German American Bancorp, Inc. (GABC) Reports Strong 3rd Quarter Earnings
- Press Release
- Source: German American Bancorp, Inc.
- On 12:25 pm EDT, Thursday October 29, 2009
JASPER, Ind., Oct. 29, 2009 (GLOBE NEWSWIRE) -- German American Bancorp (Nasdaq:GABC - News) today reported another quarter of strong earnings, posting 3rd quarter net income of $3,191,000, or $0.29 per share. This represents the 3rd highest level of quarterly earnings in the Company's history, surpassed only by the quarterly earnings recorded in the 3rd and 4th quarters of 2008. 2009 year-to-date reported earnings were $8,897,000, or $0.81 per share.
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| GABC | 16.48 | 0.00 |
The strong level of quarterly earnings was only slightly less than the record net income earned in the comparable quarter in 2008, in the face of a more difficult economic and operating environment in the current year. As compared to the Company's 3rd quarter 2008 earnings, current quarter 2009 earnings were $128,000, or 4%, less than the $3,319,000, or $0.30 per share, reported during the same quarter last year. The Company's current year 3rd quarter performance was enhanced by a $1.0 million improvement in net interest income, supported by an increase in the net interest margin to 4.02% as compared to 3.89% in the 3rd quarter of last year, coupled with a 6.5% increase in the Company's average earning assets. The Company also increased its loan loss reserve by approximately $500,000 during the third quarter of 2009.
As compared to the 3rd quarter of last year, German American recorded $268,000 less in non-interest income resulting from the effects of the current economic downturn in the form of reduced levels of deposit service charges, trust and investment product fees, and insurance commissions. Additionally, the Company experienced approximately $750,000 in additional operating expenses, the majority of which was attributable to the combination of significant increases in the level of FDIC insurance premiums, resulting from an industry-wide increase in assessments as the FDIC has begun to recapitalize the deposit insurance fund, as well as higher health insurance costs due to elevated claims experience within the Company's partially self-insured health insurance plan. Further, the Company recorded over $400,000 more in provision for loan losses in the 3rd quarter of this year compared to the level of provision for loan losses that was expensed by the Company during the comparable quarter of last year.
Mark A. Schroeder, Chief Executive Officer of German American, commenting on the 3rd quarter results, stated, "We are gratified that, in the face of a very difficult economic and operating environment, we were able to again post a very strong quarter in terms of earnings performance. The fact that we were able to deliver the 3rd highest level of quarterly net income in the history of the Company in the face of lower fee income along with higher operating expenses, the majority of which were either directly or indirectly attributable to the current environment, is truly outstanding."
Schroeder continued, "While there certainly are other factors impacting the comparison of this year's 3rd quarter performance to that of the same period last year, the increased FDIC premium cost is one of the major items that is largely beyond the control of management. In spite of the fact that German American's performance has been strong, we are nevertheless subject to the industry-wide higher deposit insurance fund assessments that will be needed to recapitalize the fund in the wake of the FDIC's efforts to resolve troubled banking institutions throughout the country. Focusing on this one line item, by subtracting the additional $291,000 ($176,000 after-tax cost) of deposit insurance premium expense in the 3rd quarter of 2009 (in excess of the amount of deposit insurance premium expensed during the same quarter of 2008) from our actual GAAP non-interest expense, 3rd quarter 2009 non-GAAP earnings would have been $3,367,000, or $0.30 per share. This level of earnings would have been an all-time record for our Company, and few other banking organizations in the country can lay claim to that kind of performance in the current environment." For reconciliation of non-GAAP earnings and earnings per share, see "Regulation G Disclosure" below.
Schroeder stated further, "While we did note an increase in the level of both non-performing and past-due loans during the current quarter, our Company's credit quality continues to compare very favorably with other banking organizations both in our state and in the nation. As we have previously stated, we are continuing to closely monitor the performance of our loan portfolio, as we are very cognizant that the longer the economy remains in a recession mode, our customers will be increasingly challenged in terms of sustaining their impressive level of compliance relative to their loan commitments. We remain confident that German American's historic disciplined credit culture can continue to deliver solid asset quality performance (relative to other banking organizations) in both good and more difficult economic times."
The Company also announced that its Board of Directors declared its regular quarterly cash dividend of $0.14 per share which will be payable on November 20, 2009 to shareholders of record as of November 10, 2009.
German American Bancorp, Inc. is a financial services holding company based in Jasper, Indiana. The Company's Common Stock is traded on NASDAQ's Global Select Market System under the symbol GABC. The principal subsidiary of German American Bancorp, Inc. is its banking subsidiary, German American Bancorp, which operates through six community banking affiliates with 28 retail banking offices in the ten contiguous Southern Indiana counties of Daviess, Dubois, Gibson, Knox, Lawrence, Martin, Monroe, Perry, Pike, and Spencer. German American Bancorp owns a trust, brokerage and financial planning subsidiary which operate from its banking offices and a full line property and casualty insurance agency with seven insurance agency offices throughout its market area.
Balance Sheet Highlights
End-of-period loans outstanding declined 4% on an annualized basis during the third quarter of 2009. The decline was driven largely by lower levels of commercial and industrial loans (including both real estate and non-real estate). Also contributing to the decrease was a decline in the residential loan and consumer loan portfolios as market interest rates remained historically low into the third quarter of 2009. The Company continued to actively originate residential mortgage loans, with the vast majority of production being sold into the secondary market. Partially offsetting the decline in these categories was an increase in the Company's agricultural loan portfolio. A majority of this increase was a seasonal utilization of operating lines of credits.
End of Period Loan Balances
----------------------------
Annualized
09/30/09 06/30/09 $ Change % Change
--------- --------- --------- ---------
Commercial & Industrial Loans $ 529,868 $ 536,012 $ (6,144) -5%
Agricultural Loans 152,758 148,000 4,758 13%
Consumer Loans 119,489 122,327 (2,838) -9%
Residential Mortgage Loans 87,099 90,976 (3,877) -17%
--------- --------- ---------
$ 889,214 $ 897,315 $ (8,101) -4%
========= ========= =========
Non-performing loans totaled $9.9 million at September 30, 2009 compared to $7.4 million of non-performing loans at June 30, 2009. The majority of this increase was attributable to a single seasoned hotel/motel credit located outside the Company's primary market area that until recently had been performing, since its date of inception, as per contractual terms. Non-performing loans represented 1.12% of total outstanding loans at September 30, 2009 and 0.82% of total loans outstanding at June 30, 2009.
The Company's allowance for loan losses totaled $10.8 million at September 30, 2009, an increase of $493,000 or 5%, compared with $10.3 million at June 30, 2009. The allowance for loan losses represented 1.22% of period end loans at September 30, 2009 and 1.15% at June 30, 2009. The allowance for loan losses represented 109% of period end non-performing loans at September 30, 2009 and 140% of period end non-performing loans at June 30, 2009.
End-of-period deposits increased approximately 2% at September 30, 2009 compared with June 30, 2009 on an annualized basis. The increase was attributable to growth of the Company's core deposit base.
End of Period Deposit Balances
------------------------------
Annualized
09/30/09 06/30/09 $ Change % Change
-------- -------- -------- --------
Non-interest-bearing Demand
Deposits $147,704 $147,049 $ 655 2%
Interest-bearing Demand,
Savings, & Money Market
Accounts 475,506 474,323 1,183 1%
Time Deposits < $100,000 253,082 248,315 4,767 8%
Time Deposits of $100,000 or
more & Brokered Deposits 85,046 86,062 (1,016) -5%
-------- -------- --------
$961,338 $955,749 $ 5,589 2%
======== ======== ========
Results of Operations Highlights
Quarter ended September 30, 2009 compared to quarter ended September 30, 2008
Net income for the quarter ended September 30, 2009 totaled $3,191,000, a decrease of $128,000 or 4% over third quarter 2008 net income of $3,319,000.
