German American Bancorp, Inc. (Nasdaq: GABC) reported strong second
quarter earnings of $20.5 million, or $0.69 per share. This level
of quarterly earnings reflected a linked quarter increase of $1.5
million, or approximately 8% on a per share basis, from 2024 first
quarter earnings of $19 million or $0.64 per share.
Second quarter 2024 operating performance was
highlighted by a stabilized net interest margin, solid loan and
deposit growth, continued strong credit metrics, growth in most
non-interest income categories and controlled non-interest expense.
As previously reported, the Company also sold the assets of its
wholly-owned subsidiary, German American Insurance, Inc., during
the second quarter, for $40.0 million (or approximately 4x the
subsidiary’s 2023 revenue) in an all-cash transaction, resulting in
a $27.5 million after-tax gain. In addition, the Company
subsequently commenced a restructuring of its securities portfolio
by selling securities, representing approximately $375 million in
book value, at an after-tax loss of $27.2 million. With its strong
second quarter 2024 operating performance, the Company remained
well-positioned at the end of second quarter 2024 with continued
solid liquidity and strong capital ratios.
The Company views certain non-operating items,
like the German American Insurance sale and the restructuring of
the securities portfolio, as being unrepresentative of the
Company’s core operating performance. As such, the Company
generally considers those items as adjustments to net income
reported under U.S. generally accepted accounting principles.
Nonetheless, as a result of these two transactions, second quarter
2024 net income, on a combined basis, was positively impacted by
only $0.3 million.
Net interest margin for the second quarter of
2024 was relatively stable at 3.34%, compared to linked first
quarter 2024 net interest margin of 3.35%, as the earning asset
yield increase of 12 basis points mostly kept pace with the funding
cost increase of 13 basis points. The cost of funds in the second
quarter of 2024 continued to increase at a pace similar to that of
first quarter 2024, driven by continued competitive deposit pricing
in the marketplace and ongoing re-mixing of the Company’s deposit
composition as customers continued to move into time and money
market accounts seeking higher yields.
Second quarter 2024 deposits increased
approximately $94 million, or approximately 7% on an annualized
basis, compared to first quarter 2024. Non-interest-bearing
accounts remained at a healthy 27% of total deposits.
During the second quarter of 2024, total loans
increased $65 million, or approximately 7% on an annualized basis,
with virtually all categories of loans showing growth. The
Company’s loan portfolio composition remained diverse with little
commercial real estate office concentration. Credit metrics
remained strong as non-performing assets were 0.12% of period end
assets and non-performing loans totaled 0.18% of period end
loans.
Non-interest income for the second quarter of
2024, compared with the first quarter of 2024, excluding any impact
related to the insurance sale and the securities portfolio
restructuring, reflected solid growth in most categories,
highlighted by an increase in wealth management fees of
approximately 12% attributable to increased assets under management
and improving capital markets; increased interchange fee income of
approximately 8% driven by increased customer card utilization; and
increased net gain on sale of loans of approximately 29% driven by
higher mortgage sales volume.
Excluding professional fees associated with both
the sale of the insurance subsidiary and the recently announced
pending merger transaction with Heartland BancCorp, the Company’s
operating expenses for the second quarter of 2024 remained
well-controlled.
The Company also announced that its Board of
Directors declared a regular quarterly cash dividend of $0.27 per
share, which will be payable on August 20, 2024, to shareholders of
record as of August 10, 2024.
D. Neil Dauby, German American’s Chairman &
CEO stated, “We are extremely pleased to deliver a strong second
quarter operating performance. In addition, the Company executed on
several key strategic initiatives with the sale of its insurance
subsidiary and the partial restructuring of our securities
portfolio.” In a separate news release, German American also
announced today its proposed merger with Heartland BancCorp.
Heartland Bank is a premier community bank operating within the
high growth markets of Columbus and Cincinnati, Ohio. Dauby added,
“This strategic partnership coupled with our balance sheet
repositioning will build on our strong quarterly operating
performance and position our Company for improved profitability and
future success.”
Balance Sheet Highlights
Total assets for the Company totaled $6.217
billion at June 30, 2024, representing an increase of $105.0
million compared with March 31, 2024 and an increase of $163.7
million compared with June 30, 2023. The increase in total assets
at June 30, 2024 compared with both March 31, 2024 and June 30,
2023 was largely related to an increase in total loans and fed
funds sold and other short-term investments, partially offset by a
decline in the securities portfolio.
Securities available-for-sale declined $165.5
million as of June 30, 2024 compared with March 31, 2024 and
declined $226.9 million compared with June 30, 2023. The decline at
June 30, 2024 in the available-for-sale securities portfolio
compared with the end of the first quarter of 2024 and the end of
the second quarter of 2023 was largely the result of the Company’s
utilization of cash flows from the securities portfolio to fund
loan growth in addition to the timing of the sale and reinvestment
of proceeds related to the restructuring transaction.
During June 2024, the Company commenced a
securities portfolio restructuring transaction whereby
available-for-sale securities totaling approximately $375 million
in book value were identified to be sold. As of June 30, 2024, $175
million of securities had been sold with the remaining $200 million
sold during early July 2024. The tax-equivalent yield on the bonds
sold was approximately 3.12% with a duration of approximately 7
years. Approximately $80 million of the proceeds of the securities
sold were reinvested as of June 30, 2024. It is anticipated the
remainder of the proceeds from the sale will be reinvested back
into the securities portfolio.
June 30, 2024 total loans increased $65.3
million, or 7% on an annualized basis, compared with March 31, 2024
and increased $213.8 million, or 6%, compared with June 30, 2023.
The increase during the second quarter of 2024 compared with March
31, 2024 was broad-based across most segments of the portfolio.
