German American Bancorp Inc. recently reported third quarter earnings of $24.6 million.
That resulted in the company’s second-highest level of historical earnings per share at $0.83 per share, according to a news release.
Quarterly earnings represented an increase of $900,000, or approximately 2.5% on a per share basis, from its 2022 second quarter earnings of $23.7 million, or 81 cents per share. On a year-over-year basis, the current quarterly earnings represented an increase of $3.1 million, or approximately 2.5% on a per share basis, from its 2021 third quarter earnings of $21.5 million, or 81 cents per share.
The company reported third quarter performance was driven by several factors, including continued net interest margin expansion, solid credit metrics and ongoing disciplined operating expense management. The earnings included a reserve release of $2 million and $4.1 million of Paycheck Protection Program fees.
The company also announced its board of directors has declared a regular quarterly cash dividend of 23 cents per share, which will be payable Nov. 20 to shareholders of record as of Nov. 10.
German American Bancorp Inc. is a financial holding company based in Jasper. The firm through its banking subsidiary German American Bank operates 77 banking offices in 19 contiguous southern Indiana counties, including a location at 1725 E. Tipton St. in Seymour, and 14 counties in Kentucky.