German American Bancorp, Inc. (GABC) Reports Strong Quarterly and Year-to-Date Earnings
- Press Release
- Source: German American Bancorp, Inc.
- On 4:49 pm EDT, Monday July 27, 2009
JASPER, Ind., July 27, 2009 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq:GABC - News) today reported yet another quarter of strong earnings. During the 2nd quarter, the Company earned $2,764,000, or $0.25 per share with 2009 year-to-date reported earnings of $5,706,000, or $0.52 per share. Although 2009 reported earnings were less than the record levels of net income earned in 2008, the earnings difference is directly attributable to an increased level of deposit insurance premiums during 2009. Exclusive of the additional $860,000 ($519,000 after-tax cost) of deposit insurance premium expense in the 2nd quarter of 2009, and the additional $1,169,000 ($706,000 after-tax cost) of deposit insurance premium expense recorded during the first six months of 2009 (compared to that expensed during the same quarter and year-to-date period of 2008), 2009 2nd quarter non-GAAP earnings would have been $3,283,000, or $0.30 per share, approximately 6% greater than last year's record 2nd quarter earnings of $3,111,000, or $0.28 per share, and 2009 year-to-date non-GAAP earnings would have been $6,412,000, or $0.58 per share, representing a 5% improvement from the 2008 year-to-date reported earnings of $6,131,000, or $0.55 per share. For reconciliation of non-GAAP earnings and earnings per share, see "Regulation G Disclosure" below.
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| GABC | 17.00 | -0.05 |
Mark A. Schroeder, Chief Executive Officer of German American, commenting on the 2nd quarter and year-to-date results stated, "We continue to be extremely pleased that in the face of continued elevated FDIC insurance premium costs, we were able to post very solid quarterly and year-to-date financial performance. FDIC's deposit insurance reserves are funded by industry assessments, meaning that in spite of German American's strong risk profile, we, like all insured banking organizations, are facing significantly higher deposit premiums as the FDIC deals with the costs of resolving troubled banking institutions throughout the country. While we anticipate the elevated level of FDIC deposit premium expense will continue in the coming months, our strong performance continues to set us apart within the financial services industry in terms of both earnings and credit quality."
Schroeder continued, "As compared to both the prior quarter-end and prior year quarter-end data, our Company's credit quality continues to compare very favorably with other banking organizations both in our state and in the nation. As of June 30, 2009, our level of both non-performing loans and past-due loans were better than the already strong levels recorded at March 31, 2009 and June 30, 2008. While many other banking companies are experiencing high and increasing levels of non-performing and past-due loans, German American's disciplined credit culture continues to deliver solid asset quality numbers. In the face of an ongoing weakened general economic environment, 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."
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 August 20, 2009 to shareholders of record as of August 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 increased by 11% on an annualized basis during the second quarter of 2009. The increase was driven largely by higher levels of commercial and industrial loans (including both real estate and non-real estate). A majority of the growth in the commercial loan portfolio was attributable to the purchase of approximately $20 million of loans from another financial institution in an existing market of the Company. This purchase was completed on June 30, 2009. Partially offsetting this increase was a decline in the residential loan portfolio as market interest rates continued to trend lower during the second quarter of 2009. The Company continues to actively originate residential mortgage loans, with the vast majority of production being sold into the secondary market.
End of Period Loan Balances
---------------------------
Annualized
06/30/09 03/31/09 $ Change % Change
---------- ---------- ---------- ----------
Commercial & Industrial
Loans $ 536,012 $ 510,324 $ 25,688 20%
Agricultural Loans 148,000 144,524 3,476 10%
Consumer Loans 122,327 123,354 (1,027) -3%
Residential Mortgage
Loans 90,976 94,164 (3,188) -14%
---------- ---------- ----------
$ 897,315 $ 872,366 $ 24,949 11%
========== ========== ==========
Non-performing loans totaled $7.4 million at June 30, 2009 compared to $8.2 million of non-performing loans at March 31, 2009. Non-performing loans represented 0.82% of total outstanding loans at June 30, 2009 and 0.95% of total loans outstanding at March 31, 2009.
The Company's allowance for loan losses totaled $10.3 million at June 30, 2009, an increase of $251,000 or 3%, compared with $10.0 million at March 31, 2009. The allowance for loan losses represented 1.15% of period end loans at both June 30, 2009 and March 31, 2009. The allowance for loan losses represented 140% of period end non-performing loans at June 30, 2009 and 122% of period end non-performing loans at March 31, 2009.
End-of-period deposits increased approximately 1% at June 30, 2009 compared with March 31, 2009 on an annualized basis. The increase was attributable to growth of the Company's core deposit base and specifically in interest-bearing demand, savings and money market deposit accounts.
End of Period Deposit Balances
------------------------------
Annualized
06/30/09 03/31/09 $ Change % Change
---------- ---------- ---------- ----------
Non-interest-bearing
Demand Deposits $ 147,049 $ 149,197 $ (2,148) -6%
Interest-bearing
Demand, Savings, &
Money Market Accounts 474,323 448,550 25,773 23%
Time Deposits
< $100,000 248,315 253,504 (5,189) -8%
Time Deposits of
$100,000 or more &
Brokered Deposits 86,062 101,240 (15,178) -60%
---------- ---------- ----------
$ 955,749 $ 952,491 $ 3,258 1%
========== ========== ==========
Results of Operations Highlights
Quarter ended June 30, 2009 compared to quarter ended June 30, 2008
Net income for the quarter ended June 30, 2009 totaled $2,764,000, a decrease of $347,000 or 11% compared to second quarter 2008 net income of $3,111,000.
Summary Average Balance Sheet
-----------------------------
(Tax-equivalent basis / $ in thousands)
Quarter Ended Quarter Ended
June 30, 2009 June 30, 2008
Principal Income/ Yield/ Principal Income/ Yield/
Balance Expense Rate Balance Expense Rate
---------- ------- ------ ---------- ------- ------
Assets
------
Federal Funds
Sold and Other
Short-term
Investments $ 30,495 $ 22 0.29% $ 56,413 $ 283 2.02%
Securities 213,397 2,571 4.82% 161,723 2,162 5.35%
Loans and Leases 882,554 13,527 6.15% 872,274 14,466 6.66%
---------- ------- ---------- -------
Total Interest
Earning Assets $1,126,446 $16,120 5.73% $1,090,410 $16,911 6.23%
========== ======= ========== =======
Liabilities
-----------
Demand Deposit
Accounts $ 148,214 $ 138,697
Interest-bearing
Demand, Savings,
and Money Market
Accounts $ 458,394 $ 819 0.72% $ 428,604 $ 1,791 1.68%
Time Deposits 337,352 2,516 2.99% 355,107 3,533 4.00%
FHLB Advances and
Other Borrowings 139,959 1,471 4.22% 141,162 1,389 3.96%
---------- ------- ---------- -------
Total Interest-
Bearing
Liabilities $ 935,705 $ 4,806 2.06% $ 924,873 $ 6,713 2.92%
========== ======= ========== =======
Cost of Funds 1.71% 2.48%
Net Interest
Income $11,314 $10,198
Net Interest
Margin 4.02% 3.75%
During the quarter ended June 30, 2009, net interest income totaled $11,117,000 representing an increase of $1,052,000 or 10% over the second quarter of 2008. The tax equivalent net interest margin for the second quarter 2009 was 4.02% compared to 3.75% for the second quarter of 2008.
The provision for loan loss totaled $1,000,000 during the quarter ended June 30, 2009, representing an increase of $66,000 or 7% from the second quarter of 2008. During the second quarter of 2009, the annualized provision for loan loss represented approximately 45 basis points of average loans while annualized net charge-offs represented approximately 34 basis points of average loans.
During the quarter ended June 30, 2009, non-interest income declined approximately 15% compared to the second quarter of 2008.
