This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

German American Bancorp, Inc. Posts Another Record Quarter And 2010 Year-to-Date Record Earnings

JASPER, Ind., Oct. 26, 2010 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq:GABC) reported today that its 3 rd quarter earnings achieved yet another record, coming on the heels of the previously reported record earnings in the 2 nd quarter of this year. The Company's 2010 year-to-date earnings through September 30 th also represented a record level of performance.

The Company's third quarter net income of $3,594,000, or $0.32 per share, was an increase of approximately 13%, from the $3,191,000, or $0.29 per share, recorded during the same quarter last year. Third quarter earnings were also approximately 5% greater than the previous record quarterly earnings of $3,408,000, or $0.31 per share, reported in the second quarter of this year.

On year-to-date basis, 2010 earnings increased to a record $10,253,000, or $0.92 per share, as compared to $8,897,000, or $0.81 per share for the first nine months of 2009. The improvement in year-to-date earnings represented an increase of approximately 15% over the level of performance reported in 2009.

The record quarterly earnings performance was primarily reflective of an improvement in the level of the Company's core operating results, derived from increased revenues in both net interest income and non-interest income. As compared to the same quarter in 2009, current quarter net income was enhanced by an increase in the Company's net interest income of approximately $1.0 million. This improvement in net interest income was directly attributable to over $100 million, or 9%, growth in the Company's average earning assets, as compared to the third quarter of the prior year. Approximately one-half of the growth in average earning assets were generated from the Company's existing banking markets with the remainder of the growth related to the branch purchase of the two Evansville banking offices in May of this year.

The Company's non-interest income increased by approximately $375 thousand, or 9%, the majority of which is attributable to an increased level of fee income from the origination of residential mortgage loans and the sale of those loans into the secondary mortgage market. This increased revenue is related to increased mortgage refinancing activity in connection with the current level of attractive fixed rates available on residential mortgage loans.

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs