,786
                                            --------------------------------
Commitments and Contingent Liabilities
                                                                 (continued

                 Great American Bancorp, Inc. and Subsidiary
              Condensed Consolidated Balance Sheets (Continued)
               As of September 30, 2002 and December 31, 2001
                      (in thousands except share data)

                                             Sept. 30, 2002     Dec. 31, 2001
                                               (unaudited)
-----------------------------------------------------------------------------
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
Additional paid-in-capital                         20,166             20,165
Retained earnings                                  19,055             17,838
                                             --------------------------------
                                                   39,242             38,024

Treasury stock, at cost
 Common: 2002 - 1,221,160 shares,
  2001 - 1,185,583 shares                         (20,193)           (19,393)
Unearned incentive plan shares:
 2002 - 4,649 shares,
 2001 - 5,010 shares                                  (67)               (72)
                                            --------------------------------
     Total stockholders' equity                    18,982             18,559
                                            --------------------------------
     Total liabilities and
      stockholders' equity                  $     167,634      $     168,345
                                            ================================


See notes to condensed consolidated financial statements.

                  Great American Bancorp, Inc. and Subsidiary
                  Condensed Consolidated Statements of Income
             For the Nine Months Ended September 30, 2002 and 2001
                   (Unaudited, in thousands except share data)

                                                     2002               2001
----------------------------------------------------------------------------
Interest income
 Loans                                      $       7,812      $       8,320
 Available-for-sale securities                         --                120
 Held-to-maturity securities                           85                127
 Deposits with banks and other                        196                242
                                            --------------------------------
   Total interest income                            8,093              8,809
                                            --------------------------------
Interest expense
 Deposits                                           2,638              3,783
 Federal Home Loan Bank advances                      647                679
 Other                                                 22                 26
                                            --------------------------------
   Total interest expense                           3,307              4,488
                                            --------------------------------
   Net interest income                              4,786              4,321
Provision for loan losses                             140                114
                                            --------------------------------
   Net interest income after
     provision for loan losses                      4,646              4,207
                                            --------------------------------
Noninterest income
 Insurance sales commissions                        1,148                875
 Brokerage commissions                                 89                 99
 Customer service fees                                435                417
 Other service charges and fees                       151                123
 Gain on mortgage banking activities                  404                 49
 Loan servicing fees                                   17                  9
 Other                                                  8                 12
                                             --------------------------------
   Total noninterest income                         2,252              1,584
                                            --------------------------------

                                                                 (continued)

                  Great American Bancorp, Inc. and Subsidiary
            Condensed Consolidated Statements of Income (Continued)
             For the Nine Months Ended September 30, 2002 and 2001
                  (Unaudited, in thousands except share data)

                                                     2002               2001
----------------------------------------------------------------------------
Noninterest expense
 Salaries and employee benefits             $       2,546      $       2,412
 Net occupancy expense                                433                450
 Equipment expense                                    373                455
 Data processing fees                                  56                 59
 Deposit insurance premium                             17                 18
 Printing and office supplies                         208                226
 Legal and professional fees                          177                171
 Directors and committee fees                          82                 76
 Insurance expense                                     46                 39
 Marketing and advertising expense                    161                142
 Other                                                382                297
                                            --------------------------------
   Total noninterest expense                        4,481              4,345
                                            --------------------------------
   Income before income tax                         2,417              1,446
Income tax expense                                    922                579
                                            --------------------------------
   Net income                               $       1,495      $         867
                                            ================================

Per Share Data:

  Earnings
   Basic:
     Net income                             $        1.77      $        0.91
                                            ================================
     Average number of shares                     843,525            949,931
                                            ================================

   Diluted:
     Net income                             $        1.63      $        0.89
                                            ================================
     Average number of shares                     915,889            973,126
                                            ================================

  Dividends                                 $        0.33      $        0.33
                                            ================================


See notes to condensed consolidated financial statements.

                  Great American Bancorp, Inc. and Subsidiary
                  Condensed Consolidated Statements of Income
             For the Three Months Ended September 30, 2002 and 2001
                   (Unaudited, in thousands except share data)

                                                     2002               2001
----------------------------------------------------------------------------
Interest income
 Loans                                      $       2,556      $       2,843
 Available-for-sale securities                         --                 23
 Held-to-maturity securities                           23                 39
 Deposits with banks and other                         75                 53
                                            --------------------------------
   Total interest income                            2,654              2,958
                                            --------------------------------
Interest expense
 Deposits                                             809              1,225
 Federal Home Loan Bank advances                      205                238
 Other                                                  7                  8
                                            --------------------------------
   Total interest expense                           1,021              1,471
                                            --------------------------------
   Net interest income                              1,633              1,487
Provision for loan losses                              30                 42
                                            --------------------------------
   Net interest income after
     provision for loan losses                      1,603              1,445
                                            --------------------------------
Noninterest income
 Insurance sales commissions                          337                273
 Brokerage commissions                                 21                 25
 Customer service fees                                162                143
 Other service charges and fees                        57                 40
 Gain on mortgage banking activities                  183                 49
 Loan servicing fees                                    6                  3
 Other                                                  1                  1
                                             --------------------------------
   Total noninterest income                           767                534
                                            --------------------------------

                                                                 (continued)


                  Great American Bancorp, Inc. and Subsidiary
            Condensed Consolidated Statements of Income (Continued)
            For the Three Months Ended September 30, 2002 and 2001
                  (Unaudited, in thousands except share data)

                                                     2002               2001
----------------------------------------------------------------------------
Noninterest expense
 Salaries and employee benefits             $         874      $         829
 Net occupancy expense                                147                147
 Equipment expense                                    125                149
 Data processing fees                                  19                 23
 Deposit insurance premium                              6                  6
 Printing and office supplies                          68                 75
 Legal and professional fees                           70                 51
 Directors and committee fees                          32                 26
 Insurance expense                                     16                 13
 Marketing and advertising expense                     58                 45
 Other                                                137                 98
                                            --------------------------------
   Total noninterest expense                        1,552              1,462
                                            --------------------------------
   Income before income tax                           818                517
Income tax expense                                    296                200
                                            --------------------------------
   Net income                               $         522      $         317
                                            ================================

Per Share Data:

  Earnings
   Basic:
     Net income                             $        0.63      $        0.35
                                            ================================
     Average number of shares                     830,965            917,160
                                            ================================

   Diluted:
     Net income                             $        0.57      $        0.33
                                            ================================
     Average number of shares                     911,134            949,026
                                            ================================

  Dividends                                 $        0.11      $        0.11
                                            ================================


See notes to condensed consolidated financial statements.

