Business
German American Bancorp, Inc. (GABC) Posts Strong Second Quarter Performance
JASPER, Ind., July 25, 2022 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq: GABC) reported strong operating performance in the second quarter of
About this update from German American Bancorp, Inc.
[{"type":"text","content":"JASPER, Ind., July 25, 2022 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq: GABC) reported strong operating performance in the second quarter of 2022, with earnings of $23.7 million, resulting in our Company's second highest level of reported earnings per share at $0.81 per share. This level of quarterly earnings represented an increase of $14.7 million, or approximately 161% on a per share basis, from 2022 first quarter earnings of $9.1 million, or $0.31 per share. The first quarter of 2022 was impacted by one-time related merger and acquisition costs as a result of the January 1, 2022 merger with Citizens Union Bancorp of Shelbyville, Inc. (\"CUB\"). On a year-over-year basis, the current quarterly earnings, as compared to the second quarter 2021 of $23.8 million, or $0.90 per share, were comparable in dollars but decreased 10% on a per share basis as a result of the Company's January 1, 2022 issuance of approximately 2.9 million shares of common stock as part of the merger consideration in the CUB transaction. The second quarter 2021 earnings were positively impacted by a reserve for credit loss release of $5 million and approximately $2.8 million of Paycheck Protection Program (\"PPP\") fees equating to approximately $0.22 per share on an after-tax basis. The second quarter 2022 earnings performance was driven by a number of factors including improved net interest margin and continued strong credit metrics, as well as increased interchange fee income and deposit service charges, and improved efficiencies in non-interest expenses resulting from the CUB merger. While overall reported loans remain stable, we continue to see solid organic loan originations throughout our entire footprint. Excluding CUB acquired loans and PPP loans, total loans increased approximately 8% on an annualized basis with solid gains in all lending categories including commercial, agricultural and retail. Net interest income during the second quarter of 2022 increased $2.7 million from the first quarter of 2022 and $9.7 million compared to the same quarter 2021. The increase in net interest income in the second quarter of 2022 was primarily attributable to an improved net interest margin. On a year-over-year basis, total assets increased $1.12 billion, compared to June 30, 2021. This increase was mostly attributable to the acquisition of CUB ...