German American Bancorp, Inc. (GABC) Reports Solid Second Quarter 2023 Earnings
JASPER, Ind., July 31, 2023 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq: GABC) reported solid second quarter earnings of
The Company remained well positioned at the end of the second quarter 2023 with continued solid liquidity and strong capital. Second quarter 2023 operating performance was highlighted by marginal net interest margin compression, solid loan growth, a stable/diversified deposit base, continued strong credit metrics, reductions in non-interest expense and growth in most non-interest income categories.
The net interest margin declined marginally from
Second quarter 2023 deposits increased approximately
During the second quarter of 2023, total loans increased
Non-Interest income for the second quarter 2023 was relatively flat when compared to the linked first quarter 2023, as cyclical insurance contingency revenue of nearly
The Company also announced that its Board of Directors declared a regular quarterly cash dividend of
D. Neil Dauby, German American’s Chairman & CEO stated, “We are extremely pleased to deliver solid second quarter operating performance. 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, we are confident that our strong community presence, healthy financial condition and disciplined approach to risk management and earnings growth will continue to drive future profitability. We 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
June 30, 2023 total loans increased
The composition of the loan portfolio has remained relatively stable and diversified over the past several years, including 2023. The portfolio is most heavily concentrated in commercial real estate loans at
| End of Period Loan Balances | 6/30/2023 | 3/31/2023 | 6/30/2022 | ||||||
| (dollars in thousands) | |||||||||
| Commercial & Industrial Loans | $ | 669,137 | $ | 667,306 | $ | 641,496 | |||
| Commercial Real Estate Loans | 2,021,109 | 2,000,237 | 1,904,235 | ||||||
| Agricultural Loans | 395,466 | 378,587 | 397,524 | ||||||
| Consumer Loans | 389,440 | 376,398 | 366,322 | ||||||
| Residential Mortgage Loans | 355,329 | 350,338 | 343,166 | ||||||
| $ | 3,830,481 | $ | 3,772,866 | $ | 3,652,743 | ||||
The Company’s allowance for credit losses totaled
Non-performing assets totaled
| Non-performing Assets | ||||||||
| (dollars in thousands) | ||||||||
| 6/30/2023 | 3/31/2023 | 6/30/2022 | ||||||
| Non-Accrual Loans | $ | 11,423 | $ | 13,495 | $ | 13,921 | ||
| Past Due Loans (90 days or more) | 1,000 | 1,098 | 1,161 | |||||
| Total Non-Performing Loans | 12,423 | 14,593 | 15,082 | |||||
| Other Real Estate | — | — | — | |||||
| Total Non-Performing Assets | $ | 12,423 | $ | 14,593 | $ | 15,082 | ||
| Restructured Loans | $ | — | $ | — | $ | — | ||
Overall deposits stabilized during the second quarter of 2023 compared with the overall level of deposits at March 31, 2023. June 30, 2023 total deposits increased
A competitive market driven by rising interest rates has been a significant contributing factor to the decline in total deposits over the course of the past year. Additionally, a meaningful level of the outflow of deposits experienced during the past year was captured within the Company's wealth management group.
June 30, 2023 total borrowings increased
| End of Period Deposit Balances | 6/30/2023 | 3/31/2023 | 6/30/2022 | ||||||
| (dollars in thousands) | |||||||||
| Non-interest-bearing Demand Deposits | $ | 1,540,564 | $ | 1,601,206 | $ | 1,745,067 | |||
| IB Demand, Savings, and MMDA Accounts | 3,056,396 | 3,039,393 | 3,503,789 | ||||||
| Time Deposits < | 256,504 | 245,104 | 263,798 | ||||||
| Time Deposits > | 326,241 | 269,192 | 200,954 | ||||||
| $ | 5,179,705 | $ | 5,154,895 | $ | 5,713,608 | ||||
At June 30, 2023, the capital levels for the Company and its subsidiary bank, German American Bank (the "Bank"), remained well in excess of the minimum amounts needed for capital adequacy purposes and the Bank’s capital levels met the necessary requirements to be considered well-capitalized.
