German American Bancorp Q3 profit rises to $38.6M
Third-quarter net income was $38.637 million; linked-quarter loans rose $57 million while deposits declined $59 million.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
German American Bancorp, Inc. said Chairman and Chief Executive Officer D. Neil Dauby and President and Chief Financial Officer Bradley M. Rust will meet with investors at the November 5, 2026 Hovde Group Financial Services Conference and provide participants with third-quarter financial information.
For the quarter ended September 30, 2026, net income was $38.637 million, versus $35.074 million a year earlier; diluted earnings per share were $1.03, versus $0.94. Total revenue was $102.217 million, compared with $94.154 million. Net interest income was $83.518 million, up $2.310 million from the prior quarter. Loans increased $57 million and deposits declined $59 million linked quarter. Net interest margin was 4.42%, and core net interest margin was 4.26%. As of September 30, 2026, 26% of deposits were uninsured and uncollateralized.
2 points · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue: $102.217 million, versus $94.154 million a year earlier.
- Moderate pointThird-quarter net income: $38.637 million, versus $35.074 million a year earlier.
Negative
- None.
Filing Explained
This 8-K furnishes the
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total revenue: $102.217 million
Net income: $38.637 million
Diluted earnings per share: $1.03
+5 more
8 metrics
Total revenue
$102.217 million
3Q26; $94.154 million in 3Q25
Net income
$38.637 million
3Q26; $35.074 million in 3Q25
Diluted earnings per share
$1.03
3Q26; $0.94 in 3Q25
Net interest income
$83.518 million
3Q26; $81.208 million in 2Q26
Net interest margin
4.42%
3Q26, fully tax-equivalent
Linked-quarter loan growth
$57 million
Approximately 4% annualized
Total deposits
$6,937 million
As of September 30, 2026
Uninsured and uncollateralized deposits
26%
As of September 30, 2026
Key Terms
Core net interest margin, Efficiency ratio, Net charge-offs, Nonperforming assets
4 terms
Core net interest margin financial
"Core* of 4.26%"
Core net interest margin measures how much a bank or lender earns from its main lending activities, after paying interest to depositors and creditors, expressed as a percentage of the assets that generate interest. Think of it as the profit margin on a store’s main product: higher core NIM means the lender is getting more return from its core business, so it’s a key indicator of sustainable profitability and sensitivity to interest-rate changes for investors.
Efficiency ratio financial
"Low efficiency ratio* of 49.05%"
A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.
Net charge-offs financial
"annualized net charge-offs of 0.04%"
Net charge-offs are the amount of loans or credit a lender removes from its books as uncollectible after subtracting any money later recovered from previously written-off accounts. Think of it like a store writing off unpaid tabs but getting back a few dollars later — the net figure shows the real loss. Investors watch this to judge a lender’s loan quality, future profits and how much capital may be needed to cover bad debts.
Nonperforming assets financial
"non-performing assets of 0.29% of total assets"
Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did GABC's third-quarter 2026 revenue compare with a year earlier?
Total revenue was $102.217 million in 3Q26, compared with $94.154 million in 3Q25.
What portion of GABC's deposits was uninsured and uncollateralized?
26% of deposits were uninsured and uncollateralized as of September 30, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
______________________
Date of Report (Date of earliest event reported): November 4, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)
| (Commission File Number) | (IRS Employer Identification No.) | |||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (812 ) 482-1314
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Item 7.01. Regulation FD Disclosure.
D. Neil Dauby, Chairman and Chief Executive Officer, and Bradley M. Rust, President and Chief Financial Officer, of German American Bancorp, Inc. will participate in the 2026 Hovde Group Financial Services Conference by hosting a series of meetings with investors on November 5, 2026.
Attached as Exhibit 99.1 is the information that will be provided to meeting participants. Such information is incorporated herein by reference.
The information in this Item 7.01, including the information incorporated herein from Exhibit 99.1, is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits | ||||||||||
| Exhibit No. | Description | ||||||||||
99.1 | German American Bancorp, Inc. Presentation dated November 5, 2026. | ||||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||||||||
* * * * * *
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GERMAN AMERICAN BANCORP, INC. | ||||||||
Date: November 4, 2026 | By: | /s/ D. Neil Dauby | ||||||
| D. Neil Dauby, Chairman and Chief Executive Officer | ||||||||
Neil Dauby, Chairman & CEO neil.dauby@germanamerican.com Brad Rust, President & CFO brad.rust@germanamerican.com Scan for electronic presentation GABC 3rd Quarter 2026 Hovde Group Financial Services Conference November 5, 2026 1
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS When used in this presentation and our oral statements, the words or phrases “believe,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation, and we do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur in the future. By their nature, these statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those anticipated in the statements. Factors that could cause actual results and performance to vary materially from those expressed or implied by any forward-looking statement include those that are discussed in Item 1, “Business – Forward Looking Statements and Associated Risk,” and Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for 2025 as updated and supplemented by our other SEC reports filed from time to time. 2
Company Overview 5th Largest Bank Headquartered in Indiana • Founded in 1910 • Headquartered in Jasper, IN • Publicly Traded on NASDAQ under GABC • $8.4 Billion in Assets • $4.4 Billion in Wealth Management Assets Under Management • 93 Offices in Indiana, Kentucky and Ohio serving Rural, Suburban and Urban Markets • Market Cap $1.8 Billion • Average 3-month Trading Volume ~145,000 • Dividend Yield 2.4% 3
Located in Growing Markets 4 German American Footprint
Why Invest in GABC? 5 Diversified Footprint of Rural, Suburban, and Urban Markets Providing a Strong Deposit Franchise Base Along with Significant Organic Growth Opportunities Existing Platform for Continuous Improvement and Operating Efficiency Infrastructure in Place for Perpetuating Ongoing EPS Growth Consistent Strong Dividend Yield and Dividend Pay-out Capacity Long Term Focus and Investment in Digital Optimization and Delivery Proven Executive Management Team Track Record of Consistent Top Decile/Quartile Financial Performance Proven and Successful Acquirer and Integrator
Proven Acquirer 6
Strong Earnings Per Share Growth 7
Strong Dividend History 8 Fourteen Consecutive Years of Increased Dividends
Strong Stock Performance History 9
Corporate Strategy German American Bank strives to be a high-performing, top decile community bank, that is a trusted partner to our employees, clients, and communities we serve. We balance our strong deposit franchise markets with high-growth potential markets and focus on expanding our Banking and Wealth Management presence through strong relationship building, which drives organic growth. We continue to look for attractive in-market acquisitions, as well as new growth market opportunities to continue our long-term success of high financial performance. 10 Drive Long-Term Shareholder Value Diversified, Low-cost Deposit Franchise Growing EPS Margins and Net Interest Income Profitability Executives with Relentless Focus to Win in our Key Markets Granular & Diversified Loan Portfolio Strong Credit Culture Diversified Non-Interest Revenue Streams led by Strong Wealth Management Team Strong Operating Efficiency with Well-managed and Controlled Expenses Proven Acquirer Great Balance with Strong, Low-cost Rural Deposit Markets and High-growth Lending & Wealth Markets Strong Capital
Executive Leadership Team D. Neil Dauby Chairman & Chief Executive Officer Mr. Dauby serves as Chairman and CEO of German American. He holds a certified public accountant designation and joined German American following a 15-year career in public accounting. He has held Executive and Regional Officer positions within the Company for over 25 years. Bradley M. Rust President & Chief Financial Officer Mr. Rust, President and Chief Financial Officer, has over 30 years of banking industry experience and has held executive officer positions with The Company for the last 20+ years. Amy D. Jackson EVP, Chief Administrative Officer Ms. Jackson serves as Executive Vice President & Chief Administrative Officer. She has over 20 years of banking experience and joined German American through an acquisition where she served at the Chief Operating Officer. Michael F. Beckwith EVP, Chief Banking Officer Mr. Beckwith serves as Executive Vice President, Chief Banking Officer of German American. He holds a certified public accountant designation and joined German American through an acquisition where he served as President and Chief Executive Officer. Bradley C. Arnett EVP, Chief Legal Officer Mr. Arnett serves as Executive Vice President, Chief Legal Officer and Corporate Secretary. Before joining German American, Mr. Arnett practiced law for over 20 years, most recently as a partner at Dentons, a global law firm that has offices throughout Indiana, Kentucky and Ohio. 11
Senior Leadership Team 12 Brett Gagnon SVP, Chief Digital Information Officer Mr. Gagnon joined the Bank in 2026 as Senior Vice President, Chief Digital and Information Officer. He brings extensive experience in digital banking solutions, business enablement tool launches and integrations, M&A, AI and RPA integration, project management and IT framework. Mr. Gagnon is also a General in the United States National Guard. Mary Moorhouse SVP, Chief Risk Officer Ms. Moorhouse serves as the Senior Vice President, Chief Risk Officer for the Company. She is a Certified Enterprise Risk Professional who oversees enterprise-wide risk management, BSA/AML compliance, physical security, fraud, and CRA compliance. Brent Sternberg SVP, Director of Finance & Wealth Management Mr. Sternberg serves as the Senior Vice President, Director of Finance and Wealth Management, with over 29 years of experience in the financial services industry. He is a CFA charter holder with extensive experience in wealth management, corporate finance, and strategic planning. Brock Goggins SVP, Chief Retail Banking Officer Mr. Goggins, Senior Vice President, Chief Retail Banking Officer, has been with the Bank for over 10 years. He has 17 years of experience in the financial services industry, currently overseeing the performance of all the Company’s retail branch network. Chad Tranter SVP, Chief Credit Officer Mr. Tranter joined the bank in 2026 as the Senior Vice President, Chief Credit Officer. He brings over 33 years of commercial banking experience, including commercial lending, commercial credit and agribusiness portfolios for regional and national lending platforms.