                 Great American Bancorp, Inc. and Subsidiary
               Condensed Consolidated Statements of Cash Flows
            For the Nine Months Ended September 30, 2002 and 2001
                          (Unaudited, in thousands)

                                                     2002               2001
----------------------------------------------------------------------------
Operating Activities
Net income                                  $       1,495      $         867
Items not requiring (providing) cash
 Depreciation expense                                 359                443
 Amortization of goodwill                              --                 33
 Provision for loan losses                            140                114
 Amortization of premiums and
  discounts on securities                               4                 --
 Amortization of loan servicing rights                 16                  2
 Amortization of deferred loan fees                   (22)               (24)
 Deferred income taxes                                  6                  9
 Federal Home Loan Bank stock dividends               (46)               (49)
 Employee stock ownership plan
  compensation expense                                 --                234
 Incentive plan expense                                 6                 29
 Gain on sales of mortgage loans                     (404)               (49)
 Loans originated for sale                        (15,191)            (2,654)
 Proceeds from sales of loans                      16,216              2,683
 Net gain on sale of premises and equipment            (4)                --
 Changes in:
  Accrued interest receivable                          56                 19
  Income taxes receivable                              --                116
  Prepaid expenses and other assets                  (160)                62
  Interest payable                                    (17)                14
  Other liabilities                                   244                197
  Income taxes payable                                 10                225
                                            --------------------------------
     Net cash provided by
      operating activities                          2,708              2,271
                                            --------------------------------
Investing Activities
 Net (originations) collections of loans           12,650             (9,238)
 Purchase of premises and equipment                  (227)               (47)
 Proceeds from sales of premises and equipment          4                 --
 Proceeds from maturities of available-for-sale
  securities                                           --              3,000
 Proceeds from maturities of held-to-maturity
  securities                                           --                425
 Proceeds from paydowns of mortgage backed
  securities                                          549                473
 Purchase of Federal Home Loan Bank stock              --               (211)
                                            --------------------------------
     Net cash provided (used) by
      investing activities                         12,976             (5,598)
                                            --------------------------------

                                                                 (continued)

                   Great American Bancorp, Inc. and Subsidiary
           Condensed Consolidated Statements of Cash Flows (Continued)
              For the Nine Months Ended September 30, 2002 and 2001
                            (Unaudited, in thousands)

                                                     2002               2001
----------------------------------------------------------------------------
Financing Activities:
 Net increase in demand deposits,
  money market, NOW and savings accounts    $       8,306      $       1,106
 Net decrease in certificates of deposits          (6,929)              (691)
 Repayment of Federal Home Loan Bank advances      (4,500)            (4,500)
 Proceeds from Federal Home Loan Bank advances      2,000             13,500
 Dividends paid                                      (282)              (319)
 Purchase of treasury stock                          (800)            (2,515)
 Net decreases in advances from
  borrowers for taxes and insurance                  (244)              (197)
                                             --------------------------------
     Net cash provided (used) by
      financing activities                         (2,449)             6,384
                                            --------------------------------
Increase in Cash and Cash Equivalents              13,235              3,057

Cash and Cash Equivalents, Beginning
  of Period                                        11,166             10,643
                                            --------------------------------
Cash and Cash Equivalents, End of
  Period                                    $      24,401      $      13,700
                                            ================================
Supplemental Cash Flows Information

   Interest paid                            $       3,324      $       4,473
                                            ================================
   Income taxes paid (net of refunds)       $         906      $         399
                                            ================================




See notes to condensed consolidated financial statements.



                  Great American Bancorp, Inc. and Subsidiary

Notes to Condensed Consolidated Financial Statements

1.  Background Information

Great American Bancorp, Inc. (the "Company") was incorporated on February 23,
1995 and on September 30, 1995 acquired all of the outstanding shares of
common stock of First Federal Savings Bank of Champaign-Urbana, (the "Bank")
upon the Bank's conversion from a federally chartered mutual savings bank to
a federally chartered stock savings bank.  The Company purchased 100% of the
issued and outstanding capital stock of the Bank using 50% of the net
proceeds from the Company's initial stock offering, which was completed on
September 30, 1995.  The Company's common stock trades on the Nasdaq SmallCap
Market under the symbol "GTPS."

2.  Statement of Information Furnished

The accompanying unaudited consolidated financial statements have been
prepared in accordance with Form 10-QSB instructions and Item 310(b) of
Regulation S-B, and, in the opinion of management, contain all adjustments
necessary to present fairly the financial position as of September 30, 2002
and December 31, 2001, the results of operations for the nine months and
three months ended September 30, 2002 and 2001, and the cash flows for the
nine months ended September 30, 2002 and 2001.  All adjustments to the
financial statements were normal and recurring in nature.  These results have
been determined on the basis of accounting principles generally accepted in
the United States of America.  Reclassifications of certain amounts in the
2001 financial statements have been made to conform to the 2002 presentation.
The results of operations for the three and nine months ended September 30,
2002 are not necessarily indicative of the results to be expected for the
entire fiscal year.

The consolidated financial statements are those of the Company and the Bank.
Certain information and note disclosures normally included in the Company's
financial statements prepared in accordance with accounting principles
generally accepted in the United States of America have been condensed or
omitted.  These consolidated financial statements should be read in
conjunction with the audited financial statements and notes thereto included
in the Company's 2001 Annual Report to Shareholders.  The condensed
consolidated balance sheet of the Company as of December 31, 2001 has been
derived from the audited consolidated balance sheet of the Company as of that
date.

3. Accounting Changes

Effective January 1, 2002, the Company applied Financial Accounting Standards
Board ("FASB") Statement No. 142, Goodwill and Other Intangible Assets.
Among its provisions is a requirement to disclose what reported net income
would have been in all periods presented exclusive of amortization expense
(net of related income tax effects) recognized in those periods related to
goodwill, intangible assets no longer being amortized, and changes in
amortization periods for intangible assets that will continue to be amortized
together with related per share amounts.


                                  Three Months Ended        Nine Months Ended
                                     September 30,           September 30,
                                  2002          2001        2002         2001
                                  ----          ----        ----         ----
                                     (in thousands, except per share data)

Reported net income             $  522        $  317      $1,495       $  867
Add goodwill amortization           --             7          --           20
                                ------        ------      ------       ------
Adjusted net income             $  522        $  324      $1,495       $  887
                                ======        ======      ======       ======

Basic earnings per share:
Reported net income             $ 0.63        $ 0.35      $ 1.77       $ 0.91
Goodwill amortization               --          0.00          --         0.02
                                ------        ------      ------       ------
Adjusted net income             $ 0.63        $ 0.35      $ 1.77       $ 0.93
                                ======        ======      ======       ======

Diluted earnings per share:
Reported net income             $ 0.57        $ 0.33      $ 1.63       $ 0.89
Goodwill amortization               --          0.01          --         0.02
                                ------        ------      ------       ------
Adjusted net income             $ 0.57        $ 0.34      $ 1.63       $ 0.91
                                ======        ======      ======       ======

Based on current information, the Company determined during the third quarter
that there was no impairment as the result of the application of FASB
Statement No. 142.  Impairment testing will be done annually as of September
30, in accordance with the requirement of the statement.

4. Current Accounting Issues

In July 2001, SFAS No. 143, "Accounting for Asset Retirement Obligations" was
issued.  SFAS No. 143 establishes standards for accounting and reporting of
obligations associated with the retirement of tangible long-lived assets and
associated asset retirement costs.  SFAS No. 143 is effective beginning
September 15, 2002.  The adoption of this Statement did not have an impact on
the Company.

In October 2001, SFAS No. 144, "Accounting for the Impairment or Disposal of
Long-Lived Assets" was issued.  Under SFAS No. 144, long-lived assets to be
sold within one year must be separately identified and carried at the lower
of carrying value or fair value less costs to sell.

Long-lived assets expected to be held longer than one year are subject to
depreciation and must be written down to fair value upon impairment.  Long
lived assets no longer expected to be sold within one year, such as some
foreclosed real estate, must be written down to the lower of current fair
value or fair value at the date of foreclosure adjusted to reflect
depreciation since acquisition.  SFAS No. 144 must be implemented by January
1, 2002.  The adoption of this Statement did not have an impact on the
Company.


PART I -- Item 2.

                     GREAT AMERICAN BANCORP, INC.
                 Management's Discussion and Analysis
                         or Plan of Operation

Forward-Looking Information

In addition to historical information, this Form 10-QSB may include certain
forward-looking statements based on current management expectations.  The
Company's actual results could differ materially from those management
expectations.  Factors that could cause future results to vary from current
management expectations include, but are not limited to, general economic
conditions, legislative and regulatory changes, monetary and fiscal policies
of the federal government, changes in tax policies, rates and regulations of
federal, state and local tax authorities, changes in interest rates, deposit
flows, the cost of funds, demand for loan products, demand for financial
services, competition, changes in the quality or composition of the Company's
loan and investment portfolios, changes in accounting principles, policies or
guidelines, and other economic, competitive, governmental and technological
factors affecting the Company's operations, markets, products, services and
prices.  Further description of the risks and uncertainties to the business
are included in detail under the caption: Liquidity and Capital Resources.

General

The Company is the holding company for the Bank.  The Bank operates a wholly
owned subsidiary, Park Avenue Service Corporation ("PASC").  PASC operates
the GTPS Insurance Agency which offers a variety of insurance products,
including life, health, automobile, and property and casualty insurance.
PASC also offers full service brokerage activities through Scout Brokerage
Services, Inc., a subsidiary of United Missouri Bank, and also engages in the
sale of fixed-rate and variable-rate tax deferred annuities.

Financial Condition

The Company's total assets decreased $711,000 from December 31, 2001 to
September 30, 2002.  Total assets were $167.63 million at September 30, 2002,
compared to $168.35 million at December 31, 2001.

Cash and cash equivalents increased $13.23 million, or 118.4%, from $11.17
million at December 31, 2001 to $24.40 million at September 30, 2002.  Cash
and cash equivalents, primarily interest-bearing demand deposits, increased
as a result of proceeds from mortgage loan sales, loan repayments and an
increase in customer deposits, offset by repayments of Federal Home Loan Bank
("FHLB") advances.  Interest-bearing demand deposits grew from $6.33 million
at December 31, 2001 to $18.35 million at September 30, 2002, an increase of
$12.02 million, or 189.9%.

Held-to-maturity securities declined from $2.06 million at December 31, 2001
to $1.50 million at September 30, 2002 due to repayments of mortgage-backed
securities.

Mortgage loans held for sale decreased from $2.34 million at December 31,
2001 to $1.56 million at September 30, 2002 due mainly to a change in the
Company's strategy relating to the selling of mortgage loans.  In the second
quarter of 2002, Company management began entering into commitments to sell
loans to the secondary market at the time customers commit to the loans.
Previously, mortgage loans held for sale were sold when management considered
the pricing advantageous.  The Company changed its strategy in order to
reduce its exposure to changes in interest rates.  During the first nine
months of 2002, the Company originated $15.19 million in mortgage loans held
for sale.  During this period, the Company sold $16.01 million in loans
recording cash gains of $204,000.  The $1.56 million balance of mortgage
loans held for sale at September 30, 2002 consists of loans committed for
sale recorded at their estimated fair value and includes a net gain of
$37,000 that is included in net income for 2002.  During the nine months
ended September 30, 2002, the Company also recorded gains from capitalizing
mortgage servicing rights of $163,000.  At September 30, 2002 and December
31, 2002, residential mortgage loans serviced for others totaled $22.82
million and $9.15 million, respectively.

The following schedule shows the balances by loan category at September 30,
2002 compared to December 31, 2001, along with the change and percentage
change:

                                Balance       Balance
                             September 30,  December 31,           Percentage
                                 2002          2001       Change     Change
----------------------------------------------------------------------------
One-to-four-family mortgage
  loans held for investment   $  69,682    $  81,657     $(11,975)   (14.7)%
Multi-family mortgage loans      19,145       19,775         (630)    (3.2)
Commercial mortgage loans        16,291       16,591         (300)    (1.8)
Construction loans                2,558        3,907       (1,349)   (34.5)
----------------------------------------------------------------------------
  Total real estate loans       107,676      121,930      (14,254)   (11.7)
Commercial loans                  9,684        9,553          131      1.4
Consumer loans                   14,086       12,620        1,466     11.6
----------------------------------------------------------------------------
  Total loans                   131,446      144,103      (12,657)    (8.8)
Allowance for loan losses        (1,151)      (1,040)        (111)   (10.7)
----------------------------------------------------------------------------
  Total loans, net            $ 130,295    $ 143,063     $(12,768)    (8.9)%
============================================================================

Net loans declined from $143.06 million at December 31, 2001 to $130.30
million at September 30, 2002, a decrease of $12.76 million, or 8.9%.  Net
loans, which does not include mortgage loans held for sale, declined mostly
due to principal repayments on one-to-four-family residential mortgage loans
exceeding loan originations.  The majority of new one-to-four-family
residential mortgage loans in 2002 were originated for sale rather than for
investment.  Mortgage loans held for sale are separately reported on the
consolidated balance sheets.  One-to-four-family mortgage loans decreased
$11.98 million from December 31, 2001 to September 30, 2002.

Construction loans declined $1.35 million from December 31, 2001 to September
30, 2002 mainly due to construction being completed on one large commercial
construction loan totaling $1.67 million.  This loan was transferred to
commercial mortgage loans during the second quarter of 2002.  Two large
commercial mortgage loans, totaling $2.09 million, were paid off during the
first quarter of 2002, contributing to the decline of $300,000 in commercial
mortgage loans.

Total consumer loans increased $1.47 million, or 11.6%, from $12.62 million
at December 31, 2001 to $14.09 million at September 30, 2002, primarily
revolving home equity loans offset by declines in other secured consumer
loans.  Home equity loans grew by $2.07 million from December 31, 2001 to
September 30, 2002.  The Company has been actively marketing the revolving
home equity product with television and other types of advertising.

Total deposits increased $1.38 million, or 1.1%, from $127.54 million at
December 31, 2001 to $128.92 million at September 30, 2002.  Noninterest-
bearing deposits increased by $619,000 and savings, NOW and money market
deposits grew by $7.69 million, while time deposits declined by $6.93 million
during the first nine months of 2002.  The growth in savings, NOW and money
market accounts and the decline in time deposits was mostly due to customers
transferring matured certificates of deposit into short-term, interest-
bearing demand accounts.  Such transfers, management believes, are in
anticipation that market interest rates will rise in the future.  The decline
in time deposits was mainly in certificates of deposit with one to two year
maturities.

The following table summarizes the balances of deposits at September 30, 2002
and December 31, 2001, the change in the balances and the percentage change:

                               Balance       Balance
                            September 30,   December 31,           Percentage
                                 2002          2001       Change     Change
-----------------------------------------------------------------------------
Noninterest bearing
 checking accounts            $  12,509    $  11,890     $    619       5.2%

Interest bearing:
 NOW accounts                    19,516       17,955        1,561       8.7
 IMMA accounts                   17,090       13,326        3,764      28.2
 Savings accounts                17,381       15,019        2,362      15.7
 Certificates of deposit         62,421       69,350       (6,929)    (10.0)
-----------------------------------------------------------------------------
  Total interest
   bearing deposits             116,408      115,650          758       0.7
-----------------------------------------------------------------------------
  Total deposits              $ 128,917    $ 127,540     $  1,377       1.1%
=============================================================================

FHLB advances totaled $18.00 million at September 30, 2002 compared to $20.50
million at December 31, 2001.  In February 2002, a $2.00 million FHLB advance
with a rate of 4.40% matured.  In March 2002, a $1.50 million advance with a
rate of 4.48% was called.  In June 2002, a $1.00 million advance with a rate
of 5.97% matured.  The Company borrowed $2.00 million in fixed rate FHLB
advances with an average rate of 3.32% in March 2002 to replace maturing and
called advances.


