German American Bancorp, Inc. Posts Another Record Quarter And 2010 Year-to-Date Record Earnings
The Company's allowance for loan losses totaled $11.7 million at September 30, 2010 representing an increase of $887,000 or 8% from June 30, 2010. The allowance for loan losses represented 1.28% of period-end loans at September 30, 2010 compared with 1.18% at June 30, 2010. The allowance for loan losses represented 100% of period-end non-performing loans at September 30, 2010 and 123% of period-end non-performing loans at June 30, 2010. The decline in ratio of allowance to period end non-performing loans was attributable to the increased level of loans past due 90 days and still accruing.
End-of-period deposits increased approximately $33.0 million or 13% on an annualized basis during the third quarter of 2010 compared with the period ended June 30, 2010. The increase was primarily attributable to an increase in core deposits and more specifically non-maturity core deposits.
|End of Period Deposit Balances||Annualized|
|09/30/10||06/30/10||$ Change||% Change|
|Non-interest-bearing Demand Deposits||$ 187,363||$ 166,922||$ 20,441||49%|
|Interest-bearing Demand, Savings, & Money Market Accounts||532,877||522,438||10,439||8%|
|Time Deposits < $100,000||277,194||274,603||2,591||4%|
|Time Deposits of $100,000 or more & Brokered Deposits||85,414||85,893||(479)||-2%|
|$ 1,082,848||$ 1,049,856||$ 32,992||13%|
Results of Operations Highlights
Quarter ended September 30, 2010 compared to quarter ended September 30, 2009Net income for the quarter ended September 30, 2010 totaled $3,594,000, an increase of $403,000 or 13% from the quarter ended September 30, 2009 net income of $3,191,000.
|Summary Average Balance Sheet|
|(Tax-equivalent basis / $ in thousands)|
|Quarter Ended September 30, 2010||Quarter Ended September 30, 2009|
|Federal Funds Sold and Other Short-term Investments||$ 25,241||$ 12||0.19%||$ 36,627||$ 25||0.27%|
|Loans and Leases||921,687||13,737||5.92%||903,917||13,773||6.05%|
|Total Interest Earning Assets||$ 1,261,633||$ 16,553||5.22%||$ 1,156,557||$ 16,368||5.63%|
|Demand Deposit Accounts||$ 180,147||$ 147,437|
|Interest-bearing Demand, Savings, and Money Market Accounts||$ 523,265||$ 402||0.30%||$ 481,052||$ 822||0.68%|
|FHLB Advances and Other|
|Total Interest-Bearing Liabilities||$ 1,036,742||$ 3,878||1.48%||$ 966,905||$ 4,678||1.92%|
|Cost of Funds||1.22%||1.61%|
|Net Interest Income||$ 12,675||$ 11,690|
|Net Interest Margin||4.00%||4.02%|
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