| 6/30/2023 Ratio | 3/31/2023 Ratio | 6/30/2022 Ratio | |||||||
| Total Capital (to Risk Weighted Assets) | |||||||||
| Consolidated | 16.06 | % | 15.89 | % | 15.07 | % | |||
| Bank | 14.50 | % | 14.37 | % | 13.86 | % | |||
| Tier 1 (Core) Capital (to Risk Weighted Assets) | |||||||||
| Consolidated | 14.50 | % | 14.32 | % | 13.58 | % | |||
| Bank | 13.76 | % | 13.63 | % | 13.23 | % | |||
| Common Tier 1 (CET 1) Capital Ratio (to Risk Weighted Assets) | |||||||||
| Consolidated | 13.78 | % | 13.60 | % | 12.85 | % | |||
| Bank | 13.76 | % | 13.63 | % | 13.23 | % | |||
| Tier 1 Capital (to Average Assets) | |||||||||
| Consolidated | 11.44 | % | 11.08 | % | 9.57 | % | |||
| Bank | 10.87 | % | 10.55 | % | 9.33 | % | |||
Results of Operations Highlights – Quarter ended June 30, 2023
Net income for the quarter ended June 30, 2023 totaled
| Summary Average Balance Sheet | |||||||||||||||||||||||||||
| (Tax-equivalent basis / dollars in thousands) | |||||||||||||||||||||||||||
| Quarter Ended | Quarter Ended | Quarter Ended | |||||||||||||||||||||||||
| June 30, 2023 | March 31, 2023 | June 30, 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 | $ | 54,228 | $ | 660 | 4.88 | % | $ | 46,729 | $ | 345 | 2.99 | % | $ | 606,488 | $ | 1,232 | 0.81 | % | |||||||||
| Securities | 1,667,871 | 12,094 | 2.90 | % | 1,729,189 | 12,595 | 2.91 | % | 1,875,202 | 12,625 | 2.69 | % | |||||||||||||||
| Loans and Leases | 3,787,436 | 52,350 | 5.54 | % | 3,773,789 | 49,245 | 5.29 | % | 3,649,466 | 40,058 | 4.40 | % | |||||||||||||||
| Total Interest Earning Assets | $ | 5,509,535 | $ | 65,104 | 4.74 | % | $ | 5,549,707 | $ | 62,185 | 4.53 | % | $ | 6,131,156 | $ | 53,915 | 3.52 | % | |||||||||
| Liabilities | |||||||||||||||||||||||||||
| Demand Deposit Accounts | $ | 1,545,455 | $ | 1,636,133 | $ | 1,740,592 | |||||||||||||||||||||
| IB Demand, Savings, and | |||||||||||||||||||||||||||
| MMDA Accounts | $ | 3,118,225 | $ | 10,035 | 1.29 | % | $ | 3,119,979 | $ | 7,414 | 0.96 | % | $ | 3,622,748 | $ | 1,113 | 0.12 | % | |||||||||
| Time Deposits | 546,982 | 3,322 | 2.44 | % | 451,644 | 1,557 | 1.40 | % | 492,453 | 436 | 0.36 | % | |||||||||||||||
| FHLB Advances and Other Borrowings | 177,146 | 1,899 | 4.30 | % | 244,645 | 2,509 | 4.16 | % | 145,705 | 1,120 | 3.08 | % | |||||||||||||||
| Total Interest-Bearing Liabilities | $ | 3,842,353 | $ | 15,256 | 1.59 | % | $ | 3,816,268 | $ | 11,480 | 1.22 | % | $ | 4,260,906 | $ | 2,669 | 0.25 | % | |||||||||
| Cost of Funds | 1.11 | % | 0.84 | % | 0.17 | % | |||||||||||||||||||||
| Net Interest Income | $ | 49,848 | $ | 50,705 | $ | 51,246 | |||||||||||||||||||||
| Net Interest Margin | 3.63 | % | 3.69 | % | 3.35 | % | |||||||||||||||||||||
During the second quarter of 2023, net interest income, on a non tax-equivalent basis, totaled
The decline in net interest income during the second quarter of 2023 compared with the first quarter of 2023 was primarily attributable to a decline in the Company's net interest margin. The decline in net interest income during the second quarter of 2023 compared with the second quarter of 2022 was primarily attributable to a decline in average earning assets, driven by a reduced level of average deposits, which was partially mitigated by an improved net interest margin resulting from the rise in market interest rates.
