German American Bancorp, Inc. (GABC) Reports First Quarter 2022 Earnings
German American Bancorp (GABC) reported Q1 2022 earnings of $9.1 million, or $0.31 per share, down 58% from Q1 2021 due to acquisition-related costs and a provision for credit losses related to its recent acquisition of Citizens Union Bancorp (CUB).
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Rhea-AI Summary
German American Bancorp (GABC) reported Q1 2022 earnings of $9.1 million, or $0.31 per share, down 58% from Q1 2021 due to acquisition-related costs and a provision for credit losses related to its recent acquisition of Citizens Union Bancorp (CUB). Total assets rose to $6.698 billion, an increase of 28% year-over-year, driven largely by the CUB acquisition. Net interest income increased 21% to $46.9 million, while operating expenses surged by 54% due to integration costs. A dividend of $0.23 per share was declared, payable May 20, 2022.
Positive
- Total assets increased by $1.5 billion, or 28%, year-over-year.
- Net interest income rose by $8.0 million, or 21%, compared to the same period last year.
- End of period deposits grew by $1.1 billion due to the CUB acquisition.
Negative
- Earnings decreased by 58% compared to Q1 2021, primarily due to acquisition-related expenses.
- Operating expenses increased by $16.9 million, or 54%, compared to the same quarter last year.
- Provision for credit losses increased by $6.7 million compared to Q1 2021.
Details
News Market Reaction – GABC
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JASPER, Ind., April 25, 2022 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq: GABC) reported first quarter earnings of
Total assets overall increased during the past year by
First quarter 2022 net interest income increased
Operating expenses increased
The 2022 first quarter results also included a
D. Neil Dauby, German American’s President and CEO, stated, “While the first quarter results were impacted by the significant acquisition-related expenses and provision in connection with the completion of the Citizens Union Bank merger, we were very pleased with the level of incremental quarter over quarter growth in revenue, within both net interest income and various categories of non-interest income. The incrementally higher level of non-interest expenses in the first quarter 2022 was also largely attributable to the inclusion of both acquisition-related expenses and general operating expenses of CUB. Those expenses are expected to be reduced going forward, as the operations of CUB are fully integrated into GABC."
Dauby continued, “Further, the level of asset quality within our loan portfolio and that of CUB’s remains strong, as indicated by our end of quarter non-performing asset ratio of
The Company also announced its Board of Directors declared a regular quarterly cash dividend of
Balance Sheet Highlights
On January 1, 2022, the Company completed the acquisition of Citizens Union Bancorp of Shelbyville, Inc. (“CUB”) CUB, headquartered in Shelbyville, Kentucky operated 15 retail banking offices located in Shelby, Jefferson, Spencer, Bullitt, Oldham, Owen, Gallatin and Hardin counties in Kentucky through its banking subsidiary, Citizens Union Bank of Shelbyville, Inc. As of the closing of the transaction, CUB had total assets of approximately
Total assets for the Company totaled
Securities available for sale increased
March 31, 2022 total loans increased
Excluding PPP loans and loans acquired through the CUB acquisition, total loans increased
| End of Period Loan Balances | 3/31/2022 | 12/31/2021 | 3/31/2021 | ||||||
| (dollars in thousands) | |||||||||
| Commercial & Industrial Loans | $ | 636,519 | $ | 548,350 | $ | 728,014 | |||
| Commercial Real Estate Loans | 1,938,528 | 1,530,677 | 1,492,617 | ||||||
| Agricultural Loans | 387,764 | 358,150 | 347,231 | ||||||
| Consumer Loans | 351,083 | 307,184 | 285,485 | ||||||
| Residential Mortgage Loans | 342,140 | 263,565 | 267,634 | ||||||
| $ | 3,656,034 | $ | 3,007,926 | $ | 3,120,981 | ||||
| Net PPP Loans (included in Commercial & Industrial Loans above) | $ | 6,612 | $ | 19,450 | $ | 234,229 | |||
In response to requests from borrowers who had experienced pandemic-related business or personal cash flow interruptions, and in accordance with regulatory guidance, the Company began making short-term loan modifications involving both partial and full payment deferrals in April 2020. As of March 31, 2022, the Company has just one commercial real estate loan, in the principal amount of
