Acquisition Drives Record Profit For German American
Jasper-based German American Bancorp Inc. (Nasdaq: GABC) is reporting record second quarter net income of $9.8 million, up from $7.3 million during the same period last year. The bank says the results were due, in part, to the March acquisition of River Valley Bancorp.
German Americans says the more than 16 percent increase is also due to other factors, including "exceptional organic" growth in the company’s loan portfolio. Chief Executive Officer Mark Schroeder said the record performance was a by-product of the strong endorsement of the company’s clients.
"We are extremely pleased with this quarter’s results, which were positively impacted by both the anticipated earnings enhancements from the merger transaction with River Valley and by exceptionally strong loan growth throughout our footprint and within all loan categories," said Schroeder. "As always, we are honored and humbled that clients throughout our footprint are, in increasing numbers, reaching out to our team of dedicated, financial professionals for advice and counsel in the achievement of the financial success of their businesses, communities, and families."
German American completed the $83.5 million acquisition of River Valley Bancorp on March 1. At that time, Schroeder said shareholders gave "overwhelming approval" of the deal.