On November 1, 2011, German American Bancorp, Inc. (the "Company" or "German American"), issued a press release announcing its results for the quarter and nine-month periods ended September 30, 2011, and making other disclosures. The press release (including the accompanying unaudited consolidated financial statements as of and for the quarter and nine-month periods ended September 30, 2011, and other financial data) is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The information incorporated by reference herein from Exhibit 99.1 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.
As announced in the press release that is furnished as Exhibit 99.1 to this report, the Company's Board of Directors has declared a cash dividend of $0.14 per share which will be payable on November 20, 2011 to shareholders of record as of November 10, 2011.
Exhibits
99.1 Press release dated November 1, 2011. This exhibit shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
German American Bancorp, Inc. |
By: | /s/ Mark A. Schroeder |
Name: Mark A. Schroeder | |
Title: Chairman of the Board and Chief Executive Officer |
Exhibit No.
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Description
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EX-99.1
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November 1 2011 Press Release German American Bancorp
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November 1, 2011
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GERMAN AMERICAN BANCORP, INC. (GABC)
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REPORTS ANOTHER RECORD QUARTER & RECORD YEAR-TO-DATE EARNINGS
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End of Period Loan Balances
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09/30/11
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06/30/11
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$ Change
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|||||||||
(dollars in thousands)
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||||||||||||
Commercial & Industrial Loans
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$ | 290,519 | $ | 293,439 | $ | (2,920 | ) | |||||
Commercial Real Estate Loans
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450,596 | 440,704 | 9,892 | |||||||||
Agricultural Loans
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157,310 | 152,229 | 5,081 | |||||||||
Consumer Loans
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126,648 | 128,275 | (1,627 | ) | ||||||||
Residential Mortgage Loans
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89,741 | 93,975 | (4,234 | ) | ||||||||
$ | 1,114,814 | $ | 1,108,622 | $ | 6,192 |
Non-performing Assets
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9/30/11 | 6/30/11 | ||||||
(dollars in thousands)
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||||||||
Non-Accrual Loans
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$ | 14,331 | $ | 17,005 | ||||
Past Due Loans (90 days or more)
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- | 150 | ||||||
Restructured Loans
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420 | 430 | ||||||
Total Non-Performing Loans
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14,751 | 17,585 | ||||||
Other Real Estate
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3,004 | 2,317 | ||||||
Total Non-Performing Assets
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$ | 17,755 | $ | 19,902 |
End of Period Deposit Balances
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09/30/11
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06/30/11
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$ Change
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(dollars in thousands)
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||||||||||||
Non-interest-bearing Demand Deposits
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$ | 272,846 | $ | 248,979 | $ | 23,867 | ||||||
IB Demand, Savings, and MMDA Accounts
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881,424 | 876,949 | 4,475 | |||||||||
Time Deposits < $100,000
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283,321 | 285,691 | (2,370 | ) | ||||||||
Time Deposits > $100,000
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116,187 | 109,630 | 6,557 | |||||||||
$ | 1,553,778 | $ | 1,521,249 | $ | 32,529 |
Summary Average Balance Sheet
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Quarter Ended September 30, 2011 | |||||||||||
(Tax-equivalent basis / dollars in thousands)
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||||||||||||
Principal Balance
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Income/ Expense
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Yield/Rate
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||||||||||
Assets
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||||||||||||
Federal Funds Sold and Other Short-term Investments
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$ | 82,010 | $ | 48 | 0.23 | % | ||||||
Securities
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524,862 | 4,382 | 3.34 | % | ||||||||
Loans and Leases
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1,110,637 | 15,993 | 5.72 | % | ||||||||
Total Interest Earning Assets
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$ | 1,717,509 | $ | 20,423 | 4.73 | % | ||||||
Liabilities
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||||||||||||
Demand Deposit Accounts
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$ | 256,764 | ||||||||||
IB Demand, Savings, and MMDA Accounts
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$ | 879,435 | $ | 989 | 0.45 | % | ||||||
Time Deposits
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393,693 | 1,834 | 1.85 | % | ||||||||
FHLB Advances and Other Borrowings
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128,356 | 1,079 | 3.34 | % | ||||||||
Total Interest-Bearing Liabilities
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$ | 1,401,484 | $ | 3,902 | 1.10 | % | ||||||
Cost of Funds
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0.90 | % | ||||||||||
Net Interest Income
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$ | 16,521 | ||||||||||
Net Interest Margin
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3.83 | % | ||||||||||
Summary Average Balance Sheet
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Quarter Ended June 30, 2011 | |||||||||||
(Tax-equivalent basis / dollars in thousands)
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||||||||||||
Principal Balance
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Income/ Expense
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Yield/Rate
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||||||||||
Assets
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||||||||||||
Federal Funds Sold and Other Short-term Investments
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$ | 86,689 | $ | 66 | 0.30 | % | ||||||
Securities
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487,038 | 4,236 | 3.48 | % | ||||||||
Loans and Leases
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1,107,014 | 16,506 | 5.98 | % | ||||||||
Total Interest Earning Assets
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$ | 1,680,741 | $ | 20,808 | 4.96 | % | ||||||
Liabilities
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||||||||||||
Demand Deposit Accounts
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$ | 248,055 | ||||||||||
IB Demand, Savings, and MMDA Accounts
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$ | 881,955 | $ | 1,239 | 0.56 | % | ||||||
Time Deposits
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391,181 | 2,009 | 2.06 | % | ||||||||
FHLB Advances and Other Borrowings
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114,290 | 1,009 | 3.54 | % | ||||||||
Total Interest-Bearing Liabilities
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$ | 1,387,426 | $ | 4,257 | 1.23 | % | ||||||
Cost of Funds
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1.01 | % | ||||||||||
Net Interest Income
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$ | 16,551 | ||||||||||
Net Interest Margin
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3.95 | % |
Summary Average Balance Sheet
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Quarter Ended September 30, 2010 | |||||||||||
(Tax-equivalent basis / dollars in thousands)
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||||||||||||
Principal Balance
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Income/ Expense
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Yield/Rate
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||||||||||
Assets
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||||||||||||
Federal Funds Sold and Other Short-term Investments
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$ | 25,241 | $ | 12 | 0.19 | % | ||||||
Securities
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314,705 | 2,804 | 3.56 | % | ||||||||
Loans and Leases
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921,687 | 13,737 | 5.92 | % | ||||||||
Total Interest Earning Assets
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$ | 1,261,633 | $ | 16,553 | 5.22 | % | ||||||
Liabilities
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||||||||||||
Demand Deposit Accounts
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$ | 180,147 | ||||||||||
IB Demand, Savings, and MMDA Accounts
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$ | 523,265 | $ | 402 | 0.30 | % | ||||||
Time Deposits
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359,466 | 2,240 | 2.47 | % | ||||||||
