Jasper-based German American Bancorp Inc. (Nasdaq: GABC) is reporting record quarterly and full-year earnings.
For the year, the bank recorded net income of $62.2 million for 2020, up from $59.2 million the previous year. Fourth-quarter net income registered $20.9 million, up from $15.8 million during the same period a year ago.
“In the face of all the challenges experienced in 2020 around the COVID-19 pandemic, we are extremely pleased to have been able to post record earnings for both the fourth quarter and for fiscal year 2020,” said Mark Schroeder, German American’s chairman and chief executive officer. “Because of the capital strength resulting from this level of profitability, we are also able to announce today another double-digit increase in our cash dividend and a new share repurchase program, continuing our ongoing efforts to drive long-term value for our shareholders.”
The bank participated in the Paycheck Protection Program through the U.S. Small Business Administration. German American says it originated loans totaling about $350 million on just over 3,000 loans.
It’s also taking part in the second wave of PPP loans.
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