Commercial and industrial loans increased $18.3 million, or 11% on
an annualized basis, commercial real estate loans increased $23.6
million, or 4% on an annualized basis, while agricultural loans
grew $13.0 million, or 13% on an annualized basis, and retail loans
grew by $10.4 million, or 5% on an annualized basis.
The composition of the loan portfolio has
remained relatively stable and diversified over the past several
years, including 2024. The portfolio is most heavily concentrated
in commercial real estate loans at 54% of the portfolio, followed
by commercial and industrial loans at 16% of the portfolio, and
agricultural loans at 10% of the portfolio. The Company’s
commercial lending is extended to various industries, including
multi-family housing and lodging, agribusiness and manufacturing,
as well as health care, wholesale, and retail services. The
Company’s commercial real estate portfolio has limited exposure to
office real estate, with office exposure totaling approximately 4%
of the total loan portfolio.
End of Period Loan
Balances |
|
6/30/2024 |
|
3/31/2024 |
|
6/30/2023 |
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial & Industrial Loans |
|
$ |
664,435 |
|
|
$ |
646,162 |
|
|
$ |
669,137 |
|
Commercial Real Estate
Loans |
|
|
2,172,447 |
|
|
|
2,148,808 |
|
|
|
2,021,109 |
|
Agricultural Loans |
|
|
413,742 |
|
|
|
400,733 |
|
|
|
395,466 |
|
Consumer Loans |
|
|
424,647 |
|
|
|
421,980 |
|
|
|
389,440 |
|
Residential Mortgage
Loans |
|
|
368,997 |
|
|
|
361,236 |
|
|
|
355,329 |
|
|
|
$ |
4,044,268 |
|
|
$ |
3,978,919 |
|
|
$ |
3,830,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company’s allowance for credit losses
totaled $43.9 million at June 30, 2024, $43.8 million at March 31,
2024 and $44.3 million at June 30, 2023. The allowance for credit
losses represented 1.09% of period-end loans at June 30, 2024,
1.10% of period-end loans at March 31, 2024 and 1.16% of period-end
loans at June 30, 2023.
Non-performing assets totaled $7.3 million at
June 30, 2024, $10.0 million at March 31, 2024 and $12.4 million at
June 30, 2023. Non-performing assets represented 0.12% of total
assets at June 30, 2024, 0.16% at March 31, 2024 and 0.21% at June
30, 2023. Non-performing loans represented 0.18% of total loans at
June 30, 2024, 0.25% at March 31, 2024 and 0.32% at June 30,
2023.
Non-performing
Assets |
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
6/30/2024 |
|
3/31/2024 |
|
6/30/2023 |
Non-Accrual Loans |
$ |
6,583 |
|
|
$ |
9,898 |
|
|
$ |
11,423 |
|
Past Due Loans (90 days or
more) |
|
706 |
|
|
|
85 |
|
|
|
1,000 |
|
Total Non-Performing Loans |
|
7,289 |
|
|
|
9,983 |
|
|
|
12,423 |
|
Other Real Estate |
|
33 |
|
|
|
— |
|
|
|
— |
|
Total Non-Performing Assets |
$ |
7,322 |
|
|
$ |
9,983 |
|
|
$ |
12,423 |
|
|
|
|
|
|
|
June 30, 2024 total deposits increased $94.2
million, or 7% on an annualized basis, compared to March 31, 2024
and increased $133.9 million, or 3%, compared with June 30, 2023.
The increase at June 30, 2024 compared to March 31, 2024 was
largely attributable to seasonal inflows of public entity funds.
The Company has continued to see customer movement from both
interest bearing and non-interest bearing transactional accounts to
time deposits due primarily to a higher interest rate environment.
Non-interest bearing deposits have remained relatively stable as a
percent of total deposits with June 30, 2024 non-interest deposits
totaling 27% of total deposits while non-interest deposits totaled
28% of total deposits at March 31, 2024 and 30% at June 30,
2023.
End of Period Deposit
Balances |
|
6/30/2024 |
|
3/31/2024 |
|
6/30/2023 |
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing Demand Deposits |
|
$ |
1,448,467 |
|
|
$ |
1,463,933 |
|
|
$ |
1,540,564 |
|
IB Demand, Savings, and MMDA
Accounts |
|
|
2,984,571 |
|
|
|
2,918,459 |
|
|
|
3,056,396 |
|
Time Deposits <
$100,000 |
|
|
348,025 |
|
|
|
328,804 |
|
|
|
256,504 |
|
Time Deposits >
$100,000 |
|
|
532,494 |
|
|
|
508,151 |
|
|
|
326,241 |
|
|
|
$ |
5,313,557 |
|
|
$ |
5,219,347 |
|
|
$ |
5,179,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At June 30, 2024, the capital levels for the
Company and its subsidiary bank, German American Bank (the “Bank”),
remained well in excess of the minimum amounts needed for capital
adequacy purposes and the Bank’s capital levels met the necessary
requirements to be considered well-capitalized.
|
|
6/30/2024Ratio |
|
3/31/2024Ratio |
|
6/30/2023Ratio |
Total Capital (to Risk
Weighted Assets) |
|
|
|
|
|
|
Consolidated |
|
|
16.78 |
% |
|
|
16.57 |
% |
|
|
16.06 |
% |
Bank |
|
|
14.52 |
% |
|
|
14.53 |
% |
|
|
14.50 |
% |
Tier 1 (Core) Capital (to Risk
Weighted Assets) |
|
|
|
|
|
|
Consolidated |
|
|
15.19 |
% |
|
|
14.97 |
% |
|
|
14.50 |
% |
Bank |
|
|
13.72 |
% |
|
|
13.73 |
% |
|
|
13.76 |
% |
Common Tier 1 (CET 1) Capital
Ratio (to Risk Weighted Assets) |
|
|
|
|
|
|
Consolidated |
|
|
14.49 |
% |
|
|
14.27 |
% |
|
|
13.78 |
% |
Bank |
|
|
13.72 |
% |
|
|
13.73 |
% |
|
|
13.76 |
% |
Tier 1 Capital (to Average
Assets) |
|
|
|
|
|
|
Consolidated |
|
|
11.92 |
% |
|
|
12.01 |
% |
|
|
11.44 |
% |
Bank |
|
|
10.78 |
% |
|
|
11.02 |
% |
|
|
10.87 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of Operations Highlights – Quarter ended June
30, 2024
Net income for the second quarter of 2024
totaled $20,530,000, or $0.69 per share, an increase of 8% on a per
share basis, compared with the first quarter of 2024 net income of
$19,022,000, or $0.64 per share, and a decline of 8% on a per share
basis compared with the second quarter 2023 net income of
$22,123,000, or $0.75 per share.
