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German American Bancorp, Inc. (GABC) Reports Strong Second Quarter Earnings

Company Release - 7/31/2017 5:00 PM ET

JASPER, Ind., July 31, 2017 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (NASDAQ:GABC) reported that the Company has achieved another quarter of strong earnings during the second quarter of 2017, posting net income of $9.8 million, or $0.43 per share.  On a comparative per share basis, this level of quarterly earnings was a 2.4% increase over reported net income of $9.6 million, or $0.42 per share, in the first quarter of 2017, and was in-line with the second quarter 2016 net income of $9.8 million, or $0.43 per share.

On a year-to-date basis, German American’s 2017 net income of $19.4 million, or $0.85 per share, was a 25% increase over the $14.9 million, or $0.68 per share, reported during the first half of 2016.  The Company’s year-to-date 2016 reported net income was inclusive of the operations of River Valley Bancorp, following completion of the merger transaction on March 1, 2016, and reflected merger-related costs totaling approximately $4.1 million, or $2.6 million on an after-tax basis, representing approximately $0.12 per share.  All per share data in this release has been adjusted for and is reflective of the effect of the three-for-two stock split distributed on April 21, 2017.

Second quarter 2017 performance, relative to the same quarter 2016 results, was enhanced by an increase of $142,000 in net interest income, driven by approximately $71 million, or  4%, in end of period loan growth, measured at June 30, 2017 compared to June 30, 2016.  Loan growth during the current quarter, as measured from March 31, 2017 end of period loan balances, was approximately $48 million, or 10% on a linked quarter annualized basis.

In addition, the Company’s second quarter 2017 non-interest income, exclusive of securities gains, increased by $710,000, or 10%, during the second quarter of 2017 as compared with the second quarter of 2016.  Items that showed improvement in non-interest income during the current quarter included increases of 32% in interchange fee income, primarily from increased customer debit card usage, 10% in trust and investment product fees, and 9% in both insurance revenues and from gains on loan sales.  Partially offsetting these improved areas of non-interest income was a $968,000 decrease in gains on securities sales, as the Company didn’t experience any security sales in the second quarter of 2017.

Commenting on the Company’s strong quarterly financial performance, Mark A. Schroeder, German American’s Chairman & CEO, stated, "We’re certainly pleased in our ability to post strong financial performance both during the current quarter and year-to-date.  We are particularly encouraged by the strong double-digit growth we experienced since the same quarter of last year within numerous categories of non-interest income and by the exceptionally strong level of loan growth during the current quarter.  The $48 million in second quarter loan growth, which represents approximately 10% annualized growth on linked quarter basis, positions us very well for enhanced levels of net interest income going forward.”

The Company also announced the declaration of a regular quarterly cash dividend of $0.13 per share, which will be payable on August 20, 2017 to shareholders of record as of August 10, 2017. This level of regular quarterly cash dividend represents approximately an 8% increase, on a stock split adjusted basis, above the Company’s quarterly cash dividend level paid in the prior year.

Balance Sheet Highlights

Total assets for the Company increased to $3.005 billion at June 30, 2017, representing an increase of $71.7 million, or 10% on an annualized basis, compared with March 31, 2017 and an increase of $89.0 million, or 3%, compared with June 30, 2016.

June 30, 2017 total loans increased $48.2 million, or 10% on an annualized basis, compared with March 31, 2017 and increased $70.9 million, or 4%, compared with June 30, 2016.  The increase during the second quarter of 2017 was largely related to an increase of approximately $21.6 million, or 7% on an annualized basis, of commercial real estate and commercial and industrial loans, a seasonal increase of $20.6 million, or 28% on an annualized basis, of agricultural loans and an increase of $5.9 million, or 6% on annualized basis of retail loans.

       
End of Period Loan Balances 6/30/2017 3/31/2017 6/30/2016
(dollars in thousands)      
       
Commercial & Industrial Loans $467,754  $450,501  $463,501 
Commercial Real Estate Loans 870,100  865,717  840,215 
Agricultural Loans 313,254  292,615  285,353 
Consumer Loans 202,562  194,290  182,610 
Residential Mortgage Loans 181,477  183,806  192,603 
  $2,035,147  $1,986,929  $1,964,282 
       

Non-performing assets totaled $4.4 million at June 30, 2017 compared to $5.9 million of non-performing assets at March 31, 2017 and $9.7 million at June 30, 2016.  Non-performing assets represented 0.15% of total assets at June 30, 2017 compared to 0.20% of total assets at March 31, 2017 and 0.33% of total assets at June 30, 2016.  Non-performing loans totaled $3.2 million at June 30, 2017 compared to $5.7 million at March 31, 2017 and $9.3 million of non-performing loans at June 30, 2016.  Non-performing loans represented 0.16% of total loans at June 30, 2017 compared to 0.29% at March 31, 2017 and 0.48% at June 30, 2016.  The decline in non-performing assets during the second quarter of 2017 compared with March 31, 2017 levels was attributable to a single agricultural relationship that was more than 90 days past due and still on accrual status at March 31, 2017 that was brought current during the second quarter of 2017.

      
Non-performing Assets     
(dollars in thousands)     
 6/30/2017 3/31/2017 6/30/2016
Non-Accrual Loans$3,097  $4,510  $8,294 
Past Due Loans (90 days or more)62  1,183  1,024 
  Total Non-Performing Loans3,159  5,693  9,318 
Other Real Estate1,289  208  416 
  Total Non-Performing Assets$4,448  $5,901  $9,734 
      
Restructured Loans$154  $28  $74 
      

The Company’s allowance for loan losses totaled $15.3 million at June 30, 2017 compared to $15.2 million at March 31, 2017 and $15.3 million at June 30, 2016.  The allowance for loan losses represented 0.75% of period-end loans at June 30, 2017 compared with 0.76% of period-end loans at March 31, 2017 and 0.78% of period-end loans at June 30, 2016.  Under acquisition accounting treatment, loans acquired are recorded at fair value which includes a credit risk component, and therefore the allowance on loans acquired is not carried over from the seller.  The Company held a discount on acquired loans of $8.2 million as of June 30, 2017, $9.2 million at March 31, 2017 and $11.8 million at June 30, 2016.

Total deposits increased $36.8 million, or 6% on an annualized basis, as of June 30, 2017 compared with March 31, 2017 and increased $85.9 million, or 4%, compared with June 30, 2016.

       
End of Period Deposit Balances 6/30/2017 3/31/2017 6/30/2016
(dollars in thousands)      
       
Non-interest-bearing Demand Deposits $557,535  $572,874  $506,498 
IB Demand, Savings, and MMDA Accounts 1,453,512  1,389,763  1,380,038 
Time Deposits < $100,000 203,923  206,171  236,127 
Time Deposits > $100,000 148,351  157,664  154,709 
  $2,363,321  $2,326,472  $2,277,372 
       

Results of Operations Highlights – Quarter ended June 30, 2017

Net income for the quarter ended June 30, 2017 totaled $9,839,000, or $0.43 per share, which represented an increase of approximately 2% on a per share basis compared with the first quarter 2017 net income of $9,556,000, or $0.42 per share, and was flat on a per share basis compared with the second quarter 2016 net income of $9,788,000, or $0.43 per share.

                   
Summary Average Balance Sheet 
(Tax-equivalent basis / dollars in thousands) 
   Quarter Ended  Quarter Ended  Quarter Ended
  June 30, 2017 March 31, 2017 June 30, 2016
                   
   Principal
Balance
  Income/
Expense
  Yield/
Rate
  Principal
Balance
  Income/
Expense
  Yield/
Rate
  Principal
Balance
  Income/
Expense
  Yield/
Rate
Assets                  
Federal Funds Sold and Other                  
  Short-term Investments $13,268  $27  0.79% $12,554  $27  0.88% $25,918  $20  0.30%
Securities 743,354  5,887  3.17% 731,871  5,834  3.19% 723,222  5,168  2.86%
Loans and Leases 2,011,518  22,780  4.54% 1,974,846  22,440  4.60% 1,935,246  22,791  4.73%
Total Interest Earning Assets $2,768,140  $28,694  4.15% $2,719,271  $28,301  4.20% $2,684,386  $27,979  4.19%
                   
Liabilities                  
Demand Deposit Accounts $560,763      $557,912      $502,070     
IB Demand, Savings, and                  
  MMDA Accounts $1,446,994  $939  0.26% $1,385,347  $738  0.22% $1,369,446  $672  0.20%
Time Deposits 360,938  687  0.76% 401,155  705  0.71% 426,918  654  0.62%
FHLB Advances and Other Borrowings 233,197  962  1.65% 226,786  865  1.55% 235,434  853  1.46%
Total Interest-Bearing Liabilities $2,041,129  $2,588  0.51% $2,013,288  $2,308  0.47% $2,031,798  $2,179  0.43%
                   
Cost of Funds     0.37%     0.34%     0.33%
Net Interest Income   $26,106      $25,993      $25,800   
Net Interest Margin     3.78%     3.86%     3.86%
                   

During the quarter ended June 30, 2017, net interest income totaled $24,813,000 which remained relatively stable compared to prior periods as indicated by an increase of $88,000, or slightly under 1%, from the quarter ended March 31, 2017 net interest income of $24,725,000 and an increase of $142,000, or slightly under 1%, compared with the quarter ended June 30, 2016 net interest income of $24,671,000.

