Parent Company Financial Statements

12 Months Ended

Dec. 31, 2021

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

CONDENSED BALANCE SHEETS


	December 31,
	2021		2020
ASSETS
Cash	$	86,391	$	47,533
Other Investments	353		353
Investment in Subsidiary Bank	616,459		614,661
Investment in Non-banking Subsidiaries	5,973		5,956
Other Assets	20,678		17,247
Total Assets	$	729,854	$	685,750

LIABILITIES
Borrowings	$	55,804	$	55,400
Other Liabilities	5,591		5,641
Total Liabilities	61,395		61,041

SHAREHOLDERS’ EQUITY
Common Stock	26,554		26,502
Additional Paid-in Capital	276,057		274,385
Retained Earnings	350,364		288,447
Accumulated Other Comprehensive Income (Loss)	15,484		35,375
Total Shareholders’ Equity	668,459		624,709
Total Liabilities and Shareholders’ Equity	$	729,854	$	685,750

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


	Years Ended December 31,
	2021		2020		2019
INCOME
Dividends from Subsidiaries
Bank	$	65,000	$	40,000	$	45,000
Non-bank	1,470		1,580		1,400
Interest Income	109		118		102
Other Income (Loss)	11		25		(2)
Total Income	66,590		41,723		46,500

EXPENSES
Salaries and Employee Benefits	537		498		530
Professional Fees	1,256		564		1,685
Occupancy and Equipment Expense	10		7		7
Interest Expense	2,763		2,907		2,781
Other Expenses	1,200		1,286		975
Total Expenses	5,766		5,262		5,978
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	60,824		36,461		40,522
Income Tax Benefit	1,607		1,922		1,712
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	62,431		38,383		42,234
Equity in Undistributed Income of Subsidiaries	21,706		23,827		16,988
NET INCOME	84,137		62,210		59,222

Other Comprehensive Income:
Changes in Unrealized Gain (Loss) on Securities, Available-for-Sale	(19,891)		20,270		22,432
Changes in Unrecognized Loss in Postretirement Benefit Obligation, Net	—		—		(229)
TOTAL COMPREHENSIVE INCOME	$	64,246	$	82,480	$	81,425

CONDENSED STATEMENTS OF CASH FLOWS


	Years Ended December 31,
	2021		2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	84,137	$	62,210	$	59,222
Adjustments to Reconcile Net Income to Net Cash from Operations
Change in Other Assets	(3,939)		(8,575)		31
Change in Other Liabilities	863		(142)		(406)
Equity Based Compensation	1,723		1,051		1,287
Excess Tax Benefit from Restricted Share Grant	—		3		25
Equity in Excess Undistributed Income of Subsidiaries	(21,706)		(23,827)		(16,988)
Net Cash from Operating Activities	61,078		30,720		43,171

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

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Issuance of Long-term Debt	—		—		39,213
Repayment of Long-term Debt	—		—		(25,000)
Issuance (Retirement) of Common Stock	—		(5,789)		—
Dividends Paid	(22,220)		(20,136)		(17,556)
Net Cash from Financing Activities	(22,220)		(25,925)		(3,343)

Net Change in Cash and Cash Equivalents	38,858		4,795		24,870
Cash and Cash Equivalents at Beginning of Year	47,533		42,738		17,868
Cash and Cash Equivalents at End of Year	$	86,391	$	47,533	$	42,738