Non-interest Income Qtr Qtr
------------------- Ended Ended
06/30/09 06/30/08 $ Change % Change
-------- -------- -------- --------
Trust and Investment Product
Fees $ 457 $ 636 $ (179) -28%
Service Charges on Deposit
Accounts 1,080 1,245 (165) -13%
Insurance Revenues 1,290 1,307 (17) -1%
Company Owned Life Insurance 200 200 -- --%
Other Operating Income 368 701 (333) -48%
-------- -------- --------
Subtotal 3,395 4,089 (694) -17%
Net Gains on Sales of Loans and
Related Assets 461 404 57 14%
Net Gain (Loss) on Securities (34) -- (34) --%
-------- -------- --------
Total Non-interest Income $ 3,822 $ 4,493 $ (671) -15%
======== ======== ========
Trust and investment product fees decreased 28% during the second quarter of 2009 compared with the same period of 2008. This decline was primarily attributable to continued volatile economic and market conditions. Deposit service charges and fees declined by 13% due in large part to less customer utilization of the Company's overdraft protection program. Other operating income declined 48% due in large part to write-downs on other real estate owned properties that totaled approximately $228,000 during the second quarter of 2009.
During the quarter ended June 30, 2009, the net gain on sale of residential loans increased 14% over the gain recognized in the quarter ended June 30, 2008. The increase was attributable to higher levels of residential loan sales and a larger pipeline of residential mortgage loans in the second quarter of 2009, compared to the same period of 2008.
During the quarter ended June 30, 2009, non-interest expense increased approximately 14% compared with the same period of 2008.
Non-interest Expense Qtr Qtr
-------------------- Ended Ended
06/30/09 06/30/08 $ Change % Change
-------- -------- -------- --------
Salaries and Employee
Benefits $ 5,515 $ 5,118 $ 397 8%
Occupancy, Furniture and
Equipment Expense 1,470 1,398 72 5%
FDIC Premiums 885 25 860 3,440%
Data Processing Fees 344 371 (27) -7%
Professional Fees 405 441 (36) -8%
Advertising and Promotion 199 293 (94) -32%
Intangible Amortization 221 223 (2) -1%
Other Operating Expenses 1,194 1,116 78 7%
-------- -------- --------
Total Non-interest Expense $ 10,233 $ 8,985 $ 1,248 14%
======== ======== ========
Salaries and benefits expense increased approximately 8% during the second quarter of 2009 compared with the second quarter of 2008. The increase was largely related to an increase in costs associated with the Company's self-insured health insurance plan.
The Company's FDIC deposit insurance assessments increased $860,000 during the second quarter of 2009 compared with the second quarter of 2008. This increase resulted from an industry-wide increase in assessments as the FDIC has begun to recapitalize the deposit insurance fund, in addition to an industry wide special assessment in the second quarter of 2009 of approximately $550,000 which represents 5 basis points of the Company's subsidiary bank's total assets less Tier 1 Capital.
Quarter ended June 30, 2009 compared to quarter ended March 31, 2009
Net income for the quarter ended June 30, 2009 totaled $2,764,000, a decrease of $178,000 or 6% compared to first quarter 2009 net income of $2,942,000.
Summary Average Balance Sheet
-----------------------------
(Tax-equivalent basis / $ in Thousands)
Quarter Ended Quarter Ended
June 30, 2009 March 31, 2009
Principal Income/ Yield/ Principal Income/ Yield/
Balance Expense Rate Balance Expense Rate
---------- ------- ------ ---------- ------- ------
Assets
------
Federal Funds
Sold and Other
Short-term
Investments $ 30,495 $ 22 0.29% $ 22,239 $ 17 0.32%
Securities 213,397 2,571 4.82% 203,854 2,577 5.06%
Loans and Leases 882,554 13,527 6.15% 887,910 13,451 6.13%
---------- ------- ---------- -------
Total Interest
Earning Assets $1,126,446 $16,120 5.73% $1,114,003 $16,045 5.82%
========== ======= ========== =======
Liabilities
-----------
Demand Deposit
Accounts $ 148,214 $ 146,308
Interest-bearing
Demand, Savings,
and Money Market
Accounts $ 458,394 $ 819 0.72% $ 445,524 $ 864 0.79%
Time Deposits 337,352 2,516 2.99% 353,500 3,141 3.60%
FHLB Advances and
Other Borrowings 139,959 1,471 4.22% 131,876 1,211 3.72%
---------- ------- ---------- -------
Total Interest-
Bearing
Liabilities $ 935,705 $ 4,806 2.06% $ 930,900 $ 5,216 2.27%
========== ======= ========== =======
Cost of Funds 1.71% 1.90%
Net Interest
Income $11,314 $10,829
Net Interest
Margin 4.02% 3.92%
During the quarter ended June 30, 2009, net interest income totaled $11,117,000 representing an increase of $476,000 or 4% over the first quarter of 2009. The tax equivalent net interest margin for the second quarter 2009 was 4.02% compared to 3.92% for the first quarter of 2008.
The provision for loan loss totaled $1,000,000 during the quarter ended June 30, 2009, representing an increase of $250,000 or 33% from the first quarter of 2009.
During the quarter ended June 30, 2009, non-interest income declined approximately 10% compared to the first quarter of 2009.
Non-interest Income Qtr Qtr
------------------- Ended Ended
06/30/09 03/31/09 $ Change % Change
-------- -------- -------- --------
Trust and Investment Product
Fees $ 457 $ 390 $ 67 17%
Service Charges on Deposit
Accounts 1,080 1,060 20 2%
Insurance Revenues 1,290 1,487 (197) -13%
Company Owned Life Insurance 200 238 (38) -16%
Other Operating Income 368 504 (136) -27%
-------- -------- --------
Subtotal 3,395 3,679 (284) -8%
Net Gains on Sales of Loans
and Related Assets 461 565 (104) -18%
Net Gain (Loss) on Securities (34) -- (34) --%
-------- -------- --------
Total Non-interest Income $ 3,822 $ 4,244 $ (422) -10%
======== ======== ========
Trust and investment product fees increased 17% during the second quarter of 2009 compared with the quarter ended March 31, 2009. Insurance revenues declined 13% during the quarter ended June 30, 2009 compared with the first quarter of 2009. The decline was attributable to contingency revenues that were received in the normal course of business during first quarter of the year and the general cyclical nature of the Company's property and casualty insurance business.
Other operating income declined 27% 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 June 30, 2009, the net gain on sale of residential loans declined 18% compared to the gain recognized in the quarter ended March 31, 2009. The decline resulted from a lower pricing margin on the loans originated and sold into the secondary market.
During the quarter ended June 30, 2009, non-interest expense increased approximately 2% compared with the quarter ended March 31, 2009.
Non-interest Expense Qtr Qtr
-------------------- Ended Ended
06/30/09 03/31/09 $ Change % Change
-------- -------- -------- --------
Salaries and Employee Benefits $ 5,515 $ 5,614 $ (99) -2%
Occupancy, Furniture and
Equipment Expense 1,470 1,529 (59) -4%
FDIC Premiums 885 335 550 164%
Data Processing Fees 344 357 (13) -4%
Professional Fees 405 607 (202) -33%
Advertising and Promotion 199 288 (89) -31%
Intangible Amortization 221 221 -- --%
Other Operating Expenses 1,194 1,130 64 6%
-------- -------- --------
Total Non-interest Expense $ 10,233 $ 10,081 $ 152 2%
======== ======== ========
The Company's FDIC deposit insurance assessments increased $550,000, or 164%, during the second quarter of 2009 compared with the first quarter of 2009. This increase resulted from an industry wide special assessment in the second quarter of 2009 of approximately $550,000 which represented 5 basis points of the Company's subsidiary bank's total assets less Tier 1 Capital.
Professional fees declined 33% during the quarter ended June 30, 2009 compared with the first quarter of 2009. This decline was primarily attributable to a lower level of legal fees.
