German American Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Declares Fourth Quarter Cash Dividend Payable on February 20, 2013; Announces Redemption of its Outstanding 8% Redeemable Subordinated Debentures Due on 2019; Announces Net Charge-Offs for the Fourth Quarter of 2012
January 29, 2013 at 05:52 pm
Share
German American Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported total interest income of $18,917,000 against $20,016,000 a year ago. Net interest income was $16,594,000 against $16,407,000 a year ago. Income before income taxes was $8,743,000 against $7,511,000 a year ago. Net income was $6,194,000 or $0.49 basic and diluted per share against $5,573,000 or $0.44 basic and diluted per share a year ago. Annualized return on average assets was 1.26% against 1.17% a year ago. Annualized return on average equity was 13.48% against 13.39% a year ago.
For the year, the company reported total interest income of $77,160,000 against $80,161,000 a year ago. Net interest income was $66,248,000 against $63,981,000 a year ago. Income before income taxes was $34,724,000 against $27,975,000 a year ago. Net income was $24,055,000 or $1.90 diluted per share against $20,249,000 or $1.61 basic and diluted per share a year ago. Annualized return on average assets was 1.24% against 1.11% a year ago. Annualized return on average equity was 13.57% against 12.67% a year ago. This 2012 record performance was attributable to both an increased level of net interest income, driven by a higher level of earning assets within both the company's loan portfolio and securities portfolio, and a reduced level of provision for loan loss, as the company's historic level of strong asset quality improved even further in 2012.
The board of directors declared a regular cash dividend of $0.15 per share for the fourth quarter of 2012, which will be payable on February 20, 2013 to shareholders of record as of February 10, 2013. This level of regular quarterly cash dividend represents approximately a 7% increase above the company's prior quarterly cash dividend level.
The company reported net charge-offs of $1,093,000 for the fourth quarter of 2012 compared to $2,754,000 for the same period a year ago.
The company also announced that it will, effective April 1, 2013, redeem all $19.25 million of its outstanding 8% Redeemable Subordinated Debentures due 2019 at a redemption price of 100% of the outstanding principal amount plus accrued unpaid interest.
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.
German American Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Declares Fourth Quarter Cash Dividend Payable on February 20, 2013; Announces Redemption of its Outstanding 8% Redeemable Subordinated Debentures Due on 2019; Announces Net Charge-Offs for the Fourth Quarter of 2012