Net income for the second quarter of 2024 was
impacted by the previously announced completion of the sale of the
assets of its wholly-owned subsidiary German American Insurance,
Inc. (“GAI”) to Hilb Group, an industry-leading insurance broker.
The all-cash transaction sale price totaled $40 million, and
resulted in an after-tax gain, net of transaction costs, of
approximately $27,476,000, or $0.93 per share.
Net income for the second quarter of 2024 was
also impacted by the aforementioned securities portfolio
restructuring transaction whereby available securities totaling
approximately $375 million in book value were identified to be
sold. The approximate loss on these securities totaled $34,893,000,
$27,189,000 after tax, or $0.92 per share, and was included in
earnings for the second quarter of 2024.
Summary
Average Balance Sheet |
(Tax-equivalent
basis / dollars in thousands) |
|
|
Quarter Ended |
|
Quarter Ended |
|
Quarter Ended |
|
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PrincipalBalance |
|
Income/Expense |
|
Yield/Rate |
|
PrincipalBalance |
|
Income/Expense |
|
Yield/Rate |
|
PrincipalBalance |
|
Income/Expense |
|
Yield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Funds Sold and
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term Investments |
|
$ |
180,595 |
|
$ |
2,383 |
|
5.31 |
% |
|
$ |
22,903 |
|
$ |
299 |
|
5.25 |
% |
|
$ |
54,228 |
|
$ |
660 |
|
4.88 |
% |
Securities |
|
|
1,505,807 |
|
|
11,224 |
|
2.98 |
% |
|
|
1,595,700 |
|
|
11,537 |
|
2.89 |
% |
|
|
1,667,871 |
|
|
12,094 |
|
2.90 |
% |
Loans and Leases |
|
|
4,022,612 |
|
|
59,496 |
|
5.95 |
% |
|
|
3,972,232 |
|
|
58,067 |
|
5.88 |
% |
|
|
3,787,436 |
|
|
52,350 |
|
5.54 |
% |
Total Interest Earning
Assets |
|
$ |
5,709,014 |
|
$ |
73,103 |
|
5.14 |
% |
|
$ |
5,590,835 |
|
$ |
69,903 |
|
5.02 |
% |
|
$ |
5,509,535 |
|
$ |
65,104 |
|
4.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand Deposit Accounts |
|
$ |
1,421,710 |
|
|
|
|
|
$ |
1,426,239 |
|
|
|
|
|
$ |
1,545,455 |
|
|
|
|
IB Demand, Savings, and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MMDA Accounts |
|
$ |
3,049,511 |
|
$ |
14,006 |
|
1.85 |
% |
|
$ |
2,969,755 |
|
$ |
12,823 |
|
1.74 |
% |
|
$ |
3,118,225 |
|
$ |
10,035 |
|
1.29 |
% |
Time Deposits |
|
|
881,880 |
|
|
9,379 |
|
4.28 |
% |
|
|
806,976 |
|
|
8,166 |
|
4.07 |
% |
|
|
546,982 |
|
|
3,322 |
|
2.44 |
% |
FHLB Advances and Other
Borrowings |
|
|
182,960 |
|
|
2,221 |
|
4.88 |
% |
|
|
196,348 |
|
|
2,275 |
|
4.66 |
% |
|
|
177,146 |
|
|
1,899 |
|
4.30 |
% |
Total Interest-Bearing
Liabilities |
|
$ |
4,114,351 |
|
$ |
25,606 |
|
2.50 |
% |
|
$ |
3,973,079 |
|
$ |
23,264 |
|
2.36 |
% |
|
$ |
3,842,353 |
|
$ |
15,256 |
|
1.59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Funds |
|
|
|
|
|
1.80 |
% |
|
|
|
|
|
1.67 |
% |
|
|
|
|
|
1.11 |
% |
Net Interest Income |
|
|
|
$ |
47,497 |
|
|
|
|
|
$ |
46,639 |
|
|
|
|
|
$ |
49,848 |
|
|
Net Interest Margin |
|
|
|
|
|
3.34 |
% |
|
|
|
|
|
3.35 |
% |
|
|
|
|
|
3.63 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the second quarter of 2024, net interest
income, on a non tax-equivalent basis, totaled $45,971,000, an
increase of $977,000, or 2%, compared to the first quarter of 2024
net interest income of $44,994,000 and a decline of $2,287,000, or
5%, compared to the second quarter of 2023 net interest income of
$48,258,000.
The increase in net interest income during the
second quarter of 2024 compared with the first quarter of 2024 was
primarily driven by a higher level of average earning assets and a
relatively stable net interest margin. The higher level of earning
assets during the second quarter of 2024 was driven by both loan
growth and a higher level of other short-term investments driven by
a seasonal increase in deposits. The decline in net interest income
during the second quarter of 2024 compared with the second quarter
of 2023 was primarily attributable to a decline in the Company’s
net interest margin.
The tax-equivalent net interest margin for the
quarter ended June 30, 2024 was 3.34% compared with 3.35% in the
first quarter of 2024 and 3.63% in the second quarter of 2023. The
decline in the net interest margin during the second quarter of
2024 compared with the second quarter of 2023 was largely driven by
an increase in the cost of funds. The cost of funds has continued
to move higher over the past year, including the second quarter of
2024, due to competitive deposit pricing in the marketplace,
customers actively looking for yield opportunities within and
outside the banking industry, and a continued shift in the
Company’s deposit composition to a higher level of time
deposits.
The previously described securities portfolio
restructuring transaction did not have a meaningful impact on the
second quarter of 2024 net interest income or net interest margin
as the transaction commenced in the latter part of June 2024. The
Company expects the securities restructuring to result in an
improved yield of approximately 2%, on a tax-equivalent basis, on
the securities sold compared with the reinvestment of the proceeds
into the securities portfolio.
The Company’s net interest margin and net
interest income have been impacted by accretion of loan discounts
on acquired loans. Accretion of discounts on acquired loans totaled
$275,000 during the second quarter of 2024, $360,000 during the
first quarter of 2024 and $716,000 during the second quarter of
2023. Accretion of loan discounts on acquired loans contributed
approximately 2 basis points to the net interest margin in the
second quarter of 2024, 3 basis points in the first quarter of 2024
and 5 basis points in the second quarter of 2023.
During the quarter ended June 30, 2024, the
Company recorded a provision for credit losses of $625,000 compared
with a provision of $900,000 in the first quarter of 2024 and a
provision for credit losses of $550,000 during the second quarter
of 2023. Net charge-offs totaled $433,000, or 4 basis points on an
annualized basis, of average loans outstanding during the second
quarter of 2024 compared with $911,000, or 9 basis points on an
annualized basis, of average loans during the first quarter of 2024
and compared with $599,000, or 6 basis points, of average loans
during the second quarter of 2023.
During the quarter ended June 30, 2024,
non-interest income totaled $18,923,000, an increase of $3,101,000
or 20%, compared with the first quarter of 2024 and an increase of
$4,027,000, or 27%, compared with the second quarter of 2023. The
second quarter of 2024 non-interest income was positively impacted
by approximately $38,323,000 related to the net proceeds of the
sale of the GAI assets and negatively impacted by $34,893,000
related to the net loss recognized on the securities restructuring
transaction.
|
Quarter Ended |
|
Quarter Ended |
|
Quarter Ended |
Non-interest
Income |
6/30/2024 |
|
3/31/2024 |
|
6/30/2023 |
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
Wealth Management Fees |
$ |
3,783 |
|
|
$ |
3,366 |
|
|
$ |
2,912 |
|
Service Charges on Deposit
Accounts |
|
3,093 |
|
|
|
2,902 |
|
|
|
2,883 |
|
Insurance Revenues |
|
1,506 |
|
|
|
2,878 |
|
|
|
2,130 |
|
Company Owned Life
Insurance |
|
525 |
|
|
|
441 |
|
|
|
429 |
|
Interchange Fee Income |
|
4,404 |
|
|
|
4,087 |
|
|
|
4,412 |
|
Other Operating Income |
|
39,536 |
|
|
|
1,362 |
|
|
|
1,462 |
|
Subtotal |
|
52,847 |
|
|
|
15,036 |
|
|
|
14,228 |
|
Net Gains on Sales of
Loans |
|
969 |
|
|
|
751 |
|
|
|
630 |
|
Net Gains (Losses) on
Securities |
|
(34,893 |
) |
|
|
35 |
|
|
|
38 |
|
Total Non-interest
Income |
$ |
18,923 |
|
|
$ |
15,822 |
|
|
$ |
14,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth management fees increased $417,000, or
12%, during the second quarter of 2024 compared with the first
quarter of 2024 and increased $871,000, or 30%, compared with the
second quarter of 2023. The increase during the second quarter of
2024 was largely attributable to increased assets under management
due to healthy capital markets and strong new business results
compared with both the first quarter of 2024 and second quarter of
2023.
Insurance revenues declined $1,372,000, or 48%,
during the quarter ended June 30, 2024, compared with the first
quarter of 2024 and declined $624,000, or 29%, compared with the
second quarter of 2023. The decline during the second quarter of
2024 compared with both the first quarter of 2024 and the second
quarter of 2023 was the result of the sale of the assets of GAI
effective June 1, 2024, with only two months of revenue being
recognized by the Company during the second quarter of 2024. In
addition, the second quarter of 2024 was lower than the first
quarter of 2024 due to contingency revenue of $4,000 during the
second quarter of 2024 compared with $391,000 during the first
quarter of 2024. Typically, the majority of contingency revenue is
recognized during the first quarter of the year.
Interchange fee income increased $317,000, or
8%, during the quarter ended June 30, 2024 compared with the first
quarter of 2024 and remained relatively flat declining $8,000, or
less than 1%, compared with the second quarter of 2023. The
increase during the second quarter of 2024 compared with the first
quarter of 2024 was largely related to a seasonally higher level of
customer transaction volume.
Other operating income increased $38,174,000
during the second quarter of 2024 compared with the first quarter
of 2024 and increased $38,074,000 compared with the second quarter
of 2023. The increase during the second quarter of 2024
non-interest income compared to both periods was the result of the
approximately $38,323,000 in net proceeds of the sale of the GAI
assets during the second quarter of 2024.
Net gains on sales of loans increased $218,000,
or 29%, during the second quarter of 2024 compared with the first
quarter of 2024 and increased $339,000, or 54%, compared with the
second quarter of 2023. The increase during the second quarter of
2024 compared with both the first quarter of 2024 and the second
quarter of 2023 was largely related to a higher volume of sales.
Loan sales totaled $33.0 million during the second quarter of 2024
compared with $24.0 million during the first quarter of 2024 and
$24.8 million during the second quarter of 2023.
The net loss on securities during the second
quarter of 2024 totaled $34,893,000 related to the net loss
recognized on the securities restructuring transaction previously
discussed.
During the quarter ended June 30, 2024,
non-interest expense totaled $37,674,000, an increase of $936,000,
or 3%, compared with the first quarter of 2024, and an increase of
$1,948,000, or 5%, compared with the second quarter of 2023. The
increase in non-interest expenses during the second quarter of 2024
was primarily the result of professional fees related to the GAI
asset sale and the recently announced pending merger transaction
with Heartland BancCorp (“Heartland”), which totaled approximately
$1,904,000.
|
Quarter Ended |
|
Quarter Ended |
|
Quarter Ended |
Non-interest
Expense |
6/30/2024 |
|
3/31/2024 |
|
6/30/2023 |
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
Salaries and Employee Benefits |
$ |
20,957 |
|
|
$ |
21,178 |
|
|
$ |
20,103 |
|
Occupancy, Furniture and
Equipment Expense |
|
3,487 |
|
|
|
3,804 |
|
|
|
3,443 |
|
FDIC Premiums |
|
710 |
|
|
|
729 |
|
|
|
687 |
|
Data Processing Fees |
|
3,019 |
|
|
|
2,811 |
|
|
|
2,803 |
|
Professional Fees |
|
3,462 |
|
|
|
1,595 |
|
|
|
1,614 |
|
Advertising and Promotion |
|
909 |
|
|
|
1,138 |
|
|
|
1,261 |
|
Intangible Amortization |
|
532 |
|
|
|
578 |
|
|
|
734 |
|
Other Operating Expenses |
|
4,598 |
|
|
|
4,905 |
|
|
|
5,081 |
|
Total Non-interest
Expense |
$ |
37,674 |
|
|
$ |
36,738 |
|
|
$ |
35,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits declined $221,000, or 1%,
during the quarter ended June 30, 2024 compared with the first
quarter of 2024 and increased $854,000, or 4%, compared with the
second quarter of 2023. The decline in salaries and benefits during
the second quarter of 2024 compared with the first quarter of 2024
was primarily due to a lower level of full-time equivalent
employees resulting from the sale of the assets of GAI during the
second quarter of 2024. The increase in salaries and benefits for
the second quarter of 2024 compared with the same period of 2023
was primarily related to an increase in costs of incentive
compensation plans.
Occupancy, furniture and equipment expense
declined $317,000, or 8%, during the second quarter of 2024
compared with the first quarter of 2024 and increased $44,000, or
1%, compared to the second quarter of 2023. The decline during the
second quarter of 2024 compared with the first quarter of 2024 was
largely due to lower property tax assessments and lower seasonal
utilities costs.
Data processing fees increased $208,000, or 7%,
during the second quarter of 2024 compared with the first quarter
of 2024 and increased $216,000, or 8%, compared with the second
quarter of 2023. The increase during the second quarter of 2024
compared with both the first quarter of 2024 and second quarter of
2023 was largely driven by costs associated with enhancements to
the Company’s digital banking systems.
Professional fees increased $1,867,000, or 117%,
in the second quarter of 2024 compared with the first quarter of
2024 and increased $1,848,000, or 115%, compared with the second
quarter of 2023. The increase during the second quarter of 2024
compared with both the first quarter of 2024 and second quarter of
2023 was largely attributable to the professional fees associated
with the sale of assets of GAI and the recently announced pending
merger transaction with Heartland totaling $1,904,000.
Advertising and promotion expense declined
$229,000, or 20%, in the second quarter of 2024 compared with the
first quarter of 2023 and declined $352,000, or 28%, compared with
the second quarter of 2023. The decline during the second quarter
of 2024 compared with both the first quarter of 2024 and the second
quarter of 2023 was largely attributable to the timing of
sponsorships and contributions to organizations within the
Company’s markets.
About German American
German American Bancorp, Inc. is a Nasdaq-listed
(symbol: GABC) financial holding company based in Jasper, Indiana.
German American, through its banking subsidiary German American
Bank, operates 74 banking offices in 20 contiguous southern Indiana
counties and 14 counties in Kentucky.
Additional Information
About the Merger and Where to Find It
The proposed merger of Heartland BancCorp
(“Heartland”) with and into German American Bancorp, Inc. (“German
American”) will be submitted to both the German American and
Heartland shareholders for their consideration. In connection with
the proposed merger, German American will file a Registration
Statement on Form S-4 with the U.S. Securities and Exchange
Commission (“SEC”) that will include a joint proxy statement for
German American and Heartland and a prospectus for German American
and other relevant documents concerning the proposed merger.
INVESTORS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE
CORRESPONDING JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE
PROPOSED MERGER WHEN IT BECOMES AVAILABLE, AS WELL AS ANY OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC, TOGETHER WITH ALL AMENDMENTS
AND SUPPLEMENTS TO THOSE DOCUMENTS, AS THEY WILL CONTAIN IMPORTANT
INFORMATION. You will be able to obtain a copy of the joint proxy
statement/prospectus once filed, as well as other filings
containing information about German American, without charge, at
the SEC’s website (http://www.sec.gov) or by accessing German
American’s website (http://www.germanamerican.com) under the tab
“Investor Relations” and then under the heading “Financial
Information”. Copies of the joint proxy statement/prospectus and
the filings with the SEC that will be incorporated by reference in
the joint proxy statement/prospectus can also be obtained, without
charge, by directing a request to Bradley C. Arnett, Investor
Relations, German American Bancorp, Inc., 711 Main Street, Box 810,
Jasper, Indiana 47546, telephone 812-482-1314 or to Jennifer
Eckert, Investor Relations, Heartland BancCorp, 430 North Hamilton
Road, Whitehall, Ohio 43213, telephone 614-337-4600.
