Press Release

German American Bancorp, Inc. (GABC) Reports Record Quarterly Earnings

Company Release - 7/29/2019 5:15 PM ET

JASPER, Ind., July 29, 2019 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (NASDAQ: GABC) reported record quarterly earnings of $15.3 million, or $0.61 per share, for the quarter ending on June 30, 2019.  This level of quarterly earnings performance was an increase of 27%, on a per share basis, compared with the second quarter 2018 net income of $11.1 million, or $0.48 per share. The current quarter earnings also compared favorably with the first quarter 2019 net income of $15.1 million, or $0.60 per share.

These quarterly comparisons are inclusive of the Company’s 2018 five branch acquisition in the greater Columbus, Indiana market area on May 18, 2018 and its acquisition of First Security, Inc. of Owensboro, Kentucky on October 15, 2018.  The Company had also previously announced the completion of its acquisition of Citizens First Corporation of Bowling Green, Kentucky as of July 1, 2019.  Acquisition-related expenses from these transactions were included in the expenses in each of the quarterly period comparisons.

On a linked-quarter basis, the record second quarter 2019 earnings were attributable to a variety of factors, including an increased level of net interest income, improved levels of non-interest income within a majority of the categories of fee income and additional net gains on the sale of loans and securities.  As compared to the first quarter of 2019, the Company also benefited from a reduction in the level of provision for loan loss resulting from an improved level of asset quality.  Additionally, operating expenses were lower in the current quarter due to reduced levels of salaries and benefits expense and professional fees during the current quarter.

Other factors offsetting a portion of the positive quarter-over-quarter comparison, on a linked-quarter basis, included the recording of $1.4 million in insurance contingency revenue, $554,000 in bank-owned life insurance benefits, and a $262,000 gain on the sale of a former branch facility during the first quarter of 2019.

The Company also recorded strong deposit growth during the second quarter, as end of period total deposits grew by approximately $63.7 million, or approximately 8% on a linked-quarter annualized basis, and total non-maturity transaction deposits grew by approximately $100.2 million, or 16% on a linked-quarter annualized basis.  Additionally, the Company experienced a strong level of loan originations during the current quarter, which was materially offset by a continued elevated level of loan pay-offs, resulting in a modest increase of  $8.3 million, or  1%, on a linked-quarter annualized basis, in end of period total loans.

Commenting on the Company’s performance, Mark A. Schroeder, German American’s Chairman & CEO, stated, "We’re pleased with the extremely strong start we experienced during the first half of this year, in terms of record earnings, exceptional deposit growth and the exceptionally strong loan pipelines we continue to experience throughout our footprint.  Even though the current economic recovery is at a historic length, the economic strength and vitality in each of the markets we serve continues to be impressive.  Based on these factors, we are encouraged about our ability to continue the level of exceptional performance we’ve been able to deliver during the current quarter, year-to-date and over the course of the past decade.”

The Company also announced its Board of Directors declared a regular quarterly cash dividend of $0.17 per share, which will be payable on August 20, 2019 to shareholders of record as of August 10, 2019.

Balance Sheet Highlights

The Company completed a five-branch acquisition of locations of First Financial Bancorp (formerly branch locations of Mainsource Financial Group, Inc. prior to its merger with First Financial Bancorp) on May 18, 2018.  Four of the branches are located in Columbus, Indiana, and one in Greensburg, Indiana.  In addition, on October 15, 2018, the Company completed its acquisition of First Security, Inc. ("First Security") and its subsidiary bank, First Security Bank, Inc.  First Security was based in Owensboro, Kentucky, and operated 11 retail banking offices in Owensboro, Bowling Green, Franklin and Lexington, Kentucky and in Evansville and Newburgh, Indiana.

Total assets for the Company totaled $3.971 billion at June 30, 2019, representing an increase of $75.2 million, or 8% on an annualized basis, compared with March 31, 2019 and an increase of $626.2 million, or 19%, compared with June 30, 2018.  The increase in total assets as of June 30, 2019 compared to a year ago was driven largely by the acquisition of First Security and the five-branch network in the Columbus and Greensburg, Indiana markets, as well as organic loan growth.

June 30, 2019 total loans increased $8.3 million, or 1% on an annualized basis, compared with March 31, 2019 and increased $398.8 million, or 17%, compared with June 30, 2018.

The modest increase during the second quarter of 2019 was driven by a seasonal increase in agricultural loans of approximately $16.1 million, or 19% on an annualized basis, which was partially mitigated by a decline in retail loans of $7.7 million, or 5% on an annualized basis, driven primarily by a decline in residential real estate loans.