Period End Loan Trends 13 Weighted Average Loan Rate Per Year 3.94%2021 5.10%2022 5.68%2023 5.86%2024 5.96%2025 Weighted Average Loan Rate Per Quarter 6.06%Q3 2025 5.96%Q4 2025 6.01%Q1 2026 6.06%Q2 2026 6.18%Q3 2026
Floating 34% Fixed 26% 1 YR Adjustable 10% 3 YR + Adjustable 30% Rate Type Segmentation Diversified Loan Portfolio 14 25%$1.531BGreater Columbus & Cincinnati, OH Markets 21%$1.228BGreater Louisville, KY Market 20%$1.190BGreater South Indianapolis, IN Market 15%$913MGreater Evansville, IN Market 13%$749MGreater Jasper, IN Market 6%$378MGreater Bowling Green, KY Market
Net Charge offs/Average Loans 0.11% 0.06% 0.08% 0.05% 0.05% 0.06% 0.05% 0.09% 0.13% 0.16% 2021 2022 2023 2024 2025 0.26% 0.23% 0.15% 0.18% 0.35% 0.34% 0.29% 0.37% 0.49% 0.56% 2021 2022 2023 2024 2025 Nonperforming Assets/Assets Reserve/Gross Loans 1.23% 1.17% 1.10% 1.08% 1.32%1.26% 1.18% 1.18% 1.19% 1.18% 2021 2022 2023 2024 2025 GABC Peer 0.49% 0.38% 0.23% 0.27% 0.50%0.48% 0.38% 0.47% 0.59% 0.71% 2021 2022 2023 2024 2025 Nonperforming Loans/Total Loans Strong Credit Culture Peer is BHCPR Peer Group #2, BHC’s with total average assets between $3 and $10 billion. GABC GABC GABC Peer Peer Peer 15
Diversified, Low-cost Deposit Franchise 16 Period End Total Deposits Trend Cost of Deposits Per Year 0.11%2021 0.24%2022 1.10%2023 1.71%2024 1.66%2025 Cost of Deposits Per Quarter 1.67%09/30/2025 1.56%12/31/2025 1.45%03/31/2026 1.43%06/30/2026 1.43%09/30/2026 24%$1.662BGreater Jasper, IN Market 20%$1.389BGreater Columbus & Cincinnati, OH Markets 19%$1.333BGreater Louisville, KY Market 18%$1.211BGreater Evansville, IN Market 12%$824MGreater South Indianapolis, IN Market 7%$518MGreater Bowling Green, KY Market
Commercial $2,500 million 36% Public Fund $1,309 million 19% Retail $3,128 million 45% Total Deposits as of 09/30/26: $6,937 million 17 26% of Total Deposits are Uninsured and Uncollateralized as of 09/30/2026. Diversified, Low-cost Deposit Franchise
Net Interest Income 18
Maintaining Neutral Rate Risk Position • Neutral balance sheet position provides NII stability • $2.4 billion of loans expected to reprice over next 12 months – $0.7 billion in term loans, weighted rate of 5.41% – $1.7 billion in floating rate loans, weighted rate of 6.61% • $1.0 billion of time deposits mature over next 12 months – Weighted cost of 3.30% 19 Uniquely Positioned to Navigate Uncertainty with Strong Capital & Liquidity
Diversified Non-Interest Revenue 20 As of December 31, 2025 YTD as of September 30, 2026
$1.50 $1.54 $2.05 $2.39 $2.69 $3.00 $0.84 $0.80 $0.92 $1.01 $1.31 $1.41 $2.34 $2.34 $2.97 $3.40 $4.00 $4.41 $- $1 $2 $3 $4 $5 $6 2021 2022 2023 2024 2025 9/30/2026 Bi lli on Assets Under Management WAG AUM ($B) GAIS AUM ($B) Wealth Management Organic Growth 21 • Our planning-centric, advice-based approach has driven nearly 90% growth in both AUM and revenue since 2021 while expanding a stable source of recurring fee-based income. • Financial planning serves as the foundation of client relationships, creating opportunities to deepen household and business relationships. • Our banking franchise provides significant runway for growth through advisor expansion across existing markets, increasing wealth management penetration, client engagement, and recurring fee revenue. Deepening Client Relationships, Driving Organic Growth, and Diversifying Revenue $7.21 $7.22 $8.55 $10.57 $12.12 $8.85 $10.52 $3.11 $2.86 $3.16 $3.84 $4.69 $3.46 $4.00 $10.32 $10.08 $11.71 $14.41 $16.81 $12.31 $14.52 $- $2 $4 $6 $8 $10 $12 $14 $16 $18 2021 2022 2023 2024 2025 YTD 9/30/2025 YTD 9/30/2026 M ill io n Revenue WAG Revenue ($M) GAIS Revenue ($M)
Strong Operating Efficiency with Well-managed and Controlled Expenses 22 *Reflects certain adjustments. Refer to "Use of Non-GAAP Financial Measures" for additional information, including a reconciliation to the comparable GAAP financial measure. $124,007 $154,191 $144,497 $139,777 $194,953 $145,003 $155,858 54.4% 56.6% 55.1% 54.9% 50.5% 51.2% 49.2% 30.00% 35.00% 40.00% 45.00% 50.00% 55.00% 60.00% $- $50,000 $100,000 $150,000 $200,000 $250,000 2021 2022 2023 2024* 2025* YTD 9/30/2025* YTD 9/30/2026* Noninterest Expense Efficiency Ratio
Strong Capital Position 23 Bank Regulatory Well- Capitalized Guidelines Double-Digit Return on Equity for 21 Consecutive Fiscal Years 8.0% 11.8% 14.3% 15.0% 16.5% 8.7% 12.3% 15.0% 15.7% 17.2% 9.4% 11.5% 13.5% 14.0% 14.9% 9.4% 12.7% 14.3% 14.8% 15.7% TCE Ratio Leverage Ratio CET1 Ratio Total Tier 1 RBC Ratio Total RBC Ratio 12/31/2023 12/31/2024 12/31/2025 9/30/2026 Consolidated Capital Ratios 5% 6.5% 8% 10%
*Reflects certain adjustments. Refer to "Use of Non-GAAP Financial Measures" for additional information, including a reconciliation to the comparable GAAP financial measure. $20.37 $12.50 $16.12 $17.93 $20.08 $20.01 16.38% 19.51% 21.69% 16.73% 19.79% 18.61% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% $- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 2021 2022 2023 2024* 2025* 9/30/2026 TBV per Share ROATCE Tangible Book Value Per Share & ROATCE Strong Capital Position 24
3rd Quarter 2026 Financial Review 25
26 • Record Quarterly earnings of $1.03 per share • Record Quarterly return on average assets of 1.83% • Strong Return of Average Tangible Common Equity* (“ROATCE”) of 19.29% • Robust net interest margin of 4.42%; Core* of 4.26% • Linked quarter net interest income increase of $2.3 million, or approximately 3% • Solid loan growth at approximately 4% annualized linked quarter • Low efficiency ratio* of 49.05% • Healthy credit with annualized net charge-offs of 0.04% and non-performing assets of 0.29% of total assets • Strong level of non-interest bearing demand accounts representing 28% of total deposits Q3 ‘26 Financial Results Eff. Ratio: 49.05%ROA: 1.83% Core NIM: 4.26%NIM: 4.42%ROATCE: 19.29% * Represents a non-GAAP financial measure. Refer to “Use of Non-GAAP Financial Measures” contained in this release for additional information, including a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures.
Balance Sheet 4,383 4,471 4,444 4,521 4,557 793 775 768 761 758 603 629 637 650 674 $5,779 $5,875 $5,849 $5,932 $5,989 6.45% 6.44% 6.39% 6.41% 6.50% 5.00% 5.20% 5.40% 5.60% 5.80% 6.00% 6.20% 6.40% - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 3Q25 4Q25 1Q26 2Q26 3Q26 Th ou sa nd s 1,939 1,945 1,927 1,968 1,963 3,714 3,755 3,769 3,676 3,626 444 440 431 432 421 918 850 854 920 927 $7,015 $6,990 $6,981 $6,996 $6,937 1.67% 1.56% 1.45% 1.43% 1.43% -3.00% -2.50% -2.00% -1.50% -1.00% -0.50% 0.00% 0.50% 1.00% 1.50% - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 3Q25 4Q25 1Q26 2Q26 3Q26 Th ou sa nd s Loans: Up $57 million, or ~4% LQA Strong CRE and HELOC growth offset by Ag and Mortgage decline Deposits: Down $59 million, or ~3% LQA I/B DDA and MMDA runoff majority of decline Commercial Mortgage DDA I/B DDA, MMDA, SAV Retail CDs Jumbo & Brokered CDs End of Period Loans End of Period Deposits Loan Yields & Cost of Deposits are Quarterly Averages Consumer 27
Net Interest Income Linked quarter (3Q26 vs. 2Q26) Net interest income up $2.3 million • Interest income increased $2.7 million – Additional day in Q3 vs. Q2 – Higher average loan balances – Average earning asset yield up 13bp to 5.84% • Loan yield up 9bps to 6.50% • T/E Investment yield up 9bps • Interest expense increased $0.3 million – Average cost of funds increased by 1bp to 1.42% • Average cost of deposits remained flat at 1.43% – Additional day in Q3 vs. Q2 – Mitigated by lower average deposit balances $75,725 $78,680 $78,851 $81,208 $83,518 4.06% 4.13% 4.26% 4.30% 4.42% 3.85% 3.92% 4.08% 4.13% 4.26% 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% 4.75% $68,000 $73,000 $78,000 $83,000 $88,000 3Q25 4Q25 1Q26 2Q26 3Q26 T/E Net Interest Margin Core Net Interest Margin 28
Non-Interest Income 5,087 5,033 4,776 5,328 5,306 4,288 4,519 4,509 5,010 5,007 3,927 3,956 3,826 3,988 4,280 1,189 1,109 1,483 1,549 1,359 3,938 2,693 2,632 2,871 2,747 $18,429 $17,310 $17,226 $18,746 $18,699 3Q25 4Q25 1Q26 2Q26 3Q26 Interchange Wealth Management Dep. Service Charges Other Income Gains on Sales of Loans Linked quarter (3Q26 vs. 2Q26) • Noninterest income flat q/q – Deposit Service Charges & Fees up solidly QoQ driven by 1 additional processing day – Wealth Management Fees flat from Q2 • Q2 included annual tax fees for WM ($216k) • Challenging fixed income capital markets were a headwind • Continued momentum in new client acquisition a positive – Interchange Revenue down $22k • Flat from strong performance in Q2 • Transactions up 1%; pricing down – Gains on Sales of Loans down $190k • Higher mortgage rates causing lower volume 29
Non-Interest Expense 25,444 27,620 28,312 27,142 28,169 5,255 4,965 5,336 5,178 5,557 4,175 3,823 4,268 4,358 4,495 1,960 2,162 1,991 2,144 2,209 12,866 11,380 12,461 11,560 12,678 $49,700 $49,950 $52,368 $50,382 $53,108 3Q25 4Q25 1Q26 2Q26 3Q26 Occupancy Linked quarter (3Q26 vs. 2Q26) • Noninterest expense up $2.7 million or 5% from Q2 – Salary & Benefits Expense up $1.0 million or 4% • Driven by increased salary and health insurance expenses. – Marketing Expense up $490k or 40% • Increase driven by higher donations/sponsorships and customer appreciation costs – Occupancy, Furniture, & Fixtures up $379k or 7% • Increased facility expenses – Other Operating Expenses increase $736k or 9% • Driven largely by external risk events • Unfunded loan commitment expense increased Data Processing Other Operating Expenses Professional Fees 51% 55% 54% 54% 53% Salaries & Benefits as % of noninterest expense 30
Net Charge offs/Average Loans 0.05% 0.04% 0.08% 0.05% 0.04% 3Q25 4Q25 1Q26 2Q26 3Q26 0.28% 0.35% 0.35% 0.32% 0.29% 3Q25 4Q25 1Q26 2Q26 3Q26 Nonperforming Assets/Assets Reserve/Gross Loans 1.32% 1.32% 1.34% 1.34% 1.32% 1.00% 1.10% 1.20% 1.30% 1.40% 1.50% 3Q25 4Q25 1Q26 2Q26 3Q26 Nonperforming Loans/Total Loans Asset Quality 0.41% 0.50% 0.51% 0.45% 0.40% 3Q25 4Q25 1Q26 2Q26 3Q26 31
Supplemental Information 32
3rd Quarter 2026 Earnings $ in thousands, except per share data 3Q26 2Q26 3Q25 2Q26 3Q25 Net interest income 83,518$ 81,208$ 75,725$ 2,310$ 7,793$ Noninterest income 18,699 18,746 18,429 (47) 270 Total revenue 102,217 99,954 94,154 2,263 8,063 Provision for credit losses 500 1,500 700 (1,000) (200) Noninterest expense 53,108 50,382 49,700 2,726 3,408 Pre-tax income 48,609 48,072 43,754 537 4,855 Income tax expense 9,972 9,900 8,680 72 1,292 Effective income tax rate (%) 20.5% 20.6% 19.8% -0.1% 0.7% Net income 38,637$ 38,172$ 35,074$ 465$ 3,563$ Fully Diluted Earnings per Share 1.03$ 1.02$ 0.94$ 0.01$ 0.09$ Diluted Average # of Shares Outstanding 37,578 37,564 37,493 14 85 Return on assets (ROA) 1.83% 1.80% 1.68% 0.03% 0.15% Return on equity (ROE) 12.83% 12.82% 13.00% 0.01% -0.17% Return on average tangible common equity (ROATCE) 19.29% 19.43% 21.14% -0.14% -1.85% T/E Net Interest Margin 4.42% 4.30% 4.06% 0.12% 0.36% Efficiency ratio 49.05% 47.38% 49.26% 1.67% -0.21% Quarter ended Change from 33
USE OF NON-GAAP FINANCIAL MEASURES The accounting and reporting policies of German American Bancorp, Inc. (the “Company”) conform to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. As a supplement to GAAP, the Company has provided certain non-GAAP financial measures in this presentation, which it believes are useful because they assist investors in assessing the Company’s operating performance. Specifically, the Company has presented its efficiency ratio, net interest margin, tangible common equity ratio, and return on average tangible common equity. A reconciliation of these non-GAAP measures to comparable GAAP financial measures is set forth in the tables below. The Company also presents its net income, earnings per share, non-interest income, non-interest expense, efficiency ratio, return on average assets, return on average equity, and return on average tangible common equity on an as adjusted basis for the periods set forth below to reflect the exclusion of the following items: (1) the Current Expected Credit Losses (“CECL”) “Day 2” provision expense for acquired loans that have only insignificant credit deterioration (i.e., non-PCD loans) related to the Heartland merger; (2) non-recurring expenses related to the Heartland merger; (3) the net gain on the extinguishment of debt resulting from the redemption of certain subordinated notes on September 15, 2025 and December 30, 2025; (4) the operating results for German American Insurance, Inc. (“GAI”), whose assets were sold effective June 1, 2024; (5) the gain on the sale of GAI assets; and (6) the loss related to the securities portfolio restructuring transaction that occurred in the second quarter of 2024. Management believes excluding such items from these financial measures may be useful in assessing the Company’s underlying operational performance since the applicable transactions do not pertain to its core business operations and exclusion may facilitate better comparability between periods. In addition, management believes that by excluding such items the measures are useful to the Company, as well as analysts and investors, in assessing operating performance. Management also believes excluding these items may enhance comparability for peer comparison purposes. Management believes that it is standard practice in the banking industry