German American and Heartland and certain of
their directors and executive officers may be deemed to be
participants in the solicitation of proxies from the shareholders
of German American and Heartland in connection with the proposed
merger. Information about the directors and executive officers of
German American is set forth in the proxy statement for German
American’s 2024 annual meeting of shareholders, as filed with the
SEC on Schedule 14A on March 21, 2024, which information has been
updated by German American from time to time in subsequent filings
with the SEC. Information about the directors and executive
officers of Heartland will be set forth in the joint proxy
statement/prospectus relating to the proposed merger. Additional
information about the interests of those participants and other
persons who may be deemed participants in the transaction may also
be obtained by reading the joint proxy statement/prospectus
relating to the proposed merger when it becomes available. Free
copies of this document may be obtained as described above.
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, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Readers are cautioned
that, by their nature, forward-looking statements are based on
assumptions and are subject to risks, uncertainties, and other
factors. Forward-looking statements can often, but not always, be
identified by the use of words like “believe”, “continue”,
“pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect”
and similar expressions or future or conditional verbs such as
“will”, “would”, “should”, “could”, “might”, “can”, “may”, or
similar expressions.
These forward-looking statements include, but
are not limited to, statements relating to German American’s goals,
intentions and expectations; statements regarding German American’s
business plan and growth strategies; statements regarding the asset
quality of German American’s loan and investment portfolios; and
the expected timing and benefits of the Merger, including future
financial and operating results, cost savings, enhanced revenues,
and accretion/dilution to reported earnings that may be realized
from the Merger; and estimates of German American’s risks and
future costs and benefits, whether with respect to the Merger or
otherwise.
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:
- changes in interest rates and the
timing and magnitude of any such changes;
- unfavorable economic conditions,
including a prolonged period of inflation, and the resulting
adverse impact on, among other things, credit quality;
- the soundness of other financial
institutions and general investor sentiment regarding the stability
of financial institutions;
- changes in our liquidity
position;
- the impacts of epidemics, pandemics
or other infectious disease outbreaks;
- 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;
- capital management activities,
including possible future sales of new securities, or possible
repurchases or redemptions by German American 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 or employee base of the acquired
institution or branches, and difficulties in integration of the
acquired operations;
- factors driving credit losses 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
German American’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;
- with respect to the Merger: (i)
failure to obtain necessary regulatory approvals when expected or
at all (and the risk that such approvals may result in the
imposition of conditions that could adversely affect the combined
company or the expected benefits of the transaction), or the
failure of either company to satisfy any of the other closing
conditions to the transaction on a timely basis or at all; (ii) the
occurrence of any event, change or other circumstances that could
give rise to the right of one or both of the parties to terminate
the merger agreement; and (iii) the possibility that the
anticipated benefits of the transaction, including anticipated cost
savings and strategic gains, are not realized when expected or at
all, including as a result of the impact of, or problems arising
from, the integration of the two companies, unexpected credit
quality problems of the acquired loans or other assets, or
unexpected attrition of the customer base of the acquired
institution or branches, or as a result of the strength of the
economy, competitive factors in the areas where German American and
Heartland do business, or as a result of other unexpected factors
or events; and
- other risk factors expressly
identified in German American’s cautionary language included under
the headings “Forward-Looking Statements and Associated Risk” and