       
End of Period Loan Balances 6/30/2019 3/31/2019 6/30/2018
(dollars in thousands)      
       
Commercial & Industrial Loans $554,290  $555,967  $518,299 
Commercial Real Estate Loans 1,213,579  1,212,090  986,486 
Agricultural Loans 364,116  347,999  352,308 
Consumer Loans 280,963  281,724  241,315 
Residential Mortgage Loans 307,726  314,634  223,437 
  $2,720,674  $2,712,414  $2,321,845 
       

Non-performing assets totaled $12.5 million at June 30, 2019 compared to $13.1 million at March 31, 2019 and $9.5 million at June 30, 2018.  Non-performing assets represented 0.32% of total assets at June 30, 2019, 0.34% at March 31, 2019,  and 0.28% at June 30, 2018.  Non-performing loans totaled $11.9 million at June 30, 2019 compared to $12.4 million at March 31, 2019 and $9.5 million at June 30, 2018.  Non-performing loans represented 0.44% of total loans at June 30, 2019 compared to 0.46% at March 31, 2019 and 0.41% at June 30, 2018.

      
Non-performing Assets     
(dollars in thousands)     
 6/30/2019 3/31/2019 6/30/2018
Non-Accrual Loans$10,929  $12,036  $8,953 
Past Due Loans (90 days or more)959  393  534 
Total Non-Performing Loans11,888  12,429  9,487 
Other Real Estate635  685  40 
Total Non-Performing Assets$12,523  $13,114  $9,527 
      
Restructured Loans$118  $119  $123 
      

The Company’s allowance for loan losses totaled $16.2 million at June 30, 2019 compared to $16.2 million at March 31, 2019 and $15.6 million at June 30, 2018.  The allowance for loan losses represented 0.60% of period-end loans at June 30, 2019 compared with 0.60% of period-end loans at March 31, 2019 and 0.67% of period-end loans at June 30, 2018.  From time to time, the Company has acquired loans through bank and branch acquisitions with the most recent (reflected in actual results) being the First Security acquisition during the fourth quarter of 2018 and a five-branch acquisition in the second quarter of 2018.  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 net discount on acquired loans of $17.1 million at June 30, 2019, $18.2 million at March 31, 2019 and $9.6 million at June 30, 2018.

June 30, 2019 total deposits increased $63.7 million, or 8% on an annualized basis, compared with March 31, 2019 and increased $527.4 million, or 20%, compared with June 30, 2018.  The increase in total deposits in the second quarter of 2019, compared with the first quarter of 2019, was largely related to seasonal increases in public fund operating accounts.

       
End of Period Deposit Balances 6/30/2019 3/31/2019 6/30/2018
(dollars in thousands)      
       
Non-interest-bearing Demand Deposits $725,367  $723,995  $629,724 
IB Demand, Savings, and MMDA Accounts 1,805,694  1,706,913  1,611,583 
Time Deposits < $100,000 248,744  248,686  190,179 
Time Deposits > $100,000 349,027  385,576  169,954 
  $3,128,832  $3,065,170  $2,601,440 
       

Results of Operations Highlights – Quarter ended June 30, 2019

Net income for the quarter ended June 30, 2019 totaled $15,271,000, or $0.61 per share, an increase of 2% on a per share basis compared with the first quarter 2019 net income of $15,067,000, or $0.60 per share, and an  increase of 27% on a per share basis compared with the second quarter 2018 net income of $11,097,000, or $0.48 per share.  The change in net income during the second quarter of 2019, compared with the second quarter of 2018, was impacted by the completed acquisition activity during 2018.  A detailed analysis of the factors impacting second quarter 2019 income and expenses, as compared to first quarter 2019, is included in the remaining discussion.

Net income for each quarter presented was impacted by merger and acquisition activity during 2018 and 2019.  The second quarter of 2019 results of operations included acquisition-related expenses of approximately $428,000 ($369,000 or $0.01 per share, on an after tax basis), while the first quarter of 2019 results of operations included acquisition-related expenses of approximately $544,000 ($432,000 or $0.02 per share, on an after tax basis) and the second quarter of 2018 included approximately $903,000 ($727,000 or $0.03 per share on an after tax basis).

