0000714395-20-000016.txt : 20200507 0000714395-20-000016.hdr.sgml : 20200507 20200507081743 ACCESSION NUMBER: 0000714395-20-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20200506 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200507 DATE AS OF CHANGE: 20200507 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: 20854681 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 earningsreleaseq12020i.htm 8-K Document
false0000714395 0000714395 2020-05-06 2020-05-06


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): May 6, 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 May 6, 2020, German American Bancorp, Inc. issued a press release announcing its results for the quarter ended March 31, 2020, and making other disclosures. The press release (including the accompanying unaudited consolidated financial statements as of and for the quarter ended March 31, 2020, 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 9.01. Financial Statements and Exhibits.

(d)
Exhibits
 
 
 
 
 
 
 
Exhibit No.
 
Description
 
 
 
 
 
 
Press release, dated May 6, 2020, issued by German American Bancorp, Inc.




* * * * * *







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: May 6, 2020
By:
GERMAN AMERICAN BANCORP, INC.

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




 EX-99.1 2 exhibit991q12020.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 15




May 6, 2020
GERMAN AMERICAN BANCORP, INC. (GABC) REPORTS FIRST QUARTER 2020 EARNINGS

Jasper, Indiana: May 6, 2020 -- German American Bancorp, Inc. (NASDAQ: GABC) reported quarterly earnings of $12.5 million, or $0.47 per share, for the quarter ending on March 31, 2020. The quarterly earnings performance was inclusive of a $5.2 million provision for loan losses as the Company increased its allowance for loan losses in anticipation of the expected economic downturn related to the COVID-19 pandemic. The first quarter 2020 performance compared to fourth quarter 2019 net income of $15.8 million, or $0.59 per share, and to first quarter 2019 net income of $15.1 million, or $0.60 per share. The operating results comparisons reflect the inclusion of the acquisition of Citizens First Corporation of Bowling Green, Kentucky on July 1, 2019.

End-of-period loans, as of March 31, 2020, were approximately $3.0 billion, which represented an increase of $306 million, or approximately 11% from end-of-period loans as of March 31, 2019. Total deposits at March 31, 2020 of approximately $3.5 billion increased by $413 million, or approximately 13%, relative to first quarter end-of-period total deposits in the prior year. The increase in end-of-period loans and deposits as of March 31, 2020, as compared to March 31, 2019, was largely related to the acquisition of Citizens First.

Commenting on the Company’s first quarter performance, Mark A. Schroeder, German American’s Chairman & CEO, stated, "We’re extremely pleased to report solid profitability for the first quarter of 2020. As we enter a period of economic uncertainty, we do so from a position of strength. In the face of increasing our allowance for credit losses to $36.6 million (in addition to net discounts on acquired loans of $12.0 million), which represents a strong 1.22% of total loans, we produced $12.5 million in earnings for the quarter, increased quarter-end tangible book value to $17.00 per share, reflecting a 16% increase over the past year since March 31, 2019, and continued our historic disciplined approach to lending, which resulted in strong credit metrics, including an end-of-period non-performing asset ratio of 0.44%. From a liquidity perspective, we had a significant level of on balance sheet liquidity on March 31, 2020, as indicated by a loan to deposit ratio of 87% and a loan to earning assets ratio of 76%. In terms of capital strength, the Company's capital ratios as of March 31, 2020 significantly exceeded well capitalized standards with a total risk-based capital ratio of 14.71%, a common equity tier 1 capital ratio of 12.52% and a tangible common equity ratio of 10.75%.

Schroeder continued, “With the exponential spread of COVID-19 late in the quarter, our focus turned to ensuring the health and well-being of our customers and employees, meeting the liquidity needs of our clients, and supporting the communities we serve. We have enhanced and implemented our pandemic contingency plan, which includes promoting social distancing in all aspects of our business by operating all our banking offices utilizing drive-thru services with limited lobby access by appointment only, educating our customers on a multitude of electronic delivery options, such as mobile banking, online banking, bill pay, treasury management


    

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 15

and automated/interactive teller machines, instituting remote work arrangements for a significant number of our employees, and separating individual departments to create redundancy capabilities for all critical functions. Additionally, we have been proactive in making contributions to local COVID-19 relief funds, offering payment deferral options to business and consumer clients, as well as providing access to other government sponsored programs, such as the paycheck protection program for small businesses.”

