Parent Company Financial Statements

12 Months Ended

Dec. 31, 2019

The condensed financial statements of German American Bancorp, Inc. are presented below:

CONDENSED BALANCE SHEETS



	December 31,
	2019		2018
ASSETS
Cash	$	42,738	$	17,868
Other Investments	353		353
Investment in Subsidiary Bank	577,332		469,919
Investment in Non-banking Subsidiaries	5,904		5,394
Other Assets	7,954		7,324
Total Assets	$	634,281	$	500,858

LIABILITIES
Borrowings	$	54,996	$	36,487
Other Liabilities	5,465		5,731
Total Liabilities	60,461		42,218

SHAREHOLDERS’ EQUITY
Common Stock	26,671		24,967
Additional Paid-in Capital	278,954		229,347
Retained Earnings	253,090		211,424
Accumulated Other Comprehensive Income (Loss)	15,105		(7,098		)
Total Shareholders’ Equity	573,820		458,640
Total Liabilities and Shareholders’ Equity	$	634,281	$	500,858

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME



	Years Ended December 31,
	2019			2018			2017
INCOME
Dividends from Subsidiaries
Bank	$	45,000		$	7,000		$	25,000
Non-bank	1,400			1,200			975
Interest Income	102			38			34
Other Income (Loss)	(2		)	(13		)	25
Total Income	46,500			8,225			26,034

EXPENSES
Salaries and Employee Benefits	530			576			533
Professional Fees	1,685			2,079			602
Occupancy and Equipment Expense	7			7			7
Interest Expense	2,781			1,279			877
Other Expenses	975			813			794
Total Expenses	5,978			4,754			2,813
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	40,522			3,471			23,221
Income Tax Benefit	1,712			1,042			1,415
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	42,234			4,513			24,636
Equity in Undistributed Income of Subsidiaries	16,988			42,016			16,040
NET INCOME	59,222			46,529			40,676

Other Comprehensive Income:
Changes in Unrealized Gain (Loss) on Securities, Available-for-Sale	22,432			(4,424		)	4,391
Changes in Unrecognized Loss in Postretirement Benefit Obligation, Net	(229		)	(54		)	(138		)
TOTAL COMPREHENSIVE INCOME	$	81,425		$	42,051		$	44,929

CONDENSED STATEMENTS OF CASH FLOWS



	Years Ended December 31,
	2019			2018			2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	59,222		$	46,529		$	40,676
Adjustments to Reconcile Net Income to Net Cash from Operations
Change in Other Assets	31			1,588			431
Change in Other Liabilities	(406		)	(163		)	(122		)
Equity Based Compensation	1,287			1,355			1,246
Excess Tax Benefit from Restricted Share Grant	25			32			240
Equity in Excess Undistributed Income of Subsidiaries	(16,988		)	(42,016		)	(16,040		)
Net Cash from Operating Activities	43,171			7,325			26,431

CASH FLOWS FROM INVESTING ACTIVITIES
Cash Used for Business Acquisitions	(14,958		)	(25,160		)	—
Net Cash from Investing Activities	(14,958		)	(25,160		)	—

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Issuance of Long-term Debt	39,213			25,000			—
Repayment of Long-term Debt	(25,000		)	—			—
Issuance (Retirement) of Common Stock	—			—			(29		)
Dividends Paid	(17,556		)	(14,074		)	(11,842		)
Net Cash from Financing Activities	(3,343		)	10,926			(11,871		)

Net Change in Cash and Cash Equivalents	24,870			(6,909		)	14,560
Cash and Cash Equivalents at Beginning of Year	17,868			24,777			10,217
Cash and Cash Equivalents at End of Year	$	42,738		$	17,868		$	24,777