Summary Average Balance Sheet
-----------------------------
(Tax-equivalent basis / $ in Thousands)
Quarter Ended Quarter Ended
September 30, 2009 September 30, 2008
Principal Income/ Yield/ Principal Income/ Yield/
Balance Expense Rate Balance Expense Rate
---------- -------- ------ ---------- -------- ------
Assets
------
Federal Funds
Sold and Other
Short-term
Investments $ 36,627 $ 25 0.27% $ 20,180 $ 97 1.93%
Securities 216,013 2,570 4.76% 176,754 2,307 5.22%
Loans and
Leases 903,917 13,773 6.05% 889,167 14,475 6.48%
---------- -------- ---------- --------
Total Interest
Earning Assets $1,156,557 $ 16,368 5.63% $1,086,101 $ 16,879 6.19%
========== ======== ========== ========
Liabilities
-----------
Demand Deposit
Accounts $ 147,437 $ 141,089
Interest-
bearing
Demand,
Savings, and
Money Market
Accounts $ 481,052 $ 822 0.68% $ 439,049 $ 1,636 1.48%
Time Deposits 336,251 2,307 2.72% 337,196 3,257 3.84%
FHLB Advances
and Other
Borrowings 149,602 1,549 4.11% 144,395 1,390 3.83%
---------- -------- ---------- --------
Total Interest-
Bearing
Liabilities $ 966,905 $ 4,678 1.92% $ 920,640 $ 6,283 2.72%
========== ======== ========== ========
Cost of Funds 1.61% 2.30%
Net Interest
Income $ 11,690 $ 10,596
Net Interest
Margin 4.02% 3.89%
During the quarter ended September 30, 2009, net interest income totaled $11,481,000 representing an increase of $1,035,000 or 10% over the third quarter of 2008. The tax equivalent net interest margin for the third quarter 2009 was 4.02% compared to 3.89% for the third quarter of 2008.
The provision for loan loss totaled $1,250,000 during the quarter ended September 30, 2009, representing an increase of $412,000 or 49% from the third quarter of 2008. During the third quarter of 2009, the annualized provision for loan loss represented approximately 55 basis points of average loans while annualized net charge-offs represented approximately 33 basis points of average loans.
During the quarter ended September 30, 2009, non-interest income declined approximately 6% over the third quarter of 2008.
Non-interest Income
-------------------
Qtr Ended Qtr Ended
09/30/09 09/30/08 $ Change % Change
-------- -------- -------- --------
Trust and Investment
Product Fees $ 465 $ 618 $ (153) -25%
Service Charges on
Deposit Accounts 1,131 1,293 (162) -13%
Insurance Revenues 1,254 1,402 (148) -11%
Company Owned Life
Insurance 200 200 -- --%
Other Operating Income 595 587 8 1%
-------- -------- --------
Subtotal 3,645 4,100 (455) -11%
Net Gains on Sales of
Loans and Related Assets 411 330 81 25%
Net Gain (Loss) on
Securities -- (106) 106 --%
-------- -------- --------
Total Non-interest Income $ 4,056 $ 4,324 $ (268) -6%
======== ======== ========
Trust and investment product fees decreased 25% during the third quarter of 2009 compared with the same period of 2008. This decline was primarily attributable to continued difficult market conditions and changes in customers' investment preferences. Deposit service charges and fees declined by 13% due in large part to less customer utilization of the Company's overdraft protection program.
Insurance revenues declined 11% during the third quarter of 2009 compared with the same period of 2008. During the quarter ended September 30, 2009, the net gain on sale of residential loans increased 25% over the gain recognized in the same quarter 2008 driven largely by a higher level of loans sold into the secondary market during 2009 as compared to 2008.
During the quarter ended September 30, 2009, non-interest expense increased approximately 8% compared with the same period of 2008.
Non-interest Expense
-------------------- Qtr Ended Qtr Ended
09/30/09 09/30/08 $ Change % Change
--------- --------- --------- ---------
Salaries and Employee
Benefits $ 5,427 $ 5,225 $ 202 4%
Occupancy, Furniture and
Equipment Expense 1,532 1,408 124 9%
FDIC Premiums 330 39 291 746%
Data Processing Fees 321 355 (34) -10%
Professional Fees 285 365 (80) -22%
Advertising and Promotion 266 250 16 6%
Intangible Amortization 235 222 13 6%
Other Operating Expenses 1,523 1,295 228 18%
Total Non-interest Expense $ 9,919 $ 9,159 $ 760 8%
========= ========= =========
Salaries and benefits expense increased approximately 4% during the third quarter of 2009 compared with the third quarter of 2008. The increase was largely the result of increased costs associated with the Company's partially self-insured health insurance plan. Occupancy, furniture and equipment expense increased 9% during the third quarter of 2009 compared with the same period of 2008 due in large part to depreciation expenses associated with renovations of existing branch facilities and upgrades to and purchases of information technology systems.
The Company's FDIC deposit insurance assessments increased $291,000 during the third quarter of 2009 compared with the third quarter of 2008. This increase resulted from an industry-wide increase in assessments as the FDIC has begun to recapitalize the deposit insurance fund.
Other operating expenses increased by 18% during the third quarter 2009 compared with the same period of 2008. The increase was attributable primarily to loss claims activity at the Company's captive insurance company. Also contributing to the increased level of other operating expenses was an increase in loan collection costs during the third quarter of 2009.
Quarter ended September 30, 2009 compared to quarter ended June 30, 2009
Net income for the quarter ended September 30, 2009 totaled $3,191,000, an increase of $427,000 or 15% over second quarter 2009 net income of $2,764,000.
Summary Average Balance Sheet
-----------------------------
(Tax-equivalent basis / $ in Thousands)
Quarter Ended Quarter Ended
September 30, 2009 June 30, 2009
Principal Income/ Yield/ Principal Income/ Yield/
Balance Expense Rate Balance Expense Rate
---------- -------- ------ ---------- -------- ------
Assets
------
Federal Funds
Sold and Other
Short-term
Investments $ 36,627 $ 25 0.27% $ 30,495 $ 22 0.29%
Securities 216,013 2,570 4.76% 213,397 2,571 4.82%
Loans and Leases 903,917 13,773 6.05% 882,554 13,527 6.15%
---------- -------- ---------- --------
Total Interest
Earning Assets $1,156,557 $ 16,368 5.63% $1,126,446 $ 16,120 5.73%
========== ======== ========== ========
Liabilities
-----------
Demand Deposit
Accounts $ 147,437 $ 148,214
Interest-
bearing
Demand,
Savings, and
Money Market
Accounts $ 481,052 $ 822 0.68% $ 458,394 $ 819 0.72%
Time Deposits 336,251 2,307 2.72% 337,352 2,516 2.99%
FHLB Advances
and Other
Borrowings 149,602 1,549 4.11% 139,959 1,471 4.22%
---------- -------- ---------- --------
Total Interest-
Bearing
Liabilities $ 966,905 $ 4,678 1.92% $ 935,705 $ 4,806 2.06%
========== ======== ========== ========
Cost of Funds 1.61% 1.71%
Net Interest
Income $ 11,690 $ 11,314
Net Interest
Margin 4.02% 4.02%
During the quarter ended September 30, 2009, net interest income totaled $11,481,000 representing an increase of $364,000 or 3% over the second quarter of 2009. The tax equivalent net interest margin for the third quarter 2009 and second quarter 2009 was 4.02%.
The provision for loan loss totaled $1,250,000 during the quarter ended September 30, 2009, representing an increase of $250,000 or 25% from the second quarter of 2009.
During the quarter ended September 30, 2009, non-interest income increased approximately 6% over the second quarter of 2009.
Non-interest Income
-------------------
Qtr Ended Qtr Ended
09/30/09 06/30/09 $ Change % Change
--------- --------- --------- ---------
Trust and Investment
Product Fees $ 465 $ 457 $ 8 2%
Service Charges on
Deposit Accounts 1,131 1,080 51 5%
Insurance Revenues 1,254 1,290 (36) -3%
Company Owned Life
Insurance 200 200 -- --%
Other Operating Income 595 368 227 62%
--------- --------- ---------
Subtotal 3,645 3,395 250 7%
Net Gains on Sales of
Loans and Related
Assets 411 461 (50) -11%
Net Gain (Loss) on
Securities -- (34) 34 --%
--------- --------- ---------
Total Non-interest
Income $ 4,056 $ 3,822 $ 234 6%
========= ========= =========
Other operating income increased 62% during the third quarter of 2009 compared with the second quarter 2009, principally due to write-downs on other real estate owned properties that totaled approximately $228,000 during the second quarter of 2009.
During the quarter ended September 30, 2009, non-interest expense declined approximately 3% compared with the second quarter of 2009.
