Indiana
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35-1547518
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(State or Other Jurisdiction
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(IRS Employer Identification No.)
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of Incorporation)
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711 Main Street, Box 810,
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Jasper, Indiana 47546 | ||
(Address of Principal Executive Offices)
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(Former name or former address, if changed since last report)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c)
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Name of Executive
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Potential Dollar Amount of 2012 Short-Term Award as Percentage of 2012 Base Salary at the Following Performance Levels
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|||||||||||
Threshold
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Target
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Maximum
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||||||||||
Mr. Schroeder
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25% | 50% | 100% | |||||||||
Mr. Ewing
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20% | 40% | 80% | |||||||||
Mr. Sendelweck
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* | * | * | |||||||||
Mr. Rust
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15% | 30% | 60% |
·
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formula assessments of 2012 corporate performance, and
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·
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formula assessments of business unit performance and/or
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·
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judgmental assessments of individual performance during 2012.
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·
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Fully-diluted earnings per share (EPS) growth (weighted as 20% of total short term performance measures for Messrs. Schroeder, Ewing, Sendelweck and Rust);
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·
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Revenue per salaries & benefits (weighted as 10% of total short term performance measures for Messrs. Schroeder, Ewing and Rust); and
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·
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Non-interest income to total revenue ratio (weighted as 10% of total short term performance measures for Messrs. Schroeder, Ewing and Rust).
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·
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Growth in core organic deposits and repurchase agreements (weighted as 10% of total short term performance measures);
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·
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Growth in core organic taxable loans (weighted as 20% of total short term performance measures); and
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·
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Maintenance of the ratio of non-performing assets to total assets below certain thresholds (weighted as 10% of total short term performance measures).
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Name of Executive
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Potential Dollar Amount of 2012 Long-Term Award as Percentage of 2012 Base Salary at the Following Performance Levels
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|||||||||||
Threshold
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Target
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Maximum
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||||||||||
Mr. Schroeder
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25% | 50% | 100% | |||||||||
Mr. Ewing
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20% | 40% | 80% | |||||||||
Mr. Sendelweck
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15% | 30% | 60% | |||||||||
Mr. Rust
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15% | 30% | 60% |
·
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return on common equity (50% weight), and
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·
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fully-diluted earnings per common share growth (50% weight).
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·
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For the return on common equity component, the threshold average percentile ranking was fixed at the 50th percentile, the target was at the 75th percentile, and the maximum was at the 85th percentile (the Company’s actual percentile rankings with respect to this component for 2010 and 2011 were the 81st and 94th percentiles, respectively).
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·
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For the fully-diluted earnings per common share growth component, the threshold average percentile ranking was fixed at the 50th percentile, the target was at the 75th percentile, and the maximum was at the 85th percentile (the Company’s actual percentile rankings with respect to this component for 2010 and 2011 were the 38th and 69th percentiles, respectively).
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Exhibit | Description | |
99.1
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Press release dated May 1, 2012. This exhibit shall not be deemed "filed" for purposes of Section 18 of 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. | |||||
Date: | May 4, 2012 | By: | Mark A. Schroeder | ||
Name: Mark A. Schroeder | |||||
Title: Chairman of the Board and Chief Executive Officer |
MAY 1, 2012
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GERMAN AMERICAN BANCORP, INC. (GABC) REPORTS 5TH CONSECUTIVE QUARTER OF RECORD EARNINGS.
