This Day On The Street
Continue to site
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

German American Bancorp, Inc. Reports Increase In Quarterly Earnings

JASPER, Ind., April 30, 2013 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq:GABC) reported increased quarterly earnings and continued balance sheet growth during the first quarter of 2013, as compared to the same quarter of the prior year. German American's first quarter 2013 net income of $5.8 million, or $0.46 per share, represented an increase of approximately 5%, on a per share basis, above the net income of $5.6 million, or $0.44 per share, reported in the first quarter of 2012.

As compared to the same quarter prior year results, this quarter's earnings were positively affected by a $1.1 million increase in total non-interest income, driven primarily by an approximately $400 thousand increase in insurance revenue and a $200 thousand increase in trust fees, as well as a nearly $600 thousand elevated level of net gains on the sales of securities in the current year.

Further enhancing the level of the Company's first quarter 2013 earnings was a $340 thousand reduction in the amount of provision for loan loss from that booked during the prior year's first quarter. This reduction in the level of loan loss provision was related to a continued improvement during the first quarter of this year of an already strong level of asset quality within the Company's loan portfolio.

German American also reported higher levels of loans and deposits as compared to the first quarter of last year. March 31, 2013 loans outstanding increased by $100 million, or 9%, while total deposits increased by approximately $55 million, or 3%, compared to March 31, 2012 total loans and deposits. This increase in both loans and deposits during the past year is reflective of the Company's continued success in growing its base of both lending clients and deposit customers.

The Company's net interest income declined by approximately $400 thousand while total non-interest expenses increased by approximately $875 thousand during the current year first quarter from the levels recorded during the first quarter of last year. The decline in net interest income during the first quarter of 2013 compared with the first quarter of 2012 was largely attributable to a decline in the accretion of loan discounts on acquired loans. The increase in total non-interest expenses in the current year first quarter relative to that of the same quarter last year resulted from increases of approximately $475 thousand in salaries and benefits and $250 thousand increase in data processing expenses.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,351.38 +293.03 1.82%
S&P 500 1,948.86 +35.01 1.83%
NASDAQ 4,749.9790 +113.8740 2.46%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs