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German American Bancorp, Inc. (GABC) Reports Solid Third Quarter Earnings, Record Year-to-Date Earnings and Strong Third Quarter Loan Growth

JASPER, Ind., Oct. 30, 2017 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (NASDAQ:GABC) reported another quarter of solid earnings of $9.7 million, or $0.42 per share, during the third quarter of 2017, resulting in record 2017 year-to-date net income of $29.1 million, or $1.27 per share, for the nine months ended on September 30, 2017.  On a comparative per share basis, this level of quarterly earnings was a 2.3% decline from reported net income of $9.7 million, or $0.43 per share, in the second quarter of 2017.  The 2017 year-to-date earnings comparison reflects a 12.4% increase, on a per share basis, over 2016 year-to-date net income of $25.1 million, or $1.13 per share, for the nine months ended on September 30, 2016.

The Company also experienced strong loan growth of $54.6 million, or 10.7% on a linked quarter annualized basis, during the current quarter, as measured from June 30, 2017 end of period loan balances.  This quarterly growth in loans follows a similar level of loan growth in the second quarter of 2017 of $48.2 million, or 9.7% on a linked quarter annualized basis.  Year-to-date third quarter 2017 earnings performance, relative to the same period 2016 results, was enhanced by an increase of $4.4 million, or approximately 6.3%, of net interest income, driven in part, by the aforementioned loan growth.

Commenting on the Company’s continued strong financial performance, Mark A. Schroeder, German American’s Chairman & CEO, stated, "While there were several revenue and expense items, recorded in the third quarter related to the disposition of two former branch facilities closed in the current year, that made quarterly earnings comparisons difficult, we are very encouraged about the level of our current year-to-date earnings and future earnings potential.  The strong level of both loan and deposit growth we’ve experienced during the past two quarters is reflective of the economic growth and vitality throughout our southern Indiana market area, which we believe bodes well for the Company’s future profitability.  We are extremely pleased by the strong double-digit growth we’ve reported in 2017 year-to-date net income, and anticipate this positive current year to prior year comparison will continue in the fourth quarter.”

The Company also announced the declaration of a regular quarterly cash dividend of $0.13 per share, which will be payable on November 20, 2017 to shareholders of record as of November 10, 2017.

Balance Sheet Highlights

Total assets for the Company increased to $3.073 billion at September 30, 2017, representing an increase of $68.1 million, or 9% on an annualized basis, compared with June 30, 2017 and an increase of $93.3 million, or 3%, compared with September 30, 2016.

At September 30, 2017, total loans increased $54.6 million, or 11% on an annualized basis, compared with June 30, 2017 and increased $83.6 million, or 4%, compared with September 30, 2016.  The increase during the third quarter of 2017 was largely related to an increase of approximately $7.2 million, or 6% on an annualized basis, of commercial and industrial loans, an increase of $28.7 million, or 13% on an annualized basis, of commercial real estate loans,  an increase of $13.8 million, or 18% on an annualized basis, of agricultural loans and an increase of $5.0 million, or 5% on annualized basis, of retail loans.  The increase was broadly based across the Company's entire market area.

             
End of Period Loan Balances   9/30/2017   6/30/2017   9/30/2016
(dollars in thousands)
           
             
Commercial & Industrial Loans   $ 474,917     $ 467,754     $ 469,255  
Commercial Real Estate Loans   898,752     870,100     862,998  
Agricultural Loans   327,026     313,254     299,080  
Consumer Loans   209,537     202,562     186,854  
Residential Mortgage Loans   179,481     181,477     187,903  
    $ 2,089,713     $ 2,035,147     $ 2,006,090  
             

Non-performing assets totaled $10.2 million at September 30, 2017 compared to $4.4 million of non-performing assets at June 30, 2017 and $5.5 million at September 30, 2016.  Non-performing assets represented 0.33% of total assets at September 30, 2017 compared to 0.15% of total assets at June 30, 2017 and 0.18% of total assets at September 30, 2016.  Non-performing loans totaled $9.7 million at September 30, 2017 compared to $3.2 million at June 30, 2017 and $5.1 million of non-performing loans at September 30, 2016.  Non-performing loans represented 0.46% of total loans at September 30, 2017 compared to 0.16% at June 30, 2017 and 0.25% at September 30, 2016.  The increase in non-performing assets during the third quarter of 2017 was primarily attributable to a single commercial lending relationship that was downgraded during the quarter.

Non-performing Assets                      
(dollars in thousands)                      
  9/30/2017   6/30/2017   9/30/2016
Non-Accrual Loans $
9,177     $ 3,097     $ 4,906  
Past Due Loans (90 days or more) 474     62     191  
      Total Non-Performing Loans 9,651     3,159     5,097  
Other Real Estate 568     1,289     355  
      Total Non-Performing Assets $ 10,219     $ 4,448     $ 5,452  
           
Restructured Loans $ 152     $ 154     $ 50  
           

The Company’s allowance for loan losses totaled $15.3 million at September 30, 2017 compared to $15.3 million at June 30, 2017 and $15.2 million at September 30, 2016.  The allowance for loan losses represented 0.73% of period-end loans at September 30, 2017 compared with 0.75% of period-end loans at June 30, 2017 and 0.76% of period-end loans at September 30, 2016.  Under acquisition accounting treatment, loans acquired are recorded at fair value which includes a credit risk component, and therefore the allowance on loans acquired is not carried over from the seller.  The Company held a net discount on acquired loans of $8.0 million as of September 30, 2017, $8.4 million at June 30, 2017 and $11.1 million at September 30, 2016.

Total deposits increased $61.3 million, or 10% on an annualized basis, as of September 30, 2017 compared with June 30, 2017 and increased $94.9 million, or 4%, compared with September 30, 2016.

             
End of Period Deposit Balances   9/30/2017   6/30/2017   9/30/2016
(dollars in thousands)
           
             
Non-interest-bearing Demand Deposits   $ 589,315     $ 557,535     $ 534,620  
IB Demand, Savings, and MMDA Accounts   1,454,073     1,453,512     1,361,522  
Time Deposits < $100,000   204,946     203,923     214,235  
Time Deposits > $100,000   176,238     148,351     219,286  
    $ 2,424,572     $ 2,363,321     $ 2,329,663  
             

Results of Operations Highlights – Quarter ended September 30, 2017

Net income for the quarter ended September 30, 2017 totaled $9,660,000, or $0.42 per share, which represented a decline of approximately 2% on a per share basis compared with the second quarter 2017 net income of $9,839,000, or $0.43 per share, and a decline of 7% on a per share basis compared with the third quarter 2016 net income of $10,185,000, or $0.45 per share.


                                                                   
Summary Average Balance Sheet                                                             
(Tax-equivalent basis / dollars in thousands)                                                             
      Quarter Ended       Quarter Ended       Quarter Ended  
      September 30, 2017       June 30, 2017       September 30, 2016  
                         
       Principal Balance        Income/ Expense      Yield/ Rate       Principal Balance        Income/ Expense      Yield/ Rate        Principal Balance        Income/ Expense     Yield/ Rate  
Assets                                                                  
Federal Funds Sold and Other                                                                  
Short-term Investments   $ 13,543     $ 46     1.38 %   $ 13,268     $ 27     0.79 %   $ 22,709     $ 25     0.44 %
Securities   748,754     5,872     3.14 %   743,354     5,887     3.17 %   734,869     5,426     2.95 %
Loans and Leases   2,058,453     23,358     4.51 %   2,011,518     22,780     4.54 %   1,982,291     22,475     4.51 %
Total Interest Earning Assets   $ 2,820,750     $ 29,276     4.13 %   $ 2,768,140     $ 28,694     4.15 %   $ 2,739,869     $ 27,926     4.07 %
                                     
Liabilities                                    
Demand Deposit Accounts   $ 572,204             $ 560,763             $ 522,994          
IB Demand, Savings, and                                    
MMDA Accounts   $ 1,447,693     $ 1,117     0.31 %   $ 1,446,994     $ 939     0.26 %   $ 1,363,654     $ 671     0.20 %
Time Deposits   382,827     842     0.87 %   360,938     687     0.76 %   416,968     652     0.62 %
FHLB Advances and Other Borrowings   246,698     1,110     1.79 %   233,197     962     1.65 %   274,365     851     1.23 %
Total Interest-Bearing Liabilities   $ 2,077,218     $ 3,069     0.59 %   $ 2,041,129     $ 2,588     0.51 %   $ 2,054,987     $ 2,174     0.42 %
                                     
Cost of Funds           0.43 %           0.37 %           0.32 %
Net Interest Income       $ 26,207             $ 26,106             $ 25,752      
Net Interest Margin           3.70 %           3.78 %           3.75 %
                                     

During the quarter ended September 30, 2017, net interest income totaled $24,917,000, which represented an increase of $104,000, or slightly under 1%, from the quarter ended June 30, 2017 net interest income of $24,813,000 and an increase of $357,000, or just over 1%, compared with the quarter ended September 30, 2016 net interest income of $24,560,000.

The tax equivalent net interest margin for the quarter ended September 30, 2017 was 3.70% compared with 3.78% in the second quarter of 2017 and 3.75% in the third quarter of 2016.  The decline in the stated net interest margin was largely attributable to a decline in the accretion of loan discounts on acquired loans and to an increase in Company's cost of funds.  Accretion of loan discounts on acquired loans contributed approximately 5 basis points to the net interest margin on an annualized basis in the third quarter of 2017, 10 basis points in the second quarter of 2017, and 9 basis points in the third quarter of 2016.  The Company's cost of funds increased approximately 6 basis points in the third quarter of 2017 compared with the second quarter of 2017 and 11 basis points compared with the third quarter of 2016.  The higher cost of funds was largely attributable to an increase in short-term market interest rates over the past several quarters.

During the quarter ended September 30, 2017, the Company recorded a provision for loan loss of $250,000 compared with a provision for loan loss of $350,000 during the second quarter of 2017 and no provision for loan loss in the third quarter of 2016.  The provision during all periods was done in accordance with the Company's standard methodology for determining the adequacy of its allowance for loan loss.

During the quarter ended September 30, 2017, non-interest income totaled $8,275,000, an increase of $478,000, or 6%, compared with the quarter ended June 30, 2017, and a decline of $109,000, or 1%, compared with the third quarter of 2016.

  Quarter Ended   Quarter Ended   Quarter Ended
Non-interest Income 9/30/2017   6/30/2017   9/30/2016
(dollars in thousands)
           
Trust and Investment Product Fees   $ 1,301     $ 1,350     $ 1,191  
Service Charges on Deposit Accounts   1,608     1,478     1,612  
Insurance Revenues   1,728     1,744     1,661  
Company Owned Life Insurance   317     480     247  
Interchange Fee Income   1,186     1,156     965  
Other Operating Income   608     630     1,246  
   Subtotal   6,748     6,838     6,922  
Net Gains on Loans   952     959     1,004  
Net Gains on Securities   575         458  
Total Non-interest Income   $ 8,275     $ 7,797     $ 8,384  
             

Company owned life insurance income decreased $163,000, or 34%, during the quarter ended September 30, 2017, compared with the second quarter of 2017 and increased $70,000, or 28%, compared with the third quarter of 2016. The increase or decrease in company owned life insurance income, as the case may be, was attributable to corresponding changes in the level of death benefits received from policies during the comparative periods.

Interchange fee income increased $30,000, or 3%, during the third quarter of 2017 compared with the second quarter of 2017 and $221,000, or 23%, compared with the third quarter of 2016.  The increase during the third quarter of 2017 compared with the third quarter of 2016 was largely attributable to increased card utilization by customers.

Other operating income decreased $22,000, or 3%, during the quarter ended September 30, 2017 compared with the second quarter of 2017 and decreased $638,000, or 51%, compared with the third quarter of 2016.  The decline in the third quarter of 2017 compared with the third quarter of 2016 was largely attributable to decreased fees associated with swap transactions with loan customers.

While the overall variance in other operating income for the third quarter of 2017 compared with the second quarter of 2017 was minimal, non-interest income was impacted by the disposal of two former branch facilities that were closed during 2017.  The net loss on the disposition of these branches totaled approximately $86,000.  The loss was derived from the write-off of leasehold improvements of $553,000 on one of the branches, which was partially mitigated by the donation of another branch facility to a municipality in one of the Company's market areas that resulted in a net gain on the disposition of fixed assets of approximately $467,000.  This donated branch had a book value of $306,000 and a fair value of $773,000 at the time of disposition.  A corresponding contribution expense of $773,000 was recognized in advertising and promotion expense of the Company's income statement for the former branch facility that was donated.

The Company realized $575,000 in gains on sales of securities during the third quarter of 2017 compared with no gains during the second quarter of 2017 and gains of $458,000 in the third quarter of 2016.

During the quarter ended September 30, 2017, non-interest expense totaled $19,771,000, an increase of $775,000, or 4%,  compared with the quarter ended June 30, 2017, and an increase of $1,118,000, or 6%, compared with the third quarter of 2016.

  Quarter Ended   Quarter Ended   Quarter Ended
Non-interest Expense 9/30/2017   6/30/2017   9/30/2016
(dollars in thousands)
           
             
Salaries and Employee Benefits   $ 11,570     $ 11,460     $ 10,572  
Occupancy, Furniture and Equipment Expense   2,372     2,224     2,224  
FDIC Premiums   241     232     373  
Data Processing Fees   1,067     1,044     1,261  
Professional Fees   551     913     777  
Advertising and Promotion   1,315     630     687  
Intangible Amortization   230     242     280  
Other Operating Expenses   2,425     2,251     2,479  
Total Non-interest Expense   $ 19,771     $ 18,996     $ 18,653  
             

Salaries and benefits increased $110,000, or 1%, during the quarter ended September 30, 2017 compared with the second quarter of 2017 and increased $998,000, or 9%, compared with the third quarter of 2016.  The increase in salaries and benefits during the third quarter of 2017 compared with the third quarter of 2016 was primarily attributable to an increased number of full-time equivalent employees and higher levels of employee benefit costs including incentive compensation plan costs and health insurance costs.

Professional fees decreased $362,000, or 40%, during the quarter ended September 30, 2017 compared with the second quarter of 2017 and $226,000, or 29%, compared with the third quarter of 2016.  The decline in the third quarter of 2017 compared with the second quarter of 2017 was primarily attributable to costs incurred during the second quarter of 2017 associated with the three-for-two stock split completed during the second quarter of 2017.

Advertising and promotion increased $685,000 during the quarter ended September 30, 2017 compared with the second quarter of 2017 and increased $628,000 compared with the third quarter of 2016.  The primary driver of the increase in advertising and promotion was the aforementioned recognition of a contribution expense of $773,000 related to the donation of a former branch facility to a municipality in one of the Company's market areas.

The income tax provision during third quarter of 2017 was impacted by approximately $476,000 related to the previously discussed donation of a former branch facility and previously discussed write-off of leasehold improvements of an additional branch location that were both closed during 2017.

About German American

German American Bancorp, Inc., is a NASDAQ-traded (symbol: GABC) bank holding company based in Jasper, Indiana.  German American, through its banking subsidiary German American Bancorp, operates 53 banking offices in 19 contiguous southern Indiana counties and one northern Kentucky county. The Company also owns an investment brokerage subsidiary (German American Investment Services, Inc.) and a full line property and casualty insurance agency (German American Insurance, Inc.).

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Readers are cautioned that, by their nature, forward-looking statements are based on assumptions and are subject to risks, uncertainties, and other factors. Actual results and experience could differ materially from the anticipated results or other expectations expressed or implied by these forward-looking statements as a result of a number of factors, including but not limited to, those discussed in this press release. Factors that could cause actual experience to differ from the expectations expressed or implied in this press release include the unknown future direction of interest rates and the timing and magnitude of any changes in interest rates; changes in competitive conditions; the introduction, withdrawal, success and timing of asset/liability management strategies or of mergers and acquisitions and other business initiatives and strategies; changes in customer borrowing, repayment, investment and deposit practices; changes in fiscal, monetary and tax policies; changes in financial and capital markets; potential deterioration in general economic conditions, either nationally or locally, resulting in, among other things, credit quality deterioration; capital management activities, including possible future sales of new securities, or possible repurchases or redemptions by the Company of outstanding debt or equity securities; risks of expansion through acquisitions and mergers, such as unexpected credit quality problems of the acquired loans or other assets, unexpected attrition of the customer base of the acquired institution or branches, and difficulties in integration of the acquired operations; factors driving impairment charges on investments; the impact, extent and timing of technological changes; potential cyber-attacks, information security breaches and other criminal activities; litigation liabilities, including related costs, expenses, settlements and judgments, or the outcome of matters before regulatory agencies, whether pending or commencing in the future; actions of the Federal Reserve Board; changes in accounting principles and interpretations; potential increases of federal deposit insurance premium expense, and possible future special assessments of FDIC premiums, either industry wide or specific to the Company’s banking subsidiary; actions of the regulatory authorities under the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Federal Deposit Insurance Act and other possible legislative and regulatory actions and reforms; the continued availability of earnings and excess capital sufficient for the lawful and prudent declaration and payment of cash dividends; and other risk factors expressly identified in the Company’s filings with the United States Securities and Exchange Commission. Such statements reflect our views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements. It is intended that these forward-looking statements speak only as of the date they are made. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.


