German American Bancorp, Inc. (GABC) Posts Strong Third Quarter Performance
German American Bancorp (GABC) reported robust Q3 2022 earnings of $24.6 million, translating to $0.83 per share, marking a 2.5% increase from Q2 2022 and a year-over-year rise of 14.4%. Key growth drivers included net interest margin expansion and effective expense management, despite declining deposits and securities value. Total loans grew by $33.6 million, with solid originations across categories. However, non-interest income saw a 7% drop due to reduced wealth management fees amidst down equity markets. The Board declared a quarterly dividend of $0.23, payable on November 20, 2022.
- Earnings increased to $24.6 million ($0.83 per share), a 2.5% rise from Q2 2022 and 14.4% from Q3 2021.
- Net interest income rose by $2.1 million, or 4%, due to improved net interest margins.
- Total loans increased by $33.6 million, or 4% annualized, despite some large payoffs.
- Acquisition of Citizens Union Bank positively contributed to overall growth.
- Quarterly cash dividend declared at $0.23 per share.
- Total deposits declined by $139.3 million, or 10% annualized, compared to Q2 2022.
- Non-interest income decreased by $1.1 million, or 7%, due to lower wealth management fees.
- Total assets contracted by $211.8 million from Q2 2022, largely due to declining deposits.
JASPER, Ind., Oct. 31, 2022 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq: GABC) reported strong operating performance for the third quarter ended September 30, 2022, with earnings of
The third quarter 2022 earnings performance was driven by a number of factors including continued net interest margin expansion as well as solid credit metrics and ongoing disciplined operating expense management. The third quarter 2021 earnings included a reserve release of
As of September 30, 2022, the Company’s balance sheet contracted somewhat as a result of a decline in deposits and a decline in the market value of available-for-sale securities. The Company continues to focus on its strong deposit mix and the retention of relational deposit accounts. Total loans increased
The Company’s net interest income increased by
The Company continues to maintain a very diversified operating revenue stream which declined slightly quarter over sequential quarter. Non-interest income of
The Company’s non-interest expenses declined approximately
D. Neil Dauby, German American’s President and CEO, stated, “We were very pleased to continue building upon our momentum from our first quarter acquisition of Citizen Union Bank of Shelbyville, Inc. (“CUB”) which has contributed positively to our strong third quarter earnings. Acquisitions over the past several years have provided us geographic diversity in our footprint allowing opportunity for organic growth within our banking and non-banking operations. We remain cautiously optimistic about continued improvements in our net interest margin and the strength of our lending pipeline for continued growth. Although continued fears of inflation and recession may potentially slow future growth and stress credit, we are preparing to face the headwinds from any future economic uncertainties.”
The Company also announced its Board of Directors has declared a regular quarterly cash dividend of
Balance Sheet Highlights
On January 1, 2022, the Company completed the acquisition of Citizens Union Bancorp of Shelbyville, Inc. (“CUB”). CUB, headquartered in Shelbyville, Kentucky, operated 15 retail banking offices located in Shelby, Jefferson, Spencer, Bullitt, Oldham, Owen, Gallatin and Hardin counties in Kentucky through its banking subsidiary, Citizens Union Bank of Shelbyville, Inc. As of the closing of the transaction, CUB had total assets of approximately
Total assets for the Company totaled
Securities available for sale declined
September 30, 2022 total loans increased
The increase at September 30, 2022 compared with September 30, 2021 was largely due to the acquisition of CUB and to organic loan growth from throughout the Company's existing market areas partially offset by a decrease in PPP loans. There were no PPP loans outstanding at September 30, 2022 compared with PPP loans, net of deferred fees, of
| End of Period Loan Balances | 9/30/2022 | 6/30/2022 | 9/30/2021 | ||||||
| (dollars in thousands) | |||||||||
| Commercial & Industrial Loans | $ | 644,284 | $ | 641,496 | $ | 566,769 | |||
