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German American Bancorp, Inc. (GABC) Reports Strong Second Quarter Earnings

JASPER, Ind., July 31, 2017 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (NASDAQ:GABC) reported that the Company has achieved another quarter of strong earnings during the second quarter of 2017, posting net income of $9.8 million, or $0.43 per share. On a comparative per share basis, this level of quarterly earnings was a 2.4% increase over reported net income of $9.6 million, or $0.42 per share, in the first quarter of 2017, and was in-line with the second quarter 2016 net income of $9.8 million, or $0.43 per share.

On a year-to-date basis, German American’s 2017 net income of $19.4 million, or $0.85 per share, was a 25% increase over the $14.9 million, or $0.68 per share, reported during the first half of 2016. The Company’s year-to-date 2016 reported net income was inclusive of the operations of River Valley Bancorp, following completion of the merger transaction on March 1, 2016, and reflected merger-related costs totaling approximately $4.1 million, or $2.6 million on an after-tax basis, representing approximately $0.12 per share. All per share data in this release has been adjusted for and is reflective of the effect of the three-for-two stock split distributed on April 21, 2017.

Second quarter 2017 performance, relative to the same quarter 2016 results, was enhanced by an increase of $142,000 in net interest income, driven by approximately $71 million, or 4%, in end of period loan growth, measured at June 30, 2017 compared to June 30, 2016. Loan growth during the current quarter, as measured from March 31, 2017 end of period loan balances, was approximately $48 million, or 10% on a linked quarter annualized basis.

In addition, the Company’s second quarter 2017 non-interest income, exclusive of securities gains, increased by $710,000, or 10%, during the second quarter of 2017 as compared with the second quarter of 2016. Items that showed improvement in non-interest income during the current quarter included increases of 32% in interchange fee income, primarily from increased customer debit card usage, 10% in trust and investment product fees, and 9% in both insurance revenues and from gains on loan sales. Partially offsetting these improved areas of non-interest income was a $968,000 decrease in gains on securities sales, as the Company didn’t experience any security sales in the second quarter of 2017.

Commenting on the Company’s strong quarterly financial performance, Mark A. Schroeder, German American’s Chairman & CEO, stated, "We’re certainly pleased in our ability to post strong financial performance both during the current quarter and year-to-date. We are particularly encouraged by the strong double-digit growth we experienced since the same quarter of last year within numerous categories of non-interest income and by the exceptionally strong level of loan growth during the current quarter. The $48 million in second quarter loan growth, which represents approximately 10% annualized growth on linked quarter basis, positions us very well for enhanced levels of net interest income going forward.”

The Company also announced the declaration of a regular quarterly cash dividend of $0.13 per share, which will be payable on August 20, 2017 to shareholders of record as of August 10, 2017. This level of regular quarterly cash dividend represents approximately an 8% increase, on a stock split adjusted basis, above the Company’s quarterly cash dividend level paid in the prior year.

Balance Sheet Highlights

Total assets for the Company increased to $3.005 billion at June 30, 2017, representing an increase of $71.7 million, or 10% on an annualized basis, compared with March 31, 2017 and an increase of $89.0 million, or 3%, compared with June 30, 2016.

June 30, 2017 total loans increased $48.2 million, or 10% on an annualized basis, compared with March 31, 2017 and increased $70.9 million, or 4%, compared with June 30, 2016. The increase during the second quarter of 2017 was largely related to an increase of approximately $21.6 million, or 7% on an annualized basis, of commercial real estate and commercial and industrial loans, a seasonal increase of $20.6 million, or 28% on an annualized basis, of agricultural loans and an increase of $5.9 million, or 6% on annualized basis of retail loans.

End of Period Loan Balances 6/30/2017 3/31/2017 6/30/2016
(dollars in thousands)
Commercial & Industrial Loans $467,754 $450,501 $463,501
Commercial Real Estate Loans 870,100 865,717 840,215
Agricultural Loans 313,254 292,615 285,353
Consumer Loans 202,562 194,290 182,610
Residential Mortgage Loans 181,477 183,806 192,603
$2,035,147 $1,986,929 $1,964,282

Non-performing assets totaled $4.4 million at June 30, 2017 compared to $5.9 million of non-performing assets at March 31, 2017 and $9.7 million at June 30, 2016. Non-performing assets represented 0.15% of total assets at June 30, 2017 compared to 0.20% of total assets at March 31, 2017 and 0.33% of total assets at June 30, 2016. Non-performing loans totaled $3.2 million at June 30, 2017 compared to $5.7 million at March 31, 2017 and $9.3 million of non-performing loans at June 30, 2016. Non-performing loans represented 0.16% of total loans at June 30, 2017 compared to 0.29% at March 31, 2017 and 0.48% at June 30, 2016. The decline in non-performing assets during the second quarter of 2017 compared with March 31, 2017 levels was attributable to a single agricultural relationship that was more than 90 days past due and still on accrual status at March 31, 2017 that was brought current during the second quarter of 2017.

Non-performing Assets
(dollars in thousands)
6/30/2017 3/31/2017 6/30/2016
Non-Accrual Loans$3,097 $4,510 $8,294
Past Due Loans (90 days or more)62 1,183 1,024
Total Non-Performing Loans3,159 5,693 9,318
Other Real Estate1,289 208 416
Total Non-Performing Assets$4,448 $5,901 $9,734
Restructured Loans$154 $28 $74

The Company’s allowance for loan losses totaled $15.3 million at June 30, 2017 compared to $15.2 million at March 31, 2017 and $15.3 million at June 30, 2016. The allowance for loan losses represented 0.75% of period-end loans at June 30, 2017 compared with 0.76% of period-end loans at March 31, 2017 and 0.78% of period-end loans at June 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 discount on acquired loans of $8.2 million as of June 30, 2017, $9.2 million at March 31, 2017 and $11.8 million at June 30, 2016.

Total deposits increased $36.8 million, or 6% on an annualized basis, as of June 30, 2017 compared with March 31, 2017 and increased $85.9 million, or 4%, compared with June 30, 2016.

End of Period Deposit Balances 6/30/2017 3/31/2017 6/30/2016
(dollars in thousands)
Non-interest-bearing Demand Deposits $557,535 $572,874 $506,498
IB Demand, Savings, and MMDA Accounts 1,453,512 1,389,763 1,380,038
Time Deposits < $100,000 203,923 206,171 236,127
Time Deposits > $100,000 148,351 157,664 154,709
$2,363,321 $2,326,472 $2,277,372

Results of Operations Highlights – Quarter ended June 30, 2017

Net income for the quarter ended June 30, 2017 totaled $9,839,000, or $0.43 per share, which represented an increase of approximately 2% on a per share basis compared with the first quarter 2017 net income of $9,556,000, or $0.42 per share, and was flat on a per share basis compared with the second quarter 2016 net income of $9,788,000, or $0.43 per share.

Summary Average Balance Sheet
(Tax-equivalent basis / dollars in thousands)
Quarter Ended Quarter Ended Quarter Ended
June 30, 2017 March 31, 2017 June 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 $13,268 $27 0.79% $12,554 $27 0.88% $25,918 $20 0.30%
Securities 743,354 5,887 3.17% 731,871 5,834 3.19% 723,222 5,168 2.86%
Loans and Leases 2,011,518 22,780 4.54% 1,974,846 22,440 4.60% 1,935,246 22,791 4.73%
Total Interest Earning Assets $2,768,140 $28,694 4.15% $2,719,271 $28,301 4.20% $2,684,386 $27,979 4.19%
Liabilities
Demand Deposit Accounts $560,763 $557,912 $502,070
IB Demand, Savings, and
MMDA Accounts $1,446,994 $939 0.26% $1,385,347 $738 0.22% $1,369,446 $672 0.20%
Time Deposits 360,938 687 0.76% 401,155 705 0.71% 426,918 654 0.62%
FHLB Advances and Other Borrowings 233,197 962 1.65% 226,786 865 1.55% 235,434 853 1.46%
Total Interest-Bearing Liabilities $2,041,129 $2,588 0.51% $2,013,288 $2,308 0.47% $2,031,798 $2,179 0.43%
Cost of Funds 0.37% 0.34% 0.33%
Net Interest Income $26,106 $25,993 $25,800
Net Interest Margin 3.78% 3.86% 3.86%

During the quarter ended June 30, 2017, net interest income totaled $24,813,000 which remained relatively stable compared to prior periods as indicated by an increase of $88,000, or slightly under 1%, from the quarter ended March 31, 2017 net interest income of $24,725,000 and an increase of $142,000, or slightly under 1%, compared with the quarter ended June 30, 2016 net interest income of $24,671,000.

The tax equivalent net interest margin for the quarter ended June 30, 2017 was 3.78% compared with 3.86% in both the first quarter of 2017 and second 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 a lesser degree on an increase in Company's cost of funds. Accretion of loan discounts on acquired loans contributed approximately 10 basis points to the net interest margin on an annualized basis in the second quarter of 2017, 17 basis points in the first quarter of 2017, and 23 basis points in the second quarter of 2016. The Company's cost of funds increased approximately 3 basis points in the second quarter of 2017 compared with the first quarter of 2017 and 4 basis points compared with the second 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 June 30, 2017, the Company recorded a provision for loan loss of $350,000 compared with a provision for loan loss of $500,000 during the first quarter of 2017 and a provision of $350,000 in the second 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 June 30, 2017, non-interest income totaled $7,797,000, a decline of $391,000, or 5%, compared with the quarter ended March 31, 2017, and a decline of $258,000, or 3%, compared with the second quarter of 2016.

Quarter Ended Quarter Ended Quarter Ended
Non-interest Income 6/30/2017 3/31/2017 6/30/2016
(dollars in thousands)
Trust and Investment Product Fees $1,350 $1,243 $1,223
Service Charges on Deposit Accounts 1,478 1,484 1,534
Insurance Revenues 1,744 2,640 1,605
Company Owned Life Insurance 480 254 247
Interchange Fee Income 1,156 1,023 873
Other Operating Income 630 857 722
Subtotal 6,838 7,501 6,204
Net Gains on Loans 959 687 883
Net Gains on Securities 968
Total Non-interest Income $7,797 $8,188 $8,055

Insurance revenues declined $896,000, or 34%, during the quarter ended June 30, 2017, compared with the first quarter of 2017 and increased $139,000, or 9%, compared with the second quarter of 2016. The decline during the second quarter of 2017 compared with the first quarter of 2017 was due to contingency revenue. Contingency revenue during the first quarter of 2017 totaled $992,000 compared with no contingency revenue during the second quarter of 2017. The fluctuation in contingency revenue is a normal course of business variance and is reflective of claims and loss experience with insurance carriers that the Company represents through its property and casualty insurance agency. Typically, the majority of contingency revenue is recognized during the first quarter of the year.

Company owned life insurance revenue increased $226,000, or 89%, during the quarter ended June 30, 2017, compared with the first quarter of 2017 and increased $233,000, or 94%, compared with the second quarter of 2016. The increase was largely related to death benefits received from life insurance policies during the quarter ended June 30, 2017.

Interchange fee income increased $133,000, or 13%, during the second quarter of 2017 compared with the first quarter of 2017 and $283,000, or 32%, compared with the second quarter of 2017. The increase was largely attributable to increased card utilization by customers.

Other operating income decreased $227,000, or 26%, during the quarter ended June 30, 2017 compared with the first quarter of 2017 and decreased $92,000, or 13%, compared with the second quarter of 2016. The decline in the second quarter of 2017 compared with both comparative periods was largely attributable to decreased fees associated with swap transactions with loan customers.

Net gains on sales of loans increased $272,000, or 40%, during the second quarter of 2017 compared with the first quarter of 2017 and increased $76,000, or 9%, compared with the second quarter of 2016. The increase in the gain on sales of loans during the second quarter of 2017 compared with both comparative periods was primarily due to improved pricing on loans sold and those loans held for sale. Loan sales totaled $29.8 million during the second quarter of 2017, compared with $32.3 million during the first quarter of 2017 and $36.8 million during the second quarter of 2016.

The Company realized no gains on sales of securities during the second quarter of 2017 or the first quarter of 2017 compared with a net gain on the sale of securities of $968,000 in the second quarter of 2016.

During the quarter ended June 30, 2017, non-interest expense totaled $18,996,000, a decline of $40,000, or less than 1%, compared with the quarter ended March 31, 2017, and an increase of $657,000, or 4%, compared with the second quarter of 2016.

Quarter Ended Quarter Ended Quarter Ended
Non-interest Expense 6/30/2017 3/31/2017 6/30/2016
(dollars in thousands)
Salaries and Employee Benefits $11,460 $11,444 $10,184
Occupancy, Furniture and Equipment Expense 2,224 2,182 2,218
FDIC Premiums 232 239 339
Data Processing Fees 1,044 1,011 1,181
Professional Fees 913 803 780
Advertising and Promotion 630 778 629
Intangible Amortization 242 253 312
Other Operating Expenses 2,251 2,326 2,696
Total Non-interest Expense $18,996 $19,036 $18,339

Salaries and benefits increased $16,000, or less than 1%, during the quarter ended June 30, 2017 compared with the first quarter of quarter of 2017 and increased $1,276,000, or 13%, compared with the second quarter of 2016. The increase in salaries and benefits during the second quarter of 2017 compared with the second 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 increased $110,000, or 14%, during the quarter ended June 30, 2017 compared with the first quarter of quarter of 2017 and increased $133,000, or 17%, compared with the second quarter of 2016. The increase in both comparative periods was largely attributable to costs associated with the three-for-two stock split completed during the second quarter of 2017.

Advertising and promotion decreased $148,000, or 19%, during the quarter ended June 30, 2017 compared with the first quarter of 2017 and remained virtually unchanged compared with the second quarter of 2016. The decrease in advertising and promotion was largely related to the timing of charitable contribution activity.

Other operating expenses decreased $75,000, or 3%, during the quarter ended June 30, 2017 compared with the first quarter of 2017 and decreased $445,000, or 17% compared with the second quarter of 2016. The decline compared to the second quarter of 2016 was primarily attributable to various card and deposit account expenses which were higher in 2016 related to the River Valley transaction and to deposit gathering strategic initiatives.

