German American Bancorp Inc (GABC) Quarterly 10-Q Report

German American Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.

The filing includes financial statements for the quarter, showing net income of $21,048,000, or $0.71 per share, compared to $21,451,000, or $0.73 per share, in the same quarter the previous year.

Net interest income increased to $48,594,000 from $47,559,000 in the same quarter the previous year, primarily due to a higher level of earning assets.

The provision for credit losses was $625,000, compared to $900,000 in the previous year, with net charge-offs totaling $447,000.

Non-interest income decreased to $13,801,000 from $14,804,000, impacted by the absence of insurance revenues following the sale of German American Insurance, Inc. (GABC)

Non-interest expense increased to $36,126,000 from $35,421,000, with professional fees rising due to merger-related costs.

The company announced a pending merger with Heartland BancCorp, expected to close in the first quarter of 2025, which will expand its market presence.

Total assets increased to $6.261 billion, with loan growth across most segments, while securities available-for-sale declined due to portfolio restructuring.

Shareholders' equity rose to $744.6 million, supported by retained earnings and a decrease in accumulated other comprehensive loss.

The company continues to maintain capital levels well above regulatory requirements, with a Total Capital ratio of 17.22%.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the German American Bancorp Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email [email protected].