The tax equivalent net interest margin for the quarter ended June 30, 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 June 30, 2023, the Company recorded a provision for credit losses of
Net charge-offs totaled
During the quarter ended June 30, 2023, non-interest income totaled
| Quarter Ended | Quarter Ended | Quarter Ended | |||||||
| Non-interest Income | 6/30/2023 | 3/31/2023 | 6/30/2022 | ||||||
| (dollars in thousands) | |||||||||
| Wealth Management Fees | $ | 2,912 | $ | 2,644 | $ | 2,642 | |||
| Service Charges on Deposit Accounts | 2,883 | 2,788 | 2,871 | ||||||
| Insurance Revenues | 2,130 | 3,135 | 2,254 | ||||||
| Company Owned Life Insurance | 429 | 401 | 894 | ||||||
| Interchange Fee Income | 4,412 | 4,199 | 4,167 | ||||||
| Other Operating Income | 1,462 | 1,211 | 1,225 | ||||||
| Subtotal | 14,228 | 14,378 | 14,053 | ||||||
| Net Gains on Sales of Loans | 630 | 587 | 1,049 | ||||||
| Net Gains on Securities | 38 | 2 | 78 | ||||||
| Total Non-interest Income | $ | 14,896 | $ | 14,967 | $ | 15,180 | |||
Wealth management fees increased
Insurance revenues declined
Interchange fee income increased
Other operating income increased
Net gains on sales of loans increased
During the quarter ended June 30, 2023, non-interest expense totaled
| Quarter Ended | Quarter Ended | Quarter Ended | |||||||
| Non-interest Expense | 6/30/2023 | 3/31/2023 | 6/30/2022 | ||||||
| (dollars in thousands) | |||||||||
| Salaries and Employee Benefits | $ | 20,103 | $ | 21,846 | $ | 20,384 | |||
| Occupancy, Furniture and Equipment Expense | 3,443 | 3,820 | 3,772 | ||||||
| FDIC Premiums | 687 | 741 | 465 | ||||||
| Data Processing Fees | 2,803 | 2,755 | 2,460 | ||||||
| Professional Fees | 1,614 | 1,562 | 1,573 | ||||||
| Advertising and Promotion | 1,261 | 1,167 | 1,027 | ||||||
| Intangible Amortization | 734 | 785 | 957 | ||||||
| Other Operating Expenses | 5,081 | 4,940 | 5,063 | ||||||
| Total Non-interest Expense | $ | 35,726 | $ | 37,616 | $ | 35,701 | |||
Salaries and benefits declined
Occupancy, furniture and equipment expense declined
FDIC premiums declined
Data processing fees increased
Advertising and promotion expense increased
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 76 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:
a. changes in interest rates and the timing and magnitude of any such changes;
b. unfavorable economic conditions, including a prolonged period of inflation, and the resulting adverse impact on, among other things, credit quality;
c. 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;
d. the impacts of epidemics, pandemics or other infectious disease outbreaks;
e. changes in competitive conditions;
f. the introduction, withdrawal, success and timing of asset/liability management strategies or of mergers and acquisitions and other business initiatives and strategies;
g. changes in customer borrowing, repayment, investment and deposit practices;
h. changes in fiscal, monetary and tax policies;
