Staff Reports
German American Bancorp reported second quarter earnings of $14.3 million, or $0.54 per share, for the quarter ending June 30.
The second quarter 2020 compared to the second quarter 2019 net income of $15.3 million or $0.61 per share, company officials said.
The operating results were reflective of the inclusion of the acquisition of Citizens First Corp. of Bowling Green, Kentucky on July 1, 2019.
End-of-period loans, as of June 30, were about $3.3 billion, which represented an increase of $253 million or about 8%, from end of period loans as of March 31., and an increase of $550 million, or about 20%, from end of period loans as of June 30, 2019.
Total deposits at June 30 of about $4.0 billion increased by $501 million, or about 14%, relative to first quarter 2020 end-of-period total deposits, and an increase of $851 million, or about 27% as compared to second quarter deposits in the prior year.
The increase in end-of-period loans and deposits as of June 30, as compared to March 31, was largely related to the origination of about $350 million in Paycheck Protection Program loans to nearly 3,000 local business clients, supporting retention of more than 40,000 jobs through the market area, and the deposit of those funds into business operating accounts.
Mark A. Schroeder, German American’s chairman and CEO, said the company was pleased to report another period of solid profitability during the second quarter.
“This level of profitability is reflected in the second quarter-end 2020 tangible book value per share of $17.44 which increased by 11% on an annualized basis, from the prior quarter-end and by 13% from second quarter-end 2019 tangible book value per share,” he said.
The company also announced that its board of directors declared a regular quarterly cash dividend of $0.19 per share, payable on Aug. 20 to shareholders of record as of Aug. 10.
German American Bancorp is a financial holding company based in Jasper, operating 73 banking offices, including locations in Columbus, and in 20 contiguous southern Indiana counties and eight counties in Kentucky.
