Parent Company Financial Statements

12 Months Ended

Dec. 31, 2011

Parent Company Financial Statements

NOTE 15 – Parent Company Financial Statements

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

CONDENSED BALANCE SHEETS

	December 31,
	2011		2010
ASSETS
Cash	$	21,822	$	8,381
Securities Available-for-Sale, at Fair Value		684		3,503
Investment in Subsidiary Bank		176,707		135,879
Investment in Non-banking Subsidiaries		2,980		3,488
Other Assets		5,357		7,019
Total Assets	$	207,550	$	158,270
LIABILITIES
Borrowings	$	36,974	$	33,750
Other Liabilities		2,966		2,986
Total Liabilities		39,940		36,736
SHAREHOLDERS’ EQUITY
Common Stock		12,594		11,105
Additional Paid-in Capital		95,039		69,297
Retained Earnings		49,434		36,232
Accumulated Other Comprehensive Income		10,543		4,900
Total Shareholders’ Equity		167,610		121,534
Total Liabilities and Shareholders’ Equity	$	207,550	$	158,270

CONDENSED STATEMENTS OF INCOME

	Years Ended December 31,
INCOME	2011			2010			2009
Dividends from Subsidiaries
Bank	$	22,500		$	14,000		$	8,000
Non-bank		1,350			—			—
Interest Income		38			30			57
Net Gain (Loss) on Securities		935			—			(423	)
Other Income		71			76			119
Total Income		24,894			14,106			7,753
EXPENSES
Salaries and Employee Benefits		444			420			364
Professional Fees		379			842			342
Occupancy and Equipment Expense		8			8			7
Interest Expense		2,239			1,878			1,459
Other Expenses		357			281			292
Total Expenses		3,427			3,429			2,464
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES		21,467			10,677			5,289
Income Tax Benefit		1,364			1,178			1,237
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES		22,831			11,855			6,526
Equity in Undistributed (Excess Distributed) Income of Subsidiaries		(2,582	)		1,550			5,692
NET INCOME		20,249			13,405			12,218
Other Comprehensive Income:
Unrealized Gain on Securities, Net		5,677			474			1,908
Changes in Unrecognized Amounts in Pension		4			(13	)		(47	)
Changes in Unrecognized Loss on Postretirement Benefit Obligation		(38	)		(176	)		—
TOTAL COMPREHENSIVE INCOME	$	25,892		$	13,690		$	14,079

CONDENSED STATEMENTS OF CASH FLOWS 

	Years Ended December 31,
	2011			2010			2009
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	20,249		$	13,405		$	12,218
Adjustments to Reconcile Net Income to Net Cash from Operations
Loss (Gain) on Securities, Net		(935	)		—			423
Change in Other Assets		3,656			(1,995	)		(963	)
Change in Other Liabilities		(2,179	)		612			325
Equity Based Compensation		635			405			485
Excess Tax Benefit from Restricted Share Grant		(37	)		(99	)		—
Equity in Excess Distributed (Undistributed) Income of Subsidiaries		2,582			(1,550	)		(5,692	)
Net Cash from Operating Activities		23,971			10,778			6,796
CASH FLOWS FROM INVESTING ACTIVITIES
Capital Contribution to Subsidiaries		—			—			(15,000	)
Proceeds from Sales, Redemptions of Securities Available-for-Sale		—			400			379
Acquire Banking Entities		(1,995	)		—			—
Net Cash from Investing Activities		(1,995	)		400			(14,621	)
CASH FLOWS FROM FINANCING ACTIVITIES
Change in Short-term Borrowings		—			—			—
Advances in Long-term Debt		—			—			19,250
Repayment of Long-term Debt		(1,500	)		(1,500	)		(1,500	)
Income Tax Benefit from Restricted Share Grant		37			99			—
Employee Stock Purchase Plan		(25	)		(30	)		(2	)
Dividends Paid		(7,047	)		(6,214	)		(6,196	)
Net Cash from Financing Activities		(8,535	)		(7,645	)		11,552
Net Change in Cash and Cash Equivalents		13,441			3,533			3,727
Cash and Cash Equivalents at Beginning of Year		8,381			4,848			1,121
Cash and Cash Equivalents at End of Year	$	21,822		$	8,381		$	4,848