The tax equivalent net interest margin for the quarter ended June 30, 2017 was 3.78% compared with 3.86% in both the first quarter of 2017 and second quarter of 2016.  The decline in the stated net interest margin was largely attributable to a decline in the accretion of loan discounts on acquired loans and to a lesser degree on an increase in Company's cost of funds.  Accretion of loan discounts on acquired loans contributed approximately 10 basis points to the net interest margin on an annualized basis in the second quarter of 2017, 17 basis points in the first quarter of 2017, and 23 basis points in the second quarter of 2016.  The Company's cost of funds increased approximately 3 basis points in the second quarter of 2017 compared with the first quarter of 2017 and 4 basis points compared with the second quarter of 2016.  The higher cost of funds was largely attributable to an increase in short-term market interest rates over the past several quarters.

During the quarter ended June 30, 2017, the Company recorded a provision for loan loss of $350,000 compared with a provision for loan loss of $500,000 during the first quarter of 2017 and a provision of $350,000 in the second quarter of 2016.  The provision during all periods was done in accordance with the Company's standard methodology for determining the adequacy of its allowance for loan loss.

During the quarter ended June 30, 2017, non-interest income totaled $7,797,000, a decline of $391,000, or 5%, compared with the quarter ended March 31, 2017, and a decline of $258,000, or 3%, compared with the second quarter of 2016.

       
  Quarter Ended Quarter Ended Quarter Ended
Non-interest Income 6/30/2017 3/31/2017 6/30/2016
(dollars in thousands)      
       
Trust and Investment Product Fees $1,350  $1,243  $1,223 
Service Charges on Deposit Accounts 1,478  1,484  1,534 
Insurance Revenues 1,744  2,640  1,605 
Company Owned Life Insurance 480  254  247 
Interchange Fee Income 1,156  1,023  873 
Other Operating Income 630  857  722 
  Subtotal 6,838  7,501  6,204 
Net Gains on Loans 959  687  883 
Net Gains on Securities     968 
Total Non-interest Income $7,797  $8,188  $8,055 
       

Insurance revenues declined $896,000, or 34%, during the quarter ended June 30, 2017, compared with the first quarter of 2017 and increased $139,000, or 9%, compared with the second quarter of 2016.  The decline during the second quarter of 2017 compared with the first quarter of 2017 was due to contingency revenue.  Contingency revenue during the first quarter of 2017 totaled $992,000 compared with no contingency revenue during the second quarter of 2017.  The fluctuation in contingency revenue is a normal course of business variance and is reflective of claims and loss experience with insurance carriers that the Company represents through its property and casualty insurance agency.  Typically, the majority of contingency revenue is recognized during the first quarter of the year.

Company owned life insurance revenue increased $226,000, or 89%, during the quarter ended June 30, 2017, compared with the first quarter of 2017 and increased $233,000, or 94%, compared with the second quarter of 2016.  The increase was largely related to death benefits received from life insurance policies during the quarter ended June 30, 2017.

Interchange fee income increased $133,000, or 13%, during the second quarter of 2017 compared with the first quarter of 2017 and $283,000, or 32%, compared with the second quarter of 2017.  The increase was largely attributable to increased card utilization by customers.

Other operating income decreased $227,000, or 26%, during the quarter ended June 30, 2017 compared with the first quarter of 2017 and decreased $92,000, or 13%, compared with the second quarter of 2016.  The decline in the second quarter of 2017 compared with both comparative periods was largely attributable to decreased fees associated with swap transactions with loan customers.

Net gains on sales of loans increased $272,000, or 40%, during the second quarter of 2017 compared with the first quarter of 2017 and increased $76,000, or 9%, compared with the second quarter of 2016.  The increase in the gain on sales of loans during the second quarter of 2017 compared with both comparative periods was primarily due to improved pricing on loans sold and those loans held for sale.  Loan sales totaled $29.8 million during the second quarter of 2017, compared with $32.3 million during the first quarter of 2017 and $36.8 million during the second quarter of 2016.