i. changes in financial and capital markets;
j. capital management activities, including possible future sales of new securities, or possible repurchases or redemptions by German American of outstanding debt or equity securities;
k. 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;
l. factors driving impairment charges on investments;
m. the impact, extent and timing of technological changes;
n. potential cyber-attacks, information security breaches and other criminal activities;
o. litigation liabilities, including related costs, expenses, settlements and judgments, or the outcome of matters before regulatory agencies, whether pending or commencing in the future;
p. actions of the Federal Reserve Board;
q. the possible effects of the replacement of the London Interbank Offered Rate (LIBOR);
r. 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;
s. changes in accounting principles and interpretations;
t. 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;
u. 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;
v. 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;
w. the continued availability of earnings and excess capital sufficient for the lawful and prudent declaration and payment of cash dividends; and
x. 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 | |||||||||||
| June 30, 2023 | March 31, 2023 | June 30, 2022 | |||||||||
| ASSETS | |||||||||||
| Cash and Due from Banks | $ | 78,223 | $ | 70,506 | $ | 111,904 | |||||
| Short-term Investments | 62,948 | 10,289 | 415,136 | ||||||||
| Investment Securities | 1,601,062 | 1,670,609 | 1,822,088 | ||||||||
| Loans Held-for-Sale | 8,239 | 6,011 | 9,171 | ||||||||
| Loans, Net of Unearned Income | 3,826,009 | 3,768,872 | 3,649,369 | ||||||||
| Allowance for Credit Losses | (44,266 | ) | (44,315 | ) | (45,031 | ) | |||||
| Net Loans | 3,781,743 | 3,724,557 | 3,604,338 | ||||||||
| Stock in FHLB and Other Restricted Stock | 14,856 | 14,957 | 15,259 | ||||||||
| Premises and Equipment | 112,629 | 112,225 | 111,341 | ||||||||
| Goodwill and Other Intangible Assets | 188,130 | 188,929 | 191,611 | ||||||||
| Other Assets | 205,439 | 198,836 | 190,855 | ||||||||
| TOTAL ASSETS | $ | 6,053,269 | $ | 5,996,919 | $ | 6,471,703 | |||||
| LIABILITIES | |||||||||||
| Non-interest-bearing Demand Deposits | $ | 1,540,564 | $ | 1,601,206 | $ | 1,745,067 | |||||
| Interest-bearing Demand, Savings, and Money Market Accounts | 3,056,396 | 3,039,393 | 3,503,789 | ||||||||
| Time Deposits | 582,745 | 514,296 | 464,752 | ||||||||
| Total Deposits | 5,179,705 | 5,154,895 | 5,713,608 | ||||||||
| Borrowings | 227,484 | 191,052 | 144,885 | ||||||||
| Other Liabilities | 43,515 | 45,641 | 38,781 | ||||||||
| TOTAL LIABILITIES | 5,450,704 | 5,391,588 | 5,897,274 | ||||||||
| SHAREHOLDERS' EQUITY | |||||||||||
| Common Stock and Surplus | 418,033 | 417,203 | 415,851 | ||||||||
| Retained Earnings | 433,384 | 418,620 | 369,673 | ||||||||
| Accumulated Other Comprehensive Income (Loss) | (248,852 | ) | (230,492 | ) | (211,095 | ) | |||||
