German American Bancorp, Inc. (GABC) Reports First Quarter 2023 Earnings
German American Bancorp reported Q1 2023 earnings of $20.8 million, or $0.71 per share, marking a 129% increase from Q1 2022 but a 14% decline compared to Q4 2022. This quarter's results were influenced by prior acquisition costs from the Citizens Union Bancorp acquisition that closed January 1, 2022. Earnings performance faced pressure from a decrease in net interest income and net interest margin, which fell from 3.78% to 3.69% due to rising deposit costs. Total loans decreased by $15.8 million, largely from seasonal agricultural loan declines. Total assets declined to $5.997 billion, partly due to a 4% drop in deposits on a linked quarter basis. The company also announced a quarterly cash dividend of $0.25 per share, a 9% increase from 2022.
- Q1 earnings increased 129% YoY to $20.8 million.
- Dividend declared of $0.25 per share, reflecting a 9% increase over 2022.
- Q1 earnings declined 14% compared to Q4 2022.
- Net interest margin decreased from 3.78% to 3.69%.
- Total loans dropped by $15.8 million linked quarter.
- Total deposits fell 4% or $195 million linked quarter.
JASPER, Ind., April 24, 2023 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq: GABC) reported first quarter earnings of
The first quarter of 2023 provided a challenging operating/economic backdrop for the banking industry as focus went to stabilization of deposits, liquidity and capital. First quarter 2023 operating performance was highlighted by increased non-interest income, as compared to fourth quarter 2022, continued strong credit metrics, and non-agricultural organic loan growth. However, from an earnings perspective, the increase in non-interest income was more than offset by lower net interest income and net interest margin resulting from higher deposit costs and a smaller earning asset base and by an increase in non-interest expense driven in part by somewhat seasonally higher operating costs, in each case, as compared to fourth quarter of 2022.
The net interest margin declined from
First quarter 2023 deposits declined approximately
During the first quarter of 2023, total loans were down
Operating revenue for the first quarter 2023 increased
The Company also announced that its Board of Directors declared a regular quarterly cash dividend of
D. Neil Dauby, German American’s President & CEO stated, “Despite the volatility the banking industry experienced in the last part of the first quarter, German American remains extremely well positioned with solid liquidity, strong capital and a diverse core deposit base which speaks to the strength and resilience of our Company. Thanks to the dedicated efforts of our relationship-focused team of professionals, our customers and communities were well taken care of during this uncertain time. While we anticipate some potential recessionary headwinds in 2023, we remain confident in the strength of our Company and remain excited and committed to the vitality and growth of our Indiana and Kentucky communities.”
Balance Sheet Highlights
Total assets for the Company totaled
Securities available for sale declined
March 31, 2023 total loans declined
| End of Period Loan Balances | 3/31/2023 | 12/31/2022 | 3/31/2022 | ||||||
| (dollars in thousands) | |||||||||
| Commercial & Industrial Loans | $ | 667,306 | $ | 676,502 | $ | 636,519 | |||
| Commercial Real Estate Loans | 2,000,237 | 1,966,884 | 1,938,528 | ||||||
| Agricultural Loans | 378,587 | 417,413 | 387,764 | ||||||
| Consumer Loans | 376,398 | 377,164 | 351,083 | ||||||
| Residential Mortgage Loans | 350,338 | 350,682 | 342,140 | ||||||
| $ | 3,772,866 | $ | 3,788,645 | $ | 3,656,034 | ||||
| Net PPP Loans (included in Commercial & Industrial Loans above) | $ | — | $ | — | $ | 6,612 | |||
The Company’s allowance for credit losses totaled
Non-performing assets totaled
| Non-performing Assets | ||||||||
| (dollars in thousands) | ||||||||
| 3/31/2023 | 12/31/2022 | 3/31/2022 | ||||||
| Non-Accrual Loans | $ | 13,495 | $ | 12,888 | $ | 14,929 | ||
| Past Due Loans (90 days or more) | 1,098 | 1,427 | 383 | |||||
| Total Non-Performing Loans | 14,593 | 14,315 | 15,312 | |||||
| Other Real Estate | — | — | 30 | |||||
| Total Non-Performing Assets | $ | 14,593 | $ | 14,315 | $ | 15,342 | ||
| Restructured Loans | $ | — | $ | — | $ | 102 | ||
March 31, 2023 total deposits declined
A competitive market driven by rising interest rates has been a significant contributing factor to the decline in total deposits during the first quarter of 2023 compared with both year-end 2022 and March 31, 2022. The Company has also continued to see customer movement from both interest bearing and non-interest bearing transactional accounts to time deposits due primarily to the rising interest rate environment. Additionally, a meaningful level of the outflow of deposits was captured within the Company's wealth management group in both the first quarter of 2023 and over the course of the past several quarters.