The Company realized no gains on sales of securities during the second quarter of 2017 or the first quarter of 2017 compared with a net gain on the sale of securities of $968,000 in the second quarter of 2016.

During the quarter ended June 30, 2017, non-interest expense totaled $18,996,000, a decline of $40,000, or less than 1%, compared with the quarter ended March 31, 2017, and an increase of $657,000, or 4%, compared with the second quarter of 2016.

       
  Quarter Ended Quarter Ended Quarter Ended
Non-interest Expense 6/30/2017 3/31/2017 6/30/2016
(dollars in thousands)      
       
Salaries and Employee Benefits $11,460  $11,444  $10,184 
Occupancy, Furniture and Equipment Expense 2,224  2,182  2,218 
FDIC Premiums 232  239  339 
Data Processing Fees 1,044  1,011  1,181 
Professional Fees 913  803  780 
Advertising and Promotion 630  778  629 
Intangible Amortization 242  253  312 
Other Operating Expenses 2,251  2,326  2,696 
Total Non-interest Expense $18,996  $19,036  $18,339 
       

Salaries and benefits increased $16,000, or less than 1%, during the quarter ended June 30, 2017 compared with the first quarter of quarter of 2017 and increased $1,276,000, or 13%, compared with the second quarter of 2016.  The increase in salaries and benefits during the second quarter of 2017 compared with the second quarter of 2016 was primarily attributable to an increased number of full-time equivalent employees and higher levels of employee benefit costs including incentive compensation plan costs and health insurance costs.

Professional fees increased $110,000, or 14%, during the quarter ended June 30, 2017 compared with the first quarter of quarter of 2017 and increased $133,000, or 17%, compared with the second quarter of 2016.  The increase in both comparative periods was largely attributable to costs associated with the three-for-two stock split completed during the second quarter of 2017.

Advertising and promotion decreased $148,000, or 19%, during the quarter ended June 30, 2017 compared with the first quarter of 2017 and remained virtually unchanged compared with the second quarter of 2016.  The decrease in advertising and promotion was largely related to the timing of charitable contribution activity.

Other operating expenses decreased $75,000, or 3%, during the quarter ended June 30, 2017 compared with the first quarter of 2017 and decreased $445,000, or 17% compared with the second quarter of 2016.  The decline compared to the second quarter of 2016 was primarily attributable to various card and deposit account expenses which were higher in 2016 related to the River Valley transaction and to deposit gathering strategic initiatives.

About German American

German American Bancorp, Inc., is a NASDAQ-traded (symbol: GABC) bank holding company based in Jasper, Indiana.  German American, through its banking subsidiary German American Bancorp, operates 52 banking offices in 19 contiguous southern Indiana counties and one northern Kentucky county. The Company also owns an investment brokerage subsidiary (German American Investment Services, Inc.) and a full line property and casualty insurance agency (German American Insurance, Inc.).

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Readers are cautioned that, by their nature, forward-looking statements are based on assumptions and are subject to risks, uncertainties, and other factors. Actual results and experience could differ materially from the anticipated results or other expectations expressed or implied by these forward-looking statements as a result of a number of factors, including but not limited to, those discussed in this press release. Factors that could cause actual experience to differ from the expectations expressed or implied in this press release include the unknown future direction of interest rates and the timing and magnitude of any changes in interest rates; changes in competitive conditions; the introduction, withdrawal, success and timing of asset/liability management strategies or of mergers and acquisitions and other business initiatives and strategies; changes in customer borrowing, repayment, investment and deposit practices; changes in fiscal, monetary and tax policies; changes in financial and capital markets; potential deterioration in general economic conditions, either nationally or locally, resulting in, among other things, credit quality deterioration; capital management activities, including possible future sales of new securities, or possible repurchases or redemptions by the Company of outstanding debt or equity securities; risks of expansion through acquisitions and mergers, such as unexpected credit quality problems of the acquired loans or other assets, unexpected attrition of the customer base of the acquired institution or branches, and difficulties in integration of the acquired operations; factors driving impairment charges on investments; the impact, extent and timing of technological changes; potential cyber-attacks, information security breaches and other criminal activities; litigation liabilities, including related costs, expenses, settlements and judgments, or the outcome of matters before regulatory agencies, whether pending or commencing in the future; actions of the Federal Reserve Board; changes in accounting principles and interpretations; potential increases of federal deposit insurance premium expense, and possible future special assessments of FDIC premiums, either industry wide or specific to the Company’s banking subsidiary; actions of the regulatory authorities under the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Federal Deposit Insurance Act and other possible legislative and regulatory actions and reforms; the continued availability of earnings and excess capital sufficient for the lawful and prudent declaration and payment of cash dividends; and other risk factors expressly identified in the Company’s filings with the United States Securities and Exchange Commission. Such statements reflect our views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements. It is intended that these forward-looking statements speak only as of the date they are made. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.


