This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

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

Stocks 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.

7 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs