0000714395-20-000002.txt : 20200128 0000714395-20-000002.hdr.sgml : 20200128 20200128092603 ACCESSION NUMBER: 0000714395-20-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20200127 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200128 DATE AS OF CHANGE: 20200128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GERMAN AMERICAN BANCORP, INC. CENTRAL INDEX KEY: 0000714395 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 351547518 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15877 FILM NUMBER: 20551686 BUSINESS ADDRESS: STREET 1: 711 MAIN ST STREET 2: P O BOX 810 CITY: JASPER STATE: IN ZIP: 47546 BUSINESS PHONE: 8124821314 MAIL ADDRESS: STREET 1: 711 MAIN STREET CITY: JASPER STATE: IN ZIP: 47546 FORMER COMPANY: FORMER CONFORMED NAME: GERMAN AMERICAN BANCORP DATE OF NAME CHANGE: 19950510 FORMER COMPANY: FORMER CONFORMED NAME: GAB BANCORP DATE OF NAME CHANGE: 19950510 8-K 1 earningsreleaseq42019i.htm 8-K Document
false0000714395 0000714395 2020-01-27 2020-01-27


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

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
______________________

Date of Report (Date of earliest event reported): January 27, 2020

GERMAN AMERICAN BANCORP, INC.
(Exact name of registrant as specified in its charter)

Indiana
(State or other jurisdiction of incorporation)

001-15877
35-1547518
(Commission File Number)
(IRS Employer Identification No.)
711 Main Street
 
Jasper,
Indiana
47546
(Address of Principal Executive Offices)
(Zip Code)
            
Registrant’s telephone number, including area code: (812) 482-1314

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[☐]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[☐]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[☐]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[☐]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act [☐]
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange
on which registered
Common Stock, no par value
 
GABC
 
NASDAQ Global Select Market




Item 2.02. Results of Operations and Financial Condition.

On January 27, 2020, German American Bancorp, Inc. (the “Company” or “German American”) issued a press release announcing its results for the quarter and year ended December 31, 2019, and making other disclosures. The press release (including the accompanying unaudited consolidated financial statements as of and for the quarter and year ended December 31, 2019, and other financial data) is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

The information in this Item 2.02, including the information incorporated herein from Exhibit 99.1, is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 8.01. Other Events.

Cash Dividend. As announced in the press release furnished as Exhibit 99.1 to this report, the Company’s Board of Directors has declared a cash dividend of $0.19 per share which will be payable on February 20, 2020, to shareholders of record as of February 10, 2020.

Stock Repurchase Plan. Also as announced in the press release furnished as Exhibit 99.1 to this report, the Company’s Board of Directors approved, on January 27, 2020, a plan to repurchase up to one million shares of the Company’s outstanding common stock. On a share basis, the amount of common stock subject to the repurchase plan represents approximately 4% of the Company’s outstanding shares. The stock repurchases may, at the discretion of management, be made from time to time, through solicited or unsolicited transactions in the open market, in privately negotiated transactions or pursuant to a Rule 10b5-1 plan all as effected in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The Company is not obligated to purchase any shares under the plan, and the plan may be discontinued at any time. The actual timing, number and share price of shares purchased under the repurchase plan will be determined by the Company at its discretion and will depend upon such factors as the market price of the stock, general market and economic conditions and applicable legal requirements.

Item 9.01. Financial Statements and Exhibits.

(d)
Exhibits
 
 
 
 
 
 
 
Exhibit No.
 
Description
 
 
 
 
 
 
Press release, dated January 27, 2020, issued by German American Bancorp, Inc.



 
104
 
Cover Page Interactive Data File (embedded within the Inline XBRL document).



* * * * * *







SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 27, 2020
By:
GERMAN AMERICAN BANCORP, INC.

 
/s/ Mark A. Schroeder
 
 
Mark A. Schroeder, Chairman and Chief Executive Officer




 EX-99.1 2 exhibit991q42019.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1

NEWS RELEASE

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


1 of 17




JANUARY 27, 2020
GERMAN AMERICAN BANCORP, INC. (GABC) POSTS 10TH CONSECUTIVE YEAR OF RECORD ANNUAL EARNINGS, ANNOUNCES SHARE REPURCHASE PLAN, AND DECLARES 12% CASH DIVIDEND INCREASE