to present the efficiency ratio and net interest margin on a fully tax-equivalent basis and that, by doing so, it may enhance comparability for peer comparison purposes. The tax-equivalent adjustment to net interest income (for purposes of the efficiency ratio) and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. The Company also presents its core net interest margin excluding discount accretion on acquired loans (a non- recurring increase in interest income arising when a loan portfolio is acquired below face value in a merger or acquisition). Management believes that excluding such accretion helps the Company, analysts, and investors evaluate the core spread between earning assets and funding costs. In management’s view, tangible common equity measures are capital adequacy metrics that are meaningful to the Company, as well as to analysts and investors, in assessing the Company’s use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution’s capital strength since they eliminate intangible assets from shareholders’ equity but retain the effect of accumulated other comprehensive income (loss). Although intended to enhance investors’ understanding of the Company’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. 34
USE OF NON-GAAP FINANCIAL MEASURES 35 Nine Months EndedThree Months EndedYear EndedNon-GAAP Reconciliation – Net Income and Earnings Per Share 9/30/20269/30/20259/30/20269/30/202512/31/202512/31/2024(Dollars in Thousands, except per share amounts) $ 109,961 $ 76,952 $ 38,637 $ 35,074 $ 112,635 $ 83,811 Net Income, as reported Adjustments (net of tax): -12,150 --12,150 -Plus: CECL Day 2 non-PCD provision -5,418 -101 5,418 1,082 Plus: Non-recurring merger-related expenses -731 -731 519 -Less: Net gain on debt extinguishment -----(27,189)Less: Loss on securities restructuring -----767 Less: Income from GAI operations -----27,476 Less: Gain on sale of GAI assets $ 109,961 $ 93,789 $ 38,637 $ 34,444 $ 129,684 $ 83,839 Adjusted Net Income 37,553,745 36,561,331 37,578,441 37,493,028 36,796,342 29,656,416 Weighted Average Shares Outstanding $ 2.93 $ 2.10 $ 1.03 $ 0.94 $ 3.06 $ 2.83 Earnings Per Share, as reported $ 2.93 $ 2.57 $ 1.03 $ 0.92 $ 3.52 $ 2.83 Earnings Per Share, as adjusted Nine Months EndedThree Months EndedYear EndedNon-GAAP Reconciliation – Non-Interest Income and Non-Interest Expense 9/30/20269/30/20259/30/20269/30/202512/31/202512/31/2024(Dollars in Thousands) $ 54,671 $ 50,002 $ 18,699 $ 18,429 $ 67,312 $ 62,660 Non-Interest Income -----105 Less: Gain (Losses) on securities -----(34,893)Less: Loss on securities restructuring -975 -975 692 -Less: Net gain on debt extinguishment -----4,434 Less: Revenue from GAI operations -----38,323 Less: Gain on sale of GAI assets $ 54,671 $ 49,027 $ 18,699 $ 17,454 $ 66,620 $ 54,691 Adjusted Non-Interest Income $ 155,858 $ 151,999 $ 53,108 $ 49,700 $ 201,949 $ 146,377 Non-Interest Expense -6,996 -135 6,996 1,370 Less: Non-recurring merger-related expenses -----3,414 Less: Expense from GAI operations -----1,816 Less: Expense from sale of GAI assets $ 155,858 $ 145,003 $ 53,108 $ 49,565 $ 194,953 $ 139,777 Adjusted Non-Interest Expense
USE OF NON-GAAP FINANCIAL MEASURES 36 Nine Months EndedThree Months EndedYear EndedNon-GAAP Reconciliation – Efficiency Ratio 9/30/20269/30/20259/30/20269/30/202512/31/202512/31/2024(Dollars in Thousands) $ 155,858 $ 145,003 $ 53,108 $ 49,565 $ 194,953 $ 139,777 Adjusted Non-Interest Expense from above 7,087 7,566 2,254 2,693 10,148 2,032 Less: Intangible Amortization $ 148,771 $ 137,437 $ 50,854 $ 46,872 $ 184,805 $ 137,745 Adjusted Non-Interest Expense excluding Intangible Amortization $ 243,577 $ 215,452 $ 83,518 $ 75,725 $ 294,132 $ 190,591 Net Interest Income 4,205 3,862 1,466 1,273 5,437 5,494 Add: FTE Adjustment $ 247,782 $ 219,314 $ 84,984 $ 76,998 $ 299,569 $ 196,085 Net Interest Income (FTE) $ 54,671 $ 49,027 $ 18,699 $ 17,454 $ 66,620 $ 54,691 Adjusted Non-Interest Income from above $ 302,453 $ 268,341 $ 103,683 $ 94,452 $ 366,189 $ 250,776 Adjusted Total Revenue 49.2%53.6%49.1%49.3%52.3%49.2%Efficiency Ratio 49.2%51.2%49.0%49.6%50.5%54.9%Adjusted Efficiency Ratio Nine Months EndedThree Months EndedYear EndedNon-GAAP Reconciliation – Net Interest Margin 9/30/20269/30/20259/30/20269/30/202512/31/202512/31/2024(Dollars in Thousands) $ 247,782 $ 219,314 $ 84,984 $ 76,998 $ 299,569 $ 196,085 Net Interest Income (FTE) from above 9,711 11,589 3,020 3,914 15,556 1,507 Less: Accretion of Discount on Acquired Loans $ 238,071 $ 207,725 $ 81,964 $ 73,084 $ 284,013 $ 194,578 Adjusted Net Interest Income (FTE) $ 7,646,920 $ 7,357,725 $ 7,645,800 $ 7,538,784 $ 7,453,650 $ 5,722,010 Average Earning Assets 4.33%3.98%4.42%4.06%4.02%3.43%Net Interest Margin (FTE) 4.16%3.77%4.26%3.85%3.81%3.40%Core Net Interest Margin (FTE) Nine Months EndedThree Months EndedYear EndedNon-GAAP Reconciliation – Return on Average Assets 9/30/20269/30/20259/30/20269/30/202512/31/202512/31/2024(Dollars in Thousands) $ 109,961 $ 93,789 $ 38,637 $ 34,444 $ 129,684 $ 83,839 Adjusted Net Income from above $ 8,429,604 $ 8,137,211 $ 8,425,740 $ 8,350,565 $ 8,237,194 $ 6,233,753 Average Assets 1.74%1.26%1.83%1.68%1.37%1.34%Return on Average Assets, as reported 1.74%1.54%1.83%1.65%1.57%1.34%Return on Average Assets, as adjusted
USE OF NON-GAAP FINANCIAL MEASURES 37 Nine Months EndedThree Months EndedYear EndedNon-GAAP Reconciliation – Return on Average Equity 9/30/20269/30/20259/30/20269/30/202512/31/202512/31/2024(Dollars in Thousands) $ 109,961 $ 93,789 $ 38,637 $ 34,444 $ 129,684 $ 83,839 Adjusted Net Income from above $ 1,193,332 $ 1,020,200 $ 1,204,202 $ 1,079,359 $ 1,050,990 $ 685,862 Average Equity 12.29%10.06%12.83%13.00%10.72%12.22%Return on Average Equity, as reported 12.29%12.26%12.83%12.76%12.34%12.22%Return on Average Equity, as adjusted Three Months EndedYear EndedNon-GAAP Reconciliation – Tangible Common Equity Ratio 9/30/20269/30/202512/31/202512/31/2024(Dollars in Thousands) $ 1,153,871 $ 1,119,723 $ 1,162,325 $ 715,067 Equity, as reported 402,075 411,656 409,260 183,043 Intangibles, as reported $ 751,796 $ 708,067 $ 753,065 $ 532,024 Tangible Common Equity $ 8,411,291 $ 8,401,248 $ 8,388,780 $ 6,295,910 Assets, as reported 402,075 411,656 409,260 183,043 Intangibles, as reported $ 8,009,216 $ 7,989,592 $ 7,979,520 $ 6,112,867 Assets less Intangibles 9.39%8.86%9.44%8.70%Tangible Common Equity Ratio Nine Months EndedThree Months EndedYear EndedNon-GAAP Reconciliation – Return on Average Tangible Common Equity 9/30/20269/30/20259/30/20269/30/202512/31/202512/31/2024(Dollars in Thousands) $ 109,961 $ 76,952 $ 38,637 $ 35,074 $ 112,635 $ 83,811 Net Income, as reported -16,837 -(630)17,049 28 Total Adjustments from above $ 109,961 $ 93,789 $ 38,637 $ 34,444 $ 129,684 $ 83,839 Adjusted Net Income $ 1,193,332 $ 1,020,200 $ 1,204,202 $ 1,079,359 $ 1,050,990 $ 685,862 Average Equity, as reported 405,485 390,701 403,104 415,666 395,603 184,664 Average Intangibles, as reported $ 787,847 $ 629,499 $ 801,098 $ 663,693 $ 655,387 $ 501,198 Average Tangible Common Equity 18.61%16.30%19.29%21.14%17.19%16.72%Return on Average Tangible Common Equity, as reported 18.61%19.87%19.29%20.76%19.79%16.73%Return on Average Tangible Common Equity, as adjusted
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