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End of Period Loan Balances
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03/31/12
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12/31/11
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03/31/11
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(dollars in thousands)
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Commercial & Industrial Loans
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$ | 296,185 | $ | 293,172 | $ | 282,681 | ||||||
Commercial Real Estate Loans
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450,874 | 452,071 | 444,531 | |||||||||
Agricultural Loans
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147,295 | 167,693 | 145,136 | |||||||||
Consumer Loans
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116,434 | 124,479 | 127,880 | |||||||||
Residential Mortgage Loans
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85,768 | 86,134 | 97,479 | |||||||||
$ | 1,096,556 | $ | 1,123,549 | $ | 1,097,707 |
Non-performing Assets
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3/31/12 | 12/31/11 | 3/31/11 | |||||||||
(dollars in thousands) | ||||||||||||
Non-Accrual Loans
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$ | 15,672 | $ | 17,857 | $ | 18,378 | ||||||
Past Due Loans (90 days or more)
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200 | - | 177 | |||||||||
Restructured Loans
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398 | 409 | 388 | |||||||||
Total Non-Performing Loans
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16,270 | 18,266 | 18,943 | |||||||||
Other Real Estate
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2,971 | 2,343 | 3,434 | |||||||||
Total Non-Performing Assets
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$ | 19,241 | $ | 20,609 | $ | 22,377 |
End of Period Deposit Balances
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03/31/12
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12/31/11
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03/31/11
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(dollars in thousands)
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Non-interest-bearing Demand Deposits
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$ | 298,555 | $ | 282,335 | $ | 242,159 | ||||||
IB Demand, Savings, and MMDA Accounts
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942,435 | 899,584 | 849,163 | |||||||||
Time Deposits < $100,000
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264,360 | 273,663 | 291,765 | |||||||||
Time Deposits > $100,000
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99,505 | 100,616 | 101,859 | |||||||||
$ | 1,604,855 | $ | 1,556,198 | $ | 1,484,946 |
Summary Average Balance Sheet
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(Tax-equivalent basis / dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Quarter Ended March 31, 2012
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Quarter Ended December 31, 2011
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Quarter Ended March 31, 2011
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Principal Balance
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Income/ Expense
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Yield/Rate
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Principal Balance
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Income/ Expense
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Yield/Rate
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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
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||||||||||||||||||||||||||||||||||||
Short-term Investments
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$ | 60,139 | $ | 33 | 0.22 | % | $ | 62,502 | $ | 37 | 0.24 | % | $ | 110,226 | $ | 65 | 0.24 | % | ||||||||||||||||||
Securities
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585,375 | 4,224 | 2.89 | % | 587,788 | 4,451 | 3.03 | % | 395,355 | 3,412 | 3.45 | % | ||||||||||||||||||||||||
Loans and Leases
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1,113,987 | 15,848 | 5.72 | % | 1,124,687 | 15,884 | 5.61 | % | 1,114,310 | 16,303 | 5.92 | % | ||||||||||||||||||||||||
Total Interest Earning Assets
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$ | 1,759,501 | $ | 20,105 | 4.59 | % | $ | 1,774,977 | $ | 20,372 | 4.56 | % | $ | 1,619,891 | $ | 19,780 | 4.93 | % | ||||||||||||||||||
Liabilities
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Demand Deposit Accounts
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$ | 291,863 | $ | 277,361 | $ | 243,622 | ||||||||||||||||||||||||||||||
IB Demand, Savings, and
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||||||||||||||||||||||||||||||||||||
MMDA Accounts
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$ | 917,422 | $ | 526 | 0.23 | % | $ | 914,969 | $ | 820 | 0.36 | % | $ | 804,944 | $ | 1,266 | 0.64 | % | ||||||||||||||||||
Time Deposits
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364,499 | 1,520 | 1.68 | % | 390,787 | 1,702 | 1.73 | % | 400,483 | 2,127 | 2.16 | % | ||||||||||||||||||||||||
FHLB Advances and Other Borrowings
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118,979 | 1,069 | 3.61 | % | 134,015 | 1,087 | 3.22 | % | 130,977 | 1,019 | 3.16 | % | ||||||||||||||||||||||||
Total Interest-Bearing Liabilities
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$ | 1,400,900 | $ | 3,115 | 0.89 | % | $ | 1,439,771 | $ | 3,609 | 0.99 | % | $ | 1,336,404 | $ | 4,412 | 1.34 | % | ||||||||||||||||||
Cost of Funds
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0.71 | % | 0.80 | % | 1.10 | % | ||||||||||||||||||||||||||||||
Net Interest Income
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$ | 16,990 | $ | 16,763 | $ | 15,368 | ||||||||||||||||||||||||||||||
Net Interest Margin
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3.88 | % | 3.76 | % | 3.83 | % |
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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03/31/12
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12/31/11
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03/31/11
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(dollars in thousands)
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Trust and Investment Product Fees
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$ | 696 | $ | 584 | $ | 464 | ||||||
Service Charges on Deposit Accounts
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935 | 1,019 | 941 | |||||||||
Insurance Revenues
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1,391 | 1,219 | 2,049 | |||||||||
Company Owned Life Insurance
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244 | 264 | 353 | |||||||||
Interchange Fee Income
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431 | 375 | 353 | |||||||||
Other Operating Income
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373 | 470 | 400 | |||||||||
Subtotal
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4,070 | 3,931 | 4,560 | |||||||||
Net Gains on Sales of Loans
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713 | 730 | 409 | |||||||||
Net Gain (Loss) on Securities
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18 | 1,979 | 1,045 | |||||||||
Total Non-interest Income
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$ | 4,801 | $ | 6,640 | $ | 6,014 |
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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03/31/12
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12/31/11
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03/31/11
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(dollars in thousands)
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Salaries and Employee Benefits
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$ | 7,320 | $ | 7,182 | $ | 7,401 | ||||||
Occupancy, Furniture and Equipment Expense
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1,772 | 1,739 | 1,855 | |||||||||
FDIC Premiums
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297 | 282 | 514 | |||||||||
Data Processing Fees
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114 | 271 | 1,105 | |||||||||
Professional Fees
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605 | 426 | 605 | |||||||||
Advertising and Promotion
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373 | 525 | 303 | |||||||||
Intangible Amortization
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442 | 461 | 517 | |||||||||
Other Operating Expenses
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1,670 | 1,750 | 1,570 | |||||||||
Total Non-interest Expense
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$ | 12,593 | $ | 12,636 | $ | 13,870 |
March 31,
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December 31,
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March 31,
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||||||||||
2012
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2011
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2011
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ASSETS
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Cash and Due from Banks
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$ | 26,365 | $ | 28,366 | $ | 25,606 | ||||||
Short-term Investments
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86,630 | 32,737 | 48,665 | |||||||||
Interest-bearing Time Deposits with Banks
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4,977 | 5,986 | 10,372 | |||||||||
Investment Securities
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586,134 | 517,534 | 472,449 | |||||||||
Loans Held-for-Sale
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12,679 | 21,485 | 2,862 | |||||||||
Loans, Net of Unearned Income
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1,093,711 | 1,120,993 | 1,096,123 | |||||||||
Allowance for Loan Losses
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(15,766 | ) | (15,312 | ) | (14,173 | ) | ||||||
Net Loans
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1,077,945 | 1,105,681 | 1,081,950 | |||||||||
Stock in FHLB and Other Restricted Stock
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8,340 | 8,340 | 9,863 | |||||||||
Premises and Equipment
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36,765 | 37,706 | 35,550 | |||||||||
Goodwill and Other Intangible Assets
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22,770 | 23,211 | 24,955 | |||||||||
Other Assets
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47,925 | 92,721 | 49,367 | |||||||||
TOTAL ASSETS
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$ | 1,910,530 | $ | 1,873,767 | $ | 1,761,639 | ||||||
LIABILITIES
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Non-interest-bearing Demand Deposits
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$ | 298,555 | $ | 282,335 | $ | 242,159 | ||||||
Interest-bearing Demand, Savings, and
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Money Market Accounts
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942,435 | 899,584 | 849,163 | |||||||||
Time Deposits
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363,865 | 374,279 | 393,624 | |||||||||
Total Deposits
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1,604,855 | 1,556,198 | 1,484,946 | |||||||||
Borrowings
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115,170 | 130,993 | 110,750 | |||||||||
Other Liabilities
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18,409 | 18,966 | 14,609 | |||||||||
TOTAL LIABILITIES
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1,738,434 | 1,706,157 | 1,610,305 | |||||||||
SHAREHOLDERS' EQUITY
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Common Stock and Surplus
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107,805 | 107,633 | 107,127 | |||||||||
Retained Earnings
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53,273 | 49,434 | 39,119 | |||||||||
Accumulated Other Comprehensive Income
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11,018 | 10,543 | 5,088 | |||||||||
TOTAL SHAREHOLDERS' EQUITY
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172,096 | 167,610 | 151,334 | |||||||||
TOTAL LIABILITIES AND
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SHAREHOLDERS' EQUITY
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$ | 1,910,530 | $ | 1,873,767 | $ | 1,761,639 | ||||||
END OF PERIOD SHARES OUTSTANDING
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12,627,365 | 12,594,258 | 12,590,304 | |||||||||
BOOK VALUE PER SHARE
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$ | 13.63 | $ | 13.31 | $ | 12.02 |
Three Months Ended
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March 31,
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December 31,
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March 31,
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2012
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2011
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2011
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INTEREST INCOME
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Interest and Fees on Loans
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$ | 15,785 | $ | 15,825 | $ | 16,241 | ||||||
Interest on Short-term Investments and Time Deposits
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33 | 37 | 65 | |||||||||
Interest and Dividends on Investment Securities
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3,909 | 4,154 | 3,213 | |||||||||
TOTAL INTEREST INCOME