“Risk Factors” in German American’s Annual Report on Form 10-K for
the year ended December 31, 2023, and other documents subsequently
filed by German American with the SEC.
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 German American.
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, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
ASSETS |
|
|
|
|
|
Cash and Due from Banks |
$ |
70,418 |
|
|
$ |
52,839 |
|
|
$ |
78,223 |
|
Short-term Investments |
|
259,401 |
|
|
|
71,131 |
|
|
|
62,948 |
|
Investment Securities |
|
1,374,165 |
|
|
|
1,539,623 |
|
|
|
1,601,062 |
|
|
|
|
|
|
|
Loans Held-for-Sale |
|
15,419 |
|
|
|
10,325 |
|
|
|
8,239 |
|
|
|
|
|
|
|
Loans, Net of Unearned Income |
|
4,037,127 |
|
|
|
3,971,910 |
|
|
|
3,826,009 |
|
Allowance for Credit Losses |
|
(43,946 |
) |
|
|
(43,754 |
) |
|
|
(44,266 |
) |
Net Loans |
|
3,993,181 |
|
|
|
3,928,156 |
|
|
|
3,781,743 |
|
|
|
|
|
|
|
Stock in FHLB and Other Restricted Stock |
|
14,530 |
|
|
|
14,630 |
|
|
|
14,856 |
|
Premises and Equipment |
|
105,651 |
|
|
|
106,030 |
|
|
|
112,629 |
|
Goodwill and Other Intangible Assets |
|
184,095 |
|
|
|
186,022 |
|
|
|
188,130 |
|
Other Assets |
|
200,063 |
|
|
|
203,173 |
|
|
|
205,439 |
|
TOTAL ASSETS |
$ |
6,216,923 |
|
|
$ |
6,111,929 |
|
|
$ |
6,053,269 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Non-interest-bearing Demand Deposits |
$ |
1,448,467 |
|
|
$ |
1,463,933 |
|
|
$ |
1,540,564 |
|
Interest-bearing Demand, Savings, and Money Market Accounts |
|
2,984,571 |
|
|
|
2,918,459 |
|
|
|
3,056,396 |
|
Time Deposits |
|
880,519 |
|
|
|
836,955 |
|
|
|
582,745 |
|
Total Deposits |
|
5,313,557 |
|
|
|
5,219,347 |
|
|
|
5,179,705 |
|
|
|
|
|
|
|
Borrowings |
|
166,644 |
|
|
|
191,810 |
|
|
|
227,484 |
|
Other Liabilities |
|
48,901 |
|
|
|
45,518 |
|
|
|
43,515 |
|
TOTAL LIABILITIES |
|
5,529,102 |
|
|
|
5,456,675 |
|
|
|
5,450,704 |
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
Common Stock and Surplus |
|
420,434 |
|
|
|
419,520 |
|
|
|
418,033 |
|
Retained Earnings |
|
485,256 |
|
|
|
472,689 |
|
|
|
433,384 |
|
Accumulated Other Comprehensive Income (Loss) |
|
(217,869 |
) |
|
|
(236,955 |
) |
|
|
(248,852 |
) |
SHAREHOLDERS’
EQUITY |
|
687,821 |
|
|
|
655,254 |
|
|
|
602,565 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
6,216,923 |
|
|
$ |
6,111,929 |
|
|
$ |
6,053,269 |
|
|
|
|
|
|
|
END OF PERIOD SHARES
OUTSTANDING |
|
29,679,248 |
|
|
|
29,669,019 |
|
|
|
29,572,783 |
|
|
|
|
|
|
|
TANGIBLE BOOK VALUE
PER SHARE (1) |
$ |
16.97 |
|
|
$ |
15.82 |
|
|
$ |
14.01 |
|
|
|
|
|
|
|
(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, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
Interest and Fees on Loans |
$ |
59,230 |
|
|
$ |
57,826 |
|
|
$ |
52,202 |
|
|
$ |
117,056 |
|
|
$ |
101,263 |
|
Interest on Short-term Investments |
|
2,383 |
|
|
|
299 |
|
|
|
660 |
|
|
|
2,682 |
|
|
|
1,005 |
|
Interest and Dividends on Investment Securities |
|
9,964 |
|
|
|
10,133 |
|
|
|
10,652 |
|
|
|
20,097 |
|
|
|
21,735 |
|
TOTAL INTEREST INCOME |
|
71,577 |
|
|
|
68,258 |
|
|
|
63,514 |
|
|
|
139,835 |
|
|
|
124,003 |
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
Interest on Deposits |
|
23,385 |
|
|
|
20,989 |
|
|
|
13,357 |
|
|
|
44,374 |
|
|
|
22,328 |
|
Interest on Borrowings |
|
2,221 |
|
|
|
2,275 |
|
|
|
1,899 |
|
|
|
4,496 |
|
|
|
4,408 |
|
TOTAL INTEREST EXPENSE |
|
25,606 |
|
|
|
23,264 |
|
|
|
15,256 |
|
|
|
48,870 |
|
|
|
26,736 |
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME |
|
45,971 |
|
|
|
44,994 |
|
|
|
48,258 |
|
|
|
90,965 |
|
|
|
97,267 |
|
Provision for Credit Losses |
|
625 |
|
|
|
900 |
|
|
|
550 |
|
|
|
1,525 |
|
|
|
1,650 |
|
NET INTEREST INCOME AFTER PROVISION FOR CREDIT
LOSSES |
|
45,346 |
|
|
|
44,094 |
|
|
|
47,708 |
|
|
|
89,440 |
|
|
|
95,617 |
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
Net Gains on Sales of Loans |
|
969 |
|
|
|
751 |
|
|
|
630 |
|
|
|
1,720 |
|
|
|
1,217 |
|
Net Gains (Losses) on Securities |
|
(34,893 |
) |
|
|
35 |
|
|
|
38 |
|
|
|
(34,858 |
) |
|
|
40 |
|
Other Non-interest Income |
|
52,847 |
|
|
|
15,036 |
|
|
|
14,228 |
|
|
|
67,883 |
|
|
|
28,606 |
|
TOTAL NON-INTEREST INCOME |
|
18,923 |
|
|
|
15,822 |
|
|
|
14,896 |
|
|
|
34,745 |
|
|
|
29,863 |
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
Salaries and Benefits |
|
20,957 |
|
|
|
21,178 |
|
|
|
20,103 |
|
|
|
42,135 |
|
|
|
41,949 |
|
Other Non-interest Expenses |
|
16,717 |
|
|
|
15,560 |
|
|
|
15,623 |
|
|
|
32,277 |
|
|
|
31,393 |
|
TOTAL NON-INTEREST EXPENSE |
|
37,674 |
|
|
|
36,738 |
|
|
|
35,726 |
|
|
|
74,412 |
|
|
|
73,342 |
|
|
|
|
|
|
|
|
|
|
|
Income before Income Taxes |
|
26,595 |
|
|
|
23,178 |
|
|
|
26,878 |
|
|
|
49,773 |
|
|
|
52,138 |
|
