Business
German American Bancorp, Inc. (GABC) Reports Second Quarter 2020 Earnings
JASPER, Ind., July 27, 2020 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq: GABC) reported quarterly earnings of $14.3 million, or $0.54 per share,
About this update from German American Bancorp, Inc.
[{"type":"text","content":"JASPER, Ind., July 27, 2020 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq: GABC) reported quarterly earnings of $14.3 million, or $0.54 per share, for the quarter ending on June 30, 2020. The second quarter 2020 performance compared to first quarter 2020 net income of $12.5 million, or $0.47 per share, and to second quarter 2019 net income of $15.3 million, or $0.61 per share. The operating results comparison was reflective of the inclusion of the acquisition of Citizens First Corporation of Bowling Green, Kentucky on July 1, 2019.\n End-of-period loans, as of June 30, 2020, were approximately $3.3 billion, which represented an increase of $253 million, or approximately 8%, from end-of-period loans as of March 31, 2020 and an increase of $550 million, or approximately 20%, from end of period loans as of June 30, 2019. Total deposits at June 30, 2020 of approximately $4.0 billion increased by $501 million, or approximately 14%, relative to first quarter 2020 end-of-period total deposits and an increase of $851 million, or approximately 27%, as compared to second quarter end-of-period deposits in the prior year. Approximately 50% of the deposit growth during both periods of comparison occurred within the extremely valuable non-interest bearing demand deposit category. The increase in end-of-period loans and deposits as of June 30, 2020, as compared to March 31, 2020, was largely related to both the origination of approximately $350 million in Paycheck Protection Program (“PPP”) loans to nearly 3,000 local business clients, supporting the retention of over 40,000 jobs throughout our market area, and the deposit of those funds into business operating accounts. The Company also experienced an overall significant inflow of other customer deposits during the second quarter of 2020 contributing to the extraordinary level of quarter-over-quarter deposit growth. The increase in year-over-year period end loans and deposits was related to these same factors, as well as to the acquisition of Citizens First on July 1, 2019. Commenting on the Company’s second quarter performance, Mark A. Schroeder, German American’s Chairman & CEO, stated, \"We’re pleased to report another period of solid profitability during the second quarter of 2020, producing $14.3 million, or $0.54 per share, in earnings for the quarter, which was inclusive of...