Attached files
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| 8-K - GERMAN AMERICAN BANCORP, INC. | gabc8kmay42012.htm |
Exhibit 99.1
NEWS RELEASE
For additional information, contact:
Mark A Schroeder, Chief Executive Officer of German American Bancorp, Inc.
Bradley M Rust, Executive Vice President/CFO of German American Bancorp, Inc.
(812) 482-1314
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MAY 1, 2012
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GERMAN AMERICAN BANCORP, INC. (GABC) REPORTS 5TH CONSECUTIVE QUARTER OF RECORD EARNINGS.
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Jasper, Indiana - May 1, 2012 -- German American Bancorp, Inc. (NASDAQ: GABC) reported record quarterly earnings for the first quarter of 2012, marking the fifth consecutive quarter of record earnings by the Company. German American’s first quarter 2012 net income of $5.6 million, or $0.44 per share, represented an increase of approximately 20% above the net income of $4.6 million, or $0.37 per share, reported in the first quarter of 2011.
As compared to the same quarter prior year results, this quarter’s record earnings were positively affected by a $1.5 million increase in net interest income, driven primarily by $120 million of organic deposit growth within the Company’s banking operations over the course of the past year. This level of deposit growth equates to approximately 8% annual growth of the Company’s total deposits. Additionally, the Company reduced the level of its non-interest operating expenses by $1.3 million during the current year first quarter from the expense levels recorded during the first quarter of last year, with the majority of the decrease related to reduced data processing expenses related to the acquisition of American Community Bancorp in the first quarter of last year.
Further enhancing the level of the Company’s first quarter 2012 earnings was a $600 thousand reduction in the amount of provision for loan loss from that booked during the prior year’s first quarter. This reduction in the level of loan loss provision was related to an improvement during the first quarter of this year of an already strong level of asset quality within the Company’s loan portfolio. The Company’s level of non-interest income declined by $1.2 million from that earned in the first quarter of the prior year, largely due to a recognition of a $1.0 million security gain booked during the first quarter of last year related to the acquisition accounting treatment of the existing equity ownership position held by German American in American Community Bancorp at the time of its acquisition.
Commenting on the Company’s continued record quarterly earnings performance, Mark A. Schroeder, Chairman & CEO, stated, “The combination of strong organic deposit growth, a continuation of our historically strong level of asset quality within our loan portfolio, and well controlled operating expenses has resulted in our reporting this fifth consecutive quarter of record earnings. Obviously, we wouldn’t have been able to achieve this without the confidence of our depositors, the financial strength of our borrowing clients, and the commitment of our team to operate in an extremely efficient manner.”
Schroeder continued, “We’re extremely pleased to be able to deliver this level of exceptional earnings performance, are extremely grateful for our stable and growing client base who entrust their business to German American, and are extremely proud of our team of dedicated financial professionals who work tirelessly every day to deliver upon our commitment to our customers and our shareholders to offer the very best in financial products and services throughout our Southern Indiana footprint in a sound and secure manner.”
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 May 20, 2012 to shareholders of record as of May 10, 2012.
Balance Sheet Highlights
Total assets for the Company increased to $1.910 billion at March 31, 2012, representing an increase $36.8 million compared with year-end 2011. The increase during the first quarter of 2012 was attributable to continued growth of the Company’s core deposit base.
-1-
The Company’s investment portfolio increased by approximately $68.6 million to $586.1 million during the first quarter of 2012. Much of this increase was the result of re-investment of funds early during the first quarter of 2012 following a security sale transaction late in the fourth quarter of 2011. Federal funds sold and other short-term investments increased $53.9 million. This was largely the result of a decline in loan balances outstanding and an increased level of deposits.
March 31, 2012 loans outstanding decreased by $27.0 million, or approximately 10% on an annualized basis, compared with year end 2011, and were relatively flat to March 31, 2011 total loans outstanding. The reduction in loans during the first quarter of 2012 compared with year end was largely related to a seasonal decline in agricultural loans and to a lesser extent a reduction in total consumer loans.