March 31, 2023 total borrowings declined
| End of Period Deposit Balances | 3/31/2023 | 12/31/2022 | 3/31/2022 | ||||||
| (dollars in thousands) | |||||||||
| Non-interest-bearing Demand Deposits | $ | 1,601,206 | $ | 1,691,804 | $ | 1,789,353 | |||
| IB Demand, Savings, and MMDA Accounts | 3,039,393 | 3,229,778 | 3,527,373 | ||||||
| Time Deposits < | 245,104 | 235,219 | 278,477 | ||||||
| Time Deposits > | 269,192 | 193,250 | 234,407 | ||||||
| $ | 5,154,895 | $ | 5,350,051 | $ | 5,829,610 | ||||
Results of Operations Highlights – Quarter ended March 31, 2023
Net income for the quarter ended March 31, 2023 totaled
| Summary Average Balance Sheet | |||||||||||||||||||||||||||
| (Tax-equivalent basis / dollars in thousands) | |||||||||||||||||||||||||||
| Quarter Ended | Quarter Ended | Quarter Ended | |||||||||||||||||||||||||
| March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||||||||||||
| 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 | $ | 46,729 | $ | 345 | 2.99 | % | $ | 234,107 | $ | 2,200 | 3.73 | % | $ | 594,901 | $ | 280 | 0.19 | % | |||||||||
| Securities | 1,729,189 | 12,595 | 2.91 | % | 1,735,534 | 13,150 | 3.03 | % | 1,986,917 | 11,533 | 2.32 | % | |||||||||||||||
| Loans and Leases | 3,773,789 | 49,245 | 5.29 | % | 3,728,788 | 47,262 | 5.03 | % | 3,667,082 | 39,022 | 4.31 | % | |||||||||||||||
| Total Interest Earning Assets | $ | 5,549,707 | $ | 62,185 | 4.53 | % | $ | 5,698,429 | $ | 62,612 | 4.37 | % | $ | 6,248,900 | $ | 50,835 | 3.28 | % | |||||||||
| Liabilities | |||||||||||||||||||||||||||
| Demand Deposit Accounts | $ | 1,636,133 | $ | 1,735,264 | $ | 1,739,351 | |||||||||||||||||||||
| IB Demand, Savings, and | |||||||||||||||||||||||||||
| MMDA Accounts | $ | 3,119,979 | $ | 7,414 | 0.96 | % | $ | 3,359,079 | $ | 6,347 | 0.75 | % | $ | 3,492,813 | $ | 872 | 0.10 | % | |||||||||
| Time Deposits | 451,644 | 1,557 | 1.40 | % | 426,710 | 692 | 0.64 | % | 528,452 | 457 | 0.35 | % | |||||||||||||||
| FHLB Advances and Other Borrowings | 244,645 | 2,509 | 4.16 | % | 162,792 | 1,441 | 3.51 | % | 184,481 | 1,038 | 2.28 | % | |||||||||||||||
| Total Interest-Bearing Liabilities | $ | 3,816,268 | $ | 11,480 | 1.22 | % | $ | 3,948,581 | $ | 8,480 | 0.85 | % | $ | 4,205,746 | $ | 2,367 | 0.23 | % | |||||||||
| Cost of Funds | 0.84 | % | 0.59 | % | 0.15 | % | |||||||||||||||||||||
| Net Interest Income | $ | 50,705 | $ | 54,132 | $ | 48,468 | |||||||||||||||||||||
| Net Interest Margin | 3.69 | % | 3.78 | % | 3.13 | % | |||||||||||||||||||||
During the first quarter of 2023, net interest income, on a non tax-equivalent basis, totaled
The decline in net interest income during the first quarter of 2023 compared with the fourth quarter of 2022 was primarily attributable to a lower level of average earning assets driven by a reduced level of average deposits and a decline in the Company's net interest margin. The increase in net interest income during the first quarter of 2023 compared with the first quarter of 2022 was primarily attributable to an improved net interest margin driven by the rise in market interest rates.