Jasper, Indiana: January 27, 2020 -- German American Bancorp, Inc. (Nasdaq: GABC) reported that, for the 10th consecutive year, the Company has achieved record annual earnings, posting net income of $59.2 million, or $2.29 per share, for the year ended on December 31, 2019. This level of annual earnings performance resulted in a double-digit return on shareholders’ equity in 2019, marking the 15th consecutive fiscal year in which the Company has delivered a double-digit return on shareholders’ equity. The Company also announced a new share repurchase plan for up to one million GABC shares and the declaration of a 12% increase in its quarterly cash dividend.
Annual net income for 2019 represented an increase of $12.7 million, or approximately 15% on a per share basis, from the prior 2018 net income of $46.5 million, or $1.99 per share. Fourth quarter 2019 net income of $15.8 million, or $0.59 per share, represented approximately a 34% increase, on a per share basis, from fourth quarter 2018 net income of $11.0 million, or $0.44 per share. The operating results of both 2019 and 2018 were reflective of the inclusion of the acquisition of Citizens First Corporation of Bowling Green, Kentucky on July 1, 2019 and First Security, Inc. of Owensboro, Kentucky, on October 15, 2018.
The Company also announced that its Board has approved a new share repurchase plan authorizing the repurchase of up to one million shares, or approximately 4% of the Company's total common shares outstanding. Stock repurchases are expected to be made from time to time on the open market or in privately negotiated transactions, subject to applicable securities law. The plan does not obligate the Company to repurchase any specific dollar amount or number of shares.
The Company also announced a 12% increase in its regular quarterly cash dividend, as its Board of Directors declared a regular quarterly cash dividend of $0.19 per share, which will be payable on February 20, 2020 to shareholders of record as of February 10, 2020.
Mark A. Schroeder, German American’s Chairman & CEO, stated, "2019 saw the continuation of our ongoing efforts to build upon our historic levels of growth and profitability and the enhancement of long-term shareholder value. In particular, we saw continued strong organic growth during this past year within our markets in Southeast Indiana, following the acquisition of River Valley Bancorp in 2016, which opened for us the vibrant markets in the Indiana portion of the Louisville, Kentucky MSA, and the 2018 acquisition of a five-branch network in the greater Columbus, Indiana market area, which greatly enhanced our market presence in that


    

NEWS RELEASE

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


2 of 17

growing area of the state of Indiana. Additionally, we continued in 2019 our strategic expansion into the Commonwealth of Kentucky with the acquisition in July 2019 of Citizens First Corporation of Bowling Green, Kentucky. The combination of the Citizens First footprint in the greater Bowling Green area with that of First Security, Inc. of Owensboro, Kentucky, which we also acquired in 2018, resulted in German American acquiring approximately $1 billion of banking assets within the Commonwealth. We will continue our focus in 2020 on the integration of these operations, as we position the Company for what we believe will be strong organic growth from the Kentucky market area in the coming years.”
Schroeder continued, “We are also extremely pleased to have achieved the milestone in 2019 of a decade of consecutive annual record earnings performance and a decade and a half of delivering a double digit annual return on shareholders’ equity. Very few banking organizations in the country can match that level of consistent, long-term profitability. Because of the capital strength resulting from this level of strong profitability, we are able to announce today another double-digit increase in our cash dividend and a new share repurchase program, continuing our ongoing efforts to drive long-term value for our shareholders. With this dividend increase, German American has increased the level of our cash dividends each year for the past eight consecutive years. The new share repurchase program is designed to help facilitate the Company’s capital management efforts.”

Balance Sheet Highlights

On July 1, 2019, the Company completed its acquisition of Citizens First Corporation (“Citizens First”) and its subsidiary bank, Citizen First Bank, Inc. Citizens First, headquartered in Bowling Green, Kentucky, operated eight retail banking offices through Citizens First Bank, Inc. in Barren, Hart, Simpson and Warren Counties in Kentucky.

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.

In addition, 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.

Total assets for the Company totaled $4.397 billion at December 31, 2019, representing an increase of $40.7 million, or 4% on an annualized basis, compared with September 30, 2019 and an increase of $467.5 million, or 12%, compared with December 31, 2018. The increase in total assets as of December 31, 2019 compared


    

NEWS RELEASE

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


3 of 17

to a year ago was driven largely by the acquisition of Citizens First.

December 31, 2019 total loans increased $21.2 million, or 3% on an annualized basis, compared with September 30, 2019 and increased $350.2 million, or 13%, compared with December 31, 2018. Loan growth during 2019 was impacted in each quarterly period by elevated large pay-offs within the agricultural and commercial loan portfolios. Fourth quarter 2019 large pay-offs were significantly elevated, at approximately $30 million greater than the average of large pay-offs during the first three quarters of 2019. The majority of the increase in outstanding loans as of December 31, 2019 compared with December 31, 2018 was attributable to the acquisition of Citizens First. As of December 31, 2019, outstanding loans from the Citizens First acquisition totaled approximately $320.3 million.

 
 
 
 
 
 
 
End of Period Loan Balances
 
12/31/2019
 
9/30/2019
 
12/31/2018
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial & Industrial Loans
 
$
589,758

 
$
579,152

 
$
543,761

Commercial Real Estate Loans
 
1,495,862

 
1,477,204

 
1,208,646

Agricultural Loans
 
384,526

 
386,685

 
365,208

Consumer Loans
 
306,972

 
305,027

 
285,534

Residential Mortgage Loans
 
304,855

 
312,674

 
328,592

 
 
$
3,081,973

 
$
3,060,742

 
$
2,731,741

 
 
 
 
 
 
 

Non-performing assets totaled $14.4 million at December 31, 2019 compared to $14.1 million at September 30, 2019 and $13.5 million at December 31, 2018. Non-performing assets represented 0.33% of total assets at December 31, 2019, 0.32% at September 30, 2019, and 0.34% at December 31, 2018. Non-performing loans totaled $14.0 million at December 31, 2019 compared to $13.5 million at September 30, 2019 and $13.2 million at December 31, 2018. Non-performing loans represented 0.45% of total loans at December 31, 2019 compared to 0.44% at September 30, 2019 and 0.48% at December 31, 2018.


