Attached files
| file | filename |
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| 8-K - 8-K - GERMAN AMERICAN BANCORP, INC. | earningsreleaseq22015.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
1 of 11
JULY 27, 2015 | GERMAN AMERICAN BANCORP, INC. (GABC) REPORTS STRONG QUARTERLY AND YEAR-TO-DATE EARNINGS GROWTH |
Jasper, Indiana - July 27, 2015 -- German American Bancorp, Inc. (NASDAQ: GABC) reported today that the Company’s second quarter earnings increased by 8%, on an earnings per share basis, over the earnings reported for the second quarter of the prior year. Net income for the second quarter ended June 30, 2015 was $7.3 million, or $0.55 per share, as compared to same quarter 2014 net income of $6.7 million, or $0.51 per share. On a year-to-date basis, 2015 earnings improved to $14.6 million, or $1.10 per diluted share, as compared to $13.0 million, or $0.98 per diluted share, for the first six months of 2014, representing an increase of 12% on a per share basis.
The Company’s 2015 quarterly earnings improvement was attributable to increased revenue within both net interest income and non-interest income. In the second quarter of 2015, as compared with the second quarter of 2014, net interest income increased by $335,000, or approximately 2%, largely attributable to the Company’s growth in earning assets, and in particular growth of the loan portfolio. During the second quarter, total loans, on a linked quarter annualized basis, increased by approximately 7%. Total non-interest income increased by $619,000, or 11% during the current quarter, as compared to the same quarter last year, as the Company saw improvement in virtually every category of non-interest income with the largest of the increases in the area of mortgage banking revenue. The Company was also able to control non-interest expenses in the current quarter as operating costs increased by only 1% in the second quarter relative to the operating expense incurred in the second quarter of 2014.
Mark A. Schroeder, German American’s Chairman & CEO stated, “We’re extremely pleased with our level of second quarter and year-to-date earnings, and the underlying continued growth within our loan portfolio and within virtually every fee income category. These enhanced sources of revenue, coupled with our disciplined approach to expense control, have resulted in our being able to report quarterly earnings of $7.3 million in each of first two quarters of the current year and in excess of $7.0 million for each of the past four consecutive quarters. We are also very encouraged by the continuation, during the quarter, of an expanding market environment in terms of customer demand for all types of loans and for our Company’s fee-based products and services.”
The Company also announced that its Board of Directors declared its regular quarterly cash dividend of $0.17 per share which will be payable on August 20, 2015 to shareholders of record as of August 10, 2015.
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
2 of 11
Balance Sheet Highlights
Total assets for the Company totaled $2.260 billion at June 30, 2015, an increase of $19.5 million, or 3%, on an annualized basis compared with March 31, 2015 and an increase of $66.1 million, or 3%, compared with June 30, 2014.
June 30, 2015 total loans outstanding increased $25.6 million or 7% on an annualized basis, compared with March 31, 2015, and increased $63.1 million, or 4%, compared to June 30, 2014 total loans outstanding. The increase in loans was broad based across all categories of loans throughout the Company's market area.
End of Period Loan Balances | 6/30/2015 | 3/31/2015 | 6/30/2014 | |||||||||
(dollars in thousands) | ||||||||||||
Commercial & Industrial Loans | $ | 396,741 | $ | 388,249 | $ | 366,101 | ||||||
Commercial Real Estate Loans | 584,426 | 581,394 | 594,681 | |||||||||
Agricultural Loans | 222,298 | 212,735 | 188,155 | |||||||||
Consumer Loans | 135,874 | 132,107 | 130,290 | |||||||||
Residential Mortgage Loans | 137,129 | 136,399 | 134,104 | |||||||||
$ | 1,476,468 | $ | 1,450,884 | $ | 1,413,331 | |||||||
Non-performing assets totaled $5.8 million at June 30, 2015 compared to $6.4 million of non-performing assets at March 31, 2015 and $6.9 million at June 30, 2014. Non-performing assets represented 0.26% of total assets at June 30, 2015 compared to 0.29% of total assets at March 31, 2015 and 0.31% of total assets at June 30, 2014. Non-performing loans totaled $5.4 million at June 30, 2015 compared to $6.1 million at March 31, 2015 and $6.0 million of non-performing loans at June 30, 2014. Non-performing loans represented 0.37% of total loans at June 30, 2015 compared to 0.42% at March 31, 2015 and June 30, 2014.
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
3 of 11
Non-performing Assets | |||||||||||
(dollars in thousands) | |||||||||||
6/30/2015 | 3/31/2015 | 6/30/2014 | |||||||||
Non-Accrual Loans | $ | 5,431 | $ | 5,943 | $ | 5,902 | |||||
Past Due Loans (90 days or more) | 15 | 131 | 67 | ||||||||
Total Non-Performing Loans | 5,446 | 6,074 | 5,969 | ||||||||
Other Real Estate | 317 | 324 | 935 | ||||||||
Total Non-Performing Assets | $ | 5,763 | $ | 6,398 | $ | 6,904 | |||||
Restructured Loans | $ | 2,587 | $ | 2,686 | $ | 3,596 | |||||
The Company’s allowance for loan losses totaled $15.3 million at June 30, 2015 compared to $15.2 million at March 31, 2015 representing an increase of $89,000, or 2%, on an annualized basis and a decline of $292,000, or 2%, compared with June 30, 2014. The allowance for loan losses represented 1.04% of period-end loans at June 30, 2015 compared with 1.05% of period-end loans at March 31, 2015 and 1.10% of period-end loans at June 30, 2014. 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. The Company held a discount on acquired loans of $3.3 million as of June 30, 2015, $3.7 million at March 31, 2015 and $4.9 million at June 30, 2014.
Total deposits decreased $37.6 million, or 8% on an annualized basis, as of June 30, 2015 compared with March 31, 2015 and increased by $20.4 million, or 1%, compared with June 30, 2014. The decline in total deposits at June 30, 2015 compared with March 31, 2015 was predominantly due to the maturity of short-term jumbo time deposits and short-term time deposits gathered through the CDARS network.
End of Period Deposit Balances | 6/30/2015 | 3/31/2015 | 6/30/2014 | |||||||||
(dollars in thousands) | ||||||||||||
Non-interest-bearing Demand Deposits | $ | 425,547 | $ | 426,373 | $ | 398,621 | ||||||
IB Demand, Savings, and MMDA Accounts | 1,014,013 | 1,009,368 | 1,010,367 | |||||||||
Time Deposits < $100,000 | 189,615 | 193,665 | 209,998 | |||||||||
Time Deposits > $100,000 | 133,590 | 170,993 | 123,393 | |||||||||
$ | 1,762,765 | $ | 1,800,399 | $ | 1,742,379 | |||||||
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
4 of 11
Results of Operations Highlights – Quarter ended June 30, 2015
Net income for the quarter ended June 30, 2015 totaled $7,325,000 or $0.55 per share, an increase of $19,000, from the first quarter of 2015 net income of $7,306,000 or $0.55 per share and an increase of $638,000, or 8% on a per share basis, from the second quarter of 2014 net income of $6,687,000 or $0.51 per share.
Summary Average Balance Sheet | |||||||||||||||||||||||||||||||||
(Tax-equivalent basis / dollars in thousands) | |||||||||||||||||||||||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | |||||||||||||||||||||||||||||||
June 30, 2015 | March 31, 2015 | June 30, 2014 | |||||||||||||||||||||||||||||||
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 | $ | 20,540 | $ | 4 | 0.07 | % | $ | 16,508 | $ | 3 | 0.08 | % | $ | 12,493 | $ | 3 | 0.11 | % | |||||||||||||||
Securities | 632,270 | 4,400 | 2.78 | % | 635,849 | 4,379 | 2.75 | % | 626,057 | 4,232 | 2.70 | % | |||||||||||||||||||||
Loans and Leases | 1,456,699 | 16,630 | 4.58 | % | 1,443,886 | 16,389 | 4.60 | % | 1,390,185 | 16,215 | 4.68 | % | |||||||||||||||||||||
Total Interest Earning Assets | $ | 2,109,509 | $ | 21,034 | 4.00 | % | $ | 2,096,243 | $ | 20,771 | 4.00 | % | $ | 2,028,735 | $ | 20,450 | 4.04 | % | |||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Demand Deposit Accounts | $ | 420,341 | $ | 427,404 | $ | 400,656 | |||||||||||||||||||||||||||
IB Demand, Savings, and | |||||||||||||||||||||||||||||||||
MMDA Accounts | $ | 1,055,880 | $ | 345 | 0.13 | % | $ | 1,016,288 | $ | 311 | 0.12 | % | $ | 1,039,376 | $ | 322 | 0.12 | % | |||||||||||||||
Time Deposits | 341,678 | 677 | 0.79 | % | 359,844 | 682 | 0.77 | % | 336,901 | 715 | 0.85 | % | |||||||||||||||||||||
FHLB Advances and Other Borrowings | 160,196 | 450 | 1.13 | % | 170,049 | 458 | 1.09 | % | 153,989 | 467 | 1.22 | % | |||||||||||||||||||||
Total Interest-Bearing Liabilities | $ | 1,557,754 | $ | 1,472 | 0.38 | % | $ | 1,546,181 | $ | 1,451 | 0.38 | % | $ | 1,530,266 | $ | 1,504 | 0.39 | % | |||||||||||||||
Cost of Funds | 0.28 | % | 0.28 | % | 0.30 | % | |||||||||||||||||||||||||||
Net Interest Income | $ | 19,562 | $ | 19,320 | $ | 18,946 | |||||||||||||||||||||||||||
Net Interest Margin | 3.72 | % | 3.72 | % | 3.74 | % | |||||||||||||||||||||||||||
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
5 of 11
During the quarter ended June 30, 2015, net interest income totaled $18,706,000 representing an increase of $157,000, or 1%, from the quarter ended March 31, 2015 net interest income of $18,549,000 and an increase of $385,000, or 2%, compared with the quarter ended June 30, 2014 net interest income of $18,321,000. The tax equivalent net interest margin for the quarters ended June 30, 2015 and March 31, 2015 was 3.72% compared with 3.74% in the second quarter of 2014. The increase in net interest income during the second quarter of 2015 compared to both the first quarter of 2015 and the second quarter of 2014 was largely attributable to growth in earning assets and in particular growth of the loan portfolio.
Accretion of loan discounts on acquired loans contributed approximately 5 basis points on an annualized basis to the net interest margin in second quarter of 2015, 7 basis points in the first quarter of 2015, and 6 basis points in the second quarter of 2014.
During the quarters ended June 30, 2015 and March 31, 2015 the provision for loan loss totaled $250,000 while the provision totaled $200,000 in the second quarter of 2014. During the second quarter of 2015, the provision for loan loss represented approximately 7 basis points of average loans on an annualized basis. During the second quarter of 2015, the Company had net charge-offs of $161,000 representing approximately 4 basis points of average loans on an annualized basis.
During the quarter ended June 30, 2015, non-interest income totaled $6,121,000, a decline of $1,021,000 or 14%, compared with the quarter ended March 31, 2015, and an increase of $619,000, or 11%, compared with the second quarter of 2014.
Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||
Non-interest Income | 6/30/2015 | 3/31/2015 | 6/30/2014 | |||||||||
(dollars in thousands) | ||||||||||||
Trust and Investment Product Fees | $ | 939 | $ | 984 | $ | 905 | ||||||
Service Charges on Deposit Accounts | 1,220 | 1,137 | 1,191 | |||||||||
Insurance Revenues | 1,515 | 2,545 | 1,482 | |||||||||
Company Owned Life Insurance | 207 | 205 | 192 | |||||||||
Interchange Fee Income | 563 | 483 | 512 | |||||||||
Other Operating Income | 631 | 576 | 590 | |||||||||
Subtotal | 5,075 | 5,930 | 4,872 | |||||||||
Net Gains on Loans | 784 | 749 | 386 | |||||||||
Net Gains on Securities | 262 | 463 | 244 | |||||||||
Total Non-interest Income | $ | 6,121 | $ | 7,142 | $ | 5,502 | ||||||
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
6 of 11
Insurance revenues declined $1,030,000, or 40%, during the quarter ended June 30, 2015, compared with the first quarter of 2015 and increased $33,000, or 2%, compared with the second quarter of 2014. The decline during the second quarter of 2015 compared with first quarter of 2015 was related to contingency revenue. There was no contingency revenue received during the second quarter of 2015 while contingency revenue during the first quarter of 2015 totaled $949,000. Typically the receipt of contingency revenue occurs during the first quarter of the calendar year as did occur in 2015 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 increased $35,000, or 5%, during the second quarter of 2015 compared with the first quarter of 2015 and increased $398,000 or 103% compared with the second quarter of 2014. Loan sales totaled $38.9 million during the second quarter of 2015, compared with $32.7 million during the first quarter of 2015 and $21.8 million during the second quarter of 2014.
During the second quarter of 2015, the Company realized a net gain on the sale of securities of $262,000 compared with a net gain of $463,000 during the first quarter of 2015 and $244,000 during the second quarter of 2014.
During the quarter ended June 30, 2015, non-interest expense totaled $14,315,000, a decline of $518,000, or 3%, compared with the quarter ended March 31, 2015, and an increase of $176,000, or 1%, compared with the second quarter of 2014.
Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||
Non-interest Expense | 6/30/2015 | 3/31/2015 | 6/30/2014 | |||||||||
(dollars in thousands) | ||||||||||||
Salaries and Employee Benefits | $ | 8,259 | $ | 8,825 | $ | 7,886 | ||||||
Occupancy, Furniture and Equipment Expense | 1,683 | 1,705 | 1,698 | |||||||||
FDIC Premiums | 284 | 282 | 276 | |||||||||
Data Processing Fees | 870 | 837 | 947 | |||||||||
Professional Fees | 642 | 644 | 553 | |||||||||
Advertising and Promotion | 484 | 443 | 544 | |||||||||
Intangible Amortization | 202 | 245 | 325 | |||||||||
Other Operating Expenses | 1,891 | 1,852 | 1,910 | |||||||||
Total Non-interest Expense | $ | 14,315 | $ | 14,833 | $ | 14,139 | ||||||
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
7 of 11
Salaries and benefits decreased $566,000, or 6%, during the quarter ended June 30, 2015 compared with the first quarter of 2015 and increased $373,000, or 5%, compared with the second quarter of 2014. The decline in salaries and benefits during the second quarter of 2015 compared with the first quarter of 2015 was primarily due to lower costs attributable to benefits and payroll taxes that are directly attributable to the levels of cash compensation paid and due to lower costs related to the Company's partially self insured health insurance plan. The increase in salaries and benefits during the second quarter of 2015 compared with the second quarter of 2014 was primarily attributable to an increased level of variable compensation related to an increased level of secondary market mortgage loan production and attributable to increased costs related to the Company's long-term equity incentive compensation plan.
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 37 banking offices in 13 southern Indiana counties. 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.).
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
8 of 11
Cautionary Note Regarding Forward-Looking Statements
The Company’s statements in this press release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, descriptions of the levels of loan and banking service demand and economic strength that management is seeing in its geographical banking footprint. 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; potential 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; 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; 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.
GERMAN AMERICAN BANCORP, INC. | |||||||||||
(unaudited, dollars in thousands except per share data) | |||||||||||
Consolidated Balance Sheets | |||||||||||
June 30, 2015 | March 31, 2015 | June 30, 2014 | |||||||||
ASSETS | |||||||||||
Cash and Due from Banks | $ | 31,538 | $ | 34,277 | $ | 40,391 | |||||
Short-term Investments | 20,729 | 26,590 | 16,723 | ||||||||
Interest-bearing Time Deposits with Banks | 100 | 100 | 100 | ||||||||
Investment Securities | 618,891 | 619,673 | 615,576 | ||||||||
Loans Held-for-Sale | 10,622 | 6,290 | 8,812 | ||||||||
Loans, Net of Unearned Income | 1,472,646 | 1,447,013 | 1,409,485 | ||||||||
Allowance for Loan Losses | (15,258 | ) | (15,169 | ) | (15,550 | ) | |||||
