Indiana | 001-15877 | 35-1547518 | ||
(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification Number)
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711 Main Street
Box 810
Jasper, Indiana
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47546
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(Address of principal executive offices)
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(Zip Code)
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99.1
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Press release dated April 28, 2011. This exhibit 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.
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GERMAN AMERICAN BANCORP, INC. | ||
By: /s/ Mark A. Schroeder
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||
Mark A. Schroeder, Chairman of the Board and Chief Executive Officer |
April 28, 2011
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GERMAN AMERICAN BANCORP, INC. (GABC)
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|
REPORTS STRONG FIRST QUARTER PERFORMANCE
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End of Period Loan Balances
|
03/31/11
|
12/31/10
|
$ Change
|
|||||||||
Commercial & Industrial Loans
|
$ | 282,681 | $ | 218,443 | $ | 64,238 | ||||||
Commercial Real Estate Loans
|
444,531 | 339,555 | 104,976 | |||||||||
Agricultural Loans
|
145,136 | 165,166 | (20,030 | ) | ||||||||
Consumer Loans
|
127,880 | 118,244 | 9,636 | |||||||||
Residential Mortgage Loans
|
97,479 | 77,310 | 20,169 | |||||||||
$ | 1,097,707 | $ | 918,718 | $ | 178,989 |
End of Period Deposit Balances
|
03/31/11
|
12/31/10
|
$ Change
|
|||||||||
Non-interest-bearing Demand Deposits
|
$ | 242,159 | $ | 184,204 | $ | 57,955 | ||||||
IB Demand, Savings, and MMDA Accounts
|
849,163 | 541,532 | 307,631 | |||||||||
Time Deposits < $100,000
|
291,765 | 272,963 | 18,802 | |||||||||
Time Deposits > $100,000 and Brokered Deposits
|
101,859 | 88,587 | 13,272 | |||||||||
$ | 1,484,946 | $ | 1,087,286 | $ | 397,660 |
Summary Average Balance Sheet
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||||||||||||
(Tax-equivalent basis / $ in thousands)
|
||||||||||||
Quarter Ended March 31, 2011
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||||||||||||
Principal Balance
|
Income/ Expense
|
Yield/Rate
|
||||||||||
Assets
|
||||||||||||
Federal Funds Sold and Other Short-term Investments
|
$ | 110,226 | $ | 65 | 0.24 | % | ||||||
Securities
|
395,355 | 3,412 | 3.45 | % | ||||||||
Loans and Leases
|
1,114,310 | 16,303 | 5.92 | % | ||||||||
Total Interest Earning Assets
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$ | 1,619,891 | $ | 19,780 | 4.93 | % | ||||||
Liabilities
|
||||||||||||
Demand Deposit Accounts
|
$ | 243,622 | ||||||||||
IB Demand, Savings, and MMDA Accounts
|
$ | 804,944 | $ | 1,266 | 0.64 | % | ||||||
Time Deposits
|
400,483 | 2,127 | 2.16 | % | ||||||||
FHLB Advances and Other Borrowings
|
130,977 | 1,019 | 3.16 | % | ||||||||
Total Interest-Bearing Liabilities
|
$ | 1,336,404 | $ | 4,412 | 1.34 | % | ||||||
Cost of Funds
|
1.10 | % | ||||||||||
Net Interest Income
|
$ | 15,368 | ||||||||||
Net Interest Margin
|
3.83 | % | ||||||||||
Summary Average Balance Sheet
|
||||||||||||
(Tax-equivalent basis / $ in thousands)
|
||||||||||||
Quarter Ended December 31, 2010
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||||||||||||
Principal Balance
|
Income/ Expense
|
Yield/Rate
|
||||||||||
Assets
|
||||||||||||
Federal Funds Sold and Other Short-term Investments
|
$ | 61,349 | $ | 28 | 0.18 | % | ||||||
Securities
|
323,674 | 2,857 | 3.53 | % | ||||||||
Loans and Leases
|