In closing, Schroeder added, “I’m extremely proud of our German American team, who have risen to every challenge we’ve faced in connection with the pandemic and consistently delivered on our promise of customer service excellence without regard to the difficulty of doing so in the current environment. We have received numerous comments from our customers complimenting team members for their exceptional service and thanking us for providing their business, family, employees and the communities we serve with a critical lifeline in these difficult times. I would be remiss if I didn’t likewise express my sincere appreciation to each and every German American team member. It is their time and talent that makes our Company one of the finest community banking organizations in our region.”

The Company previously announced on April 28, 2020 that its Board of Directors had declared a regular quarterly cash dividend of $0.19 per share, which will be payable on May 20, 2020 to shareholders of record as of May 10, 2020.


COVID-19 Pandemic Loan Information

The Company is participating in the Paycheck Protection Program (“PPP”) for loans provided through the Small Business Administration (“SBA”), as established under the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"). Under this program, the Company has lent funds primarily to its existing loan and/or deposit customers, based on a pre-determined SBA-developed formula, intended to incentivize small business owners to retain their employees. The PPP was designed such that a loan originated under this program will be forgiven if the small business retains its employees and level of payroll through the first two months of the loan. These loans carry a customer interest rate of 1.00% plus a processing fee that varies depending on the balance of the loan at origination and have a two-year maturity. As of April 30, 2020, the Company has committed approximately $352.6 million, on 2,669 PPP loan relationships, under this program, with processing fees estimated to total approximately $12.5 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


3 of 15



In response to requests from borrowers who have experienced pandemic-related business or personal cash flow interruptions, and in accordance with recently issued regulatory guidance, the Company has made short-term loan modifications involving both interest only and full payment deferrals. As of April 30, 2020 the following payment modifications have been made:
Type of Loans
Number of Loans
Loan Balance
% of Loan Balance
(dollars in thousands)
 
 
 
Commercial & Industrial Loans
214

$44,992
8.5
%
Commercial Real Estate Loans
290

$172,232
11.7
%
Agricultural Loans
6

$884
0.2
%
Consumer Loans
62

$1,093
0.4
%
Residential Mortgage Loans
75

$14,737
5.1
%
Total
647

$233,938
7.9
%

The Company tracks lending exposure by industry classification to determine potential risk associated with industry concentrations, if any, that could lead to additional credit loss exposure. As a result of the COVID-19 pandemic, the Company has initially identified loan segments that could represent a potentially higher level of credit risk, as many of these customers may have incurred a significant negative impact to their businesses as a result of governmental stay-at-home orders and travel restrictions. At April 30, 2020, the Company had the following exposure to these potentially sensitive COVID-19 identified loan segments:
Industry Segment
Number of Loans
Outstanding Balance
% of Total Loans
(dollars in thousands)
 
 
 
Lodging / Hotels
52
$126,400
4.3
%
Retail Shopping / Strip Centers
62
$94,049
3.2
%
Student Housing
109
$93,722
3.2
%
Restaurants
189
$45,777
1.5
%

Balance Sheet Highlights

Total assets for the Company totaled $4.324 billion at March 31, 2020, representing a decline of $73.8 million, or 7% on an annualized basis, compared with December 31, 2019 and an increase of $428.3 million, or 11%,


    

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 15

compared with March 31, 2019. The increase in total assets as of March 31, 2020 compared to a year ago was driven largely by the acquisition of Citizens First Corporation ("Citizens First"). On July 1, 2019, the Company completed its acquisition of 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.

March 31, 2020 total loans declined $63.6 million, or 8% on an annualized basis, compared with December 31, 2019 and increased $306.0 million, or 11%, compared with March 31, 2019. The decline in loans during the first quarter of 2020 compared with year-end 2019 was impacted by elevated pay-offs and reduced line utilization within the commercial loan portfolio, a seasonal decline in the agricultural loan portfolio and continued pay-downs in the Company's residential loan portfolio related to the current interest rate environment. The increase in outstanding loans as of March 31, 2020 compared to a year ago was largely attributable to the acquisition of Citizens First.
 
