German American Hits Record Q3 Earnings

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

Jasper-based German American Bancorp (Nasdaq: GABC) is reporting record third quarter net income of $12.6 million, up from $9.7 million during the same period last year. Chief Executive Officer Mark Schroeder attributes the strong performance to combined organic and acquisition growth in deposits, loans and total assets over the past year.

The parent of German American Bank says the quarterly performance is largely due to increased net interest income, which was driven by double-digit increases in the level of average loans outstanding, which totaled $2.3 billion in the third quarter, a 13 percent increase over the third quarter of 2017. 

Schroeder says the company is encouraged about its prospects for continued growth "based on the economic strength within our existing Southern Indiana markets." Earlier this month, German American completed its $101 million acquisition of Kentucky-based First Security Inc.

"This combination of First Security and German American will elevate German American’s consolidated total assets to nearly $4.0 billion, with a projected total loan portfolio of approximately $2.8 billion and total deposit balances of approximately $3.0 billion," said Schroeder. "We welcome the communities, customers, employees and shareholders of First Security to the German American family of community banks, and look forward to further enhancing our relationships with all these stakeholders."

You can connect to the full third quarter earnings report by clicking here.

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