German American Net Income Ticks Higher

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(Image courtesy of German American Bancorp) (Image courtesy of German American Bancorp)
JASPER -

Jasper-based German American Bancorp Inc. (Nasdaq: GABC) is reporting second quarter net income of $11.1 million, compared to $9.8 million in the same period last year. The bank attributes the performance to organic loan growth and its acquisition of five branches in Columbus and Greensburg. The branches used to be part of MainSource Financial Group Inc. in Greensburg, but they were divested as a result of MainSource's $1 billion merger with Cincinnati-based First Financial Bancorp (Nasdaq: FFBC).

During the quarter, German American also announced $101 million acquisition plans for Kentucky-based First Security Inc., a deal that is expected to close in the fourth quarter. "The second quarter of 2018 marked another period of strong growth for our Company. During the quarter, we grew total end-of-period loan balances, on an organic basis, by over $50 million, or 10 percent on an annualized basis," Chief Executive Officer Mark Schroeder says. "We are extremely pleased with the pattern of consistent organic and acquisition-related balance sheet growth and earnings improvement we’ve generated not only during the past quarter but over an extended period of time."

German American says it now has a total asset portfolio totaling $3.34 billion, compared to just over $3 billion a year ago. Schroeder expects the First Security Bank addition, once closed, to push total assets toward $4 billion.

You can connect to more about the quarterly earnings report by clicking here.

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