The tax equivalent net interest margin for the quarter ended March 31, 2023 was
The Company's net interest margin and net interest income have been impacted by accretion of loan discounts on acquired loans. Accretion of discounts on acquired loans totaled
During the quarter ended March 31, 2023, the Company recorded a provision for credit losses of
Net charge-offs totaled
During the quarter ended March 31, 2023, non-interest income totaled
| Quarter Ended | Quarter Ended | Quarter Ended | |||||||
| Non-interest Income | 3/31/2023 | 12/31/2022 | 3/31/2022 | ||||||
| (dollars in thousands) | |||||||||
| Wealth Management Fees | $ | 2,644 | $ | 2,420 | $ | 2,638 | |||
| Service Charges on Deposit Accounts | 2,788 | 2,889 | 2,683 | ||||||
| Insurance Revenues | 3,135 | 2,050 | 3,721 | ||||||
| Company Owned Life Insurance | 401 | 496 | 458 | ||||||
| Interchange Fee Income | 4,199 | 3,972 | 3,627 | ||||||
| Other Operating Income | 1,211 | 1,258 | 1,268 | ||||||
| Subtotal | 14,378 | 13,085 | 14,395 | ||||||
| Net Gains on Sales of Loans | 587 | 494 | 1,421 | ||||||
| Net Gains on Securities | 2 | 89 | 372 | ||||||
| Total Non-interest Income | $ | 14,967 | $ | 13,668 | $ | 16,188 | |||
Wealth management fees increased
Insurance revenues increased
Interchange fee income increased
Net gains on sales of loans increased
During the quarter ended March 31, 2023, non-interest expense totaled
| Quarter Ended | Quarter Ended | Quarter Ended | |||||||
| Non-interest Expense | 3/31/2023 | 12/31/2022 | 3/31/2022 | ||||||
| (dollars in thousands) | |||||||||
| Salaries and Employee Benefits | $ | 21,846 | $ | 20,922 | $ | 23,088 | |||
| Occupancy, Furniture and Equipment Expense | 3,820 | 3,655 | 3,809 | ||||||
| FDIC Premiums | 741 | 442 | 476 | ||||||
| Data Processing Fees | 2,755 | 2,510 | 7,724 | ||||||
| Professional Fees | 1,562 | 1,171 | 2,363 | ||||||
| Advertising and Promotion | 1,167 | 1,036 | 1,138 | ||||||
| Intangible Amortization | 785 | 840 | 1,017 | ||||||
| Other Operating Expenses | 4,940 | 5,038 | 8,545 | ||||||
| Total Non-interest Expense | $ | 37,616 | $ | 35,614 | $ | 48,160 | |||
Salaries and benefits increased
FDIC premiums increased
Data processing fees increased
Professional fees increased
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 77 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:
- changes in interest rates and the timing and magnitude of any such changes;
- unfavorable economic conditions, including a prolonged period of inflation, and the resulting adverse impact on, among other things, credit quality;
- the impacts related to or resulting from recent bank failures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks;
- the impacts of epidemics, pandemics or other infectious disease outbreaks, including the continuation of the COVID-19 pandemic;
- 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;
- capital management activities, including possible future sales of new securities, or possible repurchases or redemptions by German American 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 or employee 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;
- the possible effects of the replacement of the London Interbank Offering Rate (LIBOR);