922,672 | 13,632 | 5.87 | % | ||||||||
Total Interest Earning Assets
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$ | 1,307,695 | $ | 16,517 | 5.02 | % | ||||||
Liabilities
|
||||||||||||
Demand Deposit Accounts
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$ | 194,254 | ||||||||||
IB Demand, Savings, and MMDA Accounts
|
$ | 562,673 | $ | 399 | 0.28 | % | ||||||
Time Deposits
|
361,160 | 2,222 | 2.44 | % | ||||||||
FHLB Advances and Other Borrowings
|
142,791 | 1,063 | 2.95 | % | ||||||||
Total Interest-Bearing Liabilities
|
$ | 1,066,624 | $ | 3,684 | 1.37 | % | ||||||
Cost of Funds
|
1.12 | % | ||||||||||
Net Interest Income
|
$ | 12,833 | ||||||||||
Net Interest Margin
|
3.90 | % |
Summary Average Balance Sheet
|
||||||||||||
(Tax-equivalent basis / $ in thousands)
|
||||||||||||
Quarter Ended March 31, 2010
|
||||||||||||
Principal Balance
|
Income/ Expense
|
Yield/Rate
|
||||||||||
Assets
|
||||||||||||
Federal Funds Sold and Other Short-term Investments
|
$ | 25,257 | $ | 9 | 0.15 | % | ||||||
Securities
|
264,801 | 2,875 | 4.34 | % | ||||||||
Loans and Leases
|
877,629 | 12,906 | 5.96 | % | ||||||||
Total Interest Earning Assets
|
$ | 1,167,687 | $ | 15,790 | 5.46 | % | ||||||
Liabilities
|
||||||||||||
Demand Deposit Accounts
|
$ | 154,219 | ||||||||||
IB Demand, Savings, and MMDA Accounts
|
$ | 476,246 | $ | 426 | 0.36 | % | ||||||
Time Deposits
|
342,488 | 2,186 | 2.59 | % | ||||||||
FHLB Advances and Other Borrowings
|
151,318 | 1,322 | 3.54 | % | ||||||||
Total Interest-Bearing Liabilities
|
$ | 970,052 | $ | 3,934 | 1.64 | % | ||||||
Cost of Funds
|
1.36 | % | ||||||||||
Net Interest Income
|
$ | 11,856 | ||||||||||
Net Interest Margin
|
4.10 | % |
Qtr. Ended
|
Qtr. Ended
|
Qtr. Ended
|
||||||||||
Non-interest Income
|
03/31/11
|
12/31/10
|
03/31/10
|
|||||||||
Trust and Investment Product Fees
|
$ | 464 | $ | 448 | $ | 391 | ||||||
Service Charges on Deposit Accounts
|
941 | 991 | 946 | |||||||||
Insurance Revenues
|
2,049 | 1,255 | 1,686 | |||||||||
Company Owned Life Insurance
|
353 | 221 | 202 | |||||||||
Other Operating Income
|
753 | 684 | 1,036 | |||||||||
Subtotal
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4,560 | 3,599 | 4,261 | |||||||||
Net Gains on Sales of Loans
|
409 | 541 | 318 | |||||||||
Net Gain (Loss) on Securities
|
1,045 | - | - | |||||||||
Total Non-interest Income
|
$ | 6,014 | $ | 4,140 | $ | 4,579 |
Qtr. Ended
|
Qtr. Ended
|
Qtr. Ended
|
||||||||||
Non-interest Expense
|
03/31/11
|
12/31/10
|
03/31/10
|
|||||||||
Salaries and Employee Benefits
|
$ | 7,401 | $ | 5,763 | $ | 5,549 | ||||||
Occupancy, Furniture and Equipment Expense
|
1,855 | 1,572 | 1,539 | |||||||||
FDIC Premiums
|
514 | 412 | 352 | |||||||||
Data Processing Fees
|
1,105 | 357 | 359 | |||||||||
Professional Fees
|
605 | 542 | 521 | |||||||||
Advertising and Promotion
|
303 | 363 | 269 | |||||||||
Intangible Amortization
|
517 | 171 | 218 | |||||||||
Other Operating Expenses
|
1,570 | 1,572 | 1,459 | |||||||||
Total Non-interest Expense
|
$ | 13,870 | $ | 10,752 | $ | 10,266 |
Quarter Ended March 31, 2011 compared with Quarter Ended March 31, 2010
|
||||
(Dollars in 000s except per share data)
|
Qtr. Ended
|
|||
3/31/2011
|
||||
Net Income, as reported
|
$ | 4,645 | ||
Net Operating Income, Bank of Evansville
|
405 | |||
Net Income, Merger Related and Acquisition Accounting Items
|
386 | |||
Net Income, as adjusted
|
$ | 3,854 | ||
Net Income, as reported Quarter Ended 03/31/10
|
3,251 | |||
Difference
|
$ | 603 | ||
Fully Diluted Weighted Average Shares Outstanding, as reported
|
12,554,876 | |||
Average Shares Outstanding as result of Acquisition of American Community Bancorp, Inc.
