Yesterday, German American Bancorp, Inc. reported 1st Quarter net income of $3,251,000, or $0.29 per share, compared to $2,942,000, or $0.27 per share, earned during the 1st Quarter of 2009. This represents an 11 percent increase.
This year’s first quarter 2010 performance was the highest level of first quarter earnings in German American Bancorp, Inc.’s history. The driving force behind this performance was a 9 percent increase in the Company’s net interest income and an 8 percent increase in non-interest income over last year’s first quarter results.
Mark A. Schroeder, Chairman & CEO of German American Bancorp, Inc., stated, “We continue to be very pleased with the strength of our earnings and the solid quality of our balance sheet, particularly our loan portfolio. The quality of our loan portfolio has remained extremely solid throughout the last two years’ economic downturn due to both our Company’s prudent credit philosophy, and our clients’ steadfast commitment to honor their credit obligations to us. We continue to closely monitor our loan portfolio’s credit quality utilizing our traditional conservative approach and to aggressively provide reserves for those watch loans identified as part of that process.”
A $54 million, or 5 percent, increase in the amount of their average earning assets, in concert with an improvement in the Company’s net interest margin to 4.10 percent, as compared to 3.92 percent during the 1st quarter of 2009, contributed to the exceptionally strong level of quarterly earnings. German American Bancorp, Inc.’s higher level of non-interest income was mainly attributable to the gains associated with the sale of their former operations facility and the sale of other real estate owned property.
Headquartered in Jasper, Indiana, German American Bancorp, Inc. is a financial services holding company. Their principal subsidiary is their banking subsidiary, German American Bancorp. This subsidiary operates via 28 banking offices in the ten contiguous Southern Indiana counties of Daviess, Dubois, Gibson, Knox, Lawrence, Martin, Monroe, Perry, Pike, and Spencer. German American Bancorp owns a trust, brokerage, and financial planning subsidiary. It operates from their banking offices. German American Bancorp also owns a full line property and casualty insurance agency with seven offices throughout their market area.