The following schedule presents FHLB advances at September 30, 2002, by
maturity date:

    Date                   Fixed                        First or
     of        Interest      or         Maturity        Next Call
   Advance       Rate     Variable        Date            Date         Amount
-----------------------------------------------------------------------------
October   2000   6.00     Variable   October   2002    non callable   $ 3,000
March     2002   3.06      Fixed     March     2003    non callable     1,000
March     2002   3.58      Fixed     September 2003    non callable     1,000
October   1998   4.30      Fixed     October   2008   October   2002    5,000
January   2001   4.55      Fixed     January   2011   October   2002    5,000
September 2001   3.80      Fixed     September 2011   September 2004    3,000
                                                                      -------
                                                                      $18,000
                                                                      =======

The $10.00 million in advances callable in October 2002 were not called.
Both of these advances are callable quarterly.  The $3.00 million variable
rate advance due in October 2002 has a floor rate of 6.00%.

Total stockholders' equity increased $423,000, from $18.56 million at
December 31, 2001 to $18.98 million at September 30, 2002.  Book value per
outstanding voting share increased from $21.40 at December 31, 2001 to $22.83
at September 30, 2002.  The increase in stockholders' equity is summarized as
follows (in thousands):

   Stockholders' equity, December 31, 2001            $   18,559
   Net income                                              1,495
   Purchase of treasury stock                               (800)
   Dividends declared                                       (278)
   Incentive plan shares allocated                             6
                                                          ------
   Stockholders' equity, September 30, 2002           $   18,982
                                                          ======

Results of Operations

Comparison of Nine Month Periods Ended September 30, 2002 and 2001

Net income totaled $1,495,000 for the nine months ended September 30, 2002
compared to $867,000 for the nine months ended September 30, 2001, an
increase of $628,000, or 72.4%.  Basic earnings per share were $1.77 for the
nine months ended September 30, 2002, compared to $0.91 for the nine months
ended September 30, 2001.  Diluted earnings per share were $1.63 for the
first nine months of 2002, compared to $0.89 for the first nine months of
2001.

Net income increased in 2002 due to growth in net interest income and
noninterest income, offset by increases in the provision for loan losses,
noninterest expense, and income tax expense.

Net interest income increased $465,000, or 10.8%, from $4,321,000 for the
nine months ended September 30, 2001 to $4,786,000 for the same period in
2002.  Interest income declined $716,000, or 8.1%, from $8,809,000 for the
nine months ended September 30, 2001 to $8,093,000 for the first nine months
of 2002.  Interest expense decreased $1,181,000, or 26.3%, from $4,488,000 in
2001 to $3,307,000 in 2002.

Interest income from loans was $7,812,000 for the first nine months of 2002,
$508,000, or 6.1% less than the $8,320,000 recorded for the first nine months
of 2001. Interest income from loans declined in 2002 due to a lower average
yield, which was a result of declining interest rates during 2001 and 2002.
The prime rate, the rate used by financial institutions in establishing the
majority of loan offering rates, declined from a high of 9.50% in January
2001 to 4.75% in December 2001.  The prime rate did not change in the first
nine months of 2002.  However, mortgage interest rates declined during 2002.
The average yield on the Company's loans decreased from 8.13% for the first
nine months of 2001 to 7.63% for the same period in 2002.  The total average
balance of loans, including mortgage loans held for sale, was down only
slightly in 2002, from $136.81 million in 2001 to $136.80 million in 2002.

The following schedule compares average total loan balances by major
categories for the first nine months of fiscal 2002 to the same period in
2001:

                                 Average     Average
                                 Balance     Balance              Percentage
                                  2002        2001       Change     Change
----------------------------------------------------------------------------
One-to-four-family
  mortgage loans                $ 77,652    $ 80,393    $(2,741)     (3.4)%
Multi-family mortgage loans       19,298      19,489       (191)     (1.0)
Commercial mortgage loans         15,699      16,625       (926)     (5.6)
Construction loans                 2,970       1,705      1,265      74.2
----------------------------------------------------------------------------
  Total real estate loans        115,619     118,212     (2,593)     (2.2)
Commercial loans                   9,303       7,691      1,612      21.0
Consumer loans                    13,009      11,853      1,156       9.8
----------------------------------------------------------------------------
  Total loans                    137,931     137,756        175       0.1
Allowance for loan losses         (1,126)       (943)      (183)    (19.4)
----------------------------------------------------------------------------
  Total loans, net              $136,805    $136,813    $    (8)      0.0%
============================================================================

Total average one-to-four-family residential mortgage loans, including
mortgage loans held for sale, declined primarily in 15 and 30 year fixed rate
home loans originated for sale due mainly to loan sales.  Average
construction loans increased due mainly to one new commercial construction
loan.  The increase in average total commercial loans was due mainly to two
large commercial loans entered into in late 2001 and early 2002.  The total
average balance of revolving home equity loans increased by $1.72 million
from $1.08 million for the nine months ended September 30, 2001 to $2.80
million for the same period in 2002.

Interest income from investment securities also decreased in 2002, from
$247,000 for the first nine months in 2001 to $85,000 for the same period in
2002, a decrease of $162,000, or 65.6%.  The Company did not maintain
available-for-sale securities during the first nine months of 2002, compared
to an average balance of $2.44 million in 2001.  The available-for-sale
securities held in 2001 were all U.S. Agency securities that were called in
the second and third quarters of 2001.  Interest income from held-to-maturity
securities declined from $127,000 for the nine months ended September 30,
2001 to $85,000 for the same period in 2002, mainly due to a decline in the
average balance of these investments.  The total average balance of held-to-
maturity securities declined from $2.54 million during the first nine months
of 2001 to $1.78 million during the first nine months of 2002.  Held-to-
maturity securities were comprised mainly of mortgage-backed securities in
2002 and 2001.  The average yield on investment securities decreased from
6.64% for the first nine months of 2001 to 6.37% for the first nine months of
2002.

Interest income from deposits with banks and other declined $46,000, or
19.0%, from $242,000 for the first nine months of 2001 to $196,000 for the
first nine months of 2002.  The majority of these deposits are overnight
funds, which were affected by the sharp decline in market interest rates
during 2001.  During 2001, the Federal Open Market Committee, or "FOMC", the
Federal Reserve Board's governing body that establishes the Federal funds
rate and the discount rate, lowered these key market interest rates 11 times
for a total of 475 basis points.  The FOMC did not adjust market rates in the
first nine months of 2002.  The average balance of deposits with banks and
other increased from $6.90 million during the first nine months of 2001 to
$13.97 million during the same period in 2002.  However, the average yield on
deposits with banks and other decreased from 4.69% for the first nine months
of 2001 to 1.88% for the first nine months of 2002.

Interest expense decreased by $1,181,000, or 26.3%, from $4,488,000 for the
nine months ended September 30, 2001 to $3,307,000 for the same period in
2002, due mainly to interest expense on deposits.  Interest expense on
deposits declined $1,145,000, or 30.3%, from $3,783,000 for the nine months
ended September 30, 2001 to $2,638,000 for the nine months ended September
30, 2002.  This decrease was primarily in interest expense on certificates of
deposit, which declined $1,013,000, or 32.4% in 2002.  Interest expense on
certificates of deposit was $2,115,000 in the first nine months of 2002
compared to $3,128,000 for the first nine months of 2001.