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1,448,560 | |||
Fully Diluted Weighted Average Shares Outstanding, as adjusted
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$ | 11,106,316 | ||
Fully Diluted Earnings Per Share, as reported
|
$ | 0.37 | ||
Fully Diluted Earnings Per Share, as adjusted (as adjusted net income and fully diluted average shares outstanding)
|
$ | 0.35 | ||
Fully Diluted Earnings Per Share, as reported for Quarter Ended 03/31/10
|
$ | 0.29 |
Quarter Ended March 31, 2011 compared with Quarter Ended December 31, 2010
|
||||
(Dollars in 000s except per share data)
|
Qtr. Ended
|
|||
3/31/2011
|
||||
Net Income, as reported
|
$ | 4,645 | ||
Net Operating Income, Bank of Evansville
|
405 | |||
Net Income, Merger Related and Acquisition Accounting Items
|
386 | |||
Net Income, as adjusted
|
$ | 3,854 | ||
Net Income, as reported Quarter Ended 12/31/10
|
3,152 | |||
Difference
|
$ | 702 | ||
Fully Diluted Weighted Average Shares Outstanding, as reported
|
12,554,876 | |||
Average Shares Outstanding as result of Acquisition of American Community Bancorp, Inc.
|
1,448,560 | |||
Fully Diluted Weighted Average Shares Outstanding, as adjusted
|
$ | 11,106,316 | ||
Fully Diluted Earnings Per Share, as reported
|
$ | 0.37 | ||
Fully Diluted Earnings Per Share, as adjusted (as adjusted net income and fully diluted average shares outstanding)
|
$ | 0.35 | ||
Fully Diluted Earnings Per Share, as reported for Quarter Ended 12/31/10
|
$ | 0.28 |
GERMAN AMERICAN BANCORP, INC.
|
||||||||||||
(unaudited, dollars in thousands except per share data)
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||||||||||||
Consolidated Balance Sheets
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||||||||||||
March 31,
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December 31,
|
March 31,
|
||||||||||
2011
|
2010
|
2010
|
||||||||||
ASSETS
|
||||||||||||
Cash and Due from Banks
|
$ | 25,606 | $ | 15,021 | $ | 15,480 | ||||||
Short-term Investments
|
48,665 | 4,250 | 29,919 | |||||||||
Interest-bearing Time Deposits with Banks
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10,372 | - | - | |||||||||
Investment Securities
|
472,449 | 348,351 | 262,833 | |||||||||
Loans Held-for-Sale
|
2,862 | 11,850 | 5,270 | |||||||||
Loans, Net of Unearned Income
|
1,096,123 | 917,236 | 866,018 | |||||||||
Allowance for Loan Losses
|
(14,173 | ) | (13,317 | ) | (10,713 | ) | ||||||
Net Loans
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1,081,950 | 903,919 | 855,305 | |||||||||
Stock in FHLB and Other Restricted Stock
|
9,863 | 9,207 | 10,621 | |||||||||
Premises and Equipment
|
35,550 | 25,974 | 21,122 | |||||||||
Goodwill and Other Intangible Assets
|
24,955 | 12,459 | 12,055 | |||||||||
Other Assets
|
49,367 | 44,857 | 41,407 | |||||||||
TOTAL ASSETS
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$ | 1,761,639 | $ | 1,375,888 | $ | 1,254,012 | ||||||
LIABILITIES
|
||||||||||||
Non-interest-bearing Demand Deposits
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$ | 242,159 | $ | 184,204 | $ | 158,163 | ||||||