- the potential for increases to, and volatility in, the balance of our allowance for credit losses and related provision expense due to 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 benefits of the transaction, including cost savings and strategic gains, do not continue as anticipated, including as a result of the impact of, or problems arising from, the continued 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 | |||||||||||
| March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||
| ASSETS | |||||||||||
| Cash and Due from Banks | $ | 70,506 | $ | 77,174 | $ | 60,477 | |||||
| Short-term Investments | 10,289 | 42,405 | 611,110 | ||||||||
| Investment Securities | 1,670,609 | 1,762,022 | 1,923,973 | ||||||||
| Loans Held-for-Sale | 6,011 | 8,600 | 12,675 | ||||||||
| Loans, Net of Unearned Income | 3,768,872 | 3,784,934 | 3,652,452 | ||||||||
| Allowance for Credit Losses | (44,315 | ) | (44,168 | ) | (45,078 | ) | |||||
| Net Loans | 3,724,557 | 3,740,766 | 3,607,374 | ||||||||
| Stock in FHLB and Other Restricted Stock | 14,957 | 15,037 | 15,455 | ||||||||
| Premises and Equipment | 112,225 | 112,237 | 111,815 | ||||||||
| Goodwill and Other Intangible Assets | 188,929 | 189,783 | 190,949 | ||||||||
| Other Assets | 198,836 | 207,967 | 163,801 | ||||||||
| TOTAL ASSETS | $ | 5,996,919 | $ | 6,155,991 | $ | 6,697,629 | |||||
| LIABILITIES | |||||||||||
| Non-interest-bearing Demand Deposits | $ | 1,601,206 | $ | 1,691,804 | $ | 1,789,353 | |||||
| Interest-bearing Demand, Savings, and Money Market Accounts | 3,039,393 | 3,229,778 | 3,527,373 | ||||||||
| Time Deposits | 514,296 | 428,469 | 512,884 | ||||||||
| Total Deposits | 5,154,895 | 5,350,051 | 5,829,610 | ||||||||
| Borrowings | 191,052 | 203,806 | 156,124 | ||||||||
| Other Liabilities | 45,641 | 43,741 | 62,859 | ||||||||
| TOTAL LIABILITIES | 5,391,588 | 5,597,598 | 6,048,593 | ||||||||
| SHAREHOLDERS' EQUITY | |||||||||||
| Common Stock and Surplus | 417,203 | 416,664 | 414,758 | ||||||||
| Retained Earnings | 418,620 | 405,167 | 352,679 | ||||||||
| Accumulated Other Comprehensive Income (Loss) | (230,492 | ) | (263,438 | ) | (118,401 | ) | |||||
| SHAREHOLDERS' EQUITY | 605,331 | 558,393 | 649,036 | ||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 5,996,919 | $ | 6,155,991 | $ | 6,697,629 | |||||
| END OF PERIOD SHARES OUTSTANDING | 29,573,439 | 29,493,193 | 29,485,683 | ||||||||
| TANGIBLE BOOK VALUE PER SHARE (1) | $ | 14.08 | $ | 12.50 | $ | 15.54 | |||||
| (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 | |||||||||
| March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||
| INTEREST INCOME | |||||||||
| Interest and Fees on Loans | $ | 49,061 | $ | 47,108 | $ | 38,935 | |||
| Interest on Short-term Investments | 345 | 2,200 | 280 | ||||||
| Interest and Dividends on Investment Securities | 11,083 | 11,553 | 10,060 | ||||||
| TOTAL INTEREST INCOME | 60,489 | 60,861 | 49,275 | ||||||
| INTEREST EXPENSE | |||||||||
| Interest on Deposits | 8,971 | 7,039 | 1,329 | ||||||
| Interest on Borrowings | 2,509 | 1,441 | 1,038 | ||||||
| TOTAL INTEREST EXPENSE | 11,480 | 8,480 | 2,367 | ||||||
| NET INTEREST INCOME | 49,009 | 52,381 | 46,908 | ||||||
| Provision for Credit Losses | 1,100 | 500 | 5,200 | ||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 47,909 | 51,881 | 41,708 | ||||||
| NON-INTEREST INCOME | |||||||||
| Net Gain on Sales of Loans | 587 | 494 | 1,421 | ||||||
| Net Gain on Securities | 2 | 89 | 372 | ||||||
