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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended March 31, 2024
 
Commission File Number 001-15877
 
German American Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Indiana 35-1547518
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
 
711 Main Street, Jasper, Indiana 47546
(Address of Principal Executive Offices and Zip Code)
 
Registrant’s telephone number, including area code: (812) 482-1314
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Yes   x      No ¨
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 
Yes   x      No ¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company:
Large accelerated filerx
Accelerated filer ¨
Non-accelerated filer ¨
Smaller reporting companyEmerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): 
Yes         No x
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, no par valueGABCNasdaq Global Select Market

As of May 1, 2024, the registrant had 29,665,758 outstanding shares of Common Stock, no par value.



CAUTION REGARDING FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISKS
 
Information included in or incorporated by reference in this Quarterly Report on Form 10-Q, our other filings with the Securities and Exchange Commission (the “SEC”) and our press releases or other public statements contains or may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Please refer to the discussions of our forward-looking statements and associated risks in our Annual Report on Form 10-K for the year ended December 31, 2023, in Item 1, “Business - Forward-Looking Statements and Associated Risks” and our discussion of risk factors in Item 1A, “Risk Factors” of that Annual Report on Form 10-K, as updated and supplemented from time to time by our subsequent SEC filings, including by the discussion under the heading “Forward-Looking Statements and Associated Risks” at the conclusion of Item 2 of Part I of this Report (“Management’s Discussion and Analysis of Financial Condition and Results of Operations”), and by the additional risk factors set forth in Part II, Item 1A, “Risk Factors” of this Report.


2


*****
 
INDEX
 
Glossary of Terms and Acronyms
PART I.            FINANCIAL INFORMATION
   
Item 1.Unaudited Financial Statements
   
 Consolidated Balance Sheets – March 31, 2024 and December 31, 2023
   
 Consolidated Statements of Income – Three Months Ended March 31, 2024 and 2023
 Consolidated Statements of Comprehensive Income (Loss) – Three Months Ended March 31, 2024 and 2023
   
Consolidated Statements of Changes in Shareholders’ Equity - Three Months Ended March 31, 2024 and 2023
 Consolidated Statements of Cash Flows – Three Months Ended March 31, 2024 and 2023
   
 Notes to Consolidated Financial Statements – March 31, 2024
   
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
   
Item 3.Quantitative and Qualitative Disclosures About Market Risk
   
Item 4. Controls and Procedures
   
PART II.           OTHER INFORMATION
Item 1.Legal Proceedings
   
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
   
Item 6.Exhibits
   
SIGNATURES
3


GLOSSARY OF TERMS AND ACRONYMS
As used in this Report, references to “Company,” “we,” “our,” “us,” and similar terms refer to German American Bancorp, Inc. and its consolidated subsidiaries as a whole. Occasionally, we will refer to the term “parent company” or “holding company” when we mean to refer to only German American Bancorp, Inc. and the term “Bank” when we mean to refer only to German American Bank, the Company’s bank subsidiary.
The terms and acronyms identified below are used throughout this Report, including the Notes to Consolidated Financial Statements. You may find it helpful to refer to this Glossary as you read this Report.
2019 ESPP:     German American Bancorp, Inc. 2019 Employee Stock Purchase Plan
2019 LTI Plan:     German American Bancorp, Inc. 2019 Long-Term Equity Incentive Plan
ASU:     Accounting Standards Update
Basel III Rules:    Regulatory capital rules agreed to by the Basel Committee on Banking Supervision, as issued by the FRB and OCC and published in the Federal Register on October 11, 2013
CARES Act:    Coronavirus Aid, Relief and Economic Security Act
CECL:     Current expected credit losses, which are the subject of an accounting standard under GAAP
CET1:     Common Equity Tier 1
CMO:     Collateralized mortgage obligations
CRE:    Commercial Real Estate
Dodd-Frank Act:     Dodd-Frank Wall Street Reform and Consumer Protection Act
FASB:     Financial Accounting Standards Board
FDIC:     Federal Deposit Insurance Corporation
federal banking
regulators:    The FRB, the OCC, and the FDIC, collectively
FHLB:     Federal Home Loan Bank
FRB:     Board of Governors of the Federal Reserve System
GAAP:    Generally Accepted Accounting Principles in the United States of America
LIBOR:    London Interbank Offered Rate
MBS:     Mortgage-backed securities
NPV:     Net portfolio value
OCC:     Office of the Comptroller of the Currency
SEC:    Securities and Exchange Commission
SOFR:    Secured Overnight Funding Rate recommended as an alternative to LIBOR by the Alternative Reference Rate Committee, a U.S.-based group convened by the FRB and the Federal Reserve Bank of New York
4


