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

Stock quotes in this article: GABC

The Company's FDIC deposit insurance assessments decreased $357,000 or 24% during 2012 compared with 2011. This decline was attributable to changes in the deposit insurance assessment calculation that became effective in the second quarter of 2011 related to the Dodd Frank Act. 

Data processing fees declined $1,021,000, or 49%, during 2012 compared with 2011. The decline was largely related to running the Bank of Evansville's separate core processing system during the first four months of 2011 and the resolution of a contractual dispute during the first quarter of 2012 related to the acquisition of American Community Bancorp and its banking subsidiary the Bank of Evansville. An expense for the cancellation of the 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. The customers of the Bank of Evansville were moved to the Company's core processing system during April 2011.

Results of Operations Highlights – Quarter ended December 31, 2012

Net income for the quarter ended December 31, 2012 totaled $6,194,000 or $0.49 per share, a decrease of $98,000, or 2%, from the third quarter of 2012 net income of $6,292,000 or $0.50 per share, and an increase of $621,000, or 11%, from the fourth quarter of 2011 net income of $5,573,000 or $0.44 per share.

Summary Average Balance Sheet                  
(Tax-equivalent basis / dollars in thousands)                  
   Quarter Ended December 31, 2012   Quarter Ended September 30, 2012   Quarter Ended December 31, 2011 
   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  $ 22,910  $ 7 0.12%  $ 31,575  $ 11 0.14%  $ 62,502  $ 37 0.24%
Securities  632,773  3,942 2.49%  634,605  4,197 2.65%  587,788  4,451 3.03%
Loans and Leases  1,194,173  15,377 5.13%  1,161,325  15,148 5.19%  1,124,687  15,884 5.61%
Total Interest Earning Assets  $ 1,849,856  $ 19,326 4.16%  $ 1,827,505  $ 19,356 4.22%  $ 1,774,977  $ 20,372 4.56%
                   
Liabilities                  
Demand Deposit Accounts  $ 342,396      $ 322,003      $ 277,361    
IB Demand, Savings, and MMDA Accounts  $ 967,147  $ 394 0.16%  $ 943,035  $ 387 0.16%  $ 914,969  $ 820 0.36%
Time Deposits  341,510  1,041 1.21%  358,477  1,235 1.37%  390,787  1,702 1.73%
FHLB Advances and Other Borrowings  117,526  888 3.01%  121,340  938 3.08%  134,015  1,087 3.22%
Total Interest-Bearing Liabilities  $ 1,426,183  $ 2,323 0.65%  $ 1,422,852  $ 2,560 0.72%  $ 1,439,771  $ 3,609 0.99%
                   
Cost of Funds     0.50%     0.56%     0.80%
Net Interest Income    $ 17,003      $ 16,796      $ 16,763  
Net Interest Margin     3.66%     3.66%     3.76%

During the quarter ended December 31, 2012, net interest income totaled $16,594,000 representing an increase of $201,000, or 1%, from the quarter ended September 30, 2012 net interest income of $16,393,000 and an increase of $187,000, or approximately 1%, compared with the quarter ended December 30, 2011 net interest income of $16,407,000. The tax equivalent net interest margin for the quarter ended December 31, 2012 was 3.66% compared to 3.66% in the third quarter of 2012 and 3.76% in the fourth quarter of 2011. Accretion of loan discounts on acquired loans contributed approximately 8 basis points on an annualized basis to the net interest margin in the fourth quarter of 2012 compared with 6 basis points in both the third quarter of 2012 and the fourth quarter of 2011.

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