 
 
 
 
 
 
End of Period Loan Balances
 
3/31/2020
 
12/31/2019
 
3/31/2019
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial & Industrial Loans
 
$
565,780

 
$
589,758

 
$
555,967

Commercial Real Estate Loans
 
1,489,353

 
1,495,862

 
1,212,090

Agricultural Loans
 
366,286

 
384,526

 
347,999

Consumer Loans
 
303,447

 
306,972

 
281,724

Residential Mortgage Loans
 
293,550

 
304,855

 
314,634

 
 
$
3,018,416

 
$
3,081,973

 
$
2,712,414

 
 
 
 
 
 
 

The Company’s allowance for credit losses totaled $36.6 million at March 31, 2020 compared to $16.3 million at December 31, 2019 and $16.2 million at March 31, 2019. The allowance for credit losses represented 1.22% of period-end loans at March 31, 2020 compared with 0.53% of period-end loans at December 31, 2019 and 0.60% of period-end loans at March 31, 2019.

The Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) ("CECL") on January 1, 2020. As a result, the Company recognized a one-time cumulative adjustment to the allowance for credit losses of $15.7 million. The increase was primarily related to the Company's acquired loan portfolio which totaled approximately $851.1 million at the time of adoption. The increase included $6.9 million in non-accretable credit marks allocated to purchased credit deteriorated loans which were grossed up between loans and the allowance for credit losses. Under the CECL model, certain acquired loans continue to carry a fair value discount as well as an allowance for credit losses. As of March 31, 2020, the Company held net discounts on acquired loans of $12.0 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 15


In addition, the allowance for credit losses increased during the quarter ended March 31, 2020, as a result of the Company recording a $5.2 million provision for credit losses while recording net charge-offs of approximately $440,000. The provision for credit losses was elevated in the first quarter of 2020 primarily due to the recent developments related to the COVID-19 pandemic and the resulting impact on the economic assumptions used in the CECL model.

Non-performing assets totaled $19.1 million at March 31, 2020 compared to $14.4 million at December 31, 2019 and $13.1 million at March 31, 2019. Non-performing assets represented 0.44% of total assets at March 31, 2020, 0.33% at December 31, 2019, and 0.34% at March 31, 2019. Non-performing loans totaled $18.5 million at March 31, 2020 compared to $14.0 million at December 31, 2019 and $12.4 million at March 31, 2019. Non-performing loans represented 0.61% of total loans at March 31, 2020 compared to 0.45% at December 31, 2019 and 0.46% at March 31, 2019. The increase in the level of non-performing assets and non-performing loans at March 31, 2020 compared with year-end 2019 was attributable to the $6.9 million gross-up of purchased credit deteriorated loans upon the adoption of the CECL standard.
 
 
 
 
 
 
Non-performing Assets
 
 
 
 
 
(dollars in thousands)
 
 
 
 
 
 
3/31/2020
 
12/31/2019
 
3/31/2019
Non-Accrual Loans
$
18,099

 
$
13,802

 
$
12,036

Past Due Loans (90 days or more)
355

 
190

 
393

       Total Non-Performing Loans
18,454

 
13,992

 
12,429

Other Real Estate
625

 
425

 
685

       Total Non-Performing Assets
$
19,079

 
$
14,417

 
$
13,114

 
 
 
 
 
 
Restructured Loans
$
116

 
$
116

 
$
119

 
 
 
 
 
 

March 31, 2019 total deposits increased $48.5 million, or 6% on an annualized basis, compared to December 31, 2019 and increased $413.3 million, or 14%, compared with March 31, 2019. The increase in total deposits at March 31, 2020 compared with March 31, 2019 was largely related to the acquisition of Citizens First.
 


    

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 15

 
 
 
 
 
 
 
End of Period Deposit Balances
 
3/31/2020
 
12/31/2019
 
3/31/2019
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest-bearing Demand Deposits
 
$
869,847

 
$
832,985

 
$
723,995

IB Demand, Savings, and MMDA Accounts
 
2,008,757

 
1,965,640

 
1,706,913

Time Deposits < $100,000
 
303,519

 
314,789

 
248,686

Time Deposits > $100,000
 
296,391

 
316,607

 
385,576

 
 
$
3,478,514

 
$
3,430,021

 
$
3,065,170

 
 
 
 
 
 
 

Results of Operations Highlights – Quarter ended March 31, 2020

Net income for the quarter ended March 31, 2020 totaled $12,472,000, or $0.47 per share, a decline of 20% on a per share basis compared with the fourth quarter 2019 net income of $15,820,000, or $0.59 per share, and a decline of 22% on a per share basis compared with the first quarter 2019 net income of $15,067,000, or $0.60 per share. The decline in net income and earnings per share during the first quarter of 2020 was largely attributable to an increased level of provision for credit losses related to economic uncertainties and stress related to the COVID-19 pandemic.