Non-interest Expense
--------------------
Qtr Ended Qtr Ended
09/30/09 06/30/09 $ Change % Change
--------- --------- --------- ---------
Salaries and Employee
Benefits $ 5,427 $ 5,515 $ (88) -2%
Occupancy, Furniture
and Equipment Expense 1,532 1,470 62 4%
FDIC Premiums 330 885 (555) -63%
Data Processing Fees 321 344 (23) -7%
Professional Fees 285 405 (120) -30%
Advertising and Promotion 266 199 67 34%
Intangible Amortization 235 221 14 6%
Other Operating Expenses 1,523 1,194 329 28%
--------- --------- ---------
Total Non-interest
Expense $ 9,919 $ 10,233 $ (314) -3%
========= ========= =========
Salaries and benefits expense decreased approximately 2% during the third quarter of 2009 compared with the second quarter of 2009. The decline was largely the result of lower costs associated with the Company's partially self-insured health insurance plan.
The Company's FDIC deposit insurance assessments decreased $555,000, or 63%, during the third quarter of 2009 compared with the second quarter of 2009. This decrease was due to an industry wide special assessment in the second quarter of 2009 of approximately $550,000 which represented .05% of the Company's subsidiary bank's total assets less Tier 1 Capital.
Professional fees declined 30% during the quarter ended September 30, 2009 compared with the second quarter of 2009. This decline was primarily attributable to a lower level of legal fees.
Other operating expenses increased by 28% during the third quarter 2009 compared with the second quarter of 2009. The increase was largely attributable to loss claims activity at the Company's captive insurance company. Also contributing to the increased level of other operating expenses was an increase in loan collection costs during the third quarter of 2009.
Regulation G Disclosure
This press release includes non-GAAP financial measures. The non-GAAP financial information should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. However, we believe that non-GAAP reporting, giving effect to the adjustments shown in the reconciliations provided below, provides meaningful information and therefore we use it to supplement our GAAP information. We have chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of operating results, to illustrate the results of operations giving effect to the non-GAAP adjustments shown in the reconciliations and to provide an additional measure of performance.
The Company recorded FDIC deposit insurance premium expenses during the three month and nine month periods ended September 30, 2009 that substantially exceeded the levels of FDIC deposit insurance premium expense during the comparable periods in 2008, primarily due to industry-wide increases assessed by the FDIC to insured banks. While the Company believes that the 2009 levels of FDIC deposit insurance expense incurred by the Company are likely to continue in future periods, the Company believes that excluding the after-tax effects of this increased level of premium expense will provide investors with a basis to compare the Company's core operating results in 2009 as compared to 2008 without the material distortions caused by this external industry-wide factor.
Qtr Ended EPS
09/30/09 Impact
-------------- --------------
Net Income as Reported $ 3,191 $ 0.29
Change in FDIC Premiums, Net
of Income Tax 176 0.01
-------------- --------------
Net Income Excluding Change
in FDIC Premiums 3,367 0.30
Net Income as Reported Quarter
Ended 09/30/08 3,319 0.30
-------------- --------------
Difference $ 48 $ 0.00
============== ==============
Nine Months EPS
Ended 09/30/09 Impact
-------------- --------------
Net Income as Reported $ 8,897 $ 0.81
Change in FDIC Premiums, Net of
Income Tax 882 0.08
-------------- --------------
Net Income Excluding Change
in FDIC Premiums 9,779 0.89
Net Income as Reported Nine
Months Ended 09/30/08 9,450 0.85
-------------- --------------
Difference $ 329 $ 0.04
============== ==============
Forward Looking Statements
The Company's statements in this press release regarding the Company's credit quality and asset quality, and its FDIC deposit insurance premium expense, are "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 the press release. Factors that could cause actual experience to differ from the expectations implied in this press release include 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; continued deterioration in general economic conditions, either nationally or locally, resulting in, among other things, credit quality deterioration and dampened loan demand; actions of the Federal Reserve Board; changes in accounting principles and interpretations; and actions of the Department of the Treasury and the Federal Deposit Insurance Corporation under the Emergency Economic Stabilization Act of 2008 and the Federal Deposit Insurance Act and other legislative and regulatory actions and reforms. These forward-looking statements speak only as of the date of this press release and German American undertakes no obligation to update any such forward-looking statement to reflect events or circumstances that occur after the date hereof.
GERMAN AMERICAN BANCORP, INC.