FHLB Advances and Other Borrowings
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154,011 | 1,236 | 3.18 | % | ||||||||
Total Interest-Bearing Liabilities
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$ | 1,036,742 | $ | 3,878 | 1.48 | % | ||||||
Cost of Funds | 1.22 | % | ||||||||||
Net Interest Income |
$
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12,675 | ||||||||||
Net Interest Margin | 4.00 | % |
Quarter Ended
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Quarter Ended
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Quarter Ended
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||||||||||
Non-interest Income
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09/30/11
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06/30/11
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09/30/10
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(dollars in thousands)
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||||||||||||
Trust and Investment Product Fees
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$ | 602 | $ | 495 | $ | 348 | ||||||
Service Charges on Deposit Accounts
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1,120 | 1,074 | 1,053 | |||||||||
Insurance Revenues
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1,261 | 1,290 | 1,323 | |||||||||
Company Owned Life Insurance
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233 | 250 | 197 | |||||||||
Interchange Fee Income
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395 | 378 | 371 | |||||||||
Other Operating Income
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86 | 496 | 339 | |||||||||
Subtotal
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3,697 | 3,983 | 3,631 | |||||||||
Net Gains on Sales of Loans
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863 | 379 | 802 | |||||||||
Net Gain (Loss) on Securities
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- | - | - | |||||||||
Total Non-interest Income
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$ | 4,560 | $ | 4,362 | $ | 4,433 |
Quarter Ended
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Quarter Ended
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Quarter Ended
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||||||||||
Non-interest Expense
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09/30/11
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06/30/11
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09/30/10
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(dollars in thousands)
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||||||||||||
Salaries and Employee Benefits
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$ | 6,687 | $ | 6,722 | $ | 5,470 | ||||||
Occupancy, Furniture and Equipment Expense
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1,763 | 1,841 | 1,537 | |||||||||
FDIC Premiums
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295 | 382 | 355 | |||||||||
Data Processing Fees
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321 | 395 | 330 | |||||||||
Professional Fees
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526 | 499 | 698 | |||||||||
Advertising and Promotion
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383 | 314 | 350 | |||||||||
Intangible Amortization
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480 | 498 | 262 | |||||||||
Other Operating Expenses
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1,550 | 1,620 | 1,439 | |||||||||
Total Non-interest Expense
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$ | 12,005 | $ | 12,271 | $ | 10,441 |
GERMAN AMERICAN BANCORP, INC.
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(unaudited, dollars in thousands except per share data)
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Consolidated Balance Sheets
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September 30,
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June 30,
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September 30,
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||||||||||
2011
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2011
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2010
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ASSETS
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Cash and Due from Banks
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$ | 32,581 | $ | 28,105 | $ | 19,203 | ||||||
Short-term Investments
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19,974 | 79,668 | 26,112 | |||||||||
Interest-bearing Time Deposits with Banks
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6,750 | 8,360 | - | |||||||||
Investment Securities
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584,041 | 486,830 | 302,673 | |||||||||
Loans Held-for-Sale