The Company’s allowance for credit losses totaled
The Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) ("CECL") on January 1, 2020. The Company added
Under the CECL model, certain acquired loans continue to carry a fair value discount as well as an allowance for credit losses. As of March 31, 2022, the Company held net discounts on acquired loans of
Non-performing assets totaled
| Non-performing Assets | ||||||||
| (dollars in thousands) | ||||||||
| 3/31/2022 | 12/31/2021 | 3/31/2021 | ||||||
| Non-Accrual Loans | $ | 14,929 | $ | 14,602 | $ | 20,994 | ||
| Past Due Loans (90 days or more) | 383 | 156 | — | |||||
| Total Non-Performing Loans | 15,312 | 14,758 | 20,994 | |||||
| Other Real Estate | 30 | — | 325 | |||||
| Total Non-Performing Assets | $ | 15,342 | $ | 14,758 | $ | 21,319 | ||
| Restructured Loans | $ | 102 | $ | 104 | $ | 109 | ||
March 31, 2022 total deposits increased
| End of Period Deposit Balances | 3/31/2022 | 12/31/2021 | 3/31/2021 | ||||||
| (dollars in thousands) | |||||||||
| Non-interest-bearing Demand Deposits | $ | 1,789,353 | $ | 1,529,223 | $ | 1,383,888 | |||
| IB Demand, Savings, and MMDA Accounts | 3,527,373 | 2,867,994 | 2,548,015 | ||||||
| Time Deposits < | 278,477 | 201,683 | 239,911 | ||||||
| Time Deposits > | 234,407 | 145,416 | 206,859 | ||||||
| $ | 5,829,610 | $ | 4,744,316 | $ | 4,378,673 | ||||
Results of Operations Highlights – Quarter ended March 31, 2022
Net income for the quarter ended March 31, 2022 totaled
The first quarter of 2022 results of operations included acquisition-related expenses of
| Summary Average Balance Sheet | |||||||||||||||||||||||||||
| (Tax-equivalent basis / dollars in thousands) | |||||||||||||||||||||||||||
| Quarter Ended | Quarter Ended | Quarter Ended | |||||||||||||||||||||||||
| March 31, 2022 | December 31, 2021 | March 31, 2021 | |||||||||||||||||||||||||
| Principal Balance | Income/ Expense | Yield/ Rate | Principal Balance | Income/ Expense | Yield/ Rate | Principal Balance | Income/ Expense | Yield/ Rate | |||||||||||||||||||
| Assets | |||||||||||||||||||||||||||
| Federal Funds Sold and Other | |||||||||||||||||||||||||||
| Short-term Investments | $ | 594,901 | $ | 280 | 0.19 | % | $ | 444,325 | $ | 159 | 0.14 | % | $ | 337,981 | $ | 85 | 0.10 | % | |||||||||
| Securities | 1,986,917 | 11,533 | 2.32 | % | 1,783,811 | 10,147 | 2.28 | % | 1,295,630 | 7,327 | 2.26 | % | |||||||||||||||
| Loans and Leases | 3,667,082 | 39,022 | 4.31 | % | 3,007,279 | 34,115 | 4.50 | % | 3,107,902 | 35,164 | 4.58 | % | |||||||||||||||
| Total Interest Earning Assets | $ | 6,248,900 | $ | 50,835 | 3.28 | % | $ | 5,235,415 | $ | 44,421 | 3.37 | % | $ | 4,741,513 | $ | 42,576 | 3.63 | % | |||||||||
| Liabilities | |||||||||||||||||||||||||||
| Demand Deposit Accounts | $ | 1,739,351 | $ | 1,456,179 | $ | 1,268,409 | |||||||||||||||||||||
| IB Demand, Savings, and | |||||||||||||||||||||||||||
| MMDA Accounts | $ | 3,492,813 | $ | 872 | 0.10 | % | $ | 2,871,441 | $ | 702 | 0.10 | % | $ | 2,490,953 | $ | 637 | 0.10 | % | |||||||||
| Time Deposits | 528,452 | 457 | 0.35 | % | 364,669 | 403 | 0.44 | % | 467,310 | 805 | 0.70 | % | |||||||||||||||
| FHLB Advances and Other Borrowings | 184,481 | 1,038 | 2.28 | % | 193,522 | 1,149 | 2.35 | % | 183,376 | 1,151 | 2.55 | % | |||||||||||||||
| Total Interest-Bearing Liabilities | $ | 4,205,746 | $ | 2,367 | 0.23 | % | $ | 3,429,632 | $ | 2,254 | 0.26 | % | $ | 3,141,639 | $ | 2,593 | 0.33 | % | |||||||||
| Cost of Funds | 0.15 | % | 0.17 | % | 0.22 | % | |||||||||||||||||||||
| Net Interest Income | $ | 48,468 | $ | 42,167 | $ | 39,983 | |||||||||||||||||||||
| Net Interest Margin | 3.13 | % | 3.20 | % | 3.41 | % | |||||||||||||||||||||
During the first quarter of 2022, net interest income, on a non tax-equivalent basis, totaled
The increase in net interest income during the first quarter of 2022 compared with both the fourth quarter of 2021 and the first quarter of 2021 was primarily attributable to a higher level of earning assets driven by both the CUB acquisition and continued deposit growth, which was partially mitigated by a lower level of PPP loan fee recognition.
