Jasper-based German American Bancorp Inc. (Nasdaq: GABC) is reporting record full-year net income of $35.2 million in 2016, up from $30.1 million the previous year. The earnings represent the seventh consecutive year the bank has hit a record.
The parent of German American Bank is also reporting fourth quarter net income of $10.1 million, down slightly from $10.2 million during the same period in 2015. Chief Executive Officer Mark Schroeder says a combination of organic growth and merger-related expansion contributed to the strong year.
"The acquisition of River Valley Bancorp in March provided an opportunity to enter the vibrant Southeast Indiana area. The inclusion of River Valley positions us very well for future growth within this market area," said Schroeder. "We have already seen significant community banking opportunities within these markets, and we fully expect these new markets for German American will provide significant growth potential going forward."
Schroeder says the bank successfully integrated the merger of River Valley Bancorp in 2016 and, outside of the merger, German American was able to generate about $118 million in year-over-year loan growth.