Net Loans | 1,457,388 | 1,431,844 | 1,393,935 | ||||||||
Stock in FHLB and Other Restricted Stock | 8,122 | 7,200 | 9,096 | ||||||||
Premises and Equipment | 38,707 | 39,370 | 40,479 | ||||||||
Goodwill and Other Intangible Assets | 22,162 | 22,365 | 23,191 | ||||||||
Other Assets | 51,427 | 52,514 | 45,270 | ||||||||
TOTAL ASSETS | $ | 2,259,686 | $ | 2,240,223 | $ | 2,193,573 | |||||
LIABILITIES | |||||||||||
Non-interest-bearing Demand Deposits | $ | 425,547 | $ | 426,373 | $ | 398,621 | |||||
Interest-bearing Demand, Savings, and Money Market Accounts | 1,014,013 | 1,009,368 | 1,010,367 | ||||||||
Time Deposits | 323,205 | 364,658 | 333,391 | ||||||||
Total Deposits | 1,762,765 | 1,800,399 | 1,742,379 | ||||||||
Borrowings | 240,072 | 178,825 | 225,546 | ||||||||
Other Liabilities | 19,799 | 23,391 | 11,310 | ||||||||
TOTAL LIABILITIES | 2,022,636 | 2,002,615 | 1,979,235 | ||||||||
SHAREHOLDERS' EQUITY | |||||||||||
Common Stock and Surplus | 122,437 | 122,103 | 121,566 | ||||||||
Retained Earnings | 114,190 | 109,118 | 92,934 | ||||||||
Accumulated Other Comprehensive Income (Loss) | 423 | 6,387 | (162 | ) | |||||||
TOTAL SHAREHOLDERS' EQUITY | 237,050 | 237,608 | 214,338 | ||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 2,259,686 | $ | 2,240,223 | $ | 2,193,573 | |||||
END OF PERIOD SHARES OUTSTANDING | 13,259,594 | 13,251,470 | 13,210,395 | ||||||||
BOOK VALUE PER SHARE | $ | 17.88 | $ | 17.93 | $ | 16.22 | |||||
GERMAN AMERICAN BANCORP, INC. | ||||||||||||||||||||
(unaudited, dollars in thousands except per share data) | ||||||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, 2015 | March 31, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | ||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||
Interest and Fees on Loans | $ | 16,537 | $ | 16,299 | $ | 16,142 | $ | 32,836 | $ | 32,086 | ||||||||||
Interest on Short-term Investments and Time Deposits | 4 | 3 | 3 | 7 | 6 | |||||||||||||||
Interest and Dividends on Investment Securities | 3,637 | 3,698 | 3,680 | 7,335 | 7,414 | |||||||||||||||
TOTAL INTEREST INCOME | 20,178 | 20,000 | 19,825 | 40,178 | 39,506 | |||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||
Interest on Deposits | 1,022 | 993 | 1,037 | 2,015 | 2,073 | |||||||||||||||
Interest on Borrowings | 450 | 458 | 467 | 908 | 916 | |||||||||||||||
TOTAL INTEREST EXPENSE | 1,472 | 1,451 | 1,504 | 2,923 | 2,989 | |||||||||||||||
NET INTEREST INCOME | 18,706 | 18,549 | 18,321 | 37,255 | 36,517 | |||||||||||||||
Provision for Loan Losses | 250 | 250 | 200 | 500 | 550 | |||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 18,456 | 18,299 | 18,121 | 36,755 | 35,967 | |||||||||||||||
NON-INTEREST INCOME | ||||||||||||||||||||
Net Gain on Sales of Loans | 784 | 749 | 386 | 1,533 | 862 | |||||||||||||||
Net Gain on Securities | 262 | 463 | 244 | 725 | 472 | |||||||||||||||
Other Non-interest Income | 5,075 | 5,930 | 4,872 | 11,005 | 10,449 | |||||||||||||||
TOTAL NON-INTEREST INCOME | 6,121 | 7,142 | 5,502 | 13,263 | 11,783 | |||||||||||||||
NON-INTEREST EXPENSE | ||||||||||||||||||||
Salaries and Benefits | 8,259 | 8,825 | 7,886 | 17,084 | 16,310 | |||||||||||||||
Other Non-interest Expenses | 6,056 | 6,008 | 6,253 | 12,064 | 12,919 | |||||||||||||||
TOTAL NON-INTEREST EXPENSE | 14,315 | 14,833 | 14,139 | 29,148 | 29,229 | |||||||||||||||
Income before Income Taxes | 10,262 | 10,608 | 9,484 | 20,870 | 18,521 | |||||||||||||||
Income Tax Expense | 2,937 | 3,302 | 2,797 | 6,239 | 5,529 | |||||||||||||||
NET INCOME | $ | 7,325 | $ | 7,306 | $ | 6,687 | $ | 14,631 | $ | 12,992 | ||||||||||