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




    

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 15

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary Average Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Tax-equivalent basis / dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Quarter Ended
 
 Quarter Ended
 
 Quarter Ended
 
 
March 31, 2020
 
December 31, 2019
 
March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 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
 
$
45,687

 
$
158

 
1.39
%
 
$
31,521

 
$
133

 
1.66
%
 
$
24,538

 
$
141

 
2.32
%
Securities
 
869,969

 
6,205

 
2.85
%
 
866,889

 
6,462

 
2.98
%
 
825,625

 
6,549

 
3.17
%
Loans and Leases
 
3,059,398

 
37,936

 
4.98
%
 
3,076,509

 
41,486

 
5.35
%
 
2,718,808

 
35,207

 
5.24
%
Total Interest Earning Assets
 
$
3,975,054

 
$
44,299

 
4.48
%
 
$
3,974,919

 
$
48,081

 
4.81
%
 
$
3,568,971

 
$
41,897

 
4.74
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Demand Deposit Accounts
 
$
847,891

 
 
 
 
 
$
839,906

 
 
 
 
 
$
691,107

 
 
 
 
IB Demand, Savings, and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
        MMDA Accounts
 
$
1,993,171

 
$
2,956

 
0.60
%
 
$
1,968,365

 
$
3,220

 
0.65
%
 
$
1,731,118

 
$
2,695

 
0.63
%
Time Deposits
 
638,460

 
2,701

 
1.70
%
 
679,005

 
3,011

 
1.76
%
 
646,726

 
2,721

 
1.71
%
FHLB Advances and Other Borrowings
 
236,148

 
1,658

 
2.82
%
 
256,163

 
1,692

 
2.62
%
 
330,463

 
2,182

 
2.68
%
Total Interest-Bearing Liabilities
 
$
2,867,779

 
$
7,315

 
1.03
%
 
$
2,903,533

 
$
7,923

 
1.08
%
 
$
2,708,307

 
$
7,598

 
1.14
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of Funds
 
 
 
 
 
0.74
%
 
 
 
 
 
0.79
%
 
 
 
 
 
0.86
%
Net Interest Income
 
 
 
$
36,984

 
 
 
 
 
$
40,158

 
 
 
 
 
$
34,299

 
 
Net Interest Margin
 
 
 
 
 
3.74
%
 
 
 
 
 
4.02
%
 
 
 
 
 
3.88
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

During the first quarter of 2020, net interest income totaled $36,256,000, a decline of $3,159,000, or 8%, compared to the fourth quarter of 2019 net interest income of $39,415,000 and an increase of $2,665,000, or 8%, compared to the first quarter of 2019 net interest income of $33,951,000. The decreased level of net interest income during the first quarter of 2020 compared with the fourth quarter of 2019 was primarily attributable to a decreased tax equivalent net interest margin. The increased level of net interest income during the first quarter of 2020 compared with the first quarter of 2019 was primarily the result of the acquisition Citizens First partially mitigated by a lower net interest margin.

The tax equivalent net interest margin for the quarter ended March 31, 2020 was 3.74% compared with 4.02% in the fourth quarter of 2019 and 3.88% in the first quarter of 2019. The lower net interest margin during the first quarter of 2020 compared with both the fourth quarter of 2019 and the first quarter of 2019 was attributable to lower market interest rates and lower levels of accretion of loan discounts on acquired loans. Accretion of


    

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 15

loan discounts on acquired loans contributed approximately 14 basis points to the net interest margin on an annualized basis in the first quarter of 2020, 36 basis points in the fourth quarter of 2019 and 16 basis points in the first quarter of 2019.

