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German American Bancorp, Inc. Reports Strong First Quarter Performance

Stocks in this article: GABC

JASPER, Ind., April 28, 2014 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq:GABC) today reported another period of strong financial performance during the first quarter of 2014. During the quarter ended March 31, 2014, German American's reported net income of $6.3 million, which was an increase of approximately 9%, on a reported net income basis, above the net income of $5.8 million in the first quarter of 2013. Net income per share in the current quarter increased by approximately 4% to $0.48 versus $0.46 for the comparable period of 2013.

As compared to the first quarter results in the prior year, this year's earnings were positively affected by a $2.0 million, or approximately 12%, increase in net interest income. This net interest income improvement was driven primarily by growth within the Company's loan portfolio, as end of period total loans, exclusive of loans held for sale, increased by $171 million, or approximately 14%, in 2014 relative to loans outstanding as of March 31, 2013.

Further enhancing the Company's 2014 first quarter earnings comparison was a $1.0 million, or 23% increase, in non-interest income (exclusive of net gains on the sales of loans and securities). This increase was driven by a $772,000 increase in insurance revenue, a $193,000 increase in investment services revenue, and a $106,000 increase in deposit service charges in 2014. German American's quarterly year-over-year performance was also reflective of a $385,000 decrease in net gains from securities sales, as well as a $278,000 decrease in net gains from the sale of residential mortgage loans.

The Company's total non-interest expenses increased by approximately $1.6 million during first quarter of 2014 compared to the same quarter of last year. This increase was affected by the inclusion of the United Commerce Bancorp operation which was acquired by the Company effective October 1, 2013, a new financial center in Columbus, Indiana, and the roll-out of the Company's new digital banking systems in the first quarter of 2014 operating expenses.

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