Today, German American Bancorp announced that even with the slowing economic environment, it has achieved record 2008 financial performance, earning $12,803,000, or $1.16 per share. In comparision, the company reported net income of $9,405,000, or $0.85 per share, in 2007.
Mark Schroeder, President & Chief Executive Officer, commented, “We are pleased to report a continuation of the Company’s strong financial results in the fourth quarter and throughout 2008, a feat made even more remarkable given the events of the past year and the many issues facing the national economy. Despite these significant challenges, we enjoyed solid performance throughout our Company, underscoring the strength of our business model and the significant market share we enjoy in our principal markets throughout Southern Indiana, which has not been as affected by the current recessionary economic conditions as other regions of the country.”
“Acutely aware of the current economic reality and the challenges that may face our market area in the coming year, we have also maintained our historic focus on credit quality,” Schroeder added. “We are gratified that, based on industry standard credit quality measures, our effectiveness in this area remains very strong — an accomplishment that sets German American apart from many peer financial institutions.”
In the press release, the company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.14 per share which will be payable on February 20, 2009 to shareholders on record as of February 10, 2009.