(unaudited, dollars in thousands except per share data)
Consolidated Balance Sheets
--------------------------------------------------------------------
September 30, June 30, September 30,
2009 2009 2008
------------ ------------ ------------
ASSETS
Cash and Due from Banks $ 19,137 $ 19,064 $ 22,741
Short-term Investments 40,813 24,183 16,047
Investment Securities 206,502 202,190 151,438
Loans Held-for-Sale 8,105 12,170 4,993
Loans, Net of Unearned
Income 887,449 895,527 886,807
Allowance for Loan Losses (10,788) (10,295) (9,358)
------------ ------------ ------------
Net Loans 876,661 885,232 877,449
Stock in FHLB and Other
Restricted Stock 10,621 10,621 10,621
Premises and Equipment 22,237 22,225 22,807
Goodwill and Other
Intangible Assets 12,505 12,740 13,018
Other Assets 37,234 36,067 59,487
------------ ------------ ------------
TOTAL ASSETS $ 1,233,815 $ 1,224,492 $ 1,178,601
============ ============ ============
LIABILITIES
Non-interest-bearing
Demand Deposits $ 147,704 $ 147,049 $ 147,196
Interest-bearing Demand,
Savings, and Money Market
Accounts 475,506 474,323 420,827
Time Deposits 338,128 334,377 338,340
------------ ------------ ------------
Total Deposits 961,338 955,749 906,363
Borrowings 147,199 147,832 157,893
Other Liabilities 12,888 12,194 13,324
------------ ------------ ------------
TOTAL LIABILITIES 1,121,425 1,115,775 1,077,580
------------ ------------ ------------
SHAREHOLDERS' EQUITY
Common Stock and Surplus 79,764 79,641 79,397
Retained Earnings 27,272 25,631 21,210
Accumulated Other
Comprehensive Income 5,354 3,445 414
------------ ------------ ------------
TOTAL SHAREHOLDERS' EQUITY 112,390 108,717 101,021
------------ ------------ ------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 1,233,815 $ 1,224,492 $ 1,178,601
============ ============ ============
END OF PERIOD SHARES
OUTSTANDING 11,077,382 11,074,718 11,030,288
BOOK VALUE PER SHARE $ 10.15 $ 9.82 $ 9.16
GERMAN AMERICAN BANCORP, INC.
(unaudited, dollars in thousands except per share data)
Consolidated Statements of Income
---------------------------------------------------------------------
Three Months Ended Nine Months Ended
Sept. 30, June 30, Sept. 30, Sept. 30, Sept. 30,
2009 2009 2008 2009 2008
----------- ----------- ----------- ----------- -----------
INTEREST
INCOME
Interest
and
Fees on
Loans $ 13,706 $ 13,473 $ 14,414 $ 40,573 $ 44,299
Interest
on
Short-
term
Invest-
ments 25 22 97 64 566
Interest
and
Dividends
on
Invest-
ment
Securit-
ies 2,428 2,428 2,218 7,302 6,467
----------- ----------- ----------- ----------- -----------
TOTAL
INTEREST
INCOME 16,159 15,923 16,729 47,939 51,332
----------- ----------- ----------- ----------- -----------
INTEREST
EXPENSE
Interest
on
Deposits 3,129 3,335 4,893 10,469 16,404
Interest
on
Borrow-
ings 1,549 1,471 1,390 4,231 4,298
----------- ----------- ----------- ----------- -----------
TOTAL
INTEREST
EXPENSE 4,678 4,806 6,283 14,700 20,702
----------- ----------- ----------- ----------- -----------
NET
INTEREST
INCOME 11,481 11,117 10,446 33,239 30,630
Provision
for Loan
Losses 1,250 1,000 838 3,000 3,116
NET
INTEREST
INCOME
AFTER
PROVISION
FOR
LOAN ----------- ----------- ----------- ----------- -----------
LOSSES 10,231 10,117 9,608 30,239 27,514
----------- ----------- ----------- ----------- -----------