GERMAN AMERICAN BANCORP, INC.
(unaudited, dollars in thousands except per share data)
           
Consolidated Balance Sheets
           
  September 30, 2017   June 30, 2017   September 30, 2016
 
 ASSETS        
  Cash and Due from Banks $ 44,804     $ 36,833     $ 38,329  
  Short-term Investments 9,758     7,204     16,455  
  Interest-bearing Time Deposits with Banks         744  
  Investment Securities 741,710     740,578     732,911  
           
  Loans Held-for-Sale 8,484     9,844     12,967  
           
  Loans, Net of Unearned Income 2,086,325     2,031,743     2,002,380  
  Allowance for Loan Losses (15,321 )   (15,320 )   (15,154 )
      Net Loans 2,071,004     2,016,423     1,987,226  
           
  Stock in FHLB and Other Restricted Stock 13,048     13,048     13,048  
  Premises and Equipment 51,355     49,249     48,074  
  Goodwill and Other Intangible Assets 56,378     56,607     56,767  
  Other Assets 76,348     75,017     73,019  
  TOTAL ASSETS $ 3,072,889     $ 3,004,803     $ 2,979,540  
           
LIABILITIES          
  Non-interest-bearing Demand Deposits $ 589,315     $ 557,535     $ 534,620  
  Interest-bearing Demand, Savings, and Money Market Accounts 1,454,073     1,453,512     1,361,522  
  Time Deposits 381,184     352,274     433,521  
      Total Deposits 2,424,572     2,363,321     2,329,663  
           
  Borrowings 261,941     263,469     279,110  
  Other Liabilities 25,751     23,059     29,776  
  TOTAL LIABILITIES 2,712,264     2,649,849     2,638,549  
           
SHAREHOLDERS' EQUITY          
  Common Stock and Surplus 187,917     187,613     186,519  
  Retained Earnings 169,859     163,181     142,347  
  Accumulated Other Comprehensive Income 2,849     4,160     12,125  
  TOTAL SHAREHOLDERS' EQUITY 360,625     354,954     340,991  
           
  TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 3,072,889     $ 3,004,803     $ 2,979,540  
           
END OF PERIOD SHARES OUTSTANDING (1) 22,930,017     22,929,627     22,900,575  
           
TANGIBLE BOOK VALUE PER SHARE (1) (2) $ 13.27     $ 13.01     $ 12.41  
           
(1) As Adjusted for the 3 for 2 Stock Split distributed on April 21, 2017.
(2) Tangible Book Value per Share is defined as Total Shareholders' Equity less Goodwill and Other Intangible Assets divided by End of Period Shares Outstanding.


 
GERMAN AMERICAN BANCORP, INC.
(unaudited, dollars in thousands except per share data)
 
Consolidated Statements of Income
               
    Three Months Ended
      Nine Months Ended
 
    September 30,
2017
      June 30,
2017
      September 30,
2016
      September 30,
2017
      September 30,
2016
 
INTEREST INCOME                                      
     Interest and Fees on Loans $ 23,182     $ 22,602     $ 22,311     $ 68,046     $ 63,645  
     Interest on Short-term Investments and Time Deposits 46     27     25     100     62  
     Interest and Dividends on Investment Securities 4,758     4,772     4,398     14,274     12,557  
  TOTAL INTEREST INCOME 27,986     27,401     26,734     82,420     76,264  
                     
INTEREST EXPENSE                  
      Interest on Deposits 1,959     1,626     1,323     5,028     3,804  
      Interest on Borrowings 1,110     962     851     2,937     2,445  
  TOTAL INTEREST EXPENSE 3,069     2,588     2,174     7,965     6,249  
                     
  NET INTEREST INCOME 24,917     24,813     24,560     74,455     70,015  
  Provision for Loan Losses 250     350         1,100     1,200  
  NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 24,667     24,463     24,560     73,355     68,815  
                     
NON-INTEREST INCOME                  
     Net Gain on Sales of Loans 952     959     1,004     2,598     2,607  
     Net Gain on Securities 575         458     575     1,426  
     Other Non-interest Income 6,748     6,838     6,922     21,087     19,623  
  TOTAL NON-INTEREST INCOME 8,275     7,797     8,384     24,260     23,656  
                     
NON-INTEREST EXPENSE                  
     Salaries and Benefits 11,570     11,460     10,572     34,474     32,357  
     Other Non-interest Expenses 8,201     7,536     8,081     23,329     24,875  
  TOTAL NON-INTEREST EXPENSE 19,771     18,996     18,653     57,803     57,232  
                     
  Income before Income Taxes 13,171     13,264     14,291     39,812     35,239  
  Income Tax Expense 3,511     3,425     4,106     10,757     10,120  
                     
NET INCOME $ 9,660     $ 9,839     $ 10,185     $ 29,055     $ 25,119  
                     
BASIC EARNINGS PER SHARE (1) $ 0.42     $ 0.43     $ 0.45     $ 1.27     $ 1.13  
DILUTED EARNINGS PER SHARE (1) $ 0.42     $ 0.43     $ 0.45     $ 1.27     $ 1.13  
                     
WEIGHTED AVERAGE SHARES OUTSTANDING (1) 22,929,864     22,929,426     22,886,721     22,922,724     22,221,780  
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING (1) 22,929,864     22,929,426     22,886,721     22,922,724     22,224,419  
                     
(1) As Adjusted for the 3 for 2 Stock Split distributed on April 21, 2017.                  


                               
                               
GERMAN AMERICAN BANCORP, INC.
(unaudited, dollars in thousands except per share data)
                               
    Three Months Ended     Nine Months Ended  
    September 30,
2017
    June 30,
2017
    September 30,
2016
    September 30,
2017
    September 30,
2016
 
EARNINGS PERFORMANCE RATIOS                              
 Annualized Return on Average Assets 1.27 %   1.32 %   1.38 %   1.30 %   1.20 %
Annualized Return on Average Equity 10.78 %   11.34 %   12.07 %   11.16 %   10.60 %
 Net Interest Margin 3.70 %   3.78 %   3.75 %   3.78 %   3.75 %
 Efficiency Ratio (1) 57.34 %   56.03 %   54.64 %   56.36 %   59.00 %
 Net Overhead Expense to Average Earning Assets (2) 1.63 %   1.62 %   1.50 %   1.61 %   1.71 %
                     
ASSET QUALITY RATIOS                  
 Annualized Net Charge-offs to Average Loans 0.05 %   0.04 %   0.03 %   0.04 %   0.03 %
 Allowance for Loan Losses to Period End Loans 0.73 %   0.75 %   0.76 %        
 Non-performing Assets to Period End Assets 0.33 %   0.15 %   0.18 %        
 Non-performing Loans to Period End Loans 0.46 %   0.16 %   0.25 %        
 Loans 30-89 Days Past Due to Period End Loans 0.48 %   0.26 %   0.39 %        
                     
SELECTED BALANCE SHEET & OTHER FINANCIAL DATA                  
 Average Assets $ 3,033,055     $ 2,970,745     $ 2,943,564     $ 2,977,023     $ 2,797,677  
 Average Earning Assets $ 2,820,750     $ 2,768,140     $ 2,739,869     $ 2,769,758     $ 2,612,284  
 Average Total Loans $ 2,058,453     $ 2,011,518     $ 1,982,291     $ 2,015,245     $ 1,871,134  
 Average Demand Deposits $ 572,204     $ 560,763     $ 522,994     $ 563,679     $ 497,620  
 Average Interest Bearing Liabilities $ 2,077,218     $ 2,041,129     $ 2,054,987     $ 2,044,112     $ 1,958,222  
 Average Equity $ 358,299     $ 347,035     $ 337,449     $ 347,057     $ 315,895  
                     
 Period End Non-performing Assets (3) $ 10,219     $ 4,448     $ 5,452          
 Period End Non-performing Loans (4) $ 9,651     $ 3,159     $ 5,097          
 Period End Loans 30-89 Days Past Due (5) $ 10,089     $ 5,238     $ 7,776          
                     
 Tax Equivalent Net Interest Income $ 26,207     $ 26,106     $ 25,752     $ 78,306     $ 73,354  
 Net Charge-offs during Period $ 249     $ 196     $ 150     $ 587     $ 484  
                     
                     


(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.                  

For additional information, contact:
Mark A Schroeder, Chairman & Chief Executive Officer of German American Bancorp, Inc.
Bradley M Rust, Executive Vice President/CFO of German American Bancorp, Inc.
(812) 482-1314