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German American Bancorp, Inc. Reports Record 2013 Earnings & Announces Increase In Quarterly Cash Dividend

Stocks in this article: GABC

JASPER, Ind., Jan. 28, 2014 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq:GABC) reported that the Company has again achieved record earnings for the year ended on December 31, 2013. The record financial performance in 2013 continues a trend of exceptional performance by German American, as the Company has reported record earnings for the past four consecutive years and the period of 2008-2013 represents the best six years in the Company's history in terms of reported annual earnings. The Company's return on average shareholder equity of 13.40% in 2013 represents the 9 th consecutive year that German American has delivered double-digit returns on shareholders' equity.

The Company's 2013 net income of $25.4 million, or $1.98 per share, was an increase of approximately 4%, on a per share basis, over its previous record annual net income of $24.1 million, or $1.90 per share reported in 2012, and represented a 23% increase, on a per share basis, from the $20.2 million, or $1.61 per share, record earnings the Company reported in 2011. Fourth quarter earnings were $6.6 million, or $0.50 per share, an increase of approximately 2% from 2012 fourth quarter results of $6.2 million, or $0.49 per share. The Company's 2013 fourth quarter results are inclusive of the acquisition of United Commerce Bancorp which was finalized on October 1, 2013.

This 2013 record performance was attributable to an increased level of net interest income, driven by a higher level of earning assets within both the Company's loan portfolio and securities portfolio, significant growth in the Company's non-interest income across virtually every operating segment, as well as attributable to, a reduced level of provision for loan loss, as the Company's historic strong asset quality returned to pre-recessionary levels in 2013.

The Company also announced that it was increasing the level of its regular quarterly cash dividend. German American's Board of Directors declared a regular quarterly cash dividend of $0.16 per share, which will be payable on February 20, 2014 to shareholders of record as of February 10, 2014. This level of regular quarterly cash divided represents approximately a 7% increase above the Company's prior quarterly cash dividend level.

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