Parent Company Financial Statements

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Statements

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

CONDENSED BALANCE SHEETS

	December 31,
	2022		2021
ASSETS
Cash	$	46,541	$	86,391
Other Investments	353		353
Investment in Subsidiary Bank	566,494		616,459
Investment in Non-banking Subsidiaries	6,747		5,973
Other Assets	19,165		20,678
Total Assets	$	639,300	$	729,854
LIABILITIES
Borrowings	$	74,788	$	55,804
Other Liabilities	6,119		5,591
Total Liabilities	80,907		61,395
SHAREHOLDERS’ EQUITY
Common Stock	29,493		26,554
Additional Paid-in Capital	387,171		276,057
Retained Earnings	405,167		350,364
Accumulated Other Comprehensive Income (Loss)	(263,438)		15,484
Total Shareholders’ Equity	558,393		668,459
Total Liabilities and Shareholders’ Equity	$	639,300	$	729,854

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

	Years Ended December 31,
	2022		2021		2020
INCOME
Dividends from Subsidiaries
Bank	$	35,000	$	65,000	$	40,000
Non-bank	—		1,470		1,580
Interest Income	104		109		118
Other Income (Loss)	31		11		25
Total Income	35,135		66,590		41,723
EXPENSES
Salaries and Employee Benefits	535		537		498
Professional Fees	1,989		1,256		564
Occupancy and Equipment Expense	8		10		7
Interest Expense	3,963		2,763		2,907
Other Expenses	1,162		1,200		1,286
Total Expenses	7,657		5,766		5,262
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	27,478		60,824		36,461
Income Tax Benefit	1,947		1,607		1,922
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	29,425		62,431		38,383
Equity in Undistributed Income of Subsidiaries	52,400		21,706		23,827
NET INCOME	81,825		84,137		62,210
Other Comprehensive Income (Loss):
Changes in Unrealized Gain (Loss) on Securities, Available-for-Sale	(278,976)		(19,891)		20,270
Changes in Unrecognized Loss in Postretirement Benefit Obligation, Net	54		—		—
TOTAL COMPREHENSIVE INCOME (LOSS)	$	(197,097)	$	64,246	$	82,480

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2022		2021		2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	81,825	$	84,137	$	62,210
Adjustments to Reconcile Net Income to Net Cash from Operations
Change in Other Assets	3,861		(3,939)		(8,575)
Change in Other Liabilities	1,200		863		(142)
Equity Based Compensation	2,330		1,723		1,051
Excess Tax Benefit from Restricted Share Grant	—		—		3
Equity in Excess Undistributed Income of Subsidiaries	(52,400)		(21,706)		(23,827)
Net Cash from Operating Activities	36,816		61,078		30,720
CASH FLOWS FROM INVESTING ACTIVITIES
Cash Used for Business Acquisitions	(49,644)		—		—
Net Cash from Investing Activities	(49,644)		—		—
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance (Retirement) of Common Stock	—		—		(5,789)
Dividends Paid	(27,022)		(22,220)		(20,136)
Net Cash from Financing Activities	(27,022)		(22,220)		(25,925)
Net Change in Cash and Cash Equivalents	(39,850)		38,858		4,795
Cash and Cash Equivalents at Beginning of Year	86,391		47,533		42,738
Cash and Cash Equivalents at End of Year	$	46,541	$	86,391	$	47,533