German American Continues Record Performance
Jasper-based German American Bancorp Inc. (Nasdaq: GABC) says 2017 marks an eighth-consecutive year of record profit. The banking company is reporting full-year net income of $40.7 million, compared to $35.2 million in 2016. During the fourth quarter, net income also rose to $11.6 million, up from $10.1 million during the same quarter a year earlier.
German American says the figures were positively affected by a $2.3 million net tax benefit related to federal tax reform legislation.
Chief Executive Officer Mark Schroeder says "we were very pleased to be able to continue our pattern of record financial performance in the past year and were extremely encouraged to see a further strengthening of economic growth throughout our market area in 2017. As evidenced by the double-digit annualized loan growth we experienced in the last half of the year, both business and consumer clients throughout our market area are feeling more confident in the growth potential and vibrancy of the economy." He adds German American is confident the record growth will continue in 2018.
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