Business
German American Bancorp, Inc. (GABC) Reports First Quarter 2020 Earnings
JASPER, Ind., May 06, 2020 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (NASDAQ: GABC) reported quarterly earnings of $12.5 million, or $0.47 per share,
About this update from German American Bancorp, Inc.
[{"type":"text","content":"JASPER, Ind., May 06, 2020 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (NASDAQ: GABC) reported quarterly earnings of $12.5 million, or $0.47 per share, for the quarter ending on March 31, 2020. The quarterly earnings performance was inclusive of a $5.2 million provision for loan losses as the Company increased its allowance for loan losses in anticipation of the expected economic downturn related to the COVID-19 pandemic. The first quarter 2020 performance compared to fourth quarter 2019 net income of $15.8 million, or $0.59 per share, and to first quarter 2019 net income of $15.1 million, or $0.60 per share. The operating results comparisons reflect the inclusion of the acquisition of Citizens First Corporation of Bowling Green, Kentucky on July 1, 2019.\n End-of-period loans, as of March 31, 2020, were approximately $3.0 billion, which represented an increase of $306 million, or approximately 11% from end-of-period loans as of March 31, 2019. Total deposits at March 31, 2020 of approximately $3.5 billion increased by $413 million, or approximately 13%, relative to first quarter end-of-period total deposits in the prior year. The increase in end-of-period loans and deposits as of March 31, 2020, as compared to March 31, 2019, was largely related to the acquisition of Citizens First. Commenting on the Company’s first quarter performance, Mark A. Schroeder, German American’s Chairman & CEO, stated, \"We’re extremely pleased to report solid profitability for the first quarter of 2020. As we enter a period of economic uncertainty, we do so from a position of strength. In the face of increasing our allowance for credit losses to $36.6 million (in addition to net discounts on acquired loans of $12.0 million), which represents a strong 1.22% of total loans, we produced $12.5 million in earnings for the quarter, increased quarter-end tangible book value to $17.00 per share, reflecting a 16% increase over the past year since March 31, 2019, and continued our historic disciplined approach to lending, which resulted in strong credit metrics, including an end-of-period non-performing asset ratio of 0.44%. From a liquidity perspective, we had a significant level of on balance sheet liquidity on March 31, 2020, as indicated by a loan to deposit ratio of 87% and a loan to earning assets ratio of 76%. In terms of capital strength, the Co...