 
GERMAN AMERICAN BANCORP, INC.
(unaudited, dollars in thousands except per share data)
      
Consolidated Balance Sheets
      
 June 30, 2017 March 31, 2017 June 30, 2016
ASSETS     
  Cash and Due from Banks$36,833  $30,151  $36,027 
  Short-term Investments7,204  7,288  18,113 
  Interest-bearing Time Deposits with Banks    1,744 
  Investment Securities740,578  726,352  719,916 
      
  Loans Held-for-Sale9,844  6,856  5,135 
      
  Loans, Net of Unearned Income2,031,743  1,983,572  1,960,555 
  Allowance for Loan Losses(15,320) (15,166) (15,304)
  Net Loans2,016,423  1,968,406  1,945,251 
      
  Stock in FHLB and Other Restricted Stock13,048  13,048  13,048 
  Premises and Equipment49,249  49,718  47,669 
  Goodwill and Other Intangible Assets56,607  56,849  57,048 
  Other Assets75,017  74,476  71,860 
  TOTAL ASSETS$3,004,803  $2,933,144  $2,915,811 
      
LIABILITIES     
  Non-interest-bearing Demand Deposits$557,535  $572,874  $506,498 
  Interest-bearing Demand, Savings, and Money Market Accounts1,453,512  1,389,763  1,380,038 
  Time Deposits352,274  363,835  390,836 
  Total Deposits2,363,321  2,326,472  2,277,372 
      
  Borrowings263,469  241,358  278,214 
  Other Liabilities23,059  24,098  27,870 
  TOTAL LIABILITIES2,649,849  2,591,928  2,583,456 
      
SHAREHOLDERS' EQUITY     
  Common Stock and Surplus187,613  187,300  186,251 
  Retained Earnings163,181  156,322  134,909 
  Accumulated Other Comprehensive Income (Loss)4,160  (2,406) 11,195 
  TOTAL SHAREHOLDERS' EQUITY354,954  341,216  332,355 
      
  TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$3,004,803  $2,933,144  $2,915,811 
      
END OF PERIOD SHARES OUTSTANDING (1)22,929,627  22,929,417  22,900,395 
      
TANGIBLE BOOK VALUE PER SHARE (1) (2)$13.01  $12.40  $12.02 
      
(1) As Adjusted for the 3 for 2 Stock Split distributed on April 21, 2017.
(2) Tangible Book Value per Share is defined as Total Shareholders' Equity less Goodwill and Other Intangible Assets divided by End of Period Shares Outstanding.


 
GERMAN AMERICAN BANCORP, INC.
(unaudited, dollars in thousands except per share data)
           
Consolidated Statements of Income
           
  Three Months Ended Six Months Ended
  June 30, 2017 March 31, 2017 June 30, 2016 June 30, 2017 June 30, 2016
INTEREST INCOME         
  Interest and Fees on Loans$22,602  $22,262  $22,670  $44,864  $41,334 
  Interest on Short-term Investments and Time Deposits27  27  20  54  37 
  Interest and Dividends on Investment Securities4,772  4,744  4,160  9,516  8,159 
  TOTAL INTEREST INCOME27,401  27,033  26,850  54,434  49,530 
           
INTEREST EXPENSE         
  Interest on Deposits1,626  1,443  1,326  3,069  2,481 
  Interest on Borrowings962  865  853  1,827  1,594 
  TOTAL INTEREST EXPENSE2,588  2,308  2,179  4,896  4,075 
           
  NET INTEREST INCOME24,813  24,725  24,671  49,538  45,455 
  Provision for Loan Losses350  500  350  850  1,200 
  NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES24,463  24,225  24,321  48,688  44,255 
           
NON-INTEREST INCOME         
  Net Gain on Sales of Loans959  687  883  1,646  1,603 
  Net Gain on Securities    968    968 
  Other Non-interest Income6,838  7,501  6,204  14,339  12,701 
  TOTAL NON-INTEREST INCOME7,797  8,188  8,055  15,985  15,272 
           
