Business
German American Bancorp, Inc. (GABC) Posts Record Earnings, Declares 11% Cash Dividend Increase and Announces Stock Repurchase Plan
JASPER, Ind., Jan. 25, 2021 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq: GABC) reported record quarterly earnings of $20.9 million, or $0.79 per
About this update from German American Bancorp, Inc.
[{"type":"text","content":"JASPER, Ind., Jan. 25, 2021 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq: GABC) reported record quarterly earnings of $20.9 million, or $0.79 per share, during the fourth quarter 2020 and that, for the 11th consecutive year, the Company has achieved record annual earnings posting annual net income of $62.2 million, or $2.34 per share, for the year ended December 31, 2020. This level of annual earnings resulted in a double-digit return on shareholders’ equity in 2020, marking the 16th consecutive year in which the Company has delivered a double-digit return on shareholders’ equity. The Company also announced the declaration of an 11% increase in its quarterly cash dividend, and the approval of a new share repurchase plan for up to one million GABC shares. The record annual net income for 2020 represented an increase of $3.0 million, or approximately 2% on a per share basis, from 2019 net income of $59.2 million, or $2.29 per share. Fourth quarter 2020 net income of $20.9 million, or $0.79 per share, which also represented a quarterly record, reflected an increase of approximately 34%, on a per share basis, from fourth quarter 2019 net income of $15.8 million, or $0.59 per share. The Company also announced that its Board has approved a new share repurchase plan authorizing the repurchase of one million shares, or approximately 4% of the Company's total common shares outstanding. Stock repurchases are expected to be made from time to time on the open market or in privately negotiated transactions, subject to applicable securities law. The new plan, which replaces a similar plan approved in January 2020 that had repurchase authority for 778,088 shares remaining, does not obligate the Company to repurchase any specific dollar amount or number of shares. Additionally, the Company announced an 11% increase in the level of its regular quarterly cash dividend, as its Board of Directors declared a regular quarterly cash dividend of $0.21 per share, which will be payable on February 20, 2021 to shareholders of record as of February 10, 2021. Mark A. Schroeder, German American’s Chairman & CEO, stated, “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. It is only because of t...