Pictured is the branch of the German American Bank on 25th Street in Columbus.
Republic file photo
JASPER — German American Bancorp, Inc. (Nasdaq: GABC) reported strong operating performance for the third quarter ended September 30, 2022, with earnings of $24.6 million, resulting in the company’s second-highest level of historical earnings per share at $0.83 per share.
Quarterly earnings represented an increase of $900,000, or approximately 2.5% on a per share basis, from its 2022 second quarter earnings of $23.7 million, or $0.81 per share. On a year-over-year basis, the current quarterly earnings represented an increase of $3.1 million, or approximately 2.5% on a per share basis, from its 2021 third quarter earnings of $21.5 million, or $0.81 per share.
The company said third quarter 2022 earnings performance was driven by factors including continued net interest margin expansion as well as solid credit metrics and ongoing disciplined operating expense management. The third quarter 2021 earnings included a reserve release of $2 million and $4.1 million of Paycheck Protection Program fees.
D. Neil Dauby, German American’s president and CEO, stated, “We were very pleased to continue building upon our momentum from our first quarter acquisition of Citizen Union Bank of Shelbyville, Inc. (“CUB”) which has contributed positively to our strong third quarter earnings. Acquisitions over the past several years have provided us geographic diversity in our footprint allowing opportunity for organic growth within our banking and non-banking operations. We remain cautiously optimistic about continued improvements in our net interest margin and the strength of our lending pipeline for continued growth. Although continued fears of inflation and recession may potentially slow future growth and stress credit, we are preparing to face the headwinds from any future economic uncertainties.”
The Company also announced its Board of Directors has declared a regular quarterly cash dividend of $0.23 per share, which will be payable on November 20, 2022 to shareholders of record as of November 10, 2022.
German American Bancorp, Inc. is a Nasdaq-traded (symbol: GABC) financial holding company based in Jasper. German American, through its banking subsidiary German American Bank, operates 77 banking offices in 19 contiguous southern Indiana counties, including locations in Columbus, and 14 counties in Kentucky.