Interest-bearing Demand, Savings, and
|
||||||||||||
Money Market Accounts
|
849,163 | 541,532 | 473,278 | |||||||||
Time Deposits
|
393,624 | 361,550 | 341,554 | |||||||||
Total Deposits
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1,484,946 | 1,087,286 | 972,995 | |||||||||
Borrowings
|
110,750 | 153,717 | 151,647 | |||||||||
Other Liabilities
|
14,609 | 13,351 | 13,121 | |||||||||
TOTAL LIABILITIES
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1,610,305 | 1,254,354 | 1,137,763 | |||||||||
SHAREHOLDERS' EQUITY
|
||||||||||||
Common Stock and Surplus
|
107,127 | 80,402 | 79,994 | |||||||||
Retained Earnings
|
39,119 | 36,232 | 30,741 | |||||||||
Accumulated Other Comprehensive Income
|
5,088 | 4,900 | 5,514 | |||||||||
TOTAL SHAREHOLDERS' EQUITY
|
151,334 | 121,534 | 116,249 | |||||||||
TOTAL LIABILITIES AND
|
||||||||||||
SHAREHOLDERS' EQUITY
|
$ | 1,761,639 | $ | 1,375,888 | $ | 1,254,012 | ||||||
END OF PERIOD SHARES OUTSTANDING
|
12,590,304 | 11,105,583 | 11,101,560 | |||||||||
BOOK VALUE PER SHARE
|
$ | 12.02 | $ | 10.94 | $ | 10.47 |
GERMAN AMERICAN BANCORP, INC.
|
||||||||||||
(unaudited, dollars in thousands except per share data)
|
||||||||||||
Consolidated Statements of Income
|
||||||||||||
Three Months Ended
|
||||||||||||
March 31,
|
December 31,
|
March 31,
|
||||||||||
2011
|
2010
|
2010
|
||||||||||
INTEREST INCOME
|
||||||||||||
Interest and Fees on Loans
|
$ | 16,241 | $ | 13,565 | $ | 12,839 | ||||||
Interest on Short-term Investments and Time Deposits
|
65 | 28 | 9 | |||||||||
Interest and Dividends on Investment Securities
|
3,213 | 2,721 | 2,735 | |||||||||
TOTAL INTEREST INCOME
|
19,519 | 16,314 | 15,583 | |||||||||
INTEREST EXPENSE
|
||||||||||||
Interest on Deposits
|
3,393 | 2,621 | 2,612 | |||||||||
Interest on Borrowings
|
1,019 | 1,063 | 1,322 | |||||||||
TOTAL INTEREST EXPENSE
|
4,412 | 3,684 | 3,934 | |||||||||
NET INTEREST INCOME
|
15,107 | 12,630 | 11,649 | |||||||||
Provision for Loan Losses
|
1,300 | 1,350 | 1,500 | |||||||||
NET INTEREST INCOME AFTER
|
||||||||||||
PROVISION FOR LOAN LOSSES
|
13,807 | 11,280 | 10,149 | |||||||||
NON-INTEREST INCOME
|
||||||||||||
Net Gain on Sales of Loans
|
409 | 541 | 318 | |||||||||
Net Gain (Loss) on Securities
|
1,045 | - | - | |||||||||
Other Non-interest Income
|
4,560 | 3,599 | 4,261 | |||||||||
TOTAL NON-INTEREST INCOME
|
6,014 | 4,140 | 4,579 | |||||||||
NON-INTEREST EXPENSE
|
||||||||||||
Salaries and Benefits
|
7,401 | 5,763 | 5,549 | |||||||||
Other Non-interest Expenses
|
6,469 | 4,989 | 4,717 | |||||||||
TOTAL NON-INTEREST EXPENSE
|
13,870 | 10,752 | 10,266 | |||||||||
Income before Income Taxes
|
5,951 | 4,668 | 4,462 | |||||||||
Income Tax Expense
|
1,306 | 1,516 | 1,211 | |||||||||
NET INCOME
|
$ | 4,645 | $ | 3,152 | $ | 3,251 | ||||||
EARNINGS PER SHARE & DILUTED EARNINGS PER SHARE
|
$ | 0.37 | $ | 0.28 | $ | 0.29 | ||||||
WEIGHTED AVERAGE SHARES OUTSTANDING
|
12,546,310 | 11,105,323 | 11,081,680 | |||||||||
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING
|
12,554,876 | 11,114,793 | 11,088,387 |
GERMAN AMERICAN BANCORP, INC.