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End of Period Loan Balances
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03/31/12
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12/31/11
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03/31/11
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(dollars in thousands)
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Commercial & Industrial Loans
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$ | 296,185 | $ | 293,172 | $ | 282,681 | ||||||
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Commercial Real Estate Loans
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450,874 | 452,071 | 444,531 | |||||||||
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Agricultural Loans
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147,295 | 167,693 | 145,136 | |||||||||
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Consumer Loans
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116,434 | 124,479 | 127,880 | |||||||||
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Residential Mortgage Loans
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85,768 | 86,134 | 97,479 | |||||||||
| $ | 1,096,556 | $ | 1,123,549 | $ | 1,097,707 | |||||||
Non-performing assets totaled $19.2 million at March 31, 2012 compared to $20.6 million of non-performing assets at December 31, 2011 and $22.4 million at March 31, 2011. Non-performing assets represented 1.01% of total assets at March 31, 2012 compared to 1.10% of total assets at year end 2011, and compared to 1.27% at March 31, 2011. Non-performing loans totaled $16.3 million at March 31, 2012 compared to $18.3 million at year end 2011, and compared to $18.9 million of non-performing loans at March 31, 2011. Non-performing loans represented 1.49% of total loans at March 31, 2012 compared with 1.63% of total outstanding loans at year end 2011 and 1.73% of total loans outstanding at March 31, 2011.
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Non-performing Assets
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3/31/12 | 12/31/11 | 3/31/11 | |||||||||
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Non-Accrual Loans
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$ | 15,672 | $ | 17,857 | $ | 18,378 | ||||||
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Past Due Loans (90 days or more)
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200 | - | 177 | |||||||||
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Restructured Loans
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398 | 409 | 388 | |||||||||
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Total Non-Performing Loans
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16,270 | 18,266 | 18,943 | |||||||||
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Other Real Estate
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2,971 | 2,343 | 3,434 | |||||||||
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Total Non-Performing Assets
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$ | 19,241 | $ | 20,609 | $ | 22,377 | ||||||
The Company’s allowance for loan losses totaled $15.8 million at March 31, 2012 representing an increase of $454,000 or 12% on an annualized basis from year end 2011 and an increase of $1.6 million or 11% compared with March 31, 2011. The allowance for loan losses represented 1.44% of period end loans at March 31, 2012 compared with 1.37% at year-end 2011 and compared with 1.29% at March 31, 2011. Under acquisition accounting treatment, loans acquired are recorded at fair value which includes a credit risk component, and therefore the allowance on loans acquired is not carried over from the seller. As of March 31, 2012, the Company held a discount on acquired loans of $5.6 million.
Total deposits increased $48.7 million or approximately 13% on an annualized basis, as of March 31, 2012 compared with year-end 2011 total deposits and increased by approximately $119.9 million or 8% compared with March 31, 2011.
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End of Period Deposit Balances
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03/31/12
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12/31/11
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03/31/11
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(dollars in thousands)
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Non-interest-bearing Demand Deposits
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$ | 298,555 | $ | 282,335 | $ | 242,159 | ||||||
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IB Demand, Savings, and MMDA Accounts
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942,435 | 899,584 | 849,163 | |||||||||
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Time Deposits < $100,000
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264,360 | 273,663 | 291,765 | |||||||||
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Time Deposits > $100,000
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99,505 | 100,616 | 101,859 | |||||||||
| $ | 1,604,855 | $ | 1,556,198 | $ | 1,484,946 | |||||||
-2-
Results of Operations Highlights – Quarter ended March 31, 2012
Net income for the quarter ended March 31, 2012 totaled $5,602,000 or $0.44 per share, an increase of $29,000, or 0.5%, from the fourth quarter 2011 net income of $5,573,000 or $0.44 per share, and an increase of $957,000, or 21%, from the first quarter 2011 net income of $4,645,000 or $0.37 per share.
