Parent Company Financial Statements

12 Months Ended

Dec. 31, 2023

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,
	2023		2022
ASSETS
Cash	$	66,835	$	46,541
Securities Available-for-Sale	4,112		—
Other Investments	353		353
Investment in Subsidiary Bank	652,452		566,494
Investment in Non-banking Subsidiaries	1,975		6,747
Other Assets	15,097		19,165
Total Assets	$	740,824	$	639,300
LIABILITIES
Borrowings	$	75,327	$	74,788
Other Liabilities	1,939		6,119
Total Liabilities	77,266		80,907
SHAREHOLDERS’ EQUITY
Common Stock	29,585		29,493
Additional Paid-in Capital	389,411		387,171
Retained Earnings	461,622		405,167
Accumulated Other Comprehensive Income (Loss)	(217,060)		(263,438)
Total Shareholders’ Equity	663,558		558,393
Total Liabilities and Shareholders’ Equity	$	740,824	$	639,300

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

	Years Ended December 31,
	2023		2022		2021
INCOME
Dividends from Subsidiaries
Bank	$	50,000	$	35,000	$	65,000
Non-bank	—		—		1,470
Interest Income	277		104		109
Other Income (Loss)	(28)		31		11
Total Income	50,249		35,135		66,590
EXPENSES
Salaries and Employee Benefits	535		535		537
Professional Fees	777		1,989		1,256
Occupancy and Equipment Expense	8		8		10
Interest Expense	5,360		3,963		2,763
Other Expenses	1,183		1,162		1,200
Total Expenses	7,863		7,657		5,766
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	42,386		27,478		60,824
Income Tax Benefit	2,215		1,947		1,607
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	44,601		29,425		62,431
Equity in Undistributed Income of Subsidiaries	41,287		52,400		21,706
NET INCOME	85,888		81,825		84,137
Other Comprehensive Income (Loss):
Changes in Unrealized Gain (Loss) on Securities, Available-for-Sale	46,378		(278,976)		(19,891)
Changes in Unrecognized Loss in Postretirement Benefit Obligation, Net	—		54		—
TOTAL COMPREHENSIVE INCOME (LOSS)	$	132,266	$	(197,097)	$	64,246

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2023		2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	85,888	$	81,825	$	84,137
Adjustments to Reconcile Net Income to Net Cash from Operations
Change in Other Assets	3,929		3,861		(3,939)
Change in Other Liabilities	(3,113)		1,200		863
Equity Based Compensation	2,332		2,330		1,723
Equity in Excess Undistributed Income of Subsidiaries	(41,287)		(52,400)		(21,706)
Net Cash from Operating Activities	47,749		36,816		61,078
CASH FLOWS FROM INVESTING ACTIVITIES
Cash Used for Business Acquisitions	—		(49,644)		—
Net Equity in Dissolution of Subsidiary	1,978		—		—
Net Cash from Investing Activities	1,978		(49,644)		—
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends Paid	(29,433)		(27,022)		(22,220)
Net Cash from Financing Activities	(29,433)		(27,022)		(22,220)
Net Change in Cash and Cash Equivalents	20,294		(39,850)		38,858
Cash and Cash Equivalents at Beginning of Year	46,541		86,391		47,533
Cash and Cash Equivalents at End of Year	$	66,835	$	46,541	$	86,391