The tax equivalent net interest margin for the quarter ended March 31, 2022 was
Fees recognized on PPP loans through net interest income totaled
During the quarter ended March 31, 2022, the Company recorded a provision for credit losses of
Net charge-offs totaled
During the quarter ended March 31, 2022, non-interest income totaled
| Quarter Ended | Quarter Ended | Quarter Ended | |||||||
| Non-interest Income | 3/31/2022 | 12/31/2021 | 3/31/2021 | ||||||
| (dollars in thousands) | |||||||||
| Wealth Management Fees | $ | 2,638 | $ | 2,653 | $ | 2,358 | |||
| Service Charges on Deposit Accounts | 2,683 | 2,293 | 1,678 | ||||||
| Insurance Revenues | 3,721 | 1,949 | 3,292 | ||||||
| Company Owned Life Insurance | 458 | 299 | 352 | ||||||
| Interchange Fee Income | 3,627 | 3,465 | 2,830 | ||||||
| Other Operating Income | 1,268 | 1,704 | 1,350 | ||||||
| Subtotal | 14,395 | 12,363 | 11,860 | ||||||
| Net Gains on Sales of Loans | 1,421 | 1,850 | 2,202 | ||||||
| Net Gains on Securities | 372 | 754 | 975 | ||||||
| Total Non-interest Income | $ | 16,188 | $ | 14,967 | $ | 15,037 | |||
Wealth management fees remained relatively stable, declining by
Service charges on deposit accounts increased
Insurance revenues increased
Interchange fee income increased
Other operating income declined
Net gains on sales of loans declined
The Company realized
During the quarter ended March 31, 2022, non-interest expense totaled
| Quarter Ended | Quarter Ended | Quarter Ended | |||||||
| Non-interest Expense | 3/31/2022 | 12/31/2021 | 3/31/2021 | ||||||
| (dollars in thousands) | |||||||||
| Salaries and Employee Benefits | $ | 23,088 | $ | 17,116 | $ | 17,805 | |||
| Occupancy, Furniture and Equipment Expense | 3,809 | 3,200 | 4,348 | ||||||
| FDIC Premiums | 476 | 373 | 334 | ||||||
| Data Processing Fees | 7,724 | 2,083 | 1,743 | ||||||
| Professional Fees | 2,363 | 979 | 1,160 | ||||||
| Advertising and Promotion | 1,138 | 1,813 | 782 | ||||||
| Intangible Amortization | 1,017 | 599 | 760 | ||||||
| Other Operating Expenses | 8,545 | 5,104 | 4,327 | ||||||
| Total Non-interest Expense | $ | 48,160 | $ | 31,267 | $ | 31,259 | |||
Salaries and benefits increased
Occupancy, furniture and equipment expense increased
Data processing fees increased
Professional fees increased
Advertising and promotion expense declined
Intangible amortization increased
Other operating expenses increased
About German American
German American Bancorp, Inc. is a Nasdaq-traded (symbol: GABC) financial holding company based in Jasper, Indiana. German American, through its banking subsidiary German American Bank, operates 77 banking offices in 19 contiguous southern Indiana counties and 14 counties in Kentucky. The Company also owns an investment brokerage subsidiary (German American Investment Services, Inc.) and a full line property and casualty insurance agency (German American Insurance, Inc.).