                   
Summary Average Balance Sheet                  
(Tax-equivalent basis / dollars in thousands)                  
   Quarter Ended  Quarter Ended  Quarter Ended
  June 30, 2019 March  31, 2019 June 30, 2018
                   
   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 $21,257  $85  1.62% $24,538  $141  2.32% $12,939  $54  1.68%
Securities 842,282  6,529  3.10% 825,625  6,549  3.17% 751,367  5,758  3.07%
Loans and Leases 2,721,630  35,135  5.18% 2,718,808  35,207  5.24% 2,229,972  26,394  4.75%
Total Interest Earning Assets $3,585,169  $41,749  4.67% $3,568,971  $41,897  4.74% $2,994,278  $32,206  4.31%
                                  
Liabilities                                 
Demand Deposit Accounts $715,681         $691,107         $625,158        
IB Demand, Savings, and                                 
MMDA Accounts $1,797,228  $2,945  0.66% $1,731,118  $2,695  0.63% $1,560,838  $1,597  0.41%
Time Deposits 631,174  2,814  1.79% 646,726  2,721  1.71% 417,585  1,251  1.20%
FHLB Advances and Other Borrowings 246,229  1,636  2.67% 330,463  2,182  2.68% 238,775  1,216  2.04%
Total Interest-Bearing Liabilities $2,674,632  $7,395  1.11% $2,708,307  $7,598  1.14% $2,217,198  $4,064  0.74%
                   
Cost of Funds     0.83%     0.86%     0.54%
Net Interest Income   $34,354      $34,299      $28,142   
Net Interest Margin     3.84%     3.88%     3.77%
                   

During the quarter ended June 30, 2019, net interest income totaled $33,641,000, which was relatively flat to the quarter ended March 31, 2019 net interest income of $33,591,000.  The increased level of net interest income during the second quarter of 2019 compared with the first quarter of 2019 was driven primarily by a modestly higher level of average earning assets combined with an additional day during the second quarter partially mitigated by a modest decline in the stated tax equivalent net interest margin.

The tax equivalent net interest margin for the quarter ended June 30, 2019 was 3.84% compared with 3.88% in the first quarter of 2019.  Accretion of loan discounts on acquired loans contributed approximately 12 basis points to the net interest margin on an annualized basis in the second quarter of 2019 and 16 basis points in the first quarter of 2019.

During the quarter ended June 30, 2019, the Company recorded a provision for loan loss of $250,000 compared with $675,000 in the first quarter of 2019.  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, 2019, non-interest income totaled $10,509,000, a decline of $1,149,000, or 10%, compared with the quarter ended March 31, 2019.

       
  Quarter Ended Quarter Ended Quarter Ended
Non-interest Income 6/30/2019 3/31/2019 6/30/2018
(dollars in thousands)      
       
Trust and Investment Product Fees $1,913  $1,567  $1,677 
Service Charges on Deposit Accounts 2,024  1,900  1,643 
Insurance Revenues 1,929  3,205  1,696 
Company Owned Life Insurance 304  884  260 
Interchange Fee Income 2,332  2,095  1,714 
Other Operating Income 461  871  913 
Subtotal 8,963  10,522  7,903 
Net Gains on Loans 1,030  981  905 
Net Gains on Securities 516  155  74 
Total Non-interest Income $10,509  $11,658  $8,882 
       

Trust and investment product fees increased $346,000, or 22%, during the second quarter of 2019 compared with the first quarter of 2019.  The increase during the second quarter of 2019 was largely attributable to increased assets under management and increased activity in the Company's wealth management group.

Insurance revenues declined $1,276,000, or 40%, during the quarter ended June 30, 2019, compared with the first quarter of 2019.  The decline during the second quarter of 2019 compared with the first quarter of 2019 was primarily due to contingency revenue.  Contingency revenue during the first quarter of 2019 totaled $1,375,000 compared with no contingency revenue during the second quarter of 2019.  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 declined $580,000, or 66%, during the quarter ended June 30, 2019, compared with the first quarter of 2019. The increase was largely related to death benefits of $554,000 received from life insurance policies during the first quarter of  2019.

Interchange fees increased $237,000, or 11%, during the second quarter of 2019 compared with the first quarter of 2019.  The increase during the second quarter of 2019 compared with the first quarter of 2019 was largely attributable to increased card utilization by customers.

Other operating income declined $410,000, or 47%, during the quarter ended June 30, 2019 compared with the first quarter of 2019.  The decline during the second quarter of 2019 compared with the first quarter of 2019 was largely attributable to a gain realized on the sale of a former branch facility of $262,000 during the first quarter of 2019.

The Company realized $516,000 in gains on sales of securities during the second quarter of 2019 compared with $155,000 during the first quarter of 2019.