    

NEWS RELEASE

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


4 of 17

 
 
 
 
 
 
Non-performing Assets
 
 
 
 
 
(dollars in thousands)
 
 
 
 
 
 
12/31/2019
 
9/30/2019
 
12/31/2018
Non-Accrual Loans
$
13,802

 
$
13,512

 
$
12,579

Past Due Loans (90 days or more)
190

 
—

 
633

       Total Non-Performing Loans
13,992

 
13,512

 
13,212

Other Real Estate
425

 
625

 
286

       Total Non-Performing Assets
$
14,417

 
$
14,137

 
$
13,498

 
 
 
 
 
 
Restructured Loans
$
116

 
$
117

 
$
121

 
 
 
 
 
 

The Company’s allowance for loan losses totaled $16.3 million at December 31, 2019 compared to $15.9 million at September 30, 2019 and $15.8 million at December 31, 2018. The allowance for loan losses represented 0.53% of period-end loans at December 31, 2019 compared with 0.52% of period-end loans at September 30, 2019 and 0.58% of period-end loans at December 31, 2018. From time to time, the Company has acquired loans through bank and branch acquisitions with the most recent being the Citizens First acquisition during the third quarter of 2019 and the First Security acquisition during the fourth 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 $20.4 million at December 31, 2019, $22.9 million at September 30, 2019 and $19.5 million at December 31, 2018.

December 31, 2019 total deposits remained relatively stable compared to September 30, 2019 and increased $357.4 million, or 12%, compared with December 31, 2018. The increase in total deposits at December 31, 2019 compared with year-end 2018 was largely related to the acquisition of Citizens First. As of December 31, 2019, deposits from the Citizens First acquisition totaled approximately $359.7 million.
 



    

NEWS RELEASE

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


5 of 17

 
 
 
 
 
 
 
End of Period Deposit Balances
 
12/31/2019
 
9/30/2019
 
12/31/2018
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest-bearing Demand Deposits
 
$
832,985

 
$
827,259

 
$
715,972

IB Demand, Savings, and MMDA Accounts
 
1,965,640

 
1,910,395

 
1,768,177

Time Deposits < $100,000
 
314,789

 
323,746

 
249,309

Time Deposits > $100,000
 
316,607

 
369,886

 
339,174

 
 
$
3,430,021

 
$
3,431,286

 
$
3,072,632

 
 
 
 
 
 
 

Results of Operations Highlights – Year ended December 31, 2019

Net income for the year ended December 31, 2019 totaled $59,222,000, or $2.29 per share, an increase of $12,693,000, or approximately 15% on a per share basis, from the year ended December 31, 2018 net income of $46,529,000, or $1.99 per share.

Net income for both 2018 and 2019 was impacted by merger and acquisition activity. The year ended December 31, 2019 included acquisition-related expenses of approximately $3,360,000 (approximately $2,594,000 or $0.10 per share, on an after tax basis). The year ended December 31, 2018 included acquisition-related expenses of approximately $4,592,000 (approximately $3,526,000 or $0.15 per share, on an after tax basis) for the aforementioned acquisitions.




    

NEWS RELEASE

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


6 of 17

Summary Average Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
(Tax-equivalent basis / dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2019
 
 Year Ended December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Principal Balance
 
 Income/ Expense
 
 Yield/Rate
 
 Principal Balance
 
 Income/ Expense
 
 Yield/Rate
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Federal Funds Sold and Other
 
 
 
 
 
 
 
 
 
 
 
 
        Short-term Investments
 
$
27,166

 
$
522

 
1.92
%
 
$
18,587

 
$
308

 
1.65
%
Securities
 
851,457

 
26,006

 
3.05
%
 
768,361

 
23,739

 
3.09
%
Loans and Leases
 
2,899,939

 
152,836

 
5.27
%
 
2,339,089

 
112,437

 
4.81
%
Total Interest Earning Assets
 
$
3,778,562

 
$
179,364

 
4.75
%
 
$
3,126,037

 
$
136,484

 
4.36
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Demand Deposit Accounts
 
$
761,515

 
 
 
 
 
$
640,865

 
 
 
 
IB Demand, Savings, and
 
 
 
 
 
 
 
 
 
 
 
 
        MMDA Accounts
 
$
1,861,617

 
$
12,049

 
0.65
%
 
$
1,616,558

 
$
7,709

 
0.48
%
Time Deposits
 
670,802

 
11,756

 
1.75
%
 
459,289

 
5,916

 
1.29
%
FHLB Advances and Other Borrowings
 
279,675

 
7,444

 
2.66
%
 
257,737

 
5,514

 
2.14
%
Total Interest-Bearing Liabilities
 
$
2,812,094

 
$
31,249

 
1.11
%
 
$
2,333,584

 
$
19,139

 
0.82
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of Funds
 
 
 
 
 
0.83
%
 
 
 
 
 
0.61
%
Net Interest Income
 
 
 
$
148,115

 
 
 
 
 
$
117,345

 
 
Net Interest Margin
 
 
 
 
 
3.92
%
 
 
 
 
 
3.75
%
 
 
 
 
 
 
 
 
 
 
 
 
 

During the year ended December 31, 2019, net interest income totaled $145,225,000, representing an increase of $30,615,000, or 27%, from the year ended December 31, 2018 net interest income of $114,610,000. The increased level of net interest income during 2019 compared with 2018 was driven primarily by a higher level of average earning assets resulting from the previously discussed merger and acquisition activity and improvement in the tax equivalent net interest margin.

The tax equivalent net interest margin for the year ended December 31, 2019 was 3.92% compared to 3.75% in 2018. The improvement in the net interest margin during 2019 compared to 2018 was related to improved earning asset yields partially offset by an increased cost of funds largely related to higher short-term market interest rates during much of 2019 compared with 2018. Also positively impacting the net interest margin was


    

NEWS RELEASE

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


7 of 17

an increased level of accretion of loan discounts and recoveries on acquired loans. Accretion of loan discounts and recoveries on acquired loans contributed approximately 30 basis points to the net interest margin during 2019 and 8 basis points in 2018.

During the year ended December 31, 2019, the Company recorded a provision for loan loss of $5,325,000 compared with a provision for loan loss of $2,070,000 during 2018. The provision during both periods was done in accordance with the Company's standard methodology for determining the adequacy of its allowance for loan loss.

During the year ended December 31, 2019, non-interest income increased $8,431,000, or 23%, from the year ended December 31, 2018.



Year Ended

Year Ended
Non-interest Income

12/31/2019

12/31/2018
(dollars in thousands)









Trust and Investment Product Fees

$
7,278


$
6,680

Service Charges on Deposit Accounts

8,718


7,044

Insurance Revenues

8,940


8,330

Company Owned Life Insurance

2,005


1,243

Interchange Fee Income

9,450


7,278

Other Operating Income

3,229


2,785

     Subtotal

39,620


33,360

Net Gains on Loans

4,633


3,004

Net Gains on Securities

1,248


706

Total Non-interest Income

$
45,501


$
37,070

 
 
 
 
 

Trust and investment product fees increased $598,000, or 9%, during 2019 compared with 2018. The increase in 2019 compared with 2018 was largely attributable to increased assets under management in the Company's wealth management group.

Service charges on deposit accounts increased $1,674,000, or 24%, during 2019 compared with 2018. The increase during 2019 compared with 2018 was primarily attributable to the acquisition activity completed during 2018 and 2019.

Company owned life insurance revenue increased $762,000, or 61%, during 2019, compared with 2018. The increase was largely related to death benefits received from life insurance policies during 2019 with additional increases resulting from the acquisitions completed during 2018 and 2019.


    

NEWS RELEASE

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


8 of 17


Interchange fees increased $2,172,000, or 30%, during 2019 compared to 2018. The increase during 2019 was largely attributable to increased card utilization by customers and the acquisition activity completed during 2018 and 2019.

Net gains on sales of loans increased $1,629,000, or 54%, during 2019 compared with 2018. The increase in the net gain on sales of loans during 2019 compared with 2018 was largely attributable to the higher volume of loans sold. Loan sales totaled $185.4 million during 2019 and $135.3 million during 2018.

During 2019, non-interest expense totaled $114,162,000, an increase of $20,609,000, or 22%, compared with 2018. The increase during 2019 was largely impacted by the inclusion of operating expenses related to the branch acquisition completed during the second quarter of 2018 as well as operating expenses related to the bank acquisitions completed in the fourth quarter of 2018 and third quarter of 2019. Acquisition-related expenses totaled $3,360,000 during 2019 and $4,592,000 during 2018.

 
 
Year Ended
 
Year Ended
Non-interest Expense
 
12/31/2019
 
12/31/2018
(dollars in thousands)
 
 
 
 
 
 
 
 
 
Salaries and Employee Benefits
 
$
63,885

 
$
51,306

Occupancy, Furniture and Equipment Expense
 
13,776

 
10,877

FDIC Premiums
 
533

 
1,033

Data Processing Fees
 
7,927

 
6,942

Professional Fees
 
4,674

 
5,362

Advertising and Promotion
 
4,230

 
3,492

Intangible Amortization
 
3,721

 
1,752

Other Operating Expenses
 
15,416

 
12,789

Total Non-interest Expense
 
$
114,162

 
$
93,553

 
 
 
 
 

Salaries and benefits increased $12,579,000, or 25%, during 2019 compared with 2018. The increase in salaries and benefits during 2019 compared with 2018 was largely attributable to an increased number of full-time equivalent employees due primarily to the acquisition transactions completed during 2018 and 2019.

Occupancy, furniture and equipment expense increased $2,899,000, or 27%, during 2019 compared with 2018. The increase during 2019 compared to 2018 was primarily due to operating costs related to the acquisition activity during 2018 and 2019.


    

NEWS RELEASE

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


9 of 17

FDIC premiums declined $500,000, or 48%, during 2019 compared with 2018. The decline in FDIC premiums is attributable to credits received from the FDIC in 2019. The credits received were due to the reserve ratio of the deposit insurance fund exceeding the FDIC's targeted levels.

Data processing fees increased $985,000, or 14%, during 2019 compared with 2018. The increase in data processing fees during 2019 compared with 2018 was largely related to the on-going operating costs associated with the acquisitions completed during 2018 and 2019. Acquisition-related costs totaled $1,235,000 during 2019 and $2,002,000 during 2018.

Professional fees declined $688,000, or 13%, during 2019 compared with 2018. The decline in professional fees during 2019 compared with 2018 was largely related to lower levels of merger and acquisition related professional fees. Merger and acquisition related professional fees totaled approximately $1,167,000 during 2019 compared to $1,738,000 during 2018.

Intangible amortization increased $1,969,000, or 112%, during 2019 compared with 2018. The increase in intangible amortization was attributable to the previously discussed acquisitions completed during 2018 and 2019.

Other operating expenses increased $2,627,000, or 21%, during 2019 compared with 2018. The increase during 2019 compared with 2018 was largely attributable to the operating costs related to the acquisitions completed in 2018 and 2019.

Results of Operations Highlights – Quarter ended December 31, 2019

Net income for the quarter ended December 31, 2019 totaled $15,820,000, or $0.59 per share, an increase of 20% on a per share basis compared with the third quarter 2019 net income of $13,064,000, or $0.49 per share, and an increase of 34% on a per share basis compared with the fourth quarter 2018 net income of $10,980,000, or $0.44 per share. The change in net income during the fourth quarter of 2019, compared with the fourth quarter of 2018, was largely impacted by the completed acquisition activity during 2018 and 2019.  A detailed analysis of the factors impacting fourth quarter 2019 income and expenses, as compared to third 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 fourth quarter of 2019 results of operations included acquisition-related expenses of approximately $135,000 ($100,000 or less than $0.01 per share, on an after tax basis), while the third quarter of 2019 results of operations included acquisition-related expenses of approximately $2,258,000 ($1,696,000 or $0.06 per


    

NEWS RELEASE

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


10 of 17

share, on an after tax basis) and the fourth quarter of 2018 included approximately $3,107,000 ($2,343,000 or $0.09 per share on an after tax basis).

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary Average Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Tax-equivalent basis / dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Quarter Ended
 
 Quarter Ended
 
 Quarter Ended
 
 
December 31, 2019
 
September 30, 2019
 
December 31, 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
 
$
31,521

 
$
133

 
1.66
%
 
$
31,230

 
$
163

 
2.07
%
 
$
20,925

 
$
97

 
1.83
%
Securities
 
866,889

 
6,462

 
2.98
%
 
870,369

 
6,472

 
2.97
%
 
812,191

 
6,447

 
3.18
%
Loans and Leases
 
3,076,509

 
41,486

 
5.35
%
 
3,076,931

 
41,008

 
5.29
%
 
2,662,502

 
33,771

 
5.04
%
Total Interest Earning Assets
 
$
3,974,919

 
$
48,081

 
4.81
%
 
$
3,978,530

 
$
47,643

 
4.76
%
 
$
3,495,618

 
$
40,315

 
4.58
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Demand Deposit Accounts
 
$
839,906

 
 
 
 
 
$
797,337

 
 
 
 
 
$
714,504

 
 
 
 
IB Demand, Savings, and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
        MMDA Accounts
 
$
1,968,365

 
$
3,220

 
0.65
%
 
$
1,946,219

 
$
3,189

 
0.65
%
 
$
1,794,891

 
$
2,808

 
0.62
%
Time Deposits
 
679,005

 
3,011

 
1.76
%
 
725,347

 
3,210

 
1.75
%
 
593,615

 
2,151

 
1.44
%
FHLB Advances and Other Borrowings
 
256,163

 
1,692

 
2.62
%
 
286,587

 
1,934

 
2.68
%
 
271,834

 
1,654

 
2.42
%
Total Interest-Bearing Liabilities
 
$
2,903,533

 
$
7,923

 
1.08
%
 
$
2,958,153

 
$
8,333

 
1.12
%
 
$
2,660,340

 
$
6,613

 
0.99
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of Funds
 
 
 
 
 
0.79
%
 
 
 
 
 
0.83
%
 
 
 
 
 
0.75
%
Net Interest Income
 
 
 
$
40,158

 
 
 
 
 
$
39,310

 
 
 
 
 
$
33,702

 
 
Net Interest Margin
 
 
 
 
 
4.02
%
 
 
 
 
 
3.93
%
 
 
 
 
 
3.83
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

During the quarter ended December 31, 2019, net interest income totaled $39,415,000, an increase of $837,000, or 2%, compared to the quarter ended September 30, 2019 net interest income of $38,578,000. The increased level of net interest income during the fourth quarter of 2019 compared with the third quarter of 2019 was driven primarily by an increased tax equivalent net interest margin.

The tax equivalent net interest margin for the quarter ended December 31, 2019 was 4.02% compared with 3.93% in the third quarter of 2019. Accretion of loan discounts and recoveries on acquired loans contributed approximately 36 basis points to the net interest margin on an annualized basis in the fourth quarter of 2019 and 24 basis points in the third quarter of 2019.


    

NEWS RELEASE

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


11 of 17


During the quarter ended December 31, 2019, the Company recorded a provision for loan loss of $1,600,000 compared with $2,800,000 in the third quarter of 2019. The provision during both periods was done in accordance with the Company's standard methodology for determining the adequacy of its allowance for loan loss.

Net charge-offs totaled $1,191,000 or 15 basis points on an annualized basis of average loans outstanding during the three months ended December 31, 2019, compared with $3,170,000 or 41 basis point on an annualized basis of average loans outstanding during third quarter of 2019. The majority of the net charge-offs during the fourth quarter of 2019 was attributable to a single, adversely classified commercial lending relationship. The higher level of net charge-offs during the third quarter of 2019 was primarily attributable to a partial charge-off on a single, adversely classified, commercial lending relationship.

During the quarter ended December 31, 2019, non-interest income totaled $11,278,000, a decline of $778,000, or 6%, compared with the quarter ended September 30, 2019.

 
 
 
 
 
 
 
 
 
Quarter Ended
 
Quarter Ended
 
Quarter Ended
Non-interest Income
 
12/31/2019
 
9/30/2019
 
12/31/2018
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust and Investment Product Fees
 
$
1,913

 
$
1,885

 
$
1,645

Service Charges on Deposit Accounts
 
2,399

 
2,395

 
2,072

Insurance Revenues
 
1,923

 
1,883

 
1,877

Company Owned Life Insurance
 
453

 
364

 
420

Interchange Fee Income
 
2,485

 
2,538

 
2,235

Other Operating Income
 
868

 
1,029

 
629

     Subtotal
 
10,041

 
10,094

 
8,878

Net Gains on Loans
 
973

 
1,649

 
583

Net Gains on Securities
 
264

 
313

 
272

Total Non-interest Income
 
$
11,278

 
$
12,056

 
$
9,733

 
 
 
 
 
 
 

Net gains on sales of loans declined $676,000, or 41%, during the fourth quarter of 2019 compared with the third quarter of 2019. The decline was primarily due to lower sales volume, decreased margins on loans sold, and a lower level of commitments to originate loans which resulted in a lower fair value adjustment on those


    

NEWS RELEASE

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


12 of 17

commitments. Loan sales for the fourth quarter of 2019 totaled $56.6 million compared with $60.4 million during the third quarter of 2019.

During the quarter ended December 31, 2019, non-interest expense totaled $29,824,000, a decline of $2,137,000, or 7%, compared with the quarter ended September 30, 2019. The fourth quarter of 2019 included acquisition-related expenses of $135,000 while the third quarter of 2019 included acquisition-related expenses of approximately $2,258,000.

 
 
 
 
 
 
 
 
 
Quarter Ended
 
Quarter Ended
 
Quarter Ended
Non-interest Expense
 
12/31/2019
 
9/30/2019
 
12/31/2018
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Salaries and Employee Benefits
 
$
17,145

 
$
17,579

 
$
15,027

Occupancy, Furniture and Equipment Expense
 
3,594

 
3,751

 
3,203

FDIC Premiums
 
—

 
—

 
234

Data Processing Fees
 
1,681

 
2,860

 
3,108

Professional Fees
 
849

 
1,324

 
2,337

Advertising and Promotion
 
1,370

 
1,054

 
1,083

Intangible Amortization
 
1,012

 
1,064

 
810

Other Operating Expenses
 
4,173

 
4,329

 
4,012

Total Non-interest Expense
 
$
29,824

 
$
31,961

 
$
29,814

 
 
 
 
 
 
 

Salaries and benefits declined $434,000, or 2%, during the quarter ended December 31, 2019 compared with the third quarter of 2019. The decline in salaries and benefits during the fourth quarter of 2019 compared with the third quarter of 2019 was largely attributable to a decline in acquisition related salary and benefit costs incurred during the third quarter of 2019. The third quarter of 2019 included approximately $695,000 of acquisition-related salary and benefit costs of a non-recurring nature.

Data processing fees declined $1,179,000, or 41%, during the fourth quarter of 2019 compared with the third quarter of 2019. The decline during the fourth quarter of 2019 compared with the third quarter of 2019 was largely driven by acquisition-related costs which totaled approximately $999,000 during the third quarter of 2019 and only $3,000 during the fourth quarter of 2019.
 
Professional fees declined $475,000, or 36%, during the fourth quarter of 2019 compared with the third quarter of 2019. The decline during the fourth quarter of 2019 compared to the third quarter of 2019 was due in large


    

NEWS RELEASE

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


13 of 17

part to professional fees related to merger and acquisition activity. Merger and acquisition-related professional fees totaled approximately $53,000 during the fourth quarter of 2019 compared with approximately $401,000 in the third quarter of 2019.

About German American
German American Bancorp, Inc. is a Nasdaq-traded (symbol: GABC) financial holding company based in Jasper, Indiana. German American, through its banking subsidiary German American Bank, operates 76 banking offices in 20 contiguous southern Indiana counties, seven 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.).



    

NEWS RELEASE

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


14 of 17

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
 
 
 
 
 
 
 
December 31, 2019
 
September 30, 2019
 
December 31, 2018
ASSETS
 
 
 
 
 
     Cash and Due from Banks
$
59,971

 
$
64,791

 
$
64,549

     Short-term Investments
45,898

 
26,328

 
32,251

     Investment Securities
855,178

 
849,798

 
812,964

 
 
 
 
 
 
     Loans Held-for-Sale
17,713

 
19,156

 
4,263

 
 
 
 
 
 
     Loans, Net of Unearned Income
3,077,091

 
3,056,907

 
2,728,059

     Allowance for Loan Losses
(16,278
)
 
(15,869
)
 
(15,823
)
        Net Loans
3,060,813

 
3,041,038

 
2,712,236

 
 
 
 
 
 
     Stock in FHLB and Other Restricted Stock
13,968

 
13,968

 
13,048

     Premises and Equipment
96,651

 
98,754

 
80,627

     Goodwill and Other Intangible Assets
133,962

 
133,818

 
113,645

     Other Assets
112,444

 
108,231

 
95,507

   TOTAL ASSETS
$
4,396,598

 
$
4,355,882

 
$
3,929,090

 
 
 
 
 
 
LIABILITIES
 
 
 
 
 
     Non-interest-bearing Demand Deposits
$
832,985

 
$
827,259

 
$
715,972

     Interest-bearing Demand, Savings, and Money Market Accounts
1,965,640

 
1,910,395

 
1,768,177

     Time Deposits
631,396

 
693,632

 
588,483

        Total Deposits
3,430,021

 
3,431,286

 
3,072,632

 
 
 
 
 
 
     Borrowings
349,686

 
316,687

 
376,409

     Other Liabilities
43,071

 
44,982

 
21,409

   TOTAL LIABILITIES
3,822,778

 
3,792,955

 
3,470,450

 
 
 
 
 
 
SHAREHOLDERS' EQUITY
 
 
 
 
 
     Common Stock and Surplus
305,625

 
305,270

 
254,314

     Retained Earnings
253,090

 
241,801

 
211,424

     Accumulated Other Comprehensive Income (Loss)
15,105

 
15,856

 
(7,098
)
SHAREHOLDERS' EQUITY
573,820

 
562,927

 
458,640

 
 
 
 
 
 
   TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
4,396,598

 
$
4,355,882

 
$
3,929,090

 
 
 
 
 
 
END OF PERIOD SHARES OUTSTANDING
26,671,368

 
26,662,078

 
24,967,458

 
 
 
 
 
 
TANGIBLE BOOK VALUE PER SHARE (1)
$
16.49

 
$
16.09

 
$
13.81

 
 
 
 
 
 
 
(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
 
Twelve Months Ended
 
 
December 31, 2019
 
September 30, 2019
 
December 31, 2018
 
December 31, 2019
 
December 31, 2018
INTEREST INCOME
 
 
 
 
 
 
 
 
 
   Interest and Fees on Loans
$
41,395

 
$
40,921

 
$
33,678

 
$
152,481

 
$
112,084

   Interest on Short-term Investments
133

 
163

 
97

 
522

 
308

   Interest and Dividends on Investment Securities
5,810

 
5,827

 
5,821

 
23,471

 
21,357

  TOTAL INTEREST INCOME
47,338

 
46,911

 
39,596

 
176,474

 
133,749

 
 
 
 
 
 
 
 
 
 
 
INTEREST EXPENSE
 
 
 
 
 
 
 
 
 
   Interest on Deposits
6,231

 
6,399

 
4,959

 
23,805

 
13,625

   Interest on Borrowings
1,692

 
1,934

 
1,654

 
7,444

 
5,514

  TOTAL INTEREST EXPENSE
7,923

 
8,333

 
6,613

 
31,249

 
19,139

 
 
 
 
 
 
 
 
 
 
 
   NET INTEREST INCOME
39,415

 
38,578

 
32,983

 
145,225

 
114,610

   Provision for Loan Losses
1,600

 
2,800

 
—

 
5,325

 
2,070

   NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
37,815

 
35,778

 
32,983

 
139,900

 
112,540

 
 
 
 
 
 
 
 
 
 
 
NON-INTEREST INCOME
 
 
 
 
 
 
 
 
 
   Net Gain on Sales of Loans
973

 
1,649

 
583

 
4,633

 
3,004

   Net Gain on Securities
264

 
313

 
272

 
1,248

 
706

   Other Non-interest Income
10,041

 
10,094

 
8,878

 
39,620

 
33,360

  TOTAL NON-INTEREST INCOME
11,278

 
12,056

 
9,733

 
45,501

 
37,070

 
 
 
 
 
 
 
 
 
 
 
NON-INTEREST EXPENSE
 
 
 
 
 
 
 
 
 
   Salaries and Benefits
17,145

 
17,579

 
15,027

 
63,885

 
51,306

   Other Non-interest Expenses
12,679

 
14,382

 
14,787

 
50,277

 
42,247

  TOTAL NON-INTEREST EXPENSE
29,824

 
31,961

 
29,814

 
114,162

 
93,553

 
 
 
 
 
 
 
 
 
 
 
   Income before Income Taxes
19,269

 
15,873

 
12,902

 
71,239

 
56,057

   Income Tax Expense
3,449

 
2,809

 
1,922

 
12,017

 
9,528

 
 
 
 
 
 
 
 
 
 
 
NET INCOME
$
15,820

 
$
13,064

 
$
10,980

 
$
59,222

 
$
46,529

 
 
 
 
 
 
 
 
 
 
 
BASIC EARNINGS PER SHARE
$
0.59

 
$
0.49

 
$
0.44

 
$
2.29

 
$
1.99

DILUTED EARNINGS PER SHARE
$
0.59

 
$
0.49

 
$
0.44

 
$
2.29

 
$
1.99

 
 
 
 
 
 
 
 
 
 
 
WEIGHTED AVERAGE SHARES OUTSTANDING
26,663,405

 
26,643,064

 
24,962,878

 
25,824,538

 
23,381,616

DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING
26,663,405

 
26,643,064

 
24,962,878

 
25,824,538

 
23,381,616

 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 



GERMAN AMERICAN BANCORP, INC.
(unaudited, dollars in thousands except per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
 
 
December 31,
 
September 30,
 
December 31,
 
December 31,
 
December 31,
 
 
 
2019
 
2019
 
2018
 
2019
 
2018
EARNINGS PERFORMANCE RATIOS
 
 
 
 
 
 
 
 
 
 
 
Annualized Return on Average Assets
 
1.45
%
 
1.20
%
 
1.15
%
 
1.43
%
 
1.38
%
 
Annualized Return on Average Equity
 
11.14
%
 
9.37
%
 
10.05
%
 
11.41
%
 
12.07
%
 
Net Interest Margin
 
4.02
%
 
3.93
%
 
3.83
%
 
3.92
%
 
3.75
%
 
Efficiency Ratio (1)
 
57.98
%
 
62.22
%
 
68.64
%
 
58.96
%
 
60.59
%
 
Net Overhead Expense to Average Earning Assets (2)
 
1.87
%
 
2.00
%
 
2.30
%
 
1.82
%
 
1.81
%
 
 
 
 
 
 
 
 
 
 
 
 
ASSET QUALITY RATIOS
 
 
 
 
 
 
 
 
 
 
 
Annualized Net Charge-offs to Average Loans
 
0.15
%
 
0.41
%
 
0.03
%
 
0.17
%
 
0.08
%
 
Allowance for Loan Losses to Period End Loans
 
0.53
%
 
0.52
%
 
0.58
%
 
 
 
 
 
Non-performing Assets to Period End Assets
 
0.33
%
 
0.32
%
 
0.34
%
 
 
 
 
 
Non-performing Loans to Period End Loans
 
0.45
%
 
0.44
%
 
0.48
%
 
 
 
 
 
Loans 30-89 Days Past Due to Period End Loans
 
0.45
%
 
0.30
%
 
0.54
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SELECTED BALANCE SHEET & OTHER FINANCIAL DATA
 
 
 
 
 
 
 
 
 
 
 
Average Assets
 
$
4,355,980

 
$
4,355,111

 
$
3,384,251

 
$
4,128,535

 
$
3,380,409

 
Average Earning Assets
 
$
3,974,919

 
$
3,978,530

 
$
3,495,618

 
$
3,778,562

 
$
3,126,037

 
Average Total Loans
 
$
3,076,509

 
$
3,076,931

 
$
2,662,502

 
$
2,899,939

 
$
2,339,089

 
Average Demand Deposits
 
$
839,906

 
$
797,337

 
$
714,504

 
$
761,515

 
$
640,865

 
Average Interest Bearing Liabilities
 
$
2,903,533

 
$
2,958,153

 
$
2,660,340

 
$
2,812,094

 
$
2,333,584

 
Average Equity
 
$
567,897

 
$
557,447

 
$
437,177

 
$
519,010

 
$
385,476

 
 
 
 
 
 
 
 
 
 
 
 
 
Period End Non-performing Assets (3)
 
$
14,417

 
$
14,137

 
$
13,498

 
 
 
 
 
Period End Non-performing Loans (4)
 
$
13,992

 
$
13,512

 
$
13,212

 
 
 
 
 
Period End Loans 30-89 Days Past Due (5)
 
$
13,959

 
$
9,054

 
$
14,815

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax Equivalent Net Interest Income
 
$
40,158

 
$
39,310

 
$
33,702

 
$
148,115

 
$
117,345

 
Net Charge-offs during Period
 
$
1,191

 
$
3,170

 
$
228

 
$
4,870

 
$
1,941

 
 
 
 
 
 
 
 
 
 
 
 
(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.
 
 
 
 
 
 
 
 
 
 


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Cover page
Jan. 27, 2020
Cover page.  
Document Type 8-K
Document Period End Date Jan. 27, 2020
Entity Registrant Name GERMAN AMERICAN BANCORP, INC.
Entity Incorporation, State or Country Code IN
Entity File Number 001-15877
Entity Tax Identification Number 35-1547518
Entity Address, Address Line One 711 Main Street
Entity Address, City or Town Jasper,
Entity Address, State or Province IN
Entity Address, Postal Zip Code 47546
City Area Code 812
Local Phone Number 482-1314
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common Stock, no par value
Trading Symbol GABC
Security Exchange Name NASDAQ
Amendment Flag false
Entity Central Index Key 0000714395