During the quarter ended March 31, 2020, the Company recorded a provision for credit loss of $5,150,000 compared with a provision for loan loss of $1,600,000 in the fourth quarter of 2019 and compared with a provision for loan loss of $675,000 during the first quarter of 2019. The increase in the provision for credit losses compared to both the first and fourth quarter of 2019 was primarily due to the recent developments related to the COVID-19 pandemic and the resulting impact on the economic assumptions used in the CECL model.

Net charge-offs totaled $440,000 or 6 basis points on an annualized basis of average loans outstanding during the first quarter of 2020, compared with $1,191,000 or 15 basis point on an annualized basis of average loans during the fourth quarter of 2019 and compared with $255,000 or 4 basis points of average loans during the first quarter of 2019.

During the quarter ended March 31, 2020, non-interest income totaled $14,081,000, an increase of $2,803,000, or 25%, compared with the fourth quarter of 2019 and an increase of $2,423,000, or 21%, compared with the first quarter of 2019.

 
 
 
 
 
 
 
 
 
Quarter Ended
 
Quarter Ended
 
Quarter Ended
Non-interest Income
 
3/31/2020
 
12/31/2019
 
3/31/2019
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust and Investment Product Fees
 
$
2,031

 
$
1,913

 
$
1,567

Service Charges on Deposit Accounts
 
2,237

 
2,399

 
1,900

Insurance Revenues
 
3,229

 
1,923

 
3,205

Company Owned Life Insurance
 
1,222

 
453

 
884

Interchange Fee Income
 
2,482

 
2,485

 
2,095

Other Operating Income
 
427

 
868

 
871

     Subtotal
 
11,628

 
10,041

 
10,522

Net Gains on Loans
 
1,863

 
973

 
981

Net Gains on Securities
 
590

 
264

 
155

Total Non-interest Income
 
$
14,081

 
$
11,278

 
$
11,658

 
 
 
 
 
 
 



    

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 15

Trust and investment product fees increased $118,000, or 6%, during the first quarter of 2020 compared with the fourth quarter of 2019 and increased $464,000, or 30%, compared with the first quarter of 2019. The increase in both comparative periods was primarily attributable to fees generated from increased assets under management in the Company's wealth management group.

Service charges on deposit accounts declined $162,000, or 7%, during the first quarter of 2020 compared with the fourth quarter of 2019 and increased $337,000, or 18%, compared with the first quarter of 2019. The decline during the first quarter of 2020 compared with the fourth quarter of 2019 was largely related to seasonal declines in deposit fees, while the increase during the first quarter of 2020 compared with first quarter of 2019 was largely attributable to the acquisition completed during 2019.

Insurance revenues increased $1,306,000, or 68%, during the quarter ended March 31, 2020, compared with the fourth quarter of 2019 and increased $24,000, or 1%, compared with the first quarter of 2019. The increase during the first quarter of 2020 compared with the fourth quarter of 2019 was primarily due to increased contingency revenue. Contingency revenue during the first quarter of 2020 totaled $1,319,000 compared with no contingency revenue during the fourth quarter of 2019 and $1,375,000 during the first quarter of 2019. Contingency revenue is reflective of claims and loss experience with insurance carriers that the Company represents through its property and casualty insurance agency. Typically, the majority of contingency revenue is recognized during the first quarter of the year.

Company owned life insurance revenue increased $769,000, or 170%, during the quarter ended March 31, 2020, compared with the fourth quarter of 2019 and increased $338,000, or 38%, compared with the first quarter of 2019. The increased revenue in the first quarter of 2020 was largely related to death benefits of $838,000 received from life insurance policies during the first quarter of 2020. Death benefits received from life insurance policies totaled $72,000 in the fourth quarter of 2019 and $554,000 received from life insurance policies during the first quarter of 2019.

Interchange fees remained relatively flat during the first quarter of 2020 compared with the fourth quarter of 2019 and increased $387,000, or 18%, compared with the first quarter of 2019. The increase during the first quarter of 2020 compared with the first quarter of 2019 was largely attributable to increased card utilization by customers and the acquisition completed during 2019.