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10,009 | 6,097 | 13,627 | |||||||||
Loans, Net of Unearned Income
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1,112,554 | 1,106,747 | 913,623 | |||||||||
Allowance for Loan Losses
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(15,166 | ) | (14,780 | ) | (11,700 | ) | ||||||
Net Loans
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1,097,388 | 1,091,967 | 901,923 | |||||||||
Stock in FHLB and Other Restricted Stock
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8,340 | 8,340 | 10,621 | |||||||||
Premises and Equipment
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37,264 | 35,949 | 26,784 | |||||||||
Goodwill and Other Intangible Assets
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23,977 | 24,457 | 12,630 | |||||||||
Other Assets
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50,759 | 47,899 | 42,411 | |||||||||
TOTAL ASSETS
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$ | 1,871,083 | $ | 1,817,672 | $ | 1,355,984 | ||||||
LIABILITIES
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||||||||||||
Non-interest-bearing Demand Deposits
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$ | 272,846 | $ | 248,979 | $ | 187,363 | ||||||
Interest-bearing Demand, Savings, and Money Market Accounts
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881,424 | 876,949 | 532,877 | |||||||||
Time Deposits
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399,508 | 395,321 | 362,608 | |||||||||
Total Deposits
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1,553,778 | 1,521,249 | 1,082,848 | |||||||||
Borrowings
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131,400 | 119,257 | 137,173 | |||||||||
Other Liabilities
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18,858 | 17,083 | 13,090 | |||||||||
TOTAL LIABILITIES
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1,704,036 | 1,657,589 | 1,233,111 | |||||||||
SHAREHOLDERS' EQUITY
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||||||||||||
Common Stock and Surplus
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107,426 | 107,293 | 80,194 | |||||||||
Retained Earnings
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45,624 | 42,220 | 34,635 | |||||||||
Accumulated Other Comprehensive Income
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13,997 | 10,570 | 8,044 | |||||||||
TOTAL SHAREHOLDERS' EQUITY
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167,047 | 160,083 | 122,873 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
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$ | 1,871,083 | $ | 1,817,672 | $ | 1,355,984 | ||||||
END OF PERIOD SHARES OUTSTANDING
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12,593,524 | 12,593,222 | 11,104,918 | |||||||||
BOOK VALUE PER SHARE
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$ | 13.26 | $ | 12.71 | $ | 11.06 |
Three Months Ended
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Nine Months Ended
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|||||||||||||||||||
September 30,
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June 30,
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September 30,
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September 30,
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September 30,
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||||||||||||||||
2011
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2011
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2010
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2011
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2010
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||||||||||||||||
INTEREST INCOME
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||||||||||||||||||||
Interest and Fees on Loans
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$ | 15,933 | $ | 16,446 | $ | 13,668 | $ | 48,620 | $ | 39,701 | ||||||||||
Interest on Short-term Investments and Time Deposits
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48 | 66 | 12 | 179 | 48 | |||||||||||||||
Interest and Dividends on Investment
Securities
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4,124 | 4,009 | 2,675 | 11,346 | 8,130 | |||||||||||||||
TOTAL INTEREST INCOME
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20,105 | 20,521 | 16,355 | 60,145 | 47,879 | |||||||||||||||
INTEREST EXPENSE
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||||||||||||||||||||
Interest on Deposits
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2,823 | 3,248 | 2,642 | 9,464 | 7,940 | |||||||||||||||
Interest on Borrowings
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1,079 | 1,009 | 1,236 | 3,107 | 3,898 | |||||||||||||||
TOTAL INTEREST EXPENSE
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3,902 | 4,257 | 3,878 | 12,571 | 11,838 | |||||||||||||||
NET INTEREST INCOME
