German American Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 30, 2017 at 07:30 pm
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German American Bancorp, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net interest income was $24,889,000 against $19,438,000 a year ago. Net interest income after provision for loan losses was $24,889,000 against $19,438,000 a year ago. Income before income taxes was $13,891,000 against $10,650,000 a year ago. Net income was $10,065,000 or $0.66 basic and diluted per share against $7,712,000 or $0.58 basic and diluted per share a year ago. Annualized return on average assets was 1.36% against 1.33% a year ago. Annualized return on average equity was 11.90% against 12.36% a year ago.
For the year, the company reported net interest income was $94,904,000 against $75,552,000 a year ago. Net interest income after provision for loan losses was $93,704,000 against $75,552,000 a year ago. Income before income taxes was $49,130,000 against $41,670,000 a year ago. Net income was $35,184,000 or $2.36 basic and diluted per share against $30,064,000 or $2.27 basic and diluted per share a year ago. Annualized return on average assets was 1.24% against 1.33% a year ago. Annualized return on average equity was 10.94% against 12.47% a year ago. The 2016 record performance was largely attributable to an increased level of net interest income and net interest margin, driven primarily by a higher level of average loans outstanding and a portfolio mix shift within the Company’s securities portfolio to a higher percentage of non-taxable municipal securities.
German American Bancorp, Inc. is a financial holding company. The Company, through its banking subsidiary German American Bank, operates around 74 banking offices in 20 contiguous southern Indiana counties and 14 counties in Kentucky. Its segments include core banking and wealth management services. The core banking segment involves attracting deposits from the general public and using such funds to originate consumer, commercial and agricultural, commercial and agricultural real estate, and residential mortgage loans, primarily in the Companyâs local markets. The core banking segment also involves the sale of residential mortgage loans in the secondary market. The wealth management services segment involves providing trust, investment advisory, brokerage and retirement planning services to customers. It operates its insurance business throughout southern Indiana and Kentucky under the name German American Insurance - A Hilb Group Company.