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

Other operating income decreased $356,000 or 44% during the quarter ended December 31, 2012 compared with the third quarter of 2012 and decreased $15,000 or 3% compared with the fourth quarter of 2011. The decrease in the fourth quarter of 2012 compared to the third quarter of 2012 was largely related to the net gain on sales of other real estate which totaled approximately $301,000 during the third quarter of 2012 compared with a net loss on sales and write-downs of other real estate of $10,000 during the fourth quarter of 2012.

Net gains on sales of loans totaled $904,000 during the quarter ended December 31, 2012, a decrease of $37,000, or 4%, compared to the third quarter of 2012 and an increase of $174,000, or 24%, compared with the fourth quarter of 2011. Loan sales totaled $58.6 million during the fourth quarter of 2012, compared with $37.8 million during the third quarter of 2012 and $55.9 million during the fourth quarter of 2011.

During the fourth quarter of 2012, the Company realized a net gain on the sale of securities of $975,000 related to the sale of approximately $44.8 million of securities, compared to $598,000 related to the sale of approximately $40.4 million of securities in the third quarter of 2012 and $1,979,000 related to the sale of $59.3 million in the fourth quarter of 2011.

During the quarter ended December 31, 2012, non-interest expense totaled $13,179,000, an increase of $451,000, or 4%, compared with the quarter ended September 30, 2012, and an increase of $543,000, or 4%, compared with the fourth quarter of 2011.
Non-interest Expense Quarter Ended 12/31/12 Quarter Ended 09/30/12 Quarter Ended 12/31/11
(dollars in thousands)      
       
Salaries and Employee Benefits  $ 7,677  $ 7,261  $ 7,182
Occupancy, Furniture and Equipment Expense  1,791  1,716  1,739
FDIC Premiums  265  271  282
Data Processing Fees  325  311  271
Professional Fees   470  585  426
Advertising and Promotion  506  439  525
Intangible Amortization  386  405  461
Other Operating Expenses  1,759  1,740  1,750
Total Non-interest Expense  $ 13,179  $ 12,728  $ 12,636

Salaries and benefits increased $416,000, or 6%, during the quarter ended December 31, 2012 compared with the third quarter of 2012 and increased $495,000, or 7%, compared with the fourth quarter of 2011. The increase in salaries and benefits during the fourth quarter of 2012 compared with the third quarter of 2012 was largely related to an increased level of full-time equivalent employees and increased costs related to the Company's incentive compensation plans based on projected results of the participant's balanced scorecards. The increase in salaries and benefits during the fourth quarter of 2012 compared with the fourth quarter of 2011 was primarily the result of an increased number of full-time equivalent employees, increased levels of incentive compensation, increased costs related to the Company's partially self-insured health insurance plan and increased commission payout related to a higher level of insurance revenues.

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