Net gains on sales of loans increased $890,000, or 91%, during the first quarter of 2020 compared with the fourth quarter of 2019 and increased $882,000, or 90%, compared with the first quarter of 2019. The increase during the first quarter of 2020 in the net gain on sale compared with the fourth quarter of 2019 was generally attributable to higher pricing levels on loans sold and an increased level of commitments to originate loans which resulted in a higher fair value adjustment on those commitments. The increase during the first quarter


    

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 15

of 2020 compared with the first quarter of 2019 was generally attributable to higher sales volumes and an increased level of commitments to originate loans which resulted in a higher fair value adjustment on those commitments. Loan sales totaled $56.2 million during the first quarter of 2020, compared with $56.6 million during the fourth quarter of 2019 and $28.9 million during the first quarter of 2019.

Other operating income declined $441,000, or 51%, during the quarter ended March 31, 2020 compared with the fourth quarter of 2019 and declined $444,000, or 51%, compared with the first quarter of 2019. The decline during the first quarter of 2020 compared with both comparative periods was largely attributable to the fair value adjustments associated with interest rate swap transactions with loan customers.

During the quarter ended March 31, 2020, non-interest expense totaled $30,328,000, an increase of $504,000, or 2%, compared with the fourth quarter of 2019, and an increase of $3,569,000, or 13%, compared with the first quarter of 2019. The increased level of non-interest expense during the first quarter of 2020 compared with the first quarter of 2019 was largely attributable to the acquisition of Citizens First on July 1, 2019.

 
 
 
 
 
 
 
 
 
Quarter Ended
 
Quarter Ended
 
Quarter Ended
Non-interest Expense
 
3/31/2020
 
12/31/2019
 
3/31/2019
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Salaries and Employee Benefits
 
$
17,400

 
$
17,145

 
$
15,044

Occupancy, Furniture and Equipment Expense
 
3,581

 
3,594

 
3,219

FDIC Premiums
 
—

 
—

 
288

Data Processing Fees
 
1,686

 
1,681

 
1,583

Professional Fees
 
1,084

 
849

 
1,327

Advertising and Promotion
 
1,071

 
1,370

 
870

Intangible Amortization
 
960

 
1,012

 
843

Other Operating Expenses
 
4,546

 
4,173

 
3,585

Total Non-interest Expense
 
$
30,328

 
$
29,824

 
$
26,759

 
 
 
 
 
 
 

Salaries and benefits increased $255,000, or 1%, during the quarter ended March 31, 2020 compared with the fourth quarter of 2019 and increased $2,356,000, or 16%, compared with the first quarter of 2019. The increase in salaries and benefits during the first quarter of 2020 compared with the first quarter of 2019 was primarily attributable to an increased number of full-time equivalent employees due in part to the acquisition of Citizens First.



    

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 15

Occupancy, furniture and equipment expense remained relatively stable during the first quarter of 2020 compared with the fourth quarter of 2019 and increased $362,000, or 11%, compared to the first quarter of 2019. The increase during the first quarter of 2020 compared with the first quarter of 2019 was primarily due to the operating costs of the Citizens First branch network.

Professional fees increased $235,000, or 28%, during the first quarter of 2020 compared with the fourth quarter of 2019 and declined $243,000, or 18%, compared with the first quarter of 2019. The increase during the first quarter of 2020 compared to the fourth quarter of 2019 was due in large part to professional fees related to CECL implementation and the Company's annual meeting. The decline during the first quarter of 2020 compared to the first quarter of 2019 was due in primarily to acquisition-related professional fees expensed in the first quarter of 2019.

Advertising and promotion expense declined $299,000, or 22%, in the first quarter of 2020 compared with the fourth quarter of 2019 and increased $201,000, or 23%, compared with the first quarter of 2019. The decline in the first quarter of 2020 compared with the fourth quarter of 2019 was largely related to an elevated level of contributions during the fourth quarter of 2019. The increase in advertising and promotion expense during the first quarter of 2020 compared with the first quarter of 2019 was largely related to general advertising costs related to the Company's expanded footprint from the merger and acquisition activity during 2018 and 2019.

Intangible amortization declined $52,000, or 5%, during the quarter ended March 31, 2020 compared with the fourth quarter of 2019 and increased $117,000, or 14%, compared with the first quarter of 2019. The increase in intangible amortization in the first quarter of 2020 compared with the first quarter of 2019 was attributable to the Citizens First acquisition completed during 2019.