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16,203 | 16,264 | 12,477 | 47,574 | 36,041 | |||||||||||||||
Provision for Loan Losses
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1,300 | 1,300 | 1,375 | 3,900 | 3,875 | |||||||||||||||
NET INTEREST INCOME AFTER
|
||||||||||||||||||||
PROVISION FOR LOAN LOSSES
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14,903 | 14,964 | 11,102 | 43,674 | 32,166 | |||||||||||||||
NON-INTEREST INCOME
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||||||||||||||||||||
Net Gain on Sales of Loans
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863 | 379 | 802 | 1,651 | 1,619 | |||||||||||||||
Net Gain (Loss) on Securities
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- | - | - | 1,045 | - | |||||||||||||||
Other Non-interest Income
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3,697 | 3,983 | 3,631 | 12,240 | 11,184 | |||||||||||||||
TOTAL NON-INTEREST INCOME
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4,560 | 4,362 | 4,433 | 14,936 | 12,803 | |||||||||||||||
NON-INTEREST EXPENSE
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||||||||||||||||||||
Salaries and Benefits
|
6,687 | 6,722 | 5,470 | 20,810 | 16,307 | |||||||||||||||
Other Non-interest Expenses
|
5,318 | 5,549 | 4,971 | 17,336 | 14,302 | |||||||||||||||
TOTAL NON-INTEREST EXPENSE
|
12,005 | 12,271 | 10,441 | 38,146 | 30,609 | |||||||||||||||
Income before Income Taxes
|
7,458 | 7,055 | 5,094 | 20,464 | 14,360 | |||||||||||||||
Income Tax Expense
|
2,291 | 2,191 | 1,500 | 5,788 | 4,107 | |||||||||||||||
NET INCOME
|
$ | 5,167 | $ | 4,864 | $ | 3,594 | $ | 14,676 | $ | 10,253 | ||||||||||
EARNINGS PER SHARE &
DILUTED EARNINGS PER SHARE
|
$ | 0.41 | $ | 0.39 | $ | 0.32 | $ | 1.17 | $ | 0.92 | ||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING
|
12,593,521 | 12,592,324 | 11,104,918 | 12,577,558 | 11,096,650 | |||||||||||||||
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING
|
12,598,212 | 12,597,879 | 11,110,861 | 12,583,277 | 11,101,903 |
Three Months Ended
|
Nine Months Ended
|
||||||||||||||||||||
September 30,
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June 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||||||||
2011
|
2011
|
2010
|
2011
|
2010
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|||||||||||||||||
EARNINGS PERFORMANCE RATIOS
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|||||||||||||||||||||
Annualized Return on Average Assets
|
1.12 | % | 1.08 | % | 1.06 | % | 1.09 | % | 1.05 | % | |||||||||||
Annualized Return on Average Equity
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12.74 | % | 12.62 | % | 11.79 | % | 12.42 | % | 11.55 | % | |||||||||||
Net Interest Margin
|
3.83 | % | 3.95 | % | 4.00 | % | 3.87 | % | 4.01 | % | |||||||||||
Efficiency Ratio (1)
|
56.95 | % | 58.67 | % | 61.03 | % | 60.19 | % | 61.90 | % | |||||||||||
Net Overhead Expense to Average Earning Assets (2)
|
1.73 | % | 1.88 | % | 1.90 | % | 1.85 | % | 1.95 | % | |||||||||||
ASSET QUALITY RATIOS
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|||||||||||||||||||||
Annualized Net Charge-offs to Average Loans
|
0.33 | % | 0.25 | % | 0.21 | % | 0.25 | % | 0.47 | % | |||||||||||
Allowance for Loan Losses to Period End Loans
|
1.36 | % | 1.34 | % | 1.28 | % | |||||||||||||||
Non-performing Assets to Period End Assets
|
0.95 | % | 1.09 | % | 1.04 | % | |||||||||||||||
Non-performing Loans to Period End Loans
|
1.33 | % | 1.59 | % | 1.28 | % | |||||||||||||||
Loans 30-89 Days Past Due to Period End Loans
|
0.39 | % | 0.43 | % | 0.62 | % | |||||||||||||||
SELECTED BALANCE SHEET & OTHER FINANCIAL DATA
|
|||||||||||||||||||||
Average Assets
|
$ | 1,837,445 | $ | 1,803,334 | $ | 1,353,459 | $ | 1,797,257 | $ | 1,307,436 | |||||||||||
Average Earning Assets
|
$ | 1,717,509 | $ | 1,680,741 | $ | 1,261,633 | $ | 1,673,071 | $ | 1,219,728 | |||||||||||
Average Total Loans
|
$ | 1,110,637 | $ | 1,107,014 | $ | 921,687 | $ | 1,110,640 | $ | 900,552 | |||||||||||
Average Demand Deposits
|
$ | 256,764 | $ | 248,055 | $ | 180,147 | $ | 249,529 | $ | 165,959 | |||||||||||
Average Interest Bearing Liabilities
|
$ | 1,401,484 | $ | 1,387,426 | $ | 1,036,742 | $ | 1,375,343 | $ | 1,009,556 | |||||||||||
Average Equity
|
$ | 162,199 | $ | 154,168 | $ | 121,980 | $ | 157,498 | $ | 118,363 | |||||||||||
Period End Non-performing Assets(3)
|
$ | 17,755 | $ | 19,902 | $ | 14,109 | |||||||||||||||
Period End Non-performing Loans(4)
|
$ | 14,751 | $ | 17,585 | $ | 11,712 | |||||||||||||||
Period End Loans 30-89 Days Past Due(5)
|
$ | 4,340 | $ | 4,728 | $ | 5,707 | |||||||||||||||
Tax Equivalent Net Interest Income
|
$ | 16,521 | $ | 16,551 | $ | 12,675 | $ | 48,440 | $ | 36,648 | |||||||||||
Net Charge-offs during Period
|
$ | 914 | $ | 693 | $ | 488 | $ | 2,051 | $ | 3,191 |
(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.
|