During the quarter ended June 30, 2019, non-interest expense totaled $25,618,000, a decline of $1,141,000, or 4%, compared with the quarter ended March 31, 2019.  The second quarter of 2019 included acquisition-related expenses of $428,000 while the first quarter of 2019 included acquisition-related expenses of approximately $544,000.

       
  Quarter Ended Quarter Ended Quarter Ended
Non-interest Expense 6/30/2019 3/31/2019 6/30/2018
(dollars in thousands)      
       
Salaries and Employee Benefits $14,117  $15,044  $12,019 
Occupancy, Furniture and Equipment Expense 3,212  3,219  2,527 
FDIC Premiums 245  288  238 
Data Processing Fees 1,803  1,583  1,398 
Professional Fees 1,174  1,327  1,361 
Advertising and Promotion 936  870  857 
Intangible Amortization 802  843  306 
Other Operating Expenses 3,329  3,585  3,002 
Total Non-interest Expense $25,618  $26,759  $21,708 
       

Salaries and benefits declined $927,000, or 6%, during the quarter ended June 30, 2019 compared with the first quarter of 2019.  The decline in salaries and benefits during the second quarter of 2019 compared with the first quarter of 2019 was primarily attributable to a reduced level of incentive compensation expense and a reduced level of other employee benefit expense.

Data processing fees increased $220,000, or 14%, during the second quarter of 2019 compared with the first quarter of 2019.  The increase during the second quarter of 2019 compared with the first quarter of 2019 was driven by acquisition-related costs which totaled approximately $214,000 during the second quarter of 2019.

Professional fees declined $153,000, or 12%, during the second quarter of 2019 compared with the first quarter of 2019.  The decline during the second quarter of 2019 compared to the first quarter of 2019 was due in large part to a decline in professional fees related to merger and acquisition activity partially offset by an increase in other professional fees primarily associated with the Company's annual shareholders' meeting.  Merger and acquisition-related professional fees totaled approximately $205,000 during the second quarter of 2019 compared with $508,000 in the first quarter of 2019.

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 Bank, operates 75 banking offices in 20 contiguous southern Indiana counties, six counties in Kentucky and one county in Tennessee.  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 (the "Dodd-Frank Act") and the Federal Deposit Insurance Act and other possible legislative and regulatory actions and reforms; impacts resulting from possible amendments or revisions to the Dodd-Frank Act and the regulations promulgated thereunder, or to Consumer Financial Protection Bureau rules and regulations; 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, 2019 March 31, 2019 June 30, 2018
ASSETS     
Cash and Due from Banks$48,634  $45,038  $60,244 
Short-term Investments41,623  14,740  11,038 
Investment Securities841,045  824,950  739,834 
      
Loans Held-for-Sale14,184  8,586  9,552 
      
Loans, Net of Unearned Income2,717,028  2,708,832  2,318,510 
Allowance for Loan Losses(16,239) (16,243) (15,637)
Net Loans2,700,789  2,692,589  2,302,873 
      
Stock in FHLB and Other Restricted Stock13,048  13,048  13,048 
Premises and Equipment89,413  89,600  66,641 
Goodwill and Other Intangible Assets113,309  112,920  65,978 
Other Assets108,694  94,053  75,336 
TOTAL ASSETS$3,970,739  $3,895,524  $3,344,544 
      
LIABILITIES     
Non-interest-bearing Demand Deposits$725,367  $723,995  $629,724 
Interest-bearing Demand, Savings, and Money Market Accounts1,805,694  1,706,913  1,611,583 
Time Deposits597,771  634,262  360,133 
Total Deposits3,128,832  3,065,170  2,601,440 
      
Borrowings305,940  317,480  354,803 
Other Liabilities36,556  33,687  17,761 
TOTAL LIABILITIES3,471,328  3,416,337  2,974,004 
      
SHAREHOLDERS' EQUITY     
Common Stock and Surplus254,935  254,625  188,885 
Retained Earnings233,269  222,246  194,994 
Accumulated Other Comprehensive Income (Loss)11,207  2,316  (13,339)
SHAREHOLDERS' EQUITY499,411  479,187  370,540 
      
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$3,970,739  $3,895,524  $3,344,544 
      
END OF PERIOD SHARES OUTSTANDING24,992,238  24,992,238  22,967,898 
      
TANGIBLE BOOK VALUE PER SHARE (1)$15.45  $14.66  $13.26 
      
 
(1) 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, 2019 March 31, 2019 June 30, 2018 June 30, 2019 June 30, 2018
INTEREST INCOME         
Interest and Fees on Loans$35,046  $35,119  $26,308  $70,165  $50,258 
Interest on Short-term Investments85  141  54  226  110 
Interest and Dividends on Investment Securities5,905  5,929  5,171  11,834  10,310 
TOTAL INTEREST INCOME41,036  41,189  31,533  82,225  60,678 
           