BASIC EARNINGS PER SHARE | $ | 0.55 | $ | 0.55 | $ | 0.51 | $ | 1.11 | $ | 0.98 | ||||||||||
DILUTED EARNINGS PER SHARE | $ | 0.55 | $ | 0.55 | $ | 0.51 | $ | 1.10 | $ | 0.98 | ||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | 13,256,026 | 13,221,455 | 13,210,150 | 13,238,836 | 13,194,754 | |||||||||||||||
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | 13,263,604 | 13,237,493 | 13,230,812 | 13,246,359 | 13,216,084 | |||||||||||||||
GERMAN AMERICAN BANCORP, INC. | ||||||||||||||||||||
(unaudited, dollars in thousands except per share data) | ||||||||||||||||||||
Three Months Ended | Six Month Ended | |||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
EARNINGS PERFORMANCE RATIOS | ||||||||||||||||||||
Annualized Return on Average Assets | 1.31 | % | 1.31 | % | 1.24 | % | 1.31 | % | 1.21 | % | ||||||||||
Annualized Return on Average Equity | 12.27 | % | 12.53 | % | 12.68 | % | 12.40 | % | 12.50 | % | ||||||||||
Net Interest Margin | 3.72 | % | 3.72 | % | 3.74 | % | 3.72 | % | 3.76 | % | ||||||||||
Efficiency Ratio (1) | 55.74 | % | 56.05 | % | 57.83 | % | 55.90 | % | 59.02 | % | ||||||||||
Net Overhead Expense to Average Earning Assets (2) | 1.55 | % | 1.47 | % | 1.70 | % | 1.51 | % | 1.73 | % | ||||||||||
ASSET QUALITY RATIOS | ||||||||||||||||||||
Annualized Net Charge-offs to Average Loans | 0.04 | % | — | % | 0.04 | % | 0.02 | % | (0.06 | )% | ||||||||||
Allowance for Loan Losses to Period End Loans | 1.04 | % | 1.05 | % | 1.10 | % | ||||||||||||||
Non-performing Assets to Period End Assets | 0.26 | % | 0.29 | % | 0.31 | % | ||||||||||||||
Non-performing Loans to Period End Loans | 0.37 | % | 0.42 | % | 0.42 | % | ||||||||||||||
Loans 30-89 Days Past Due to Period End Loans | 0.21 | % | 0.31 | % | 0.34 | % | ||||||||||||||
SELECTED BALANCE SHEET & OTHER FINANCIAL DATA | ||||||||||||||||||||
Average Assets | $ | 2,240,528 | $ | 2,227,107 | $ | 2,152,785 | $ | 2,233,855 | $ | 2,142,852 | ||||||||||
Average Earning Assets | $ | 2,109,509 | $ | 2,096,243 | $ | 2,028,735 | $ | 2,102,912 | $ | 2,017,250 | ||||||||||
Average Total Loans | $ | 1,456,699 | $ | 1,443,886 | $ | 1,390,185 | $ | 1,450,328 | $ | 1,380,825 | ||||||||||
Average Demand Deposits | $ | 420,341 | $ | 427,404 | $ | 400,656 | $ | 423,853 | $ | 403,008 | ||||||||||
Average Interest Bearing Liabilities | $ | 1,557,754 | $ | 1,546,181 | $ | 1,530,266 | $ | 1,551,999 | $ | 1,521,132 | ||||||||||
Average Equity | $ | 238,731 | $ | 233,175 | $ | 210,960 | $ | 235,968 | $ | 207,806 | ||||||||||
Period End Non-performing Assets (3) | $ | 5,763 | $ | 6,398 | $ | 6,904 | ||||||||||||||
Period End Non-performing Loans (4) | $ | 5,446 | $ | 6,074 | $ | 5,969 | ||||||||||||||
Period End Loans 30-89 Days Past Due (5) | $ | 3,025 | $ | 4,547 | $ | 4,728 | ||||||||||||||
Tax Equivalent Net Interest Income | $ | 19,562 | $ | 19,320 | $ | 18,946 | $ | 38,882 | $ | 37,742 | ||||||||||
Net Charge-offs during Period | $ | 161 | $ | 10 | $ | 134 | $ | 171 | $ | (416 | ) | |||||||||
(1) | Efficiency Ratio is defined as Non-interest Expense divided by the sum of Net Interest Income, on a tax equivalent basis, and Non-interest Income. | |||||||||||||||||||
(2) | Net Overhead Expense is defined as Total Non-interest Expense less Total Non-interest Income. | |||||||||||||||||||
(3) | Non-performing assets are defined as Non-accrual Loans, Loans Past Due 90 days or more, Restructured Loans, and Other Real Estate Owned. | |||||||||||||||||||
(4) | Non-performing loans are defined as Non-accrual Loans, Loans Past Due 90 days or more, and Restructured Loans. | |||||||||||||||||||
(5) | Loans 30-89 days past due and still accruing. | |||||||||||||||||||