Jasper-based German American Bancorp Inc. (Nasdaq: GABC) has reported a record quarterly profit. The bank says the acquisition of River Valley Bancorp helped drive third quarter net income to $10.2 million, compared to $7.7 million in the same quarter last year.
The deal for the River Valley Financial Bank parent closed in March. Chief Executive Officer Mark Schroeder says "we’re very pleased to have achieved the milestone of $10 million in quarterly net income, and are likewise pleased with the continuation of the strong level of organic loan growth we experienced during the quarter. We believe this combination of strong organic loan growth coupled with the exceptional level of credit quality within our loan portfolio bodes well in terms of our ability to continue to generate strong operating performance."
German American’s total assets reached almost $3 billion, up $666 million from the same quarter in 2015.
You can connect to more about the quarterly results by clicking here.