Other operating expenses increased $373,000, or 9%, during the first quarter of 2020 compared with the fourth quarter of 2019 and increased $961,000, or 27%, compared with the first quarter of 2019. The increase in the first quarter of 2020 compared with first quarter of 2019 was impacted by the Citizens First acquisition.

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 75 banking offices in 20 contiguous southern Indiana counties, eight 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


12 of 15

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; the severity and duration of the COVID-19 pandemic and its impact on general economic and financial market conditions and our business, results of operations and financial condition; 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
 
 
 
 
 
 
 
March 31, 2020
 
December 31, 2019
 
March 31, 2019
ASSETS
 
 
 
 
 
     Cash and Due from Banks
$
48,293

 
$
59,971

 
$
45,038

     Short-term Investments
43,832

 
45,898

 
14,740

     Investment Securities
876,140

 
855,178

 
824,950

 
 
 
 
 
 
     Loans Held-for-Sale
15,561

 
17,713

 
8,586

 
 
 
 
 
 
     Loans, Net of Unearned Income
3,013,733

 
3,077,091

 
2,708,832

     Allowance for Credit Losses
(36,641
)
 
(16,278
)
 
(16,243
)
        Net Loans
2,977,092

 
3,060,813

 
2,692,589

 
 
 
 
 
 
     Stock in FHLB and Other Restricted Stock
13,968

 
13,968

 
13,048

     Premises and Equipment
96,383

 
96,651

 
89,600

     Goodwill and Other Intangible Assets
132,968

 
133,962

 
112,920

     Other Assets
119,616

 
113,518

 
94,053

   TOTAL ASSETS
$
4,323,853

 
$
4,397,672

 
$
3,895,524

 
 
 
 
 
 
LIABILITIES
 
 
 
 
 
     Non-interest-bearing Demand Deposits
$
869,847

 
$
832,985

 
$
723,995

     Interest-bearing Demand, Savings, and Money Market Accounts
2,008,757

 
1,965,640

 
1,706,913

     Time Deposits
599,910

 
631,396

 
634,262

        Total Deposits
3,478,514

 
3,430,021

 
3,065,170

 
 
 
 
 
 
     Borrowings
207,965

 
349,686

 
317,480

     Other Liabilities
53,834

 
44,145

 
33,687

   TOTAL LIABILITIES
3,740,313

 
3,823,852

 
3,416,337

 
 
 
 
 
 
SHAREHOLDERS' EQUITY
 
 
 
 
 
     Common Stock and Surplus
301,400

 
305,625

 
254,625

     Retained Earnings
253,780

 
253,090

 
222,246

     Accumulated Other Comprehensive Income
28,360

 
15,105

 
2,316

SHAREHOLDERS' EQUITY
583,540

 
573,820

 
479,187

 
 
 
 
 
 
   TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
4,323,853

 
$
4,397,672

 
$
3,895,524

 
 
 
 
 
 
END OF PERIOD SHARES OUTSTANDING
26,498,279

 
26,671,368

 
24,992,238

 
 
 
 
 
 
TANGIBLE BOOK VALUE PER SHARE (1)
$
17.00

 
$
16.49

 
$
14.66

 
 
 
 
 
 
 
(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
 
 
March 31, 2020
 
December 31, 2019
 
March 31, 2019
INTEREST INCOME
 
 
 
 
 
   Interest and Fees on Loans
$
37,858

 
$
41,395

 
$
35,119

   Interest on Short-term Investments
158

 
133

 
141

   Interest and Dividends on Investment Securities
5,555

 
5,810

 
5,929

  TOTAL INTEREST INCOME
43,571

 
47,338

 
41,189

 
 
 
 
 
 
 
INTEREST EXPENSE
 
 
 
 
 
   Interest on Deposits
5,657

 
6,231

 
5,416

   Interest on Borrowings
1,658

 
1,692

 
2,182

  TOTAL INTEREST EXPENSE
7,315

 
7,923

 
7,598

 
 
 
 
 
 
 
   NET INTEREST INCOME
36,256

 
39,415

 
33,591

   Provision for Credit Losses
5,150

 
1,600

 
675

   NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
31,106

 
37,815

 
32,916

 
 
 
 
 
 
 
NON-INTEREST INCOME
 
 
 
 
 