| SHAREHOLDERS' EQUITY | 602,565 | 605,331 | 574,429 | ||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 6,053,269 | $ | 5,996,919 | $ | 6,471,703 | |||||
| END OF PERIOD SHARES OUTSTANDING | 29,572,783 | 29,573,439 | 29,483,045 | ||||||||
| TANGIBLE BOOK VALUE PER SHARE(1) | $ | 14.01 | $ | 14.08 | $ | 12.98 | |||||
| (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 | Six Months Ended | ||||||||||||||
| June 30, 2023 | March 31, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||
| INTEREST INCOME | |||||||||||||||
| Interest and Fees on Loans | $ | 52,202 | $ | 49,061 | $ | 39,987 | $ | 101,263 | $ | 78,922 | |||||
| Interest on Short-term Investments | 660 | 345 | 1,232 | 1,005 | 1,512 | ||||||||||
| Interest and Dividends on Investment Securities | 10,652 | 11,083 | 11,047 | 21,735 | 21,107 | ||||||||||
| TOTAL INTEREST INCOME | 63,514 | 60,489 | 52,266 | 124,003 | 101,541 | ||||||||||
| INTEREST EXPENSE | |||||||||||||||
| Interest on Deposits | 13,357 | 8,971 | 1,549 | 22,328 | 2,878 | ||||||||||
| Interest on Borrowings | 1,899 | 2,509 | 1,120 | 4,408 | 2,158 | ||||||||||
| TOTAL INTEREST EXPENSE | 15,256 | 11,480 | 2,669 | 26,736 | 5,036 | ||||||||||
| NET INTEREST INCOME | 48,258 | 49,009 | 49,597 | 97,267 | 96,505 | ||||||||||
| Provision for Credit Losses | 550 | 1,100 | 300 | 1,650 | 5,500 | ||||||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 47,708 | 47,909 | 49,297 | 95,617 | 91,005 | ||||||||||
| NON-INTEREST INCOME | |||||||||||||||
| Net Gain on Sales of Loans | 630 | 587 | 1,049 | 1,217 | 2,470 | ||||||||||
| Net Gain on Securities | 38 | 2 | 78 | 40 | 450 | ||||||||||
| Other Non-interest Income | 14,228 | 14,378 | 14,053 | 28,606 | 28,448 | ||||||||||
| TOTAL NON-INTEREST INCOME | 14,896 | 14,967 | 15,180 | 29,863 | 31,368 | ||||||||||
| NON-INTEREST EXPENSE | |||||||||||||||
| Salaries and Benefits | 20,103 | 21,846 | 20,384 | 41,949 | 43,472 | ||||||||||
| Other Non-interest Expenses | 15,623 | 15,770 | 15,317 | 31,393 | 40,389 | ||||||||||
| TOTAL NON-INTEREST EXPENSE | 35,726 | 37,616 | 35,701 | 73,342 | 83,861 | ||||||||||
| Income before Income Taxes | 26,878 | 25,260 | 28,776 | 52,138 | 38,512 | ||||||||||
| Income Tax Expense | 4,755 | 4,453 | 5,029 | 9,208 | 5,698 | ||||||||||
| NET INCOME | $ | 22,123 | $ | 20,807 | $ | 23,747 | $ | 42,930 | $ | 32,814 | |||||
| BASIC EARNINGS PER SHARE | $ | 0.75 | $ | 0.71 | $ | 0.81 | $ | 1.45 | $ | 1.11 | |||||
| DILUTED EARNINGS PER SHARE | $ | 0.75 | $ | 0.71 | $ | 0.81 | $ | 1.45 | $ | 1.11 | |||||
| WEIGHTED AVERAGE SHARES OUTSTANDING | 29,573,042 | 29,507,446 | 29,483,848 | 29,540,425 | 29,443,673 | ||||||||||
| DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | 29,573,042 | 29,507,446 | 29,483,848 | 29,540,425 | 29,443,673 | ||||||||||
| 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, | ||||||||||||||||||
| 2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
| EARNINGS PERFORMANCE RATIOS | ||||||||||||||||||||||