| Other Non-interest Income | 14,378 | 13,085 | 14,395 | ||||||
| TOTAL NON-INTEREST INCOME | 14,967 | 13,668 | 16,188 | ||||||
| NON-INTEREST EXPENSE | |||||||||
| Salaries and Benefits | 21,846 | 20,922 | 23,088 | ||||||
| Other Non-interest Expenses | 15,770 | 14,692 | 25,072 | ||||||
| TOTAL NON-INTEREST EXPENSE | 37,616 | 35,614 | 48,160 | ||||||
| Income before Income Taxes | 25,260 | 29,935 | 9,736 | ||||||
| Income Tax Expense | 4,453 | 5,520 | 669 | ||||||
| NET INCOME | $ | 20,807 | $ | 24,415 | $ | 9,067 | |||
| BASIC EARNINGS PER SHARE | $ | 0.71 | $ | 0.83 | $ | 0.31 | |||
| DILUTED EARNINGS PER SHARE | $ | 0.71 | $ | 0.83 | $ | 0.31 | |||
| WEIGHTED AVERAGE SHARES OUTSTANDING | 29,507,446 | 29,485,940 | 29,403,052 | ||||||
| DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | 29,507,446 | 29,485,940 | 29,403,052 | ||||||
| GERMAN AMERICAN BANCORP, INC. | |||||||||||||
| (unaudited, dollars in thousands except per share data) | |||||||||||||
| Three Months Ended | |||||||||||||
| March 31, | December 31, | March 31, | |||||||||||
| 2023 | 2022 | 2022 | |||||||||||
| EARNINGS PERFORMANCE RATIOS | |||||||||||||
| Annualized Return on Average Assets | 1.37 | % | 1.56 | % | 0.54 | % | |||||||
| Annualized Return on Average Equity | 14.39 | % | 18.99 | % | 4.88 | % | |||||||
| Annualized Return on Average Tangible Equity (1) | 21.38 | % | 30.14 | % | 6.56 | % | |||||||
| Net Interest Margin | 3.69 | % | 3.78 | % | 3.13 | % | |||||||
| Efficiency Ratio (2) | 57.28 | % | 52.53 | % | 74.49 | % | |||||||
| Net Overhead Expense to Average Earning Assets (3) | 1.63 | % | 1.54 | % | 2.05 | % | |||||||
| ASSET QUALITY RATIOS | |||||||||||||
| Annualized Net Charge-offs to Average Loans | 0.10 | % | 0.11 | % | 0.03 | % | |||||||
| Allowance for Credit Losses to Period End Loans | 1.18 | % | 1.17 | % | 1.23 | % | |||||||
| Non-performing Assets to Period End Assets | 0.24 | % | 0.23 | % | 0.23 | % | |||||||
| Non-performing Loans to Period End Loans | 0.39 | % | 0.38 | % | 0.42 | % | |||||||
| Loans 30-89 Days Past Due to Period End Loans | 0.27 | % | 0.37 | % | 0.17 | % | |||||||
| SELECTED BALANCE SHEET & OTHER FINANCIAL DATA | |||||||||||||
| Average Assets | $ | 6,078,126 | $ | 6,243,859 | $ | 6,739,970 | |||||||
| Average Earning Assets | $ | 5,549,707 | $ | 5,698,429 | $ | 6,248,900 | |||||||
| Average Total Loans | $ | 3,773,789 | $ | 3,728,788 | $ | 3,667,082 | |||||||
| Average Demand Deposits | $ | 1,636,133 | $ | 1,735,264 | $ | 1,739,351 | |||||||
| Average Interest Bearing Liabilities | $ | 3,816,268 | $ | 3,948,581 | $ | 4,205,746 | |||||||
| Average Equity | $ | 578,562 | $ | 514,335 | $ | 743,518 | |||||||
| Period End Non-performing Assets (4) | $ | 14,593 | $ | 14,315 | $ | 15,342 | |||||||
| Period End Non-performing Loans (5) | $ | 14,593 | $ | 14,315 | $ | 15,312 | |||||||
| Period End Loans 30-89 Days Past Due (6) | $ | 10,360 | $ | 14,040 | $ | 6,185 | |||||||
| Tax Equivalent Net Interest Income | $ | 50,705 | $ | 54,132 | $ | 48,468 | |||||||
| Net Charge-offs during Period | $ | 953 | $ | 1,031 | $ | 256 | |||||||
| (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 Q1 2023?
How does Q1 2023 earnings compare to Q1 2022 for GABC?
What caused the decline in net interest margin for GABC in Q1 2023?
What is the dividend for GABC shareholders in Q2 2023?
How much did GABC's total deposits decline in Q1 2023?