Certificates of deposit interest expense declined due to a reduction in the
total average balance of certificates and a decrease in the average rate.
Total average certificates of deposit declined from $71.36 million in the
first nine months of 2001 to $64.97 million in the first nine months of 2002.
The decline in average certificates of deposit was primarily in the eighteen
month to two-year maturity categories.  Because of the significant decline in
market interest rates during 2001, many customers moved maturing certificates
to shorter-term certificates or into demand or savings accounts.  The average
rate on certificates of deposit declined from 5.86% for the nine months ended
September 30, 2001 to 4.35% for the first nine months of 2002.  Part of this
decline was due to the shift in the mix of certificates to shorter-term
maturities, which usually carry a lower rate.  Also, with the declining rate
environment during 2001, the Company lowered offering rates for new and
renewing certificates.

Interest expense on interest-bearing demand and savings deposits also
declined in 2002, from $655,000 for the nine months ended September 30, 2001
to $523,000 for the nine months ended September 30, 2002, a decline of
$132,000, or 20.2%.  The Company lowered rates paid on demand and savings
accounts due to the decline in general market interest rates during 2001.
The average balance of interest-bearing demand and savings accounts increased
$9.78 million, or 23.9%, from $40.94 million in the first nine months of 2001
to $50.72 million for the same period in 2002.

Interest expense on FHLB advances was $647,000 for the nine months ended
September 30, 2002 compared to $679,000 for the same period in 2001.  The
average balance of FHLB advances was $18.78 million for the first nine months
of 2002 compared to $18.36 million for the same period in 2001.  The average
rate on FHLB advances decreased from 4.94% for the nine months ended
September 30, 2001 to 4.61% for the nine months ended September 30, 2002.

Net interest income as a percent of interest earning assets was 4.19% for the
nine months ended September 30, 2002 versus 3.89% for the same period in
2001.  The spread between the yield on interest-earning assets and the rate
on interest bearing liabilities was 3.82% and 3.35% for the nine months ended
September 30, 2002 and 2001, respectively.

The provision for loan losses was $140,000 for the nine months ended
September 30, 2002 compared to $114,000 for the nine months ended September
30, 2001.  The higher provision in 2002 was due to an increase in the monthly
provision based on the Company's analysis of the loan portfolio and the
adequacy of the allowance for loan losses during the period.  The Company
increased the monthly provision in 2002 primarily due to increased lending in
commercial and consumer loan categories.  Management assesses the adequacy of
the allowance for loan losses based on evaluating known and inherent risks in
the loan portfolio and upon management's continuing analysis of the factors
underlying the quality of the loan portfolio.  While management believes
that, based on information currently available, the allowance for loan losses
is sufficient to cover losses inherent in its loan portfolio at this time, no
assurance can be given that the level of the allowance for loan losses will
be sufficient to cover future possible loan losses incurred by the Company or
that future adjustments to the allowance for loan losses will not be
necessary if economic and other conditions differ substantially from the
economic and other conditions used by management to determine the current
level of the allowance for loan losses.  Management may in the future
increase the level of the allowance for loan losses as a percentage of total
loans and non-performing loans in the event it increases the level of
commercial real estate, multifamily, or consumer lending as a percentage of
its total loan portfolio.  In addition, various regulatory agencies, as an
integral part of their examination process, periodically review the allowance
for loan losses.  Such agencies may require the Company to provide additions
to the allowance based upon judgements different from management.

During the first nine months of 2002, the Company charged-off one commercial
loan totaling $16,000 and two consumer loans totaling $18,000.  During this
period, the Company also collected $5,000 in recoveries.  For the nine months
ended September 30, 2001, the Company charged-off $18,000 in loans and
collected $6,000 in recoveries.

Non-performing loans, which are loans past due 90 days or more and non-
accruing loans, totaled $324,000 at September 30, 2002, compared to $189,000
at September 30, 2001.  Non-performing loans at September 30, 2002 consisted
of four residential mortgage loans totaling $277,000, one commercial loan of
$12,000 and five consumer loans totaling $35,000.  All of these loans were
past due 90 days or more at September 30, 2002, with two consumer loans
totaling $20,000 in non-accrual status.  The ratio of the Company's allowance
for loan losses to total loans was .88% at September 30, 2002 and .69% at
September 30, 2001.

Noninterest income totaled $2,252,000 for the nine months ended September 30
2002, compared to $1,584,000 for the same period in 2001, an increase of
$668,000, or 42.2%.  This increase was mostly due to commissions generated by
GTPS Insurance Agency and net gains from the sale of mortgage loans, net of
commissions.  Insurance sales commissions increased $273,000, or 31.2%, from
$875,000 reported for the first nine months of 2001 to $1,148,000 for the
first nine months of 2002, primarily due to commissions generated from new
customers.  The Company sold or committed to sell $17.60 million in loans
during the first nine months of 2002, recording net gains of $404,000.  The
$404,000 includes the cash gains on the sale of loans totaling $204,000, net
gains due to a market value adjustment on loans committed to be sold at
September 30, 2002 of $37,000, and the gains from capitalizing mortgage
servicing rights of $163,000.  During the first nine months of 2001, the
Company sold $2.65 million in loans, recording net cash gains of $29,000 and
gains from capitalizing mortgage servicing rights of $20,000.  The Company
started selling one-to-four-family fixed rate residential mortgage loans to
Fannie Mae in July 2001 in order to provide funding for additional loans and
also to reduce interest rate risk due to the decline in home mortgage rates
during 2001.

Noninterest expense was $4,481,000 for the first nine months of 2002,
$136,000 or 3.1% higher than the $4,345,000 recorded for the first nine
months of 2001.  Noninterest expense was higher in 2002 mainly due to
increases in salaries and employee benefits expense and other expenses,
offset by a reduction in equipment expenses.  Salaries and employee benefits
expense increased $134,000, or 5.6%, from $2,412,000 for the nine months
ended September 30, 2001 to $2,546,000 for the first nine months of 2002, due
primarily to normal salary raises.  Equipment expenses were lower in 2002 due
to a reduction in depreciation expense, mainly depreciation expense related
to the Bank's core processing software.  Other expenses increased by $85,000,
from $297,000 for the nine months ended September 30, 2001 to $382,000 for
the nine months ended September 30, 2002.  Checking and savings account
losses were $42,000 higher in 2002 and costs associated with the Company's
debit card program implemented in late 2001 were higher by $34,000.  Also,
service charges related to check processing and loan expenses tied mainly to
the Company's revolving home equity product were higher in 2002.

Total income taxes were $922,000 for the period ended September 30, 2002 and
$579,000 for the same period in 2001.  The effective tax rate for the nine
months ended September 30, 2002 and 2001, were 38.1% and 40.0% respectively.

Comparison of Three Month Periods Ended September 30, 2002 and 2001

Net income for the three months ended September 30, 2002 was $522,000, an
increase of $205,000, or 64.7%, over the $317,000 recorded for the three
months ended September 30, 2001.  Basic earnings per share increased $0.28,
from $0.35 for the three months ended September 30, 2001 to $0.63 for the
same period in 2002, while diluted earnings per share increased $0.24, from
$0.33 for 2001 to $0.57 in 2002.

Net income for the third quarter of 2002 was higher than net income for the
third quarter of 2001 mainly due to increases in net interest income and
noninterest income, offset by increases in noninterest expense and taxes.

Net interest income was $1,633,000 for the quarter ended September 30, 2002
compared to $1,487,000 for the quarter ended September 30, 2001, an increase
of $146,000, or 9.8%.  Because of the significant decline in general interest
rates during 2001, both interest income and interest expense were lower in
the third quarter of 2002 compared to the third quarter in 2001; however, the
decline in interest expense was greater.

