German American Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Announces Net Charge Offs for the Fourth Quarter Ended December 31, 2011; Declares Regular Quarterly Cash Dividend Payable on February 20, 2012
January 31, 2012 at 09:32 am
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German American Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported total interest income of $20,016,000 against $16,314,000 a year ago. Net interest income was $16,407,000 against $12,630,000 a year ago. Income before income taxes was $7,511,000 against $4,668,000 a year ago. Net income was $5,573,000 or $0.44 per diluted share against net income of $3,152,000 or $0.28 per diluted share a year ago. Return on average assets was 1.17% compared to 0.90% reported a year ago. Return on average equity was 13.39% compared to 10.14% reported a year ago. Book value per common share as at December 31, 2011 was $13.31 compared to $10.94 as at December 31, 2010. The increased net interest income was largely the result of a higher level of earning assets largely driven by growth in the company's core deposit base and the acquisition of American Community.
For the full year, the company reported total interest income of $80,161,000 against $64,193,000 a year ago. Net interest income was $63,981,000 against $48,671,000 a year ago. Income before income taxes was $27,975,000 against $19,028,000 a year ago. Net income was $20,249,000 or $1.61 per diluted share against net income of $13,405,000 or $1.21 per diluted share a year ago. Return on average assets was 1.11% compared to 1.01% reported a year ago. Return on average equity was 12.67% compared to 11.18% reported a year ago. This record 2011 performance was driven both by significant organic deposit growth in the company's core operations within its existing markets and by its expansion into the Evansville, Indiana market in connection with the acquisition of American Community Bancorp Inc., and its banking subsidiary, the Bank of Evansville, that occurred as of January 1, 2011.
The company announced net charge offs for the quarter was $2,754,000 compared to negative net charge offs of $267,000 for the same period a year ago.
The company also announced that its Board of Directors declared its regular quarterly cash dividend of $0.14 per share which will be payable on February 20, 2012 to shareholders of record as of February 10, 2012.
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, 2011; Announces Net Charge Offs for the Fourth Quarter Ended December 31, 2011; Declares Regular Quarterly Cash Dividend Payable on February 20, 2012