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that, by their nature, forward-looking statements are based on assumptions and are subject to risks, uncertainties, and other factors. Forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. Actual results and experience could differ materially from the anticipated results or other expectations expressed or implied by these forward-looking statements as a result of a number of factors, including but not limited to, those discussed in this press release. Factors that could cause actual experience to differ from the expectations expressed or implied in this press release include:
- the unknown future direction of interest rates and the timing and magnitude of any changes in interest rates;
- changes in competitive conditions;
- the introduction, withdrawal, success and timing of asset/liability management strategies or of mergers and acquisitions and other business initiatives and strategies;
- changes in customer borrowing, repayment, investment and deposit practices;
- changes in fiscal, monetary and tax policies;
- changes in financial and capital markets;
- potential deterioration in general economic conditions, either nationally or locally, resulting in, among other things, credit quality deterioration;
- the severity and duration of the COVID-19 pandemic and its impact on general economic and financial market conditions and our business, results of operations and financial condition;
- our participation in the Paycheck Protection Program administered by the Small Business Administration;
- capital management activities, including possible future sales of new securities, or possible repurchases or redemptions by German American of outstanding debt or equity securities;
- factors driving impairment charges on investments;
- the impact, extent and timing of technological changes;
- potential cyber-attacks, information security breaches and other criminal activities;
- litigation liabilities, including related costs, expenses, settlements and judgments, or the outcome of matters before regulatory agencies, whether pending or commencing in the future;
- actions of the Federal Reserve Board;
- the possible effects of the replacement of the London Interbank Offering Rate (LIBOR);
- the impact of the current expected credit loss (CECL) standard;
- changes in accounting principles and interpretations;
- potential increases of federal deposit insurance premium expense, and possible future special assessments of FDIC premiums, either industry wide or specific to German American’s banking subsidiary;
- actions of the regulatory authorities under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and the Federal Deposit Insurance Act and other possible legislative and regulatory actions and reforms;
- impacts resulting from possible amendments or revisions to the Dodd-Frank Act and the regulations promulgated thereunder, or to Consumer Financial Protection Bureau rules and regulations;
- the continued availability of earnings and excess capital sufficient for the lawful and prudent declaration and payment of cash dividends;
- with respect to the merger with Citizens Union, the possibility that the anticipated benefits of the transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies, unexpected credit quality problems of the acquired loans or other assets, or unexpected attrition of the customer base of the acquired institution or branches; and
- other risk factors expressly identified in German American’s filings with the SEC.
Such statements reflect our views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of German American. Readers are cautioned not to place undue reliance on these forward-looking statements. It is intended that these forward-looking statements speak only as of the date they are made. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
| GERMAN AMERICAN BANCORP, INC. | |||||||||||
| (unaudited, dollars in thousands except per share data) | |||||||||||
| Consolidated Balance Sheets | |||||||||||
| March 31, 2022 | December 31, 2021 | March 31, 2021 | |||||||||
| ASSETS | |||||||||||
| Cash and Due from Banks | $ | 60,477 | $ | 47,173 | $ | 102,758 | |||||
| Short-term Investments | 611,110 | 350,462 | 291,727 | ||||||||
| Investment Securities | 1,923,973 | 1,889,970 | 1,386,226 | ||||||||
| Loans Held-for-Sale | 12,675 | 10,585 | 18,493 | ||||||||
| Loans, Net of Unearned Income | 3,652,452 | 3,004,264 | 3,117,203 | ||||||||
| Allowance for Credit Losses | (45,078 | ) | (37,017 | ) | (45,099 | ) | |||||
| Net Loans | 3,607,374 | 2,967,247 | 3,072,104 | ||||||||
| Stock in FHLB and Other Restricted Stock | 15,455 | 13,048 | 13,048 | ||||||||
| Premises and Equipment | 111,815 | 88,863 | 92,044 | ||||||||
| Goodwill and Other Intangible Assets | 190,949 | 127,606 | 130,086 | ||||||||
| Other Assets | 163,801 | 113,585 | 113,348 | ||||||||
| TOTAL ASSETS | $ | 6,697,629 | $ | 5,608,539 | $ | 5,219,834 | |||||
| LIABILITIES | |||||||||||
| Non-interest-bearing Demand Deposits | $ | 1,789,353 | $ | 1,529,223 | $ | 1,383,888 | |||||
| Interest-bearing Demand, Savings, and Money Market Accounts | 3,527,373 | 2,867,994 | 2,548,015 | ||||||||
| Time Deposits | 512,884 | 347,099 | 446,770 | ||||||||
| Total Deposits | 5,829,610 | 4,744,316 | 4,378,673 | ||||||||
| Borrowings | 156,124 | 152,183 | 173,547 | ||||||||
| Other Liabilities | 62,859 | 43,581 | 50,401 | ||||||||
| TOTAL LIABILITIES | 6,048,593 | 4,940,080 | 4,602,621 | ||||||||
| SHAREHOLDERS' EQUITY | |||||||||||
| Common Stock and Surplus | 414,758 | 302,611 | 301,216 | ||||||||
| Retained Earnings | 352,679 | 350,364 | 302,450 | ||||||||
| Accumulated Other Comprehensive Income | (118,401 | ) | 15,484 | 13,547 | |||||||
| SHAREHOLDERS' EQUITY | 649,036 | 668,459 | 617,213 | ||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 6,697,629 | $ | 5,608,539 | $ | 5,219,834 | |||||
| END OF PERIOD SHARES OUTSTANDING | 29,485,683 | 26,553,508 | 26,546,280 | ||||||||
| TANGIBLE BOOK VALUE PER SHARE (1) | $ | 15.54 | $ | 20.37 | $ | 18.35 | |||||
| (1) Tangible Book Value per Share is defined as Total Shareholders' Equity less Goodwill and Other Intangible Assets divided by End of Period Shares Outstanding. | |||||||||||
| GERMAN AMERICAN BANCORP, INC. | ||||||||||
| (unaudited, dollars in thousands except per share data) | ||||||||||
| Consolidated Statements of Income | ||||||||||
| Three Months Ended | ||||||||||
| March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||
| INTEREST INCOME | ||||||||||
| Interest and Fees on Loans | $ | 38,935 | $ | 34,060 | $ | 35,104 | ||||
| Interest on Short-term Investments | 280 | 159 | 85 | |||||||
| Interest and Dividends on Investment Securities | 10,060 | 8,766 | 6,336 | |||||||
| TOTAL INTEREST INCOME | 49,275 | 42,985 | 41,525 | |||||||
| INTEREST EXPENSE | ||||||||||
| Interest on Deposits | 1,329 | 1,105 | 1,442 | |||||||
| Interest on Borrowings | 1,038 | 1,149 | 1,151 | |||||||
| TOTAL INTEREST EXPENSE | 2,367 | 2,254 | 2,593 | |||||||
| NET INTEREST INCOME | 46,908 | 40,731 | 38,932 | |||||||
| Provision for Credit Losses | 5,200 | 2,000 | (1,500 | ) | ||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 41,708 | 38,731 | 40,432 | |||||||
| NON-INTEREST INCOME | ||||||||||
| Net Gain on Sales of Loans | 1,421 | 1,850 | 2,202 | |||||||
| Net Gain on Securities | 372 | 754 | 975 | |||||||
| Other Non-interest Income | 14,395 | 12,363 | 11,860 | |||||||
| TOTAL NON-INTEREST INCOME | 16,188 | 14,967 | 15,037 | |||||||
| NON-INTEREST EXPENSE | ||||||||||
| Salaries and Benefits | 23,088 | 17,116 | 17,805 | |||||||
| Other Non-interest Expenses | 25,072 | 14,151 | 13,454 | |||||||
| TOTAL NON-INTEREST EXPENSE | 48,160 | 31,267 | 31,259 | |||||||
| Income before Income Taxes | 9,736 | 22,431 | 24,210 | |||||||
| Income Tax Expense | 669 | 3,159 | 4,653 | |||||||
| NET INCOME | $ | 9,067 | $ | 19,272 | $ | 19,557 | ||||
| BASIC EARNINGS PER SHARE | $ | 0.31 | $ | 0.73 | $ | 0.74 | ||||
| DILUTED EARNINGS PER SHARE | $ | 0.31 | $ | 0.73 | $ | 0.74 | ||||
| WEIGHTED AVERAGE SHARES OUTSTANDING | 29,403,052 | 26,547,008 | 26,510,001 | |||||||
| DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | 29,403,052 | 26,547,008 | 26,510,001 | |||||||
| GERMAN AMERICAN BANCORP, INC. | ||||||||||||||
| (unaudited, dollars in thousands except per share data) | ||||||||||||||
| Three Months Ended | ||||||||||||||
| March 31, | December 31, | March 31, | ||||||||||||
| 2022 | 2021 | 2021 | ||||||||||||
| EARNINGS PERFORMANCE RATIOS | ||||||||||||||
| Annualized Return on Average Assets | 0.54 | % | 1.38 | % | 1.54 | % | ||||||||
| Annualized Return on Average Equity | 4.88 | % | 11.79 | % | 12.47 | % | ||||||||
| Annualized Return on Average Tangible Equity (1) | 6.56 | % | 14.66 | % | 15.75 | % | ||||||||
| Net Interest Margin | 3.13 | % | 3.20 | % | 3.41 | % | ||||||||
| Efficiency Ratio (2) | 74.49 | % | 54.73 | % | 56.81 | % | ||||||||
| Net Overhead Expense to Average Earning Assets (3) | 2.05 | % | 1.25 | % | 1.37 | % | ||||||||
| ASSET QUALITY RATIOS | ||||||||||||||
| Annualized Net Charge-offs to Average Loans | 0.03 | % | 0.37 | % | 0.03 | % | ||||||||
| Allowance for Credit Losses to Period End Loans | 1.23 | % | 1.23 | % | 1.45 | % | ||||||||
| Non-performing Assets to Period End Assets | 0.23 | % | 0.26 | % | 0.41 | % | ||||||||
| Non-performing Loans to Period End Loans | 0.42 | % | 0.49 | % | 0.67 | % | ||||||||
| Loans 30-89 Days Past Due to Period End Loans | 0.17 | % | 0.13 | % | 0.15 | % | ||||||||
| SELECTED BALANCE SHEET & OTHER FINANCIAL DATA | ||||||||||||||
| Average Assets | $ | 6,739,970 | $ | 5,585,419 | $ | 5,090,369 | ||||||||
| Average Earning Assets | $ | 6,248,900 | $ | 5,235,415 | $ | 4,741,513 | ||||||||
| Average Total Loans | $ | 3,667,082 | $ | 3,007,279 | $ | 3,107,902 | ||||||||
| Average Demand Deposits | $ | 1,739,351 | $ | 1,456,179 | $ | 1,268,409 | ||||||||
| Average Interest Bearing Liabilities | $ | 4,205,746 | $ | 3,429,632 | $ | 3,141,639 | ||||||||
| Average Equity | $ | 743,518 | $ | 653,768 | $ | 627,268 | ||||||||
| Period End Non-performing Assets (4) | $ | 15,342 | $ | 14,758 | $ | 21,319 | ||||||||
| Period End Non-performing Loans (5) | $ | 15,312 | $ | 14,758 | $ | 20,994 | ||||||||
| Period End Loans 30-89 Days Past Due (6) | $ | 6,185 | $ | 3,909 | $ | 4,791 | ||||||||
| Tax Equivalent Net Interest Income | $ | 48,468 | $ | 42,167 | $ | 39,983 | ||||||||
| Net Charge-offs during Period | $ | 256 | $ | 2,781 | $ | 260 | ||||||||
| (1 | ) | Average Tangible Equity is defined as Average Equity less Average Goodwill and Other Intangibles. | ||||||||||||
| (2 | ) | Efficiency Ratio is defined as Non-interest Expense divided by the sum of Net Interest Income, on a tax equivalent basis, and Non-interest Income. | ||||||||||||
| (3 | ) | Net Overhead Expense is defined as Total Non-interest Expense less Total Non-interest Income. | ||||||||||||
| (4 | ) | Non-performing assets are defined as Non-accrual Loans, Loans Past Due 90 days or more, and Other Real Estate Owned. | ||||||||||||
| (5 | ) | Non-performing loans are defined as Non-accrual Loans and Loans Past Due 90 days or more. | ||||||||||||
| (6 | ) | Loans 30-89 days past due and still accruing. | ||||||||||||
For additional information, contact:
Mark A Schroeder, Executive Chairman
D. Neil Dauby, President and Chief Executive Officer
Bradley M Rust, Sr. EVP, Chief Operating Officer and Chief Financial Officer
(812) 482-1314
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