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Summary Average Balance Sheet
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Quarter Ended March 31, 2012
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Quarter Ended December 31, 2011
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Quarter Ended March 31, 2011
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Principal Balance
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Income/ Expense
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Yield/Rate
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Principal Balance
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Income/ Expense
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Yield/Rate
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Principal Balance
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Income/ Expense
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Yield/Rate
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Assets
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Federal Funds Sold and Other
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Short-term Investments
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$ | 60,139 | $ | 33 | 0.22 | % | $ | 62,502 | $ | 37 | 0.24 | % | $ | 110,226 | $ | 65 | 0.24 | % | ||||||||||||||||||
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Securities
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585,375 | 4,224 | 2.89 | % | 587,788 | 4,451 | 3.03 | % | 395,355 | 3,412 | 3.45 | % | ||||||||||||||||||||||||
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Loans and Leases
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1,113,987 | 15,848 | 5.72 | % | 1,124,687 | 15,884 | 5.61 | % | 1,114,310 | 16,303 | 5.92 | % | ||||||||||||||||||||||||
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Total Interest Earning Assets
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$ | 1,759,501 | $ | 20,105 | 4.59 | % | $ | 1,774,977 | $ | 20,372 | 4.56 | % | $ | 1,619,891 | $ | 19,780 | 4.93 | % | ||||||||||||||||||
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Liabilities
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Demand Deposit Accounts
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$ | 291,863 | $ | 277,361 | $ | 243,622 | ||||||||||||||||||||||||||||||
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IB Demand, Savings, and
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MMDA Accounts
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$ | 917,422 | $ | 526 | 0.23 | % | $ | 914,969 | $ | 820 | 0.36 | % | $ | 804,944 | $ | 1,266 | 0.64 | % | ||||||||||||||||||
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Time Deposits
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364,499 | 1,520 | 1.68 | % | 390,787 | 1,702 | 1.73 | % | 400,483 | 2,127 | 2.16 | % | ||||||||||||||||||||||||
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FHLB Advances and Other Borrowings
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118,979 | 1,069 | 3.61 | % | 134,015 | 1,087 | 3.22 | % | 130,977 | 1,019 | 3.16 | % | ||||||||||||||||||||||||
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Total Interest-Bearing Liabilities
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$ | 1,400,900 | $ | 3,115 | 0.89 | % | $ | 1,439,771 | $ | 3,609 | 0.99 | % | $ | 1,336,404 | $ | 4,412 | 1.34 | % | ||||||||||||||||||
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Cost of Funds
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0.71 | % | 0.80 | % | 1.10 | % | ||||||||||||||||||||||||||||||
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Net Interest Income
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$ | 16,990 | $ | 16,763 | $ | 15,368 | ||||||||||||||||||||||||||||||
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Net Interest Margin
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3.88 | % | 3.76 | % | 3.83 | % | ||||||||||||||||||||||||||||||
During the quarter ended March 31, 2012, net interest income totaled $16,612,000 representing an increase of $205,000, or 1%, from the quarter ended December 31, 2011 net interest income of $16,407,000 and an increase of $1,505,000, or approximately 10%, compared with the first quarter 2011 net interest income of $15,107,000. The tax equivalent net interest margin for the quarter ended March 31, 2012 was 3.88% compared to 3.76% in the fourth quarter of 2011 and 3.83% in the first quarter of 2011. The increased net interest margin in the first quarter 2012 compared with the fourth quarter of 2011 was attributable to the accretion of loan discounts on certain acquired loans. Accretion contributed approximately 18 basis points on an annualized basis to the net interest margin in the first quarter of 2012 compared to approximately 7 basis points during the fourth quarter of 2011. Also contributing to the improved net interest margin was a lowered cost of funds due primarily to a lower cost of deposits during the first quarter of 2012 compared with the fourth quarter of 2011.
-3-
The provision for loan loss totaled $690,000 during the quarter ended March 31, 2012 representing a decline of $2,210,000 or 76% from the fourth quarter of 2011 and a decline of $610,000 or 47% from the first quarter of 2011. During the first quarter of 2012, the provision for loan loss represented approximately 25 basis points of average loans on an annualized basis while net charge-offs represented approximately 8 basis points of average loans on an annualized basis.