Interest income decreased 10.3%, or $304,000, from $2,958,000 for the quarter
ended September 30, 2001 to $2,654,000 for the third quarter of 2002,
primarily due to reductions in interest income from loans and investment
securities.  Interest income on loans decreased $287,000, or 10.1%, from
$2,843,000 for the quarter ended September 30, 2001 to $2,556,000 for the
same quarter in 2002 due to a decline in the average balance of net loans and
a decrease in the average yield on net loans.  The average balance of total
net loans declined from $141.37 million during the third quarter of 2001 to
$133.20 million for the third quarter of 2002, a decrease of $8.17 million,
or 5.8%.  The decline occurred primarily in one-to-four-family residential
mortgage loans, which decreased $9.98 million.  The total average balance of
one-to-four-family residential loans during the quarter ended September 30,
2002 was $73.67 million compared to an average balance of $83.65 million for
the quarter ended September 30, 2001.  The average yield on net loans
decreased from 7.98% for the third quarter of 2001 to 7.61% for the third
quarter of 2002.

Interest income on investment securities decreased from $62,000 for the three
months ended September 30, 2001 to $23,000 for the same period in 2002, due
to a reduction in average total investments.  Average total investments for
the third quarter of 2002 were $1.62 million, down $2.15 million, or 57.0%,
from $3.77 million for the second quarter of 2001.  This decline was mainly
due to U.S. agency securities being called in the third quarter of 2001 and
principal repayments on mortgage-backed securities.  The average yield on
investment securities for the three months ended September 30, 2002 was
5.65%, while the average yield was 6.53% for the same period in 2001.

Interest income on deposits with banks and other was $75,000 for the quarter
ended September 30, 2002 compared to $53,000 for the quarter ended September
30, 2001.  The average balance of deposits with banks and other was $10.45
million higher for the quarter ended September 30, 2002 compared to the same
quarter in 2001.  Average total deposits with banks and other was $16.09
million for the third quarter of 2002 and $5.64 million for the third quarter
of 2001.  However, the average yield was significantly lower in 2002 due to
the sharp decline in short-term interest rates during 2001.  The average
yield on deposits with banks and other was 1.85% for the three months ended
September 30, 2002 and 3.73% for the three months ended September 30, 2001.

Interest expense decreased $450,000, or 30.6%, from $1,471,000 for the three
months ended September 30, 2001 to $1,021,000 for the same period in 2002.
The decrease was mainly due to a decline in the average rate paid on interest
bearing deposits.  This decline was partly due to a shift in deposits from
longer-term, higher rate certificates of deposit to savings, NOW and money
market accounts.  The average rate on interest-bearing deposits declined from
4.31% for the quarter ended September 30, 2001 to 2.79% for the quarter ended
September 30, 2002.  Average total interest-bearing deposits increased $2.37
million in 2002, from $112.68 million for the quarter ended September 30,
2001 to $115.05 million for the quarter ended September 30, 2002.  Average
total interest-bearing demand deposits - NOW, savings and money market
accounts increased $10.65 million, from $41.79 million for the third quarter
of 2001 to $52.44 million for the third quarter of 2002.  Average total
certificates of deposit declined $8.28 million, from $70.89 million for the
third quarter of 2001 to $62.61 million for the second quarter of 2002.  The
majority of the decrease in average certificates of deposit occurred in one-
year to two-year certificates.

Interest expense on FHLB advances decreased $33,000, from $238,000 for the
three months ended September 30, 2001 to $205,000 for the same period in
2002, due to a decline in the average balance of FHLB advances and a decline
in the average rate.  The average total balance of FHLB advances decreased
from $19.90 million for the third quarter of 2001 to $18.00 million for the
third quarter of 2002.  The average rate on FHLB advances was 4.52% for the
three months ended September 30, 2002, compared to 4.75% for the three months
ended September 30, 2001.

Net interest income as a percent of interest earning assets was 4.29% for the
three months ended September 30, 2002 versus 3.91% for the same period in
2001.  The spread between the yield on interest earning assets and the rate
on interest bearing liabilities was 3.95% and 3.40% for the three months
ended September 30, 2002 and 2001, respectively.

The provision for loan losses was $30,000 for the three months ended
September 30, 2002 compared to $42,000 for the three months ended September
30, 2001.  The lower provision for the third quarter of 2002 is due to the
Company reducing the monthly provision because of the decline in total loans.

Noninterest income increased $233,000, or 43.6%, from $534,000 for the
quarter ended September 30, 2001 to $767,000 for the three months ended
September 30, 2002.  The increase was mainly due to higher commission income
from insurance activities and net gains from loan sales.  Insurance sales
commissions were $337,000 for the quarter ended September 30, 2002 compared
to $273,000 for the same period in 2001, an increase of $64,000, or 23.4%.
The Company sold or committed to sell $7.12 million in one-to-four-family
residential mortgage loans during the third quarter of 2002, recording net
gains of $183,000.  The $183,000 includes cash gains on the sale of loans
totaling $98,000, gains due to a market value adjustment on loans committed
to be sold at September 30, 2002 of $37,000, and gains from capitalizing
mortgage servicing rights of $48,000.  During the three months ended
September 30, 2001, the Company sold $2.65 million in loans, recording net
cash gains of $29,000 and gains from capitalizing mortgage servicing rights
of $20,000.

Noninterest expense was $1,552,000 for the three months ended September 30,
2002 compared to $1,462,000 for the same period in 2001, an increase of
$90,000, or 6.2%.  Noninterest expense was higher in 2002 due to increases in
salary and benefits expense and other expenses.  Salary and benefits expense
was $45,000, or 5.4%, higher in the third quarter of 2002 compared to the
third quarter of 2001, mainly due to normal salary raises.  Other expenses
were $39,000 higher in 2002, mainly checking and savings account losses,
which were $20,000 higher in 2002, and costs associated with the Company's
debit card program implemented in late 2001, which were higher by $12,000.
Also, service charges related to check processing and loan expenses tied
mainly to the Company's revolving home equity product were higher in the
third quarter of 2002.

Total income taxes for the three months ended September 30, 2002 were
$296,000, compared to $200,000 recorded for the same period in 2001, an
increase of $96,000, or 48.0%.  The effective tax rates for the three months
ended September 30, 2002 and 2001, were 36.2% and 38.7%, respectively.




Business Industry Segments

The Company's primary business involves the typical banking services of
generating loans and receiving deposits.  Through PASC, the Company also
provides insurance and brokerage services to customers.  The following
segment financial information has been derived from the internal
profitability reporting system used by management to monitor and manage the
financial performance of the Company.