Income Tax Expense |
|
6,065 |
|
|
|
4,156 |
|
|
|
4,755 |
|
|
|
10,221 |
|
|
|
9,208 |
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME |
$ |
20,530 |
|
|
$ |
19,022 |
|
|
$ |
22,123 |
|
|
$ |
39,552 |
|
|
$ |
42,930 |
|
|
|
|
|
|
|
|
|
|
|
BASIC EARNINGS PER
SHARE |
$ |
0.69 |
|
|
$ |
0.64 |
|
|
$ |
0.75 |
|
|
$ |
1.33 |
|
|
$ |
1.45 |
|
DILUTED EARNINGS PER
SHARE |
$ |
0.69 |
|
|
$ |
0.64 |
|
|
$ |
0.75 |
|
|
$ |
1.33 |
|
|
$ |
1.45 |
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
SHARES OUTSTANDING |
|
29,667,770 |
|
|
|
29,599,491 |
|
|
|
29,573,042 |
|
|
|
29,633,631 |
|
|
|
29,540,425 |
|
DILUTED WEIGHTED
AVERAGE SHARES OUTSTANDING |
|
29,667,770 |
|
|
|
29,599,491 |
|
|
|
29,573,042 |
|
|
|
29,633,631 |
|
|
|
29,540,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GERMAN AMERICAN BANCORP, INC. |
(unaudited, dollars in thousands except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
EARNINGS
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Annualized Return on Average Assets |
|
|
1.32 |
% |
|
|
1.25 |
% |
|
|
1.47 |
% |
|
|
1.28 |
% |
|
|
1.42 |
% |
|
Annualized Return on Average
Equity |
|
|
12.64 |
% |
|
|
11.58 |
% |
|
|
14.66 |
% |
|
|
12.11 |
% |
|
|
14.52 |
% |
|
Annualized Return on Average
Tangible Equity (1) |
|
|
17.67 |
% |
|
|
16.17 |
% |
|
|
21.32 |
% |
|
|
16.92 |
% |
|
|
21.34 |
% |
|
Net Interest Margin |
|
|
3.34 |
% |
|
|
3.35 |
% |
|
|
3.63 |
% |
|
|
3.34 |
% |
|
|
3.66 |
% |
|
Efficiency Ratio (2) |
|
|
36.66 |
% |
|
|
57.92 |
% |
|
|
54.08 |
% |
|
|
44.77 |
% |
|
|
55.09 |
% |
|
Net Overhead Expense to
Average Earning Assets (3) |
|
|
1.31 |
% |
|
|
1.50 |
% |
|
|
1.51 |
% |
|
|
1.40 |
% |
|
|
1.57 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Annualized Net Charge-offs to
Average Loans |
|
|
0.04 |
% |
|
|
0.09 |
% |
|
|
0.06 |
% |
|
|
0.07 |
% |
|
|
0.08 |
% |
|
Allowance for Credit Losses to
Period End Loans |
|
|
1.09 |
% |
|
|
1.10 |
% |
|
|
1.16 |
% |
|
|
|
|
|
Non-performing Assets to
Period End Assets |
|
|
0.12 |
% |
|
|
0.16 |
% |
|
|
0.21 |
% |
|
|
|
|
|
Non-performing Loans to Period
End Loans |
|
|
0.18 |
% |
|
|
0.25 |
% |
|
|
0.32 |
% |
|
|
|
|
|
Loans 30-89 Days Past Due to
Period End Loans |
|
|
0.32 |
% |
|
|
0.29 |
% |
|
|
0.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
BALANCE SHEET & OTHER FINANCIAL DATA |
|
|
|
|
|
|
|
|
|
|
|
Average Assets |
|
$ |
6,230,676 |
|
|
$ |
6,102,370 |
|
|
$ |
6,034,900 |
|
|
$ |
6,166,523 |
|
|
$ |
6,056,393 |
|
|
Average Earning Assets |
|
$ |
5,709,014 |
|
|
$ |
5,590,835 |
|
|
$ |
5,509,535 |
|
|
$ |
5,649,925 |
|
|
$ |
5,529,510 |
|
|
Average Total Loans |
|
$ |
4,022,612 |
|
|
$ |
3,972,232 |
|
|
$ |
3,787,436 |
|
|
$ |
3,997,422 |
|
|
$ |
3,780,650 |
|
|
Average Demand Deposits |
|
$ |
1,421,710 |
|
|
$ |
1,426,239 |
|
|
$ |
1,545,455 |
|
|
$ |
1,423,975 |
|
|
$ |
1,590,544 |
|
|
Average Interest Bearing
Liabilities |
|
$ |
4,114,351 |
|
|
$ |
3,973,079 |
|
|
$ |
3,842,353 |
|
|
$ |
4,043,715 |
|
|
$ |
3,829,382 |
|
|
Average Equity |
|
$ |
649,886 |
|
|
$ |
656,781 |
|
|
$ |
603,666 |
|
|
$ |
653,334 |
|
|
$ |
591,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End Non-performing
Assets (4) |
|
$ |
7,322 |
|
|
$ |
9,983 |
|
|
$ |
12,423 |
|
|
|
|
|
|
Period End Non-performing
Loans (5) |
|
$ |
7,289 |
|
|
$ |
9,983 |
|
|
$ |
12,423 |
|
|
|
|
|
|
Period End Loans 30-89 Days
Past Due (6) |
|
$ |
12,766 |
|
|
$ |
11,485 |
|
|
$ |
11,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-Equivalent Net Interest
Income |
|
$ |
47,497 |
|
|
$ |
46,639 |
|
|
$ |
49,848 |
|
|
$ |
94,136 |
|
|
$ |
100,554 |
|
|
Net Charge-offs during
Period |
|
$ |
433 |
|
|
$ |
911 |
|
|
$ |
599 |
|
|
$ |
1,344 |
|
|
$ |
1,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Average Tangible
Equity is defined as Average Equity less Average Goodwill and Other
Intangibles. |
(2) |
Efficiency Ratio
is defined as Non-interest Expense less Intangible Amortization
divided by the sum of Net Interest Income, on a tax-equivalent
basis, and Non-interest Income less Net Gains (Losses) on
Securities. |
(3) |
Net Overhead
Expense is defined as Total Non-interest Expense less Total
Non-interest Income. |
(4) |
Non-performing
assets are defined as Non-accrual Loans, Loans Past Due 90 days or
more, and Other Real Estate Owned. |
(5) |
Non-performing
loans are defined as Non-accrual Loans and Loans Past Due 90 days
or more. |
(6) |
Loans 30-89 days
past due and still accruing. |
|
|
|
|
|
|
|
|
|
|
|
|
For additional information, contact:D.
Neil Dauby, Chairman and Chief Executive
OfficerBradley M Rust, President and Chief
Financial Officer(812) 482-1314
German American Bancorp (NASDAQ:GABC)
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