NON-
INTEREST
INCOME
Net Gain
on Sales
of Loans
and
Related
Assets 411 461 330 1,437 1,058
Net Gain
(Loss)
on
Securit-
ies -- (34) (106) (34) 179
Other Non-
interest
Income 3,645 3,395 4,100 10,719 12,612
----------- ----------- ----------- ----------- -----------
TOTAL
NON-
INTEREST
INCOME 4,056 3,822 4,324 12,122 13,849
----------- ----------- ----------- ----------- -----------
NON-INTEREST
EXPENSE
Salaries
and
Benefits 5,427 5,515 5,225 16,556 15,670
Other Non-
interest
Expenses 4,492 4,718 3,934 13,677 11,822
----------- ----------- ----------- ----------- -----------
TOTAL NON-
INTEREST
EXPENSE 9,919 10,233 9,159 30,233 27,492
----------- ----------- ----------- ----------- -----------
Income
before
Income
Taxes 4,368 3,706 4,773 12,128 13,871
Income
Tax
Expense 1,177 942 1,454 3,231 4,421
----------- ----------- ----------- ----------- -----------
NET
INCOME $ 3,191 $ 2,764 $ 3,319 $ 8,897 $ 9,450
=========== =========== =========== =========== ===========
EARNINGS
PER
SHARE &
DILUTED
EARNINGS
PER
SHARE $ 0.29 $ 0.25 $ 0.30 $ 0.81 $ 0.85
WEIGHTED
AVERAGE
SHARES
OUT-
STANDING 11,075,709 11,073,081 11,029,484 11,062,053 11,029,484
DILUTED
WEIGHTED
AVERAGE
SHARES
OUT-
STANDING 11,084,768 11,073,575 11,029,776 11,063,454 11,029,717
GERMAN AMERICAN BANCORP, INC.
(unaudited, dollars in thousands except per share data)
Three Months Ended Nine Months Ended
Sept. 30, June 30, Sept. 30, Sept. 30, Sept. 30,
2009 2009 2008 2009 2008
---------- ---------- ---------- ---------- ----------
EARNINGS
PERFORMANCE
RATIOS
Annualized
Return on
Average
Assets 1.03% 0.92% 1.13% 0.98% 1.08%
Annualized
Return on
Average
Equity 11.59% 10.13% 13.42% 10.92% 12.73%
Net Interest
Margin 4.02% 4.02% 3.89% 3.99% 3.84%
Efficiency
Ratio (1) 63.00% 67.61% 61.39% 65.79% 61.25%
Net Overhead
Expense to
Average
Earning
Assets (2) 2.03% 2.28% 1.78% 2.13% 1.69%
ASSET QUALITY
RATIOS
Annualized
Net Charge-
offs to
Average
Loans 0.33% 0.34% 0.60% 0.26% 0.27%
Allowance for
Loan Losses
to Period
End Loans 1.22% 1.15% 1.06%
Non-
performing
Assets to
Period End
Assets 1.03% 0.80% 0.95%
Non-
performing
Loans to
Period End
Loans 1.12% 0.82% 0.84%
Loans 30-89
Days Past
Due to
Period End
Loans 0.81% 0.54% 1.38%
SELECTED
BALANCE SHEET
& OTHER
FINANCIAL
DATA
Average
Assets $1,238,386 $1,207,413 $1,174,953 $1,214,217 $1,165,625
Average
Earning
Assets $1,156,557 $1,126,446 $1,086,101 $1,132,492 $1,077,497
Average
Total
Loans $ 903,917 $ 882,554 $ 889,167 $ 891,519 $ 876,666
Average
Demand
Deposits $ 147,437 $ 148,214 $ 141,089 $ 147,324 $ 138,218
Average
Interest
Bearing
Liabilities $ 966,905 $ 935,705 $ 920,640 $ 944,635 $ 914,318
Average
Equity $ 110,151 $ 109,119 $ 98,923 $ 108,623 $ 98,951
Period End
Non-
performing
Assets (3) $ 12,676 $ 9,815 $ 11,176
Period End
Non-
performing
Loans (4) $ 9,928 $ 7,364 $ 7,419
Period End
Loans 30-89
Days Past
Due (5) $ 7,152 $ 4,841 $ 12,270
Tax
Equivalent
Net Interest
Income $ 11,690 $ 11,314 $ 10,596 $ 33,833 $ 31,039
Net Charge-
offs during
Period $ 757 $ 749 $ 1,333 $ 1,734 $ 1,802
(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.
Contact:
German American Bancorp, Inc.
Mark A Schroeder, Chief Executive Officer
Bradley M Rust, Executive Vice President/CFO
(812) 482-1314
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