| Commercial Real Estate Loans | 1,923,794 | 1,904,235 | 1,528,493 | ||||||
| Agricultural Loans | 401,608 | 397,524 | 349,321 | ||||||
| Consumer Loans | 370,335 | 366,322 | 299,000 | ||||||
| Residential Mortgage Loans | 346,347 | 343,166 | 269,406 | ||||||
| $ | 3,686,368 | $ | 3,652,743 | $ | 3,012,989 | ||||
| Net PPP Loans (included in Commercial & Industrial Loans above) | $ | — | $ | 598 | $ | 68,047 | |||
The Company’s allowance for credit losses totaled
The Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) ("CECL") on January 1, 2020. The Company added
Under the CECL model, certain acquired loans continue to carry a fair value discount as well as an allowance for credit losses. As of September 30, 2022, the Company held net discounts on acquired loans of
Non-performing assets totaled
| Non-performing Assets | ||||||||
| (dollars in thousands) | ||||||||
| 9/30/2022 | 6/30/2022 | 9/30/2021 | ||||||
| Non-Accrual Loans | $ | 13,054 | $ | 13,921 | $ | 18,434 | ||
| Past Due Loans (90 days or more) | 726 | 1,161 | — | |||||
| Total Non-Performing Loans | 13,780 | 15,082 | 18,434 | |||||
| Other Real Estate | — | — | 112 | |||||
| Total Non-Performing Assets | $ | 13,780 | $ | 15,082 | $ | 18,546 | ||
| Restructured Loans | $ | — | $ | — | $ | 106 | ||
September 30, 2022 total deposits declined
| End of Period Deposit Balances | 9/30/2022 | 6/30/2022 | 9/30/2021 | ||||||
| (dollars in thousands) | |||||||||
| Non-interest-bearing Demand Deposits | $ | 1,755,065 | $ | 1,745,067 | $ | 1,453,197 | |||
| IB Demand, Savings, and MMDA Accounts | 3,381,082 | 3,503,789 | 2,762,328 | ||||||
| Time Deposits < | 248,455 | 263,798 | 214,359 | ||||||
| Time Deposits > | 189,739 | 200,954 | 163,067 | ||||||
| $ | 5,574,341 | $ | 5,713,608 | $ | 4,592,951 | ||||
Results of Operations Highlights – Quarter ended September 30, 2022
Net income for the quarter ended September 30, 2022 totaled
| Summary Average Balance Sheet | |||||||||||||||||||||||||||
| (Tax-equivalent basis / dollars in thousands) | |||||||||||||||||||||||||||
| Quarter Ended | Quarter Ended | Quarter Ended | |||||||||||||||||||||||||
| September 30, 2022 | June 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||
| 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 | $ | 402,006 | $ | 2,053 | 2.03 | % | $ | 606,488 | $ | 1,232 | 0.81 | % | $ | 391,814 | $ | 141 | 0.14 | % | |||||||||
| Securities | 1,848,165 | 12,955 | 2.80 | % | 1,875,202 | 12,625 | 2.69 | % | 1,645,522 | 9,198 | 2.24 | % | |||||||||||||||
| Loans and Leases | 3,676,862 | 43,251 | 4.67 | % | 3,649,466 | 40,058 | 4.40 | % | 3,055,926 | 35,538 | 4.62 | % | |||||||||||||||
| Total Interest Earning Assets | $ | 5,927,033 | $ | 58,259 | 3.91 | % | $ | 6,131,156 | $ | 53,915 | 3.52 | % | $ | 5,093,262 | $ | 44,877 | 3.51 | % | |||||||||
| Liabilities | |||||||||||||||||||||||||||
| Demand Deposit Accounts | $ | 1,738,237 | $ | 1,740,592 | $ | 1,409,841 | |||||||||||||||||||||
| IB Demand, Savings, and | |||||||||||||||||||||||||||
| MMDA Accounts | $ | 3,477,902 | $ | 3,131 | 0.36 | % | $ | 3,622,748 | $ | 1,113 | 0.12 | % | $ | 2,737,358 | $ | 663 | 0.10 | % | |||||||||
| Time Deposits | 451,390 | 466 | 0.41 | % | 492,453 | 436 | 0.36 | % | 395,114 | 476 | 0.48 | % | |||||||||||||||
| FHLB Advances and Other Borrowings | 143,548 | 1,229 | 3.39 | % | 145,705 | 1,120 | 3.08 | % | 190,252 | 1,149 | 2.40 | % | |||||||||||||||
| Total Interest-Bearing Liabilities | $ | 4,072,840 | $ | 4,826 | 0.47 | % | $ | 4,260,906 | $ | 2,669 | 0.25 | % | $ | 3,322,724 | $ | 2,288 | 0.27 | % | |||||||||
| Cost of Funds | 0.32 | % | 0.17 | % | 0.18 | % | |||||||||||||||||||||
| Net Interest Income | $ | 53,433 | $ | 51,246 | $ | 42,589 | |||||||||||||||||||||
| Net Interest Margin | 3.59 | % | 3.35 | % | 3.33 | % | |||||||||||||||||||||
During the third quarter of 2022, net interest income, on a non tax-equivalent basis, totaled
The increase in net interest income during the third quarter of 2022 compared with the second quarter of 2022 was primarily attributable to an increase in the Company's net interest margin. The increase in net interest income during the third quarter of 2022 compared with the third quarter of 2021 was primarily attributable to an improved net interest margin, a higher level of earning assets driven largely by the CUB acquisition and deposit growth which led to a higher level of securities investment, which was partially mitigated by a lower level of PPP loan fee recognition.
