Jasper-based German American Bancorp, Inc. (Nasdaq: GABC) reported record net income during the second quarter of $15.3 million, up from $11.1 million in the same period last year.
The company attributes the improvement to 2018 acquisitions. German American acquired two financial institutions last year. The bank just announced it has completed the acquisition of Citizens First Corporation of Bowling Green, Kentucky as of July 1, 2019.
“We’re pleased with the extremely strong start we experienced during the first half of this year, in terms of record earnings, exceptional deposit growth, and the exceptionally strong loan pipelines,” said Mark Schroeder, German American’s chairman and chief executive officer.
Schroeder also said the company benefited from a reduction in loan losses resulting from an improved level of asset quality.
“The economic strength and vitality in each of the markets we serve continue to be impressive. Based on these factors, we are encouraged about our ability to continue the level of exceptional performance we’ve been able to deliver during the current quarter, year-to-date and over the course of the past decade,” said Schroeder.
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