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 six month periods ended June 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
06/30/09 Impact
-------- ---------
Net Income as Reported $ 2,764 $ 0.25
Change in FDIC Premiums, Net of Income Tax 519 0.05
--------- ---------
Net Income Excluding Change in FDIC Premiums 3,283 0.30
Net Income as Reported Quarter Ended 06/30/08 3,111 0.28
--------- ---------
Difference $ 172 $ 0.02
========= =========
Six Months
Ended EPS
06/30/09 Impact
--------- ---------
Net Income as Reported $ 5,706 $ 0.52
Change in FDIC Premiums, Net of Income Tax 706 0.06
--------- ---------
Net Income Excluding Change in FDIC Premiums 6,412 0.58
Net Income as Reported Six Months Ended 06/30/08 6,131 0.55
--------- ---------
Difference $ 281 $ 0.03
========= =========
Forward Looking Statements
The Company's statements in this press release regarding the Company's credit quality and its expected future levels of FDIC deposit insurance 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
---------------------------------------------------------------------
June 30, March 31, June 30,
2009 2009 2008
---------- ---------- ----------
ASSETS
Cash and Due from Banks $ 19,064 $ 18,450 $ 26,955
Short-term Investments 24,183 28,930 19,578
Investment Securities 202,190 201,544 166,813
Loans Held-for-Sale 12,170 13,172 9,080
Loans, Net of Unearned Income 895,527 870,544 877,219
Allowance for Loan Losses (10,295) (10,044) (9,853)
---------- ---------- ----------
Net Loans 885,232 860,500 867,366
Stock in FHLB and Other
Restricted Stock 10,621 10,621 10,621
Premises and Equipment 22,225 21,970 22,891
Goodwill and Other Intangible
Assets 12,740 12,575 13,241
Other Assets 36,067 36,541 38,435
---------- ---------- ----------
TOTAL ASSETS $1,224,492 $1,204,303 $1,174,980
========== ========== ==========
LIABILITIES
Non-interest-bearing Demand
Deposits $ 147,049 $ 149,197 $ 154,029
Interest-bearing Demand, Savings,
and Money Market Accounts 474,323 448,550 427,408
Time Deposits 334,377 354,744 342,280
---------- ---------- ----------
Total Deposits 955,749 952,491 923,717
Borrowings 147,832 130,036 139,563
Other Liabilities 12,194 13,723 13,496
---------- ---------- ----------
TOTAL LIABILITIES 1,115,775 1,096,250 1,076,776
---------- ---------- ----------
SHAREHOLDERS' EQUITY
Common Stock and Surplus 79,641 79,519 79,439
Retained Earnings 25,631 24,417 19,436
Accumulated Other Comprehensive
Income (Loss) 3,445 4,117 (671)
---------- ---------- ----------
TOTAL SHAREHOLDERS' EQUITY 108,717 108,053 98,204
---------- ---------- ----------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $1,224,492 $1,204,303 $1,174,980
========== ========== ==========
END OF PERIOD SHARES OUTSTANDING 11,074,718 11,073,063 11,029,869
BOOK VALUE PER SHARE $ 9.82 $ 9.76 $ 8.90
GERMAN AMERICAN BANCORP, INC.
(unaudited, dollars in thousands except per share data)
Consolidated Statements of Income
---------------------------------------------------------------------
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2009 2009 2008 2009 2008
---------- ---------- ---------- ---------- ----------
INTEREST INCOME
Interest and
Fees on
Loans $ 13,473 $ 13,394 $ 14,426 $ 26,867 $ 29,885
Interest on
Short-term
Investments 22 17 283 39 469
Interest and
Dividends on
Investment
Securities 2,428 2,446 2,069 4,874 4,249
---------- ---------- ---------- ---------- ----------
TOTAL INTEREST
INCOME 15,923 15,857 16,778 31,780 34,603
---------- ---------- ---------- ---------- ----------
INTEREST
EXPENSE
Interest on
Deposits 3,335 4,005 5,324 7,340 11,511
Interest on
Borrowings 1,471 1,211 1,389 2,682 2,908
---------- ---------- ---------- ---------- ----------
TOTAL INTEREST
EXPENSE 4,806 5,216 6,713 10,022 14,419
---------- ---------- ---------- ---------- ----------
NET INTEREST
INCOME 11,117 10,641 10,065 21,758 20,184
Provision for
Loan Losses 1,000 750 934 1,750 2,278
NET INTEREST
INCOME AFTER
PROVISION FOR
LOAN LOSSES 10,117 9,891 9,131 20,008 17,906
---------- ---------- ---------- ---------- ----------
NON-INTEREST
INCOME
Net Gain on
Sales of
Loans and
Related
Assets 461 565 404 1,026 728
Net Gain
(Loss) on
Securities (34) -- -- (34) 285
Other Non-
interest
Income 3,395 3,679 4,089 7,074 8,512
---------- ---------- ---------- ---------- ----------
TOTAL NON-
INTEREST
INCOME 3,822 4,244 4,493 8,066 9,525
---------- ---------- ---------- ---------- ----------
NON-INTEREST
EXPENSE
Salaries and
Benefits 5,515 5,614 5,118 11,129 10,445
Other Non-
interest
Expenses 4,718 4,467 3,867 9,185 7,888
---------- ---------- ---------- ---------- ----------
TOTAL NON-
INTEREST
EXPENSE 10,233 10,081 8,985 20,314 18,333
---------- ---------- ---------- ---------- ----------
Income before
Income Taxes 3,706 4,054 4,639 7,760 9,098
Income Tax
Expense 942 1,112 1,528 2,054 2,967
---------- ---------- ---------- ---------- ----------
NET INCOME $ 2,764 $ 2,942 $ 3,111 $ 5,706 $ 6,131
========== ========== ========== ========== ==========
EARNINGS PER
SHARE &
DILUTED
EARNINGS PER
SHARE $ 0.25 $ 0.27 $ 0.28 $ 0.52 $ 0.55
WEIGHTED
AVERAGE SHARES
OUTSTANDING 11,073,081 11,036,942 11,029,484 11,055,111 11,029,484
DILUTED
WEIGHTED
AVERAGE SHARES
OUTSTANDING 11,073,575 11,036,942 11,029,535 11,055,111 11,029,585
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,
2009 2009 2008 2009 2008
-------------------------------- ---------- ----------
EARNINGS
PERFORMANCE
RATIOS
Annualized
Return on
Average
Assets 0.92% 0.98% 1.06% 0.95% 1.06%
Annualized
Return on
Average
Equity 10.13% 11.04% 12.49% 10.58% 12.39%
Net Interest
Margin 4.02% 3.92% 3.75% 3.97% 3.82%
Efficiency
Ratio(1) 67.61% 66.88% 61.16% 67.24% 61.18%
Net Overhead
Expense to
Average
Earning
Assets(2) 2.28% 2.10% 1.65% 2.19% 1.64%
ASSET QUALITY
RATIOS
Annualized Net
Charge-offs
to Average
Loans 0.34% 0.10% 0.13% 0.22% 0.11%
Allowance for
Loan Losses
to Period End
Loans 1.15% 1.15% 1.12%
Non-performing
Assets to
Period End
Assets 0.80% 0.88% 0.98%
Non-performing
Loans to
Period End
Loans 0.82% 0.95% 1.10%
Loans 30-89
Days Past Due
to Period End
Loans 0.54% 1.22% 0.67%
SELECTED
BALANCE SHEET
& OTHER
FINANCIAL DATA
Average
Assets $1,207,413 $1,196,390 $1,176,990 $1,201,932 $1,160,909
Average
Earning
Assets $1,126,446 $1,114,003 $1,090,410 $1,120,259 $1,073,148
Average Total
Loans $ 882,554 $ 887,910 $ 872,274 $ 885,217 $ 870,348
Average Demand
Deposits $ 148,214 $ 146,308 $ 138,697 $ 147,266 $ 136,766
Average
Interest
Bearing
Liabilities $ 935,705 $ 930,900 $ 924,873 $ 933,316 $ 911,124
Average
Equity $ 109,119 $ 106,558 $ 99,636 $ 107,846 $ 98,965
Period End
Non-
performing
Assets(3) $ 9,815 $ 10,604 $ 11,464
Period End
Non-
performing
Loans(4) $ 7,364 $ 8,237 $ 9,649
Period End
Loans 30-89
Days Past
Due(5) $ 4,841 $ 10,613 $ 5,895
Tax Equivalent
Net Interest
Income $ 11,314 $ 10,829 $ 10,198 $ 22,143 $ 20,443
Net Charge-
offs during
Period $ 749 $ 228 $ 279 $ 977 $ 469
(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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- German American Bancorp, Inc. (GABC) Reports Strong 3rd Quarter Earnings - GlobeNewswire
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