The tax equivalent net interest margin for the quarter ended September 30, 2022 was
Fees recognized on PPP loans through net interest income totaled
During the quarter ended September 30, 2022, the Company recorded a provision for credit losses of
Net charge-offs totaled
During the quarter ended September 30, 2022, non-interest income totaled
| Quarter Ended | Quarter Ended | Quarter Ended | |||||||
| Non-interest Income | 9/30/2022 | 6/30/2022 | 9/30/2021 | ||||||
| (dollars in thousands) | |||||||||
| Wealth Management Fees | $ | 2,376 | $ | 2,642 | $ | 2,690 | |||
| Service Charges on Deposit Accounts | 3,014 | 2,871 | 2,017 | ||||||
| Insurance Revenues | 1,995 | 2,254 | 2,007 | ||||||
| Company Owned Life Insurance | 416 | 894 | 493 | ||||||
| Interchange Fee Income | 4,054 | 4,167 | 3,339 | ||||||
| Other Operating Income | 1,365 | 1,225 | 2,595 | ||||||
| Subtotal | 13,220 | 14,053 | 13,141 | ||||||
| Net Gains on Sales of Loans | 854 | 1,049 | 2,197 | ||||||
| Net Gains on Securities | 23 | 78 | 218 | ||||||
| Total Non-interest Income | $ | 14,097 | $ | 15,180 | $ | 15,556 | |||
Wealth management fees declined
Service charges on deposit accounts increased
Company owned life insurance declined
Interchange fee income declined
Other operating income increased
Net gains on sales of loans declined
During the quarter ended September 30, 2022, non-interest expense totaled
| Quarter Ended | Quarter Ended | Quarter Ended | |||||||
| Non-interest Expense | 9/30/2022 | 6/30/2022 | 9/30/2021 | ||||||
| (dollars in thousands) | |||||||||
| Salaries and Employee Benefits | $ | 19,751 | $ | 20,384 | $ | 17,274 | |||
| Occupancy, Furniture and Equipment Expense | 3,685 | 3,772 | 3,453 | ||||||
| FDIC Premiums | 477 | 465 | 383 | ||||||
| Data Processing Fees | 2,712 | 2,460 | 2,006 | ||||||
| Professional Fees | 1,188 | 1,573 | 1,357 | ||||||
| Advertising and Promotion | 1,215 | 1,027 | 897 | ||||||
| Intangible Amortization | 897 | 957 | 661 | ||||||
| Other Operating Expenses | 4,791 | 5,063 | 6,413 | ||||||
| Total Non-interest Expense | $ | 34,716 | $ | 35,701 | $ | 32,444 | |||
Salaries and benefits declined
Data processing fees increased
Professional fees declined
Other operating expenses declined
About German American
German American Bancorp, Inc. is a Nasdaq-traded (symbol: GABC) financial holding company based in Jasper, Indiana. German American, through its banking subsidiary German American Bank, operates 78 banking offices in 20 contiguous southern Indiana counties and 14 counties in Kentucky. 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. Forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. 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;
- the severity and duration of the COVID-19 pandemic and its impact on general economic and financial market conditions and our business, results of operations and financial condition;
- our participation in the Paycheck Protection Program administered by the Small Business Administration;
- capital management activities, including possible future sales of new securities, or possible repurchases or redemptions by German American of outstanding debt or equity securities;
- 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;
- the possible effects of the replacement of the London Interbank Offering Rate (LIBOR);
- the impact of the current expected credit loss (CECL) standard;
- 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 German American’s banking subsidiary;
- actions of the regulatory authorities under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and the Federal Deposit Insurance Act and other possible legislative and regulatory actions and reforms;
- impacts resulting from possible amendments or revisions to the Dodd-Frank Act and the regulations promulgated thereunder, or to Consumer Financial Protection Bureau rules and regulations;
- the continued availability of earnings and excess capital sufficient for the lawful and prudent declaration and payment of cash dividends;
- with respect to the merger with CUB, the possibility that the anticipated benefits of the transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies, unexpected credit quality problems of the acquired loans or other assets, or unexpected attrition of the customer base of the acquired institution or branches; and
- other risk factors expressly identified in German American’s filings with the SEC.
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 German American. 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, 2022 | June 30, 2022 | September 30, 2021 | |||||||||
| ASSETS | |||||||||||
| Cash and Due from Banks | $ | 70,660 | $ | 111,904 | $ | 54,617 | |||||
| Short-term Investments | 303,133 | 415,136 | 394,871 | ||||||||
| Investment Securities | 1,701,981 | 1,822,088 | 1,696,578 | ||||||||
| Loans Held-for-Sale | 10,418 | 9,171 | 15,361 | ||||||||
| Loans, Net of Unearned Income | 3,682,516 | 3,649,369 | 3,009,260 | ||||||||
| Allowance for Credit Losses | (44,699 | ) | (45,031 | ) | (37,798 | ) | |||||
| Net Loans | 3,637,817 | 3,604,338 | 2,971,462 | ||||||||
| Stock in FHLB and Other Restricted Stock | 15,106 | 15,259 | 13,048 | ||||||||
| Premises and Equipment | 111,098 | 111,341 | 89,649 | ||||||||
| Goodwill and Other Intangible Assets | 190,812 | 191,611 | 128,275 | ||||||||
| Other Assets | 218,880 | 190,855 | 111,889 | ||||||||
| TOTAL ASSETS | $ | 6,259,905 | $ | 6,471,703 | $ | 5,475,750 | |||||
| LIABILITIES | |||||||||||
| Non-interest-bearing Demand Deposits | $ | 1,755,065 | $ | 1,745,067 | $ | 1,453,197 | |||||
| Interest-bearing Demand, Savings, and Money Market Accounts | 3,381,082 | 3,503,789 | 2,762,328 | ||||||||
| Time Deposits | 438,194 | 464,752 | 377,426 | ||||||||
| Total Deposits | 5,574,341 | 5,713,608 | 4,592,951 | ||||||||
| Borrowings | 146,015 | 144,885 | 186,389 | ||||||||
| Other Liabilities | 44,848 | 38,781 | 46,271 | ||||||||
| TOTAL LIABILITIES | 5,765,204 | 5,897,274 | 4,825,611 | ||||||||
| SHAREHOLDERS' EQUITY | |||||||||||
| Common Stock and Surplus | 416,249 | 415,851 | 302,228 | ||||||||
| Retained Earnings | 387,510 | 369,673 | 336,647 | ||||||||
| Accumulated Other Comprehensive Income (Loss) | (309,058 | ) | (211,095 | ) | 11,264 | ||||||
| SHAREHOLDERS' EQUITY | 494,701 | 574,429 | 650,139 | ||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 6,259,905 | $ | 6,471,703 | $ | 5,475,750 | |||||
| END OF PERIOD SHARES OUTSTANDING | 29,485,121 | 29,483,045 | 26,546,100 | ||||||||
| TANGIBLE BOOK VALUE PER SHARE(1) | $ | 10.31 | $ | 13.02 | $ | 19.66 | |||||
| (1)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, 2022 | June 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||
| INTEREST INCOME | |||||||||||||||||
| Interest and Fees on Loans | $ | 43,128 | $ | 39,987 | $ | 35,483 | $ | 122,050 | $ | 105,091 | |||||||
| Interest on Short-term Investments | 2,053 | 1,232 | 141 | 3,565 | 329 | ||||||||||||
| Interest and Dividends on Investment Securities | 11,343 | 11,047 | 7,951 | 32,450 | 21,974 | ||||||||||||
| TOTAL INTEREST INCOME | 56,524 | 52,266 | 43,575 | 158,065 | 127,394 | ||||||||||||
| INTEREST EXPENSE | |||||||||||||||||
| Interest on Deposits | 3,597 | 1,549 | 1,139 | 6,475 | 3,850 | ||||||||||||
| Interest on Borrowings | 1,229 | 1,120 | 1,149 | 3,387 | 3,445 | ||||||||||||
| TOTAL INTEREST EXPENSE | 4,826 | 2,669 | 2,288 | 9,862 | 7,295 | ||||||||||||
| NET INTEREST INCOME | 51,698 | 49,597 | 41,287 | 148,203 | 120,099 | ||||||||||||
| Provision for Credit Losses | 350 | 300 | (2,000 | ) | 5,850 | (8,500 | ) | ||||||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 51,348 | 49,297 | 43,287 | 142,353 | 128,599 | ||||||||||||
| NON-INTEREST INCOME | |||||||||||||||||
| Net Gain on Sales of Loans | 854 | 1,049 | 2,197 | 3,324 | 6,417 | ||||||||||||
| Net Gain on Securities | 23 | 78 | 218 | 473 | 1,493 | ||||||||||||
| Other Non-interest Income | 13,220 | 14,053 | 13,141 | 41,668 | 36,585 | ||||||||||||
| TOTAL NON-INTEREST INCOME | 14,097 | 15,180 | 15,556 | 45,465 | 44,495 | ||||||||||||
| NON-INTEREST EXPENSE | |||||||||||||||||
| Salaries and Benefits | 19,751 | 20,384 | 17,274 | 63,223 | 51,454 | ||||||||||||
| Other Non-interest Expenses | 14,965 | 15,317 | 15,170 | 55,354 | 41,286 | ||||||||||||
| TOTAL NON-INTEREST EXPENSE | 34,716 | 35,701 | 32,444 | 118,577 | 92,740 | ||||||||||||
| Income before Income Taxes | 30,729 | 28,776 | 26,399 | 69,241 | 80,354 | ||||||||||||
| Income Tax Expense | 6,133 | 5,029 | 4,913 | 11,831 | 15,489 | ||||||||||||
| NET INCOME | $ | 24,596 | $ | 23,747 | $ | 21,486 | $ | 57,410 | $ | 64,865 | |||||||
| BASIC EARNINGS PER SHARE | $ | 0.83 | $ | 0.81 | $ | 0.81 | $ | 1.95 | $ | 2.44 | |||||||
| DILUTED EARNINGS PER SHARE | $ | 0.83 | $ | 0.81 | $ | 0.81 | $ | 1.95 | $ | 2.44 | |||||||
| WEIGHTED AVERAGE SHARES OUTSTANDING | 29,484,394 | 29,483,848 | 26,545,868 | 29,457,396 | 26,534,044 | ||||||||||||
| DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | 29,484,394 | 29,483,848 | 26,545,868 | 29,457,396 | 26,534,044 | ||||||||||||
| GERMAN AMERICAN BANCORP, INC. | ||||||||||||||||||||||
| (unaudited, dollars in thousands except per share data) | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||
| EARNINGS PERFORMANCE RATIOS | ||||||||||||||||||||||
| Annualized Return on Average Assets | 1.53 | % | 1.43 | % | 1.58 | % | 1.16 | % | 1.63 | % | ||||||||||||
| Annualized Return on Average Equity | 16.77 | % | 15.87 | % | 13.05 | % | 11.92 | % | 13.53 | % | ||||||||||||
| Annualized Return on Average Tangible Equity(1) | 24.87 | % | 23.29 | % | 16.23 | % | 16.95 | % | 16.97 | % | ||||||||||||
| Net Interest Margin | 3.59 | % | 3.35 | % | 3.33 | % | 3.35 | % | 3.34 | % | ||||||||||||
| Efficiency Ratio(2) | 51.41 | % | 53.75 | % | 55.80 | % | 59.70 | % | 55.17 | % | ||||||||||||
| Net Overhead Expense to Average Earning Assets(3) | 1.39 | % | 1.34 | % | 1.33 | % | 1.60 | % | 1.30 | % | ||||||||||||
| ASSET QUALITY RATIOS | ||||||||||||||||||||||
| Annualized Net Charge-offs to Average Loans | 0.07 | % | 0.04 | % | 0.03 | % | 0.05 | % | 0.02 | % | ||||||||||||
| Allowance for Credit Losses to Period End Loans | 1.21 | % | 1.23 | % | 1.26 | % | ||||||||||||||||
| Non-performing Assets to Period End Assets | 0.22 | % | 0.23 | % | 0.34 | % | ||||||||||||||||
| Non-performing Loans to Period End Loans | 0.37 | % | 0.41 | % | 0.61 | % | ||||||||||||||||
| Loans 30-89 Days Past Due to Period End Loans | 0.31 | % | 0.26 | % | 0.12 | % | ||||||||||||||||
| SELECTED BALANCE SHEET & OTHER FINANCIAL DATA | ||||||||||||||||||||||
| Average Assets | $ | 6,440,580 | $ | 6,637,969 | $ | 5,437,467 | $ | 6,605,076 | $ | 5,297,013 | ||||||||||||
| Average Earning Assets | $ | 5,927,033 | $ | 6,131,156 | $ | 5,093,262 | $ | 6,101,184 | $ | 4,941,567 | ||||||||||||
| Average Total Loans | $ | 3,676,862 | $ | 3,649,466 | $ | 3,055,926 | $ | 3,664,506 | $ | 3,094,214 | ||||||||||||
| Average Demand Deposits | $ | 1,738,237 | $ | 1,740,592 | $ | 1,409,841 | $ | 1,739,389 | $ | 1,352,519 | ||||||||||||
| Average Interest Bearing Liabilities | $ | 4,072,841 | $ | 4,260,906 | $ | 3,322,724 | $ | 4,179,344 | $ | 3,258,929 | ||||||||||||
| Average Equity | $ | 586,744 | $ | 598,440 | $ | 658,634 | $ | 642,326 | $ | 639,283 | ||||||||||||
| Period End Non-performing Assets(4) | $ | 13,780 | $ | 15,082 | $ | 18,546 | ||||||||||||||||
| Period End Non-performing Loans(5) | $ | 13,780 | $ | 15,082 | $ | 18,434 | ||||||||||||||||
| Period End Loans 30-89 Days Past Due(6) | $ | 11,445 | $ | 9,350 | $ | 3,745 | ||||||||||||||||
| Tax Equivalent Net Interest Income | $ | 53,433 | $ | 51,246 | $ | 42,589 | $ | 153,147 | $ | 123,616 | ||||||||||||
| Net Charge-offs during Period | $ | 682 | $ | 347 | $ | 197 | $ | 1,285 | $ | 561 | ||||||||||||
| (1 | ) | Average Tangible Equity is defined as Average Equity less Average Goodwill and Other Intangibles. | ||||||||||||||||||||
| (2 | ) | 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. | ||||||||||||||||||||
| (3 | ) | Net Overhead Expense is defined as Total Non-interest Expense less Total Non-interest Income. | ||||||||||||||||||||
| (4 | ) | Non-performing assets are defined as Non-accrual Loans, Loans Past Due 90 days or more, and Other Real Estate Owned. | ||||||||||||||||||||
| (5 | ) | Non-performing loans are defined as Non-accrual Loans and Loans Past Due 90 days or more. | ||||||||||||||||||||
| (6 | ) | Loans 30-89 days past due and still accruing. | ||||||||||||||||||||
For additional information, contact:
D. Neil Dauby, President and Chief Executive Officer
Bradley M Rust, Sr. EVP, Chief Operating Officer and Chief Financial Officer
(812) 482-1314
FAQ
What were German American Bancorp's earnings for Q3 2022?
What is the quarterly dividend declared by GABC for November 2022?
How did GABC's loan portfolio change in Q3 2022?
What percentage increase did GABC see in earnings per share compared to Q2 2022?
What factors contributed to German American Bancorp's strong earnings in Q3 2022?