During the first quarter of 2012, non-interest income totaled $4,801,000, a decrease of $1,839,000, or 28%, compared with the fourth quarter of 2011, and a decrease of $1,213,000, or 20%, compared with the first quarter of 2011. The decline in the first quarter of 2012 as compared with both the fourth quarter of 2011 and first quarter of 2011 was largely attributable to a lower level of gain on sale of securities.
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Quarter Ended
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Quarter Ended
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Quarter Ended
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Non-interest Income
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03/31/12
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12/31/11
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03/31/11
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(dollars in thousands)
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Trust and Investment Product Fees
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$ | 696 | $ | 584 | $ | 464 | ||||||
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Service Charges on Deposit Accounts
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935 | 1,019 | 941 | |||||||||
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Insurance Revenues
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1,391 | 1,219 | 2,049 | |||||||||
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Company Owned Life Insurance
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244 | 264 | 353 | |||||||||
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Interchange Fee Income
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431 | 375 | 353 | |||||||||
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Other Operating Income
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373 | 470 | 400 | |||||||||
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Subtotal
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4,070 | 3,931 | 4,560 | |||||||||
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Net Gains on Sales of Loans
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713 | 730 | 409 | |||||||||
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Net Gain (Loss) on Securities
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18 | 1,979 | 1,045 | |||||||||
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Total Non-interest Income
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$ | 4,801 | $ | 6,640 | $ | 6,014 | ||||||
Trust and investment product fees increased $112,000, or 19%, in the first quarter of 2012 compared with fourth quarter of 2011 and $232,000, or 50%, compared to the first quarter of 2011. The increase compared to fourth quarter of 2011 was largely due to increased revenue generated through retail brokerage operations while the increase compared to the first quarter of 2011 was attributable to both increased trust revenues and brokerage revenues.
Insurance revenues increased $172,000, or 14%, during the first quarter of 2012 compared with the fourth quarter of 2011 and declined $658,000, 32%, compared with the first quarter of 2011. The increase during the first quarter of 2012 compared with the fourth quarter of 2011 was largely seasonal fluctuations in the collection of premiums on larger commercial accounts while the decline compared to the first quarter of 2011 was the result of a lower level of contingency revenue. Contingency revenue during the first quarter of 2012 totaled $52,000 compared with $784,000 during the first quarter of 2011. The fluctuation in contingency revenue during 2012 and 2011 is a normal course of business type of variance and is reflective of claims and loss experience with insurance carriers that the Company represents through its property and casualty insurance agency.
Net gains on sales of loans decreased $17,000, or 2%, during the first quarter of 2012 compared with the fourth quarter of 2011 and increased $304,000, or 74%, compared with the first quarter of 2011. Loan sales totaled $54.1 million during the first quarter of 2012, compared with $55.9 million during the fourth quarter of 2011 and $36.5 million during the first quarter of 2011.
The net gain on sale of securities was limited during the first quarter of 2012. During the fourth quarter of 2011 the Company realized a net gain on the sale of securities of $1,979,000 related to the sale of approximately $60.1 million of securities. The Company realized a gain of $1,045,000 during the first quarter of 2011 related to the acquisition accounting treatment of the existing equity ownership position the Company held in American Community Bancorp at the time of acquisition.
During the quarter ended March 31, 2012, non-interest expense totaled $12,593,000, a decrease of $43,000, or 0.3%, compared with the fourth quarter of 2011, and a decrease of $1,277,000, or 9%, compared with the first quarter of 2011.
-4-
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Quarter Ended
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Quarter Ended
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Quarter Ended
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Non-interest Expense
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03/31/12
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12/31/11
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03/31/11
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(dollars in thousands)
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Salaries and Employee Benefits
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$ | 7,320 | $ | 7,182 | $ | 7,401 | ||||||
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Occupancy, Furniture and Equipment Expense
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1,772 | 1,739 | 1,855 | |||||||||
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FDIC Premiums
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297 | 282 | 514 | |||||||||
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Data Processing Fees
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114 | 271 | 1,105 | |||||||||
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Professional Fees
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605 | 426 | 605 | |||||||||
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Advertising and Promotion
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373 | 525 | 303 | |||||||||
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Intangible Amortization
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442 | 461 | 517 | |||||||||
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Other Operating Expenses
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1,670 | 1,750 | 1,570 | |||||||||
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Total Non-interest Expense
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$ | 12,593 | $ | 12,636 | $ | 13,870 | ||||||
Salaries and benefits increased $138,000, or 2%, during the quarter ended March 31, 2012 compared with the fourth quarter of 2011 and decreased $81,000, or 1%, compared with the first quarter of 2011.
The Company’s FDIC deposit insurance assessments increased $15,000, or 5% during the first quarter of 2012 compared with the fourth quarter of 2011 and decreased $217,000, or 42%, compared with first quarter of 2011. The decline in comparison to the first quarter 2011 was attributable to changes in the deposit insurance assessment calculation which became effective in the second quarter 2011 related to the Dodd Frank Act.
Data processing fees declined $157,000, or 58%, during the quarter ended March 31, 2012 compared with the fourth quarter 2011 and declined $991,000 or 90% compared with the first quarter 2011. The decline in both periods was largely related to the resolution of a contractual dispute during the first quarter of 2012 related to the acquisition of American Community Bancorp. An expense for the cancellation of a data processing contract was recorded in the first quarter of 2011, and upon resolution of the contractual dispute, a portion of that accrued expense was reversed in the first quarter of 2012.
About German American
German American Bancorp, Inc., is a NASDAQ-traded (symbol: GABC) financial services holding company based in Jasper, Indiana. German American, through its banking subsidiary German American Bancorp, operates 34 retail banking offices in 12 contiguous southern Indiana counties. The Company also owns a trust, brokerage, and financial planning subsidiary (German American Financial Advisors & Trust Company) and a full line property and casualty insurance agency (German American Insurance, Inc.).
Cautionary Note Regarding Forward-Looking Statements
The Company’s statements in this press release regarding the continuing growth and expansion of the Company’s business and the continuation of its trend of record-setting financial performance could be deemed to be “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 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; deterioration in general economic conditions, either nationally or locally, resulting in, among other things, credit quality deterioration; capital management activities, including possible future sales of new securities, or possible repurchases or redemptions by the Company 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 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; 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; 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 the Company’s banking subsidiary; actions of the regulatory authorities under the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Federal Deposit Insurance Act and other possible legislative and regulatory actions and reforms; and the continued availability of earnings and excess capital sufficient for the lawful and prudent declaration and payment of cash dividends. 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 the Company. 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.
-5-
GERMAN AMERICAN BANCORP, INC.
(unaudited, dollars in thousands except per share data)
Consolidated Balance Sheets
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March 31,
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December 31,
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March 31,
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2012
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2011
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2011
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ASSETS
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Cash and Due from Banks
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$ | 26,365 | $ | 28,366 | $ | 25,606 | ||||||
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Short-term Investments
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86,630 | 32,737 | 48,665 | |||||||||
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Interest-bearing Time Deposits with Banks
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4,977 | 5,986 | 10,372 | |||||||||
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Investment Securities
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586,134 | 517,534 | 472,449 | |||||||||
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Loans Held-for-Sale
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12,679 | 21,485 | 2,862 | |||||||||
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Loans, Net of Unearned Income
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1,093,711 | 1,120,993 | 1,096,123 | |||||||||
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Allowance for Loan Losses
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(15,766 | ) | (15,312 | ) | (14,173 | ) | ||||||
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Net Loans
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1,077,945 | 1,105,681 | 1,081,950 | |||||||||
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Stock in FHLB and Other Restricted Stock
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8,340 | 8,340 | 9,863 | |||||||||
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Premises and Equipment
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36,765 | 37,706 | 35,550 | |||||||||