|
|||||||||||||
(unaudited, dollars in thousands except per share data)
|
|||||||||||||
Three Months Ended
|
|||||||||||||
March 31,
|
December 31,
|
March 31,
|
|||||||||||
2011
|
2010
|
2010
|
|||||||||||
EARNINGS PERFORMANCE RATIOS
|
|||||||||||||
Annualized Return on Average Assets
|
1.06 | % | 0.90 | % | 1.04 | % | |||||||
Annualized Return on Average Equity
|
11.91 | % | 10.14 | % | 11.28 | % | |||||||
Net Interest Margin
|
3.83 | % | 3.90 | % | 4.10 | % | |||||||
Efficiency Ratio (1)
|
64.87 | % | 63.35 | % | 62.47 | % | |||||||
Net Overhead Expense to Average Earning Assets (2)
|
1.94 | % | 2.02 | % | 1.95 | % | |||||||
ASSET QUALITY RATIOS
|
|||||||||||||
Annualized Net Charge-offs to Average Loans
|
0.16 | % | -0.12 | % | 0.82 | % | |||||||
Allowance for Loan Losses to Period End Loans
|
1.29 | % | 1.45 | % | 1.24 | % | |||||||
Non-performing Assets to Period End Assets
|
1.27 | % | 0.97 | % | 0.87 | % | |||||||
Non-performing Loans to Period End Loans
|
1.73 | % | 1.22 | % | 1.08 | % | |||||||
Loans 30-89 Days Past Due to Period End Loans
|
0.46 | % | 0.65 | % | 0.69 | % | |||||||
SELECTED BALANCE SHEET & OTHER FINANCIAL DATA
|
|||||||||||||
Average Assets
|
$ | 1,750,042 | $ | 1,399,100 | $ | 1,252,897 | |||||||
Average Earning Assets
|
$ | 1,619,892 | $ | 1,307,695 | $ | 1,167,687 | |||||||
Average Total Loans
|
$ | 1,114,310 | $ | 922,672 | $ | 877,630 | |||||||
Average Demand Deposits
|
$ | 243,622 | $ | 194,254 | $ | 154,219 | |||||||
Average Interest Bearing Liabilities
|
$ | 1,336,404 | $ | 1,066,624 | $ | 970,053 | |||||||
Average Equity
|
$ | 156,059 | $ | 124,329 | $ | 115,235 | |||||||
Period End Non-performing Assets (3)
|
$ | 22,377 | $ | 13,312 | $ | 10,972 | |||||||
Period End Non-performing Loans (4)
|
$ | 18,943 | $ | 11,217 | $ | 9,333 | |||||||
Period End Loans 30-89 Days Past Due (5)
|
$ | 5,015 | $ | 5,986 | $ | 5,955 | |||||||
Tax Equivalent Net Interest Income
|
$ | 15,368 | $ | 12,833 | $ | 11,856 | |||||||
Net Charge-offs during Period
|
$ | 444 | $ | (267 | ) | $ | 1,803 | ||||||
(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, Restructured Loans, and Other Real Estate Owned.
|
||||||||||||
(4)
|
Non-performing loans are defined as Non-accrual Loans, Loans Past Due 90 days or more, and Restructured Loans.
|
||||||||||||
(5)
|
Loans 30-89 days past due and still accruing.
|