NON-INTEREST EXPENSE         
  Salaries and Benefits11,460  11,444  10,184  22,904  21,785 
  Other Non-interest Expenses7,536  7,592  8,155  15,128  16,794 
  TOTAL NON-INTEREST EXPENSE18,996  19,036  18,339  38,032  38,579 
           
  Income before Income Taxes13,264  13,377  14,037  26,641  20,948 
  Income Tax Expense3,425  3,821  4,249  7,246  6,014 
           
NET INCOME$9,839  $9,556  $9,788  $19,395  $14,934 
           
BASIC EARNINGS PER SHARE (1)$0.43  $0.42  $0.43  $0.85  $0.68 
DILUTED EARNINGS PER SHARE (1)$0.43  $0.42  $0.43  $0.85  $0.68 
           
WEIGHTED AVERAGE SHARES OUTSTANDING (1)22,929,426  22,908,648  22,884,029  22,919,094  21,885,656 
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING (1)22,929,426  22,908,648  22,885,829  22,919,094  21,889,613 
           
(1)As Adjusted for the 3 for 2 Stock Split distributed on April 21, 2017.         


 
GERMAN AMERICAN BANCORP, INC.
(unaudited, dollars in thousands except per share data)
           
  Three Months Ended Six Months Ended
  June 30, March 31, June 30, June 30, June 30,
  2017 2017 2016 2017 2016
EARNINGS PERFORMANCE RATIOS         
 Annualized Return on Average Assets1.32% 1.31% 1.36% 1.32% 1.10%
 Annualized Return on Average Equity11.34% 11.39% 12.02% 11.36% 9.79%
 Net Interest Margin3.78% 3.86% 3.86% 3.82% 3.75%
 Efficiency Ratio (1)56.03% 55.69% 54.17% 55.86% 61.36%
 Net Overhead Expense to Average Earning Assets (2)1.62% 1.60% 1.53% 1.61% 1.83%
           
ASSET QUALITY RATIOS         
 Annualized Net Charge-offs to Average Loans0.04% 0.03% 0.04% 0.03% 0.04%
 Allowance for Loan Losses to Period End Loans0.75% 0.76% 0.78%    
 Non-performing Assets to Period End Assets0.15% 0.20% 0.33%    
 Non-performing Loans to Period End Loans0.16% 0.29% 0.48%    
 Loans 30-89 Days Past Due to Period End Loans0.26% 0.37% 0.45%    
           
SELECTED BALANCE SHEET & OTHER FINANCIAL DATA         
 Average Assets$2,970,745  $2,926,095  $2,885,165  $2,948,543  $2,723,932 
 Average Earning Assets$2,768,140  $2,719,271  $2,684,386  $2,743,840  $2,547,791 
 Average Total Loans$2,011,518  $1,974,846  $1,935,246  $1,993,283  $1,814,944 
 Average Demand Deposits$560,763  $557,912  $502,070  $559,345  $484,793 
 Average Interest Bearing Liabilities$2,041,129  $2,013,288  $2,031,798  $2,027,285  $1,909,308 
 Average Equity$347,035  $335,586  $325,754  $341,342  $305,000 
           
 Period End Non-performing Assets (3)$4,448  $5,901  $9,734     
 Period End Non-performing Loans (4)$3,159  $5,693  $9,318     
 Period End Loans 30-89 Days Past Due (5)$5,238  $7,337  $8,764     
           
 Tax Equivalent Net Interest Income$26,106  $25,993  $25,800  $52,099  $47,602 
 Net Charge-offs during Period$196  $142  $207  $338  $334 
           
           
(1)Efficiency Ratio is defined as Non-interest Expense divided by the sum of Net Interest Income, on a tax equivalent basis, and Non-interest Income.    
(2)Net Overhead Expense is defined as Total Non-interest Expense less Total Non-interest Income.    
(3)Non-performing assets are defined as Non-accrual Loans, Loans Past Due 90 days or more, Restructured Loans, and Other Real Estate Owned.    
(4)Non-performing loans are defined as Non-accrual Loans, Loans Past Due 90 days or more, and Restructured Loans.    
(5)Loans 30-89 days past due and still accruing.         

 

For additional information, contact:
Mark A Schroeder, Chairman & Chief Executive Officer of German American Bancorp, Inc.
Bradley M Rust, Executive Vice President/CFO of German American Bancorp, Inc.
(812) 482-1314

Source: German American Bancorp, Inc.