| Annualized Return on Average Assets | 1.47 | % | 1.37 | % | 1.43 | % | 1.42 | % | 0.98 | % | ||||||||||||
| Annualized Return on Average Equity | 14.66 | % | 14.39 | % | 15.87 | % | 14.52 | % | 9.79 | % | ||||||||||||
| Annualized Return on Average Tangible Equity(1) | 21.32 | % | 21.38 | % | 23.29 | % | 21.34 | % | 13.68 | % | ||||||||||||
| Net Interest Margin | 3.63 | % | 3.69 | % | 3.35 | % | 3.66 | % | 3.24 | % | ||||||||||||
| Efficiency Ratio(2) | 54.08 | % | 56.08 | % | 52.37 | % | 55.09 | % | 62.69 | % | ||||||||||||
| Net Overhead Expense to Average Earning Assets(3) | 1.51 | % | 1.63 | % | 1.34 | % | 1.57 | % | 1.70 | % | ||||||||||||
| ASSET QUALITY RATIOS | ||||||||||||||||||||||
| Annualized Net Charge-offs to Average Loans | 0.06 | % | 0.10 | % | 0.04 | % | 0.08 | % | 0.03 | % | ||||||||||||
| Allowance for Credit Losses to Period End Loans | 1.16 | % | 1.18 | % | 1.23 | % | ||||||||||||||||
| Non-performing Assets to Period End Assets | 0.21 | % | 0.24 | % | 0.23 | % | ||||||||||||||||
| Non-performing Loans to Period End Loans | 0.32 | % | 0.39 | % | 0.41 | % | ||||||||||||||||
| Loans 30-89 Days Past Due to Period End Loans | 0.29 | % | 0.27 | % | 0.26 | % | ||||||||||||||||
| SELECTED BALANCE SHEET & OTHER FINANCIAL DATA | ||||||||||||||||||||||
| Average Assets | $ | 6,034,900 | $ | 6,078,126 | $ | 6,637,969 | $ | 6,056,393 | $ | 6,688,688 | ||||||||||||
| Average Earning Assets | $ | 5,509,535 | $ | 5,549,707 | $ | 6,131,156 | $ | 5,529,510 | $ | 6,189,703 | ||||||||||||
| Average Total Loans | $ | 3,787,436 | $ | 3,773,789 | $ | 3,649,466 | $ | 3,780,650 | $ | 3,658,225 | ||||||||||||
| Average Demand Deposits | $ | 1,545,455 | $ | 1,636,133 | $ | 1,740,592 | $ | 1,590,544 | $ | 1,739,975 | ||||||||||||
| Average Interest Bearing Liabilities | $ | 3,842,353 | $ | 3,816,268 | $ | 4,260,906 | $ | 3,829,382 | $ | 4,233,478 | ||||||||||||
| Average Equity | $ | 603,666 | $ | 578,562 | $ | 598,440 | $ | 591,183 | $ | 670,578 | ||||||||||||
| Period End Non-performing Assets(4) | $ | 12,423 | $ | 14,593 | $ | 15,082 | ||||||||||||||||
| Period End Non-performing Loans(5) | $ | 12,423 | $ | 14,593 | $ | 15,082 | ||||||||||||||||
| Period End Loans 30-89 Days Past Due(6) | $ | 11,045 | $ | 10,360 | $ | 9,350 | ||||||||||||||||
| Tax Equivalent Net Interest Income | $ | 49,848 | $ | 50,705 | $ | 51,246 | $ | 100,554 | $ | 99,713 | ||||||||||||
| Net Charge-offs during Period | $ | 599 | $ | 953 | $ | 347 | $ | 1,552 | $ | 603 | ||||||||||||
| (1 | ) | Average Tangible Equity is defined as Average Equity less Average Goodwill and Other Intangibles. | ||||||||||||||||||||
| (2 | ) | Efficiency Ratio is defined as Non-interest Expense less Intangible Amortization divided by the sum of Net Interest Income, on a tax equivalent basis, and Non-interest Income less Net Gain on Securities. | ||||||||||||||||||||
| (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, Chairman and Chief Executive Officer
Bradley M Rust, President and Chief Financial Officer
(812) 482-1314
