Jasper-based German American Bancorp Inc. (Nasdaq: GABC) is reporting first quarter net income of $9 million, down from $19.6 million during the same period last year. The bank attributes the loss to costs associated with its $154 million acquisition of Citizens Union Bancorp of Shelbyville Inc. in Kentucky.
German American completed the acquisition in January. Despite the earnings drop, Chief Executive Officer Neil Dauby says the bank is pleased with the quarter-over-quarter growth in revenue.
“The incrementally higher level of non-interest expenses in the first quarter 2022 was also largely attributable to the inclusion of both acquisition-related expenses and general operating expenses of CUB,” said Dauby. “Those expenses are expected to be reduced going forward, as the operations of CUB are fully integrated into GABC.”
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