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German American Bancorp, Inc. Reports Record 2012 Earnings & Announces Increase In Quarterly Cash Dividend

Total deposits increased $21.9 million or 5% on an annualized basis, as of December 31, 2012 compared with September 30, 2012 total deposits and increased by approximately $84.7 million or 5% compared with December 31, 2011.

End of Period Deposit Balances 12/31/12 09/30/12 12/31/11
(dollars in thousands)      
       
Non-interest-bearing Demand Deposits  $ 349,174  $ 327,450  $ 282,335
IB Demand, Savings, and MMDA Accounts  962,574  933,561  899,584
Time Deposits < $100,000  233,422  248,290  273,663
Time Deposits > $100,000  95,761  109,736  100,616
   $ 1,640,931  $ 1,619,037  $ 1,556,198

Results of Operations Highlights – Year ended December 31, 2012

Net income for the year ended December 31, 2012 totaled $24,055,000 or $1.90 per share, an increase of $3,806,000 or approximately 18% on a per share basis, from the year ended December 31, 2011 net income of $20,249,000 or $1.61 per share.

Summary Average Balance Sheet            
(Tax-equivalent basis / dollars in thousands)            
   Year Ended December 31, 2012   Year Ended December 31, 2011 
   Principal Balance   Income/ Expense   Yield/Rate   Principal Balance   Income/ Expense   Yield/Rate 
Assets            
Federal Funds Sold and Other Short-term Investments  $ 44,999  $ 91 0.20%  $ 85,217  $ 216 0.25%
Securities  619,910  16,689 2.69%  499,359  16,482 3.30%
Loans and Leases  1,147,891  61,951 5.40%  1,114,181  64,684 5.81%
Total Interest Earning Assets  $ 1,812,800  $ 78,731 4.34%  $ 1,698,757  $ 81,382 4.79%
             
Liabilities            
Demand Deposit Accounts  $ 313,812      $ 256,544    
IB Demand, Savings, and MMDA Accounts  $ 947,707  $ 1,764 0.19%  $ 870,652  $ 4,314 0.50%
Time Deposits  357,193  5,194 1.45%  394,008  7,672 1.95%
FHLB Advances and Other Borrowings  118,201  3,954 3.35%  126,922  4,194 3.30%
Total Interest-Bearing Liabilities  $ 1,423,101  $ 10,912 0.77%  $ 1,391,582  $ 16,180 1.16%
             
Cost of Funds     0.60%     0.95%
Net Interest Income    $ 67,819      $ 65,202  
Net Interest Margin     3.74%     3.84%

During the year ended December 31, 2012, net interest income totaled $66,248,000 representing an increase of $2,267,000 or 4% from the year ended December 31, 2011 net interest income of $63,981,000. The increased net interest income during 2012 compared with 2011 was driven by a higher level of earning assets including both average loan growth and growth in the securities portfolio. The tax equivalent net interest margin for the year ended December 31, 2012 was 3.74% compared to 3.84% in 2011. The decline in the net interest margin during 2012 compared with the 2011 was largely attributable to the continued downward pressure on earning asset yields being driven by a historically low market interest rate environment and a very competitive marketplace for lending opportunities. Partially mitigating the decline in earning assets yields was a 35 basis points decline in the Company's cost of funds during 2012 compared to 2011 which was driven by a continued decline in deposit rates.

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