                    Nine Months Ended September 30, 2002
                         (unaudited, in thousands)

                               Insurance/
                   Banking     Brokerage
                   Services    Services     Company    Eliminations     Total
-----------------------------------------------------------------------------

Interest income   $   8,093    $   --      $  8,093      $    --     $  8,093
Interest expense      3,307        --         3,307           --        3,307
Noninterest income    1,074     1,238         2,312          (60)       2,252
Net income            1,278       217         1,495           --        1,495
Total assets        167,866     1,210       169,076       (1,442)     167,634


                    Nine Months Ended September 30, 2001
                         (unaudited, in thousands)

                                Insurance/
                   Banking     Brokerage
                   Services    Services     Company    Eliminations     Total
-----------------------------------------------------------------------------

Interest income   $   8,809    $   --      $  8,809      $    --     $  8,809
Interest expense      4,488        --         4,488           --        4,488
Noninterest income      635       979         1,614          (30)       1,584
Net income              687       180           867           --          867
Total assets        167,800     1,068       168,868       (1,247)     167,621


                    Three Months Ended September 30, 2002
                         (unaudited, in thousands)

                               Insurance/
                   Banking     Brokerage
                   Services    Services     Company    Eliminations     Total
-----------------------------------------------------------------------------

Interest income   $   2,654        --         2,654           --        2,654
Interest expense      1,021        --         1,021           --        1,021
Noninterest income      428       359           787          (20)         767
Net income              491        31           522           --          522


                    Three Months Ended September 30, 2001
                         (unaudited, in thousands)

                               Insurance/
                   Banking     Brokerage
                   Services    Services     Company    Eliminations     Total
-----------------------------------------------------------------------------

Interest income   $   2,958        --         2,958           --        2,958
Interest expense      1,471        --         1,471           --        1,471
Noninterest income      246       298           544          (10)         534
Net income              278        39           317           --          317

Critical Accounting Policies

The notes to the consolidated financial statements contain a summary of the
Company's significant accounting policies, including significant estimates,
presented on pages 32 through 36 of the Annual Report to Shareholders for the
year ended December 31, 2001.  Certain of these policies are important to the
portrayal of the Company's financial condition, since they require management
to make difficult, complex or subjective judgements, some of which may relate
to matters that are inherently uncertain.  Management believes that its
critical accounting policies and significant estimates include determining
the allowance for loan losses and the valuation of loan servicing rights.

Allowance for Loan Losses

The allowance for loan losses is a significant estimate that can and does
change based on management's assumptions about specific borrowers and current
general economic and business conditions, among other factors.  Management
reviews the adequacy of the allowance for loan losses on at least a quarterly
basis.  The evaluation by management includes consideration of past loss
experience, changes in the composition of the loan portfolio, the current
condition and amount of loans outstanding, identified problem loans and the
probability of collecting all amounts due.

The determination of the adequacy of the allowance for loan losses is based
on estimates that are particularly susceptible to significant changes in the
economic environment and market conditions.  A worsening or protracted
economic decline would increase the likelihood of additional losses due to
credit and market risk and could create the need for additional loss
reserves.

Loan Servicing Rights

The Company recognizes the rights to service loans as separate assets in the
consolidated balance sheets.  The total cost of loans when sold is allocated
between loans and loan servicing rights based on the relative fair values of
each.  Loan servicing rights are subsequently carried at the lower of the
initial carrying value, adjusted for amortization, or fair value.  Loan
servicing rights are evaluated for impairment based on the fair value of
those rights.  Factors included in the calculation of fair value of the loan
servicing rights include estimating the present value of future net cash
flows, market loan prepayment speeds for similar loans, discount rates,
servicing costs, and other economic factors.  Servicing rights are amortized
over the estimated period of net servicing revenue.  It is likely that these
economic factors will change over the life of the loan servicing rights,
resulting in different valuations of the loan servicing rights.  The
differing valuations will affect the carrying value of the loan servicing
rights on the consolidated balance sheets as well as the income recorded from
loan servicing in the income statement.  As of September 30, 2002 and
December 31, 2001, mortgage servicing rights had carrying values of $198,000
and $51,000, respectively.

Liquidity and Capital Resources

The Bank's primary sources of funds are deposits, principal and interest
payments on loans, FHLB advances and proceeds from mortgage loan sales.
While maturities and scheduled amortization of loans are predictable sources
of funds, deposit flows and mortgage prepayments are greatly influenced by
general interest rates, economic conditions, and competition.  Office of
Thrift Supervision regulations require the Bank to maintain sufficient
liquidity to ensure its safe and sound operation.

A review of the Consolidated Statements of Cash Flows included in the
accompanying financial statements shows that the Company's cash and cash
equivalents ("cash") increased $13.24 million for the nine months ended
September 30, 2002, compared to an increase of $3.06 million for the nine
months ended September 30, 2001.  During the nine months ended September 30,
2002, cash was primarily provided from earnings, proceeds from sales of one-
to-four-family residential mortgage loans, loan repayments in excess of loan
originations, an increase in demand, money market, NOW and savings accounts,
and proceeds from FHLB advances.  During this period, cash was primarily used
to fund originations of loans held for sale, a decrease in certificates of
deposit, repayment of FHLB advances and to purchase treasury stock.

During the nine months ended September 30, 2001, cash was primarily provided
from earnings, proceeds from sales of one-to-four-family residential mortgage
loans, proceeds from maturities of securities, an increase in demand, money
market, NOW and savings accounts, and proceeds from FHLB advances.  During
this period, cash was primarily used to fund loans, a decrease in
certificates of deposit, repayment of FHLB advances and to purchase treasury
stock.

The Company's primary investment activity during the nine months ended
September 30, 2002 was the origination of loans, including mortgage loans
held for sale.  During the nine months ended September 30, 2002 and 2001, the
Company originated mortgage loans in the amounts of $23.55 million and $26.69
million, respectively, commercial loans in the amounts of $8.29 million and
$8.20 million, respectively, and consumer loans in the amounts of $9.54
million and $8.79 million, respectively.

As of September 30, 2002, the Company had outstanding commitments (including
undisbursed loan proceeds) of $3.54 million.  The Company anticipates it will
have sufficient funds available to meet its current loan origination
commitments.  Certificates of deposit, which are scheduled to mature in one
year or less from September 30, 2002, totaled $44.84 million.  Management
believes a significant portion of such deposits will remain with the Company.

At September 30, 2002, the Bank exceeded all of its regulatory capital
requirements with tangible capital and core capital both at $11.14 million or
6.97% of total adjusted tangible assets, core capital at $11.14 million or
6.97% of adjusted total assets, and risk-based capital at $12.29 million or
12.81% of total risk-weighted assets.  The required ratios are 1.5% for
tangible capital to tangible assets, 2% for core capital to total adjusted
tangible assets, 4.0% for core capital to adjusted total assets and 8.0% for
risk-based capital to risk-weighted assets.

Item 3. Controls and Procedures

(a)    Evaluation of disclosure controls and procedures.  The Company
maintains controls and procedures designed to ensure that information
required to be disclosed in the reports that the Company files or submits
under the Securities Exchange Act of 1934 is recorded, processed, summarized
and reported within the time periods specified in the rules and forms of the
Securities and Exchange Commission.  Based upon their evaluation of those
controls and procedures performed within 90 days of the filing of this
report, the chief executive officer and the principal financial officer of
the Company concluded that the Company's disclosure controls and procedures
were adequate.

(b)    Changes in internal controls.  The Company made no significant changes
in its internal controls or in other factors that could significantly affect
these controls subsequent to the date of the evaluation of those controls by
the chief executive officer and principal financial officer.

PART II -- OTHER INFORMATION

   Item 1.  Legal Proceedings

       The Company is involved in various legal actions incident to its
business, none of which is believed by management to be material to the
financial condition of the Company.

   Item 2.  Changes in Securities

       Not applicable

   Item 3.  Defaults Upon Senior Securities

       Not applicable

   Item 4.  Submission of Matters to a Vote of Security Holders

       None

   Item 5.  Other Information

       Not Applicable

   Item 6.  Exhibits and Reports on Form 8-K

       a.  Exhibits

          3.1   Certificate of Incorporation of Great American Bancorp, Inc.*

          3.2   By-laws of Great American Bancorp, Inc.*

         11.0   Computation of earnings per share (filed herewith)


        b.  Report on Form 8-K

           1.  On July 9, 2002, the Registrant filed a Current Report on Form
8-K reporting information under Items 5 and 7, incorporating by reference a
press release dated July 9, 2002, relating to the Registrant's unaudited
results for the quarter ended June 30, 2002.


      _______________

      *   Incorporated herein by reference into this document from Form
          S-1 Registration Statement, as amended, filed on March 24, 1995,
          Registration No. 33-90614.


                               SIGNATURES


      In accordance with the requirements of the Securities Exchange Act of
      1934, the registrant caused this report to be signed on its behalf by
      the undersigned thereunto duly authorized.


                                           Great American Bancorp, Inc.


      Dated:     November 13, 2002         /s/  George R. Rouse
             -----------------------      ----------------------------
                                           George R. Rouse
                                           President and
                                           Chief Executive Officer



      Dated:     November 13, 2002        /s/  Jane F. Adams
            --------------------------    ----------------------------
                                           Jane F. Adams
                                           Chief Financial Officer,
                                           Secretary and Treasure


                                 CERTIFICATION

I, George R. Rouse, certify that:

1.    I have reviewed this quarterly report on Form 10-QSB of Great American
      Bancorp, Inc.;

2.    Based on my knowledge, this quarterly report does not contain any
      untrue statement of a material fact or omit to state a material fact
      necessary to make the statements made, in light of the circumstances
      under which such statements were made, not misleading with respect to
      the period covered by this quarterly report;

3.    Based on my knowledge, the financial statements, and other financial
      information included in this quarterly report, fairly present in all
      material respects the financial condition, results of operations and
      cash flows of the registrant as of, and for, the periods presented in
      this quarterly report;

4.    The registrant's other certifying officers and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
      have:

      a)    designed such disclosure controls and procedures to ensure that
            material information relating to the registrant, including its
            consolidated subsidiaries, is made known to us by others within
            those entities, particularly during the period in which this
            quarterly report is being prepared;

      b)    evaluated the effectiveness of the registrant's disclosure
            controls and procedures as of a date within 90 days prior to the
            filing date of this quarterly report (the "Evaluation Date"); and

      c)    presented in this quarterly report our conclusions about the
            effectiveness of the disclosure controls and procedures based on
            our evaluation as of the Evaluation Date;

5.    The registrant's other certifying officers and I have disclosed, based
      on our most recent evaluation, to the registrant's auditors and the
      audit committee of registrant's board of directors (or persons
      performing the equivalent function):

      a)    all significant deficiencies in the design or operation of
            internal controls which could adversely affect the registrant's
            ability to record, process, summarize and report financial data
            and have identified for the registrant's auditors any material
            weaknesses in internal controls; and


      b)    any fraud, whether or not material, that involves management or
            other employees who have a significant role in the registrant's
            internal controls; and

6.    The registrant's other certifying officers and I have indicated in this
      quarterly report whether or not there were significant changes in
      internal controls or in other factors that could significantly affect
      internal controls subsequent to the date of our most recent evaluation,
      including any corrective actions with regard to significant
      deficiencies and material weaknesses.


Date:	November 13, 2002
      ------------------

                                            /s/ George R. Rouse
                                            -----------------------------
                                            George R. Rouse
                                            President and
                                            Chief Executive Officer




                             CERTIFICATION

I, Jane F. Adams, certify that:

1.    I have reviewed this quarterly report on Form 10-QSB of Great American
      Bancorp, Inc.;

2.    Based on my knowledge, this quarterly report does not contain any
      untrue statement of a material fact or omit to state a material fact
      necessary to make the statements made, in light of the circumstances
      under which such statements were made, not misleading with respect to
      the period covered by this quarterly report;

3.    Based on my knowledge, the financial statements, and other financial
      information included in this quarterly report, fairly present in all
      material respects the financial condition, results of operations and
      cash flows of the registrant as of, and for, the periods presented in
      this quarterly report;

4.    The registrant's other certifying officers and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
      have:

      a)    designed such disclosure controls and procedures to ensure that
            material information relating to the registrant, including its
            consolidated subsidiaries, is made known to us by others within
            those entities, particularly during the period in which this
            quarterly report is being prepared;

      b)    evaluated the effectiveness of the registrant's disclosure
            controls and procedures as of a date within 90 days prior to the
            filing date of this quarterly report (the "Evaluation Date"); and

      c)    presented in this quarterly report our conclusions about the
            effectiveness of the disclosure controls and procedures based on
            our evaluation as of the Evaluation Date;

5.    The registrant's other certifying officers and I have disclosed, based
      on our most recent evaluation, to the registrant's auditors and the
      audit committee of registrant's board of directors (or persons
      performing the equivalent function):

      a)    all significant deficiencies in the design or operation of
            internal controls which could adversely affect the registrant's
            ability to record, process, summarize and report financial data
            and have identified for the registrant's auditors any material
            weaknesses in internal controls; and


      b)    any fraud, whether or not material, that involves management or
            other employees who have a significant role in the registrant's
            internal controls; and

6.    The registrant's other certifying officers and I have indicated in this
      quarterly report whether or not there were significant changes in
      internal controls or in other factors that could significantly affect
      internal controls subsequent to the date of our most recent evaluation,
      including any corrective actions with regard to significant
      deficiencies and material weaknesses.


Date:	November 13, 2002
      --------------------

                                            /s/ Jane F. Adams
                                            -----------------------------
                                            Jane F. Adams
                                            Chief Financial Officer,
                                            Secretary and Treasurer




                                    Exhibit 11.0


Earnings per share (unaudited)

Earnings per share (EPS) were computed as follows
(dollar amounts in thousands except share data):

                                                    Nine Months Ended
                                                    September 30, 2002
                                             -------------------------------
                                                        Weighted
                                                         Average   Per Share
                                              Income      Shares     Amount
                                             -------------------------------
Basic Earnings Per Share

  Income available to common stockholders    $ 1,495     843,525    $  1.77

Effect of Dilutive Securities
  Stock options                                           66,977
  Unearned incentive plan shares                           5,387
                                             -------------------------------
Diluted Earnings Per Share
  Income available to common stockholders
   and assumed conversion                    $ 1,495     915,889    $  1.63
                                             ===============================



                                                    Nine Months Ended
                                                    September 30, 2001
                                             -------------------------------
                                                        Weighted
                                                         Average    Per Share
                                              Income      Shares     Amount
                                             -------------------------------
Basic Earnings Per Share
  Income available to common stockholders    $   867     949,931    $  0.91

Effect of Dilutive Securities
  Stock options                                           16,967
  Unearned incentive plan shares                           6,228
                                             -------------------------------
Diluted Earnings Per Share
  Income available to common stockholders
   and assumed conversion                    $   867     973,126    $  0.89
                                             ===============================











                                                   Three Months Ended
                                                   September 30, 2002
                                             -------------------------------
                                                        Weighted
                                                         Average   Per Share
                                              Income      Shares     Amount
                                             -------------------------------
Basic Earnings Per Share

  Income available to common stockholders    $   522     830,965    $  0.63

Effect of Dilutive Securities
  Stock options                                           74,814
  Unearned incentive plan shares                           5,355
                                             -------------------------------
Diluted Earnings Per Share
  Income available to common stockholders
   and assumed conversion                    $   522    911,134    $  0.57
                                             ===============================



                                                   Three Months Ended
                                                   September 30, 2001
                                             -------------------------------
                                                        Weighted
                                                         Average    Per Share
                                              Income      Shares     Amount
                                             -------------------------------
Basic Earnings Per Share
  Income available to common stockholders    $   317     917,160    $  0.35

Effect of Dilutive Securities
  Stock options                                           26,009
  Unearned incentive plan shares                           5,857
                                             -------------------------------
Diluted Earnings Per Share
  Income available to common stockholders
   and assumed conversion                    $   317     949,026    $  0.33
                                             ===============================
1