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 52 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
June 30, 2017 March 31, 2017 June 30, 2016
ASSETS
Cash and Due from Banks$36,833 $30,151 $36,027
Short-term Investments7,204 7,288 18,113
Interest-bearing Time Deposits with Banks 1,744
Investment Securities740,578 726,352 719,916
Loans Held-for-Sale9,844 6,856 5,135
Loans, Net of Unearned Income2,031,743 1,983,572 1,960,555
Allowance for Loan Losses(15,320) (15,166) (15,304)
Net Loans2,016,423 1,968,406 1,945,251
Stock in FHLB and Other Restricted Stock13,048 13,048 13,048
Premises and Equipment49,249 49,718 47,669
Goodwill and Other Intangible Assets56,607 56,849 57,048
Other Assets75,017 74,476 71,860
TOTAL ASSETS$3,004,803 $2,933,144 $2,915,811
LIABILITIES
Non-interest-bearing Demand Deposits$557,535 $572,874 $506,498
Interest-bearing Demand, Savings, and Money Market Accounts1,453,512 1,389,763 1,380,038
Time Deposits352,274 363,835 390,836
Total Deposits2,363,321 2,326,472 2,277,372
Borrowings263,469 241,358 278,214
Other Liabilities23,059 24,098 27,870
TOTAL LIABILITIES2,649,849 2,591,928 2,583,456
SHAREHOLDERS' EQUITY
Common Stock and Surplus187,613 187,300 186,251
Retained Earnings163,181 156,322 134,909
Accumulated Other Comprehensive Income (Loss)4,160 (2,406) 11,195
TOTAL SHAREHOLDERS' EQUITY354,954 341,216 332,355
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$3,004,803 $2,933,144 $2,915,811
END OF PERIOD SHARES OUTSTANDING (1)22,929,627 22,929,417 22,900,395
TANGIBLE BOOK VALUE PER SHARE (1) (2)$13.01 $12.40 $12.02
(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 Six Months Ended
June 30, 2017 March 31, 2017 June 30, 2016 June 30, 2017 June 30, 2016
INTEREST INCOME
Interest and Fees on Loans$22,602 $22,262 $22,670 $44,864 $41,334
Interest on Short-term Investments and Time Deposits27 27 20 54 37
Interest and Dividends on Investment Securities4,772 4,744 4,160 9,516 8,159
TOTAL INTEREST INCOME27,401 27,033 26,850 54,434 49,530
INTEREST EXPENSE
Interest on Deposits1,626 1,443 1,326 3,069 2,481
Interest on Borrowings962 865 853 1,827 1,594
TOTAL INTEREST EXPENSE2,588 2,308 2,179 4,896 4,075
NET INTEREST INCOME24,813 24,725 24,671 49,538 45,455
Provision for Loan Losses350 500 350 850 1,200
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES24,463 24,225 24,321 48,688 44,255
NON-INTEREST INCOME
Net Gain on Sales of Loans959 687 883 1,646 1,603
Net Gain on Securities 968 968
Other Non-interest Income6,838 7,501 6,204 14,339 12,701
TOTAL NON-INTEREST INCOME7,797 8,188 8,055 15,985 15,272
NON-INTEREST EXPENSE
Salaries and Benefits11,460 11,444 10,184 22,904 21,785
Other Non-interest Expenses7,536 7,592 8,155 15,128 16,794
TOTAL NON-INTEREST EXPENSE18,996 19,036 18,339 38,032 38,579
Income before Income Taxes13,264 13,377 14,037 26,641 20,948
Income Tax Expense3,425 3,821 4,249 7,246 6,014
NET INCOME$9,839 $9,556 $9,788 $19,395 $14,934
BASIC EARNINGS PER SHARE (1)$0.43 $0.42 $0.43 $0.85 $0.68
DILUTED EARNINGS PER SHARE (1)$0.43 $0.42 $0.43 $0.85 $0.68
WEIGHTED AVERAGE SHARES OUTSTANDING (1)22,929,426 22,908,648 22,884,029 22,919,094 21,885,656
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING (1)22,929,426 22,908,648 22,885,829 22,919,094 21,889,613
(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 Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2017 2017 2016 2017 2016
EARNINGS PERFORMANCE RATIOS
Annualized Return on Average Assets1.32% 1.31% 1.36% 1.32% 1.10%
Annualized Return on Average Equity11.34% 11.39% 12.02% 11.36% 9.79%
Net Interest Margin3.78% 3.86% 3.86% 3.82% 3.75%
Efficiency Ratio (1)56.03% 55.69% 54.17% 55.86% 61.36%
Net Overhead Expense to Average Earning Assets (2)1.62% 1.60% 1.53% 1.61% 1.83%
ASSET QUALITY RATIOS
Annualized Net Charge-offs to Average Loans0.04% 0.03% 0.04% 0.03% 0.04%
Allowance for Loan Losses to Period End Loans0.75% 0.76% 0.78%
Non-performing Assets to Period End Assets0.15% 0.20% 0.33%
Non-performing Loans to Period End Loans0.16% 0.29% 0.48%
Loans 30-89 Days Past Due to Period End Loans0.26% 0.37% 0.45%
SELECTED BALANCE SHEET & OTHER FINANCIAL DATA
Average Assets$2,970,745 $2,926,095 $2,885,165 $2,948,543 $2,723,932
Average Earning Assets$2,768,140 $2,719,271 $2,684,386 $2,743,840 $2,547,791
Average Total Loans$2,011,518 $1,974,846 $1,935,246 $1,993,283 $1,814,944
Average Demand Deposits$560,763 $557,912 $502,070 $559,345 $484,793
Average Interest Bearing Liabilities$2,041,129 $2,013,288 $2,031,798 $2,027,285 $1,909,308
Average Equity$347,035 $335,586 $325,754 $341,342 $305,000
Period End Non-performing Assets (3)$4,448 $5,901 $9,734
Period End Non-performing Loans (4)$3,159 $5,693 $9,318
Period End Loans 30-89 Days Past Due (5)$5,238 $7,337 $8,764
Tax Equivalent Net Interest Income$26,106 $25,993 $25,800 $52,099 $47,602
Net Charge-offs during Period$196 $142 $207 $338 $334
(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

Source:German American Bancorp, Inc.