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19,727 | 20,016 | 19,519 | |||||||||
INTEREST EXPENSE
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Interest on Deposits
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2,046 | 2,522 | 3,393 | |||||||||
Interest on Borrowings
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1,069 | 1,087 | 1,019 | |||||||||
TOTAL INTEREST EXPENSE
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3,115 | 3,609 | 4,412 | |||||||||
NET INTEREST INCOME
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16,612 | 16,407 | 15,107 | |||||||||
Provision for Loan Losses
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690 | 2,900 | 1,300 | |||||||||
NET INTEREST INCOME AFTER
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PROVISION FOR LOAN LOSSES
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15,922 | 13,507 | 13,807 | |||||||||
NON-INTEREST INCOME
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Net Gain on Sales of Loans
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713 | 730 | 409 | |||||||||
Net Gain on Securities
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18 | 1,979 | 1,045 | |||||||||
Other Non-interest Income
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4,070 | 3,931 | 4,560 | |||||||||
TOTAL NON-INTEREST INCOME
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4,801 | 6,640 | 6,014 | |||||||||
NON-INTEREST EXPENSE
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Salaries and Benefits
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7,320 | 7,182 | 7,401 | |||||||||
Other Non-interest Expenses
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5,273 | 5,454 | 6,469 | |||||||||
TOTAL NON-INTEREST EXPENSE
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12,593 | 12,636 | 13,870 | |||||||||
Income before Income Taxes
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8,130 | 7,511 | 5,951 | |||||||||
Income Tax Expense
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2,528 | 1,938 | 1,306 | |||||||||
NET INCOME
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$ | 5,602 | $ | 5,573 | $ | 4,645 | ||||||
EARNINGS PER SHARE & DILUTED EARNINGS PER SHARE
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$ | 0.44 | $ | 0.44 | $ | 0.37 | ||||||
WEIGHTED AVERAGE SHARES OUTSTANDING
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12,600,435 | 12,593,779 | 12,546,310 | |||||||||
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING
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12,619,914 | 12,600,997 | 12,554,876 |
Three Months Ended
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March 31,
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December 31,
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March 31,
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2012
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2011
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2011
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EARNINGS PERFORMANCE RATIOS
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Annualized Return on Average Assets
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1.19 | % | 1.17 | % | 1.06 | % | |||||||
Annualized Return on Average Equity
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13.18 | % | 13.39 | % | 11.91 | % | |||||||
Net Interest Margin
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3.88 | % | 3.76 | % | 3.83 | % | |||||||
Efficiency Ratio (1)
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57.79 | % | 54.00 | % | 64.87 | % | |||||||
Net Overhead Expense to Average Earning Assets (2)
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1.77 | % | 1.35 | % | 1.94 | % | |||||||
ASSET QUALITY RATIOS
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Annualized Net Charge-offs to Average Loans
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0.08 | % | 0.98 | % | 0.16 | % | |||||||
Allowance for Loan Losses to Period End Loans
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1.44 | % | 1.37 | % | 1.29 | % | |||||||
Non-performing Assets to Period End Assets
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1.01 | % | 1.10 | % | 1.27 | % | |||||||
Non-performing Loans to Period End Loans
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1.49 | % | 1.63 | % | 1.73 | % | |||||||
Loans 30-89 Days Past Due to Period End Loans
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0.35 | % | 0.41 | % | 0.46 | % | |||||||
SELECTED BALANCE SHEET & OTHER FINANCIAL DATA
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Average Assets
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$ | 1,882,157 | $ | 1,902,179 | $ | 1,750,042 | |||||||
Average Earning Assets
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$ | 1,759,501 | $ | 1,774,977 | $ | 1,619,891 | |||||||
Average Total Loans
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$ | 1,113,987 | $ | 1,124,687 | $ | 1,114,310 | |||||||
Average Demand Deposits
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$ | 291,863 | $ | 277,361 | $ | 243,622 | |||||||
Average Interest Bearing Liabilities
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$ | 1,400,900 | $ | 1,439,771 | $ | 1,336,404 | |||||||
Average Equity
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$ | 169,971 | $ | 166,492 | $ | 156,059 | |||||||
Period End Non-performing Assets (3)
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$ | 19,241 | $ | 20,609 | $ | 22,377 | |||||||
Period End Non-performing Loans (4)
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$ | 16,270 | $ | 18,266 | $ | 18,943 | |||||||
Period End Loans 30-89 Days Past Due (5)
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$ | 3,844 | $ | 4,634 | $ | 5,015 | |||||||
Tax Equivalent Net Interest Income
|
$ | 16,990 | $ | 16,763 | $ | 15,368 | |||||||
Net Charge-offs during Period
|
$ | 236 | $ | 2,754 | $ | 444 | |||||||
(1)
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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.
|
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(2)
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Net Overhead Expense is defined as Total Non-interest Expense less Total Non-interest Income.
|
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(3)
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Non-performing assets are defined as Non-accrual Loans, Loans Past Due 90 days or more, Restructured Loans, and Other Real Estate Owned.
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(4)
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Non-performing loans are defined as Non-accrual Loans, Loans Past Due 90 days or more, and Restructured Loans.
|
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(5)
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Loans 30-89 days past due and still accruing.
|