German American reports quarterly earnings


German American Bancorp reported quarterly earnings of $12.5 million, or 47 cents per share, for the quarter ending March 31.

The quarterly earnings performance was inclusive of a $5.2 million provision for loan losses as the company increased its allowance for loan losses in anticipation of the expected economic downturn related to the COVID-19 pandemic.

The first quarter 2020 performance compared to fourth quarter 2019 net income of $15.8 million, or 59 cents per share, and to first quarter 2019 net income of $15.1 million, or 50 cents per share.

The operating results comparisons reflect the inclusion of the acquisition of Citizens First Corp. of Bowling Green, Kentucky, on July 1, 2019.

End-of-period loans as of March 31 were approximately $3 billion, which represented an increase of $306 million, or approximately 11% from end-of-period loans as of March 31, 2019.

Total deposits March 31 of approximately $3.5 billion increased by $413 million, or approximately 13%, relative to first quarter end-of-period total deposits in the prior year. The increase in end-of-period loans and deposits as of March 31 as compared to March 31, 2019, was largely related to the acquisition of Citizens First.

The company announced April 28 that its board of directors had declared a regular quarterly cash dividend of 19 cents per share, which will be payable May 20 to shareholders of record as of May 10.

German American Bancorp is a financial holding company based in Jasper. German American, through its banking subsidiary German American Bank, operates 76 banking offices in 20 contiguous southern Indiana counties, including a branch at 1725 E. Tipton St., Seymour, seven counties in Kentucky and one county in Tennessee.

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