   Net Gain on Sales of Loans
1,863

 
973

 
981

   Net Gain on Securities
590

 
264

 
155

   Other Non-interest Income
11,628

 
10,041

 
10,522

  TOTAL NON-INTEREST INCOME
14,081

 
11,278

 
11,658

 
 
 
 
 
 
 
NON-INTEREST EXPENSE
 
 
 
 
 
   Salaries and Benefits
17,400

 
17,145

 
15,044

   Other Non-interest Expenses
12,928

 
12,679

 
11,715

  TOTAL NON-INTEREST EXPENSE
30,328

 
29,824

 
26,759

 
 
 
 
 
 
 
   Income before Income Taxes
14,859

 
19,269

 
17,815

   Income Tax Expense
2,387

 
3,449

 
2,748

 
 
 
 
 
 
 
NET INCOME
$
12,472

 
$
15,820

 
$
15,067

 
 
 
 
 
 
 
BASIC EARNINGS PER SHARE
$
0.47

 
$
0.59

 
$
0.60

DILUTED EARNINGS PER SHARE
$
0.47

 
$
0.59

 
$
0.60

 
 
 
 
 
 
 
WEIGHTED AVERAGE SHARES OUTSTANDING
26,656,263

 
26,663,405

 
24,971,863

DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING
26,656,263

 
26,663,405

 
24,971,863

 
 
 
 
 
 
 


 
 
 
 
 



GERMAN AMERICAN BANCORP, INC.
(unaudited, dollars in thousands except per share data)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
March 31,
 
December 31,
 
March 31,
 
 
 
2020
 
2019
 
2019
EARNINGS PERFORMANCE RATIOS
 
 
 
 
 
 
 
Annualized Return on Average Assets
 
1.15
%
 
1.45
%
 
1.55
%
 
Annualized Return on Average Equity
 
8.66
%
 
11.14
%
 
12.98
%
 
Net Interest Margin
 
3.74
%
 
4.02
%
 
3.88
%
 
Efficiency Ratio (1)
 
59.39
%
 
57.98
%
 
58.23
%
 
Net Overhead Expense to Average Earning Assets (2)
 
1.63
%
 
1.87
%
 
1.69
%
 
 
 
 
 
 
 
 
ASSET QUALITY RATIOS
 
 
 
 
 
 
 
Annualized Net Charge-offs to Average Loans
 
0.06
%
 
0.15
%
 
0.04
%
 
Allowance for Credit Losses to Period End Loans
 
1.22
%
 
0.53
%
 
0.60
%
 
Non-performing Assets to Period End Assets
 
0.44
%
 
0.33
%
 
0.34
%
 
Non-performing Loans to Period End Loans
 
0.61
%
 
0.45
%
 
0.46
%
 
Loans 30-89 Days Past Due to Period End Loans
 
0.71
%
 
0.45
%
 
0.45
%
 
 
 
 
 
 
 
 
SELECTED BALANCE SHEET & OTHER FINANCIAL DATA
 
 
 
 
 
 
 
Average Assets
 
$
4,335,841

 
$
4,355,980

 
$
3,886,723

 
Average Earning Assets
 
$
3,975,054

 
$
3,974,919

 
$
3,568,971

 
Average Total Loans
 
$
3,059,398

 
$
3,076,509

 
$
2,718,808

 
Average Demand Deposits
 
$
847,891

 
$
839,906

 
$
691,107

 
Average Interest Bearing Liabilities
 
$
2,867,779

 
$
2,903,533

 
$
2,708,307

 
Average Equity
 
$
575,995

 
$
567,897

 
$
464,234

 
 
 
 
 
 
 
 
 
Period End Non-performing Assets (3)
 
$
19,079

 
$
14,417

 
$
13,114

 
Period End Non-performing Loans (4)
 
$
18,454

 
$
13,992

 
$
12,429

 
Period End Loans 30-89 Days Past Due (5)
 
$
21,500

 
$
13,959

 
$
12,197

 
 
 
 
 
 
 
 
 
Tax Equivalent Net Interest Income
 
$
36,984

 
$
40,158

 
$
34,299

 
Net Charge-offs during Period
 
$
440

 
$
1,191

 
$
255

 
 
 
 
 
 
 
 
(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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Entity File Number 001-15877
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