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Goodwill and Other Intangible Assets
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22,770 | 23,211 | 24,955 | |||||||||
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Other Assets
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47,925 | 92,721 | 49,367 | |||||||||
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TOTAL ASSETS
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$ | 1,910,530 | $ | 1,873,767 | $ | 1,761,639 | ||||||
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LIABILITIES
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Non-interest-bearing Demand Deposits
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$ | 298,555 | $ | 282,335 | $ | 242,159 | ||||||
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Interest-bearing Demand, Savings, and
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Money Market Accounts
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942,435 | 899,584 | 849,163 | |||||||||
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Time Deposits
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363,865 | 374,279 | 393,624 | |||||||||
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Total Deposits
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1,604,855 | 1,556,198 | 1,484,946 | |||||||||
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Borrowings
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115,170 | 130,993 | 110,750 | |||||||||
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Other Liabilities
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18,409 | 18,966 | 14,609 | |||||||||
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TOTAL LIABILITIES
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1,738,434 | 1,706,157 | 1,610,305 | |||||||||
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SHAREHOLDERS' EQUITY
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Common Stock and Surplus
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107,805 | 107,633 | 107,127 | |||||||||
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Retained Earnings
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53,273 | 49,434 | 39,119 | |||||||||
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Accumulated Other Comprehensive Income
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11,018 | 10,543 | 5,088 | |||||||||
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TOTAL SHAREHOLDERS' EQUITY
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172,096 | 167,610 | 151,334 | |||||||||
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TOTAL LIABILITIES AND
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SHAREHOLDERS' EQUITY
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$ | 1,910,530 | $ | 1,873,767 | $ | 1,761,639 | ||||||
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END OF PERIOD SHARES OUTSTANDING
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12,627,365 | 12,594,258 | 12,590,304 | |||||||||
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BOOK VALUE PER SHARE
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$ | 13.63 | $ | 13.31 | $ | 12.02 | ||||||
-6-
GERMAN AMERICAN BANCORP, INC.
(unaudited, dollars in thousands except per share data)
Consolidated Statements of Income
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Three Months Ended
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March 31,
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December 31,
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March 31,
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2012
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2011
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2011
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INTEREST INCOME
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Interest and Fees on Loans
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$ | 15,785 | $ | 15,825 | $ | 16,241 | ||||||
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Interest on Short-term Investments and Time Deposits
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33 | 37 | 65 | |||||||||
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Interest and Dividends on Investment Securities
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3,909 | 4,154 | 3,213 | |||||||||
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TOTAL INTEREST INCOME
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19,727 | 20,016 | 19,519 | |||||||||
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INTEREST EXPENSE
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Interest on Deposits
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2,046 | 2,522 | 3,393 | |||||||||
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Interest on Borrowings
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1,069 | 1,087 | 1,019 | |||||||||
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TOTAL INTEREST EXPENSE
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3,115 | 3,609 | 4,412 | |||||||||
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NET INTEREST INCOME
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16,612 | 16,407 | 15,107 | |||||||||
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Provision for Loan Losses
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690 | 2,900 | 1,300 | |||||||||
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NET INTEREST INCOME AFTER
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PROVISION FOR LOAN LOSSES
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15,922 | 13,507 | 13,807 | |||||||||
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NON-INTEREST INCOME
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Net Gain on Sales of Loans
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713 | 730 | 409 | |||||||||
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Net Gain on Securities
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18 | 1,979 | 1,045 | |||||||||
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Other Non-interest Income
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4,070 | 3,931 | 4,560 | |||||||||
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TOTAL NON-INTEREST INCOME
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4,801 | 6,640 | 6,014 | |||||||||
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NON-INTEREST EXPENSE
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Salaries and Benefits
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7,320 | 7,182 | 7,401 | |||||||||
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Other Non-interest Expenses
|
5,273 | 5,454 | 6,469 | |||||||||
|
TOTAL NON-INTEREST EXPENSE
|
12,593 | 12,636 | 13,870 | |||||||||
|
Income before Income Taxes
|
8,130 | 7,511 | 5,951 | |||||||||
|
Income Tax Expense
|
2,528 | 1,938 | 1,306 | |||||||||
|
NET INCOME
|
$ | 5,602 | $ | 5,573 | $ | 4,645 | ||||||
|
EARNINGS PER SHARE & DILUTED EARNINGS PER SHARE
|
$ | 0.44 | $ | 0.44 | $ | 0.37 | ||||||
|
WEIGHTED AVERAGE SHARES OUTSTANDING
|
12,600,435 | 12,593,779 | 12,546,310 | |||||||||
|
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING
|
12,619,914 | 12,600,997 | 12,554,876 | |||||||||
-7-
GERMAN AMERICAN BANCORP, INC.