INTEREST EXPENSE         
Interest on Deposits5,759  5,416  2,848  11,175  5,131 
Interest on Borrowings1,636  2,182  1,216  3,818  2,468 
TOTAL INTEREST EXPENSE7,395  7,598  4,064  14,993  7,599 
           
NET INTEREST INCOME33,641  33,591  27,469  67,232  53,079 
Provision for Loan Losses250  675  1,220  925  1,570 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES33,391  32,916  26,249  66,307  51,509 
           
NON-INTEREST INCOME         
Net Gain on Sales of Loans1,030  981  905  2,011  1,555 
Net Gain on Securities516  155  74  671  344 
Other Non-interest Income8,963  10,522  7,903  19,485  16,475 
TOTAL NON-INTEREST INCOME10,509  11,658  8,882  22,167  18,374 
           
NON-INTEREST EXPENSE         
Salaries and Benefits14,117  15,044  12,019  29,161  24,145 
Other Non-interest Expenses11,501  11,715  9,689  23,216  18,018 
TOTAL NON-INTEREST EXPENSE25,618  26,759  21,708  52,377  42,163 
           
Income before Income Taxes18,282  17,815  13,423  36,097  27,720 
Income Tax Expense3,011  2,748  2,326  5,759  4,810 
           
NET INCOME$15,271  $15,067  $11,097  $30,338  $22,910 
           
BASIC EARNINGS PER SHARE$0.61  $0.60  $0.48  $1.21  $1.00 
DILUTED EARNINGS PER SHARE$0.61  $0.60  $0.48  $1.21  $1.00 
           
WEIGHTED AVERAGE SHARES OUTSTANDING24,992,238  24,971,863  22,968,178  24,982,107  22,954,367 
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING24,992,238  24,971,863  22,968,178  24,982,107  22,954,367 
           
           


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,
   2019 2019 2018 2019 2018
EARNINGS PERFORMANCE RATIOS          
 Annualized Return on Average Assets 1.56% 1.55% 1.38% 1.56% 1.44%
 Annualized Return on Average Equity 12.60% 12.98% 12.15% 12.78% 12.57%
 Net Interest Margin 3.84% 3.88% 3.77% 3.86% 3.71%
 Efficiency Ratio (1) 57.10% 58.23% 58.63% 57.67% 57.93%
 Net Overhead Expense to Average Earning Assets (2) 1.69% 1.69% 1.71% 1.69% 1.61%
                      
ASSET QUALITY RATIOS                    
 Annualized Net Charge-offs to Average Loans 0.04% 0.04% 0.01% 0.04% 0.15%
 Allowance for Loan Losses to Period End Loans 0.60% 0.60% 0.67%    
 Non-performing Assets to Period End Assets 0.32% 0.34% 0.28%    
 Non-performing Loans to Period End Loans 0.44% 0.46% 0.41%    
 Loans 30-89 Days Past Due to Period End Loans 0.39% 0.45% 0.52%    
                      
SELECTED BALANCE SHEET & OTHER FINANCIAL DATA                    
 Average Assets $3,908,669  $3,886,723  $3,226,091  $3,897,757  $3,173,821 
 Average Earning Assets $3,585,169  $3,568,971  $2,994,278  $3,577,115  $2,948,319 
 Average Total Loans $2,721,630  $2,718,808  $2,229,972  $2,720,227  $2,185,087 
 Average Demand Deposits $715,681  $691,107  $625,158  $703,462  $605,405 
 Average Interest Bearing Liabilities $2,674,632  $2,708,307  $2,217,198  $2,691,376  $2,184,055 
 Average Equity $484,891  $464,234  $365,197  $474,619  $364,392 
                      
 Period End Non-performing Assets (3) $12,523  $13,114  $9,527     
 Period End Non-performing Loans (4) $11,888  $12,429  $9,487     
 Period End Loans 30-89 Days Past Due (5) $10,605  $12,197  $12,146     
            
 Tax Equivalent Net Interest Income $34,354  $34,299  $28,142  $68,653  $54,403 
 Net Charge-offs during Period $254  $255  $43  $509  $1,627 
            
(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, and Other Real Estate Owned.    
(4)Non-performing loans are defined as Non-accrual Loans and Loans Past Due 90 days or more.    
(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.