(unaudited, dollars in thousands except per share data)
|
Three Months Ended
|
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|
March 31,
|
December 31,
|
March 31,
|
|||||||||||
|
2012
|
2011
|
2011
|
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|
EARNINGS PERFORMANCE RATIOS
|
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|
Annualized Return on Average Assets
|
1.19 | % | 1.17 | % | 1.06 | % | |||||||
|
Annualized Return on Average Equity
|
13.18 | % | 13.39 | % | 11.91 | % | |||||||
|
Net Interest Margin
|
3.88 | % | 3.76 | % | 3.83 | % | |||||||
|
Efficiency Ratio (1)
|
57.79 | % | 54.00 | % | 64.87 | % | |||||||
|
Net Overhead Expense to Average Earning Assets (2)
|
1.77 | % | 1.35 | % | 1.94 | % | |||||||
|
ASSET QUALITY RATIOS
|
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|
Annualized Net Charge-offs to Average Loans
|
0.08 | % | 0.98 | % | 0.16 | % | |||||||
|
Allowance for Loan Losses to Period End Loans
|
1.44 | % | 1.37 | % | 1.29 | % | |||||||
|
Non-performing Assets to Period End Assets
|
1.01 | % | 1.10 | % | 1.27 | % | |||||||
|
Non-performing Loans to Period End Loans
|
1.49 | % | 1.63 | % | 1.73 | % | |||||||
|
Loans 30-89 Days Past Due to Period End Loans
|
0.35 | % | 0.41 | % | 0.46 | % | |||||||
|
SELECTED BALANCE SHEET & OTHER FINANCIAL DATA
|
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|
Average Assets
|
$ | 1,882,157 | $ | 1,902,179 | $ | 1,750,042 | |||||||
|
Average Earning Assets
|
$ | 1,759,501 | $ | 1,774,977 | $ | 1,619,891 | |||||||
|
Average Total Loans
|
$ | 1,113,987 | $ | 1,124,687 | $ | 1,114,310 | |||||||
|
Average Demand Deposits
|
$ | 291,863 | $ | 277,361 | $ | 243,622 | |||||||
|
Average Interest Bearing Liabilities
|
$ | 1,400,900 | $ | 1,439,771 | $ | 1,336,404 | |||||||
|
Average Equity
|
$ | 169,971 | $ | 166,492 | $ | 156,059 | |||||||
|
Period End Non-performing Assets (3)
|
$ | 19,241 | $ | 20,609 | $ | 22,377 | |||||||
|
Period End Non-performing Loans (4)
|
$ | 16,270 | $ | 18,266 | $ | 18,943 | |||||||
|
Period End Loans 30-89 Days Past Due (5)
|
$ | 3,844 | $ | 4,634 | $ | 5,015 | |||||||
|
Tax Equivalent Net Interest Income
|
$ | 16,990 | $ | 16,763 | $ | 15,368 | |||||||
|
Net Charge-offs during Period
|
$ | 236 | $ | 2,754 | $ | 444 | |||||||
|
(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.
|
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|
(2)
|
Net Overhead Expense is defined as Total Non-interest Expense less Total Non-interest Income.
|
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|
(3)
|
Non-performing assets are defined as Non-accrual Loans, Loans Past Due 90 days or more, Restructured Loans, and Other Real Estate Owned.
|
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|
(4)
|
Non-performing loans are defined as Non-accrual Loans, Loans Past Due 90 days or more, and Restructured Loans.
|
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|
(5)
|
Loans 30-89 days past due and still accruing.
|
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