PART  I.         FINANCIAL INFORMATION
Item 1.           Unaudited Financial Statements
GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, dollars in thousands except share and per share data)
 March 31,
2024
December 31,
2023
ASSETS  
Cash and Due from Banks$52,839 $78,805 
Federal Funds Sold and Other Short-term Investments70,631 36,525 
Cash and Cash Equivalents123,470 115,330 
Interest-bearing Time Deposits with Banks500 500 
Securities Available-for-Sale, at Fair Value (Amortized Cost $1,838,911 for March 31, 2024; Amortized Cost $1,871,260 for December 31, 2023; No Allowance for Credit Losses)
1,539,270 1,596,832 
Other Investments353 353 
Loans Held-for-Sale, at Fair Value10,325 5,226 
Loans3,978,919 3,977,900 
Less: Unearned Income(7,009)(6,818)
Allowance for Credit Losses(43,754)(43,765)
Loans, Net3,928,156 3,927,317 
Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost14,630 14,687 
Premises, Furniture and Equipment, Net106,030 106,776 
Other Real Estate  
Goodwill180,357 180,357 
Intangible Assets5,665 6,307 
Company Owned Life Insurance86,294 85,840 
Accrued Interest Receivable and Other Assets116,879 112,673 
TOTAL ASSETS$6,111,929 $6,152,198 
LIABILITIES  
Non-interest-bearing Demand Deposits$1,463,933 $1,493,160 
Interest-bearing Demand, Savings, and Money Market Accounts2,918,459 2,992,761 
Time Deposits836,955 767,042 
Total Deposits5,219,347 5,252,963 
FHLB Advances and Other Borrowings191,810 193,937 
Accrued Interest Payable and Other Liabilities45,518 41,740 
TOTAL LIABILITIES5,456,675 5,488,640 
SHAREHOLDERS’ EQUITY  
Common Stock, no par value, $1 stated value; 45,000,000 shares authorized
29,669 29,585 
Additional Paid-in Capital389,851 389,411 
Retained Earnings472,689 461,622 
Accumulated Other Comprehensive Income (Loss)(236,955)(217,060)
TOTAL SHAREHOLDERS’ EQUITY655,254 663,558 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$6,111,929 $6,152,198 
End of period shares issued and outstanding29,669,019 29,584,709 



See accompanying notes to consolidated financial statements.
5


GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, dollars in thousands except per share data)
 Three Months Ended 
March 31,
 20242023
INTEREST INCOME  
Interest and Fees on Loans$57,826 $49,061 
Interest on Federal Funds Sold and Other Short-term Investments299 345 
Interest and Dividends on Securities:  
Taxable4,852 5,396 
Non-taxable5,281 5,687 
TOTAL INTEREST INCOME68,258 60,489 
INTEREST EXPENSE  
Interest on Deposits20,989 8,971 
Interest on FHLB Advances and Other Borrowings2,275 2,509 
TOTAL INTEREST EXPENSE23,264 11,480 
NET INTEREST INCOME44,994 49,009 
Provision for Credit Losses900 1,100 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES44,094 47,909 
NON-INTEREST INCOME  
Wealth Management Fees3,366 2,644 
Service Charges on Deposit Accounts2,902 2,788 
Insurance Revenues2,878 3,135 
Company Owned Life Insurance441 401 
Interchange Fee Income4,087 4,199 
Other Operating Income1,362 1,211 
Net Gains on Sales of Loans751 587 
Net Gains on Securities35 2 
TOTAL NON-INTEREST INCOME15,822 14,967 
NON-INTEREST EXPENSE  
Salaries and Employee Benefits21,178 21,846 
Occupancy Expense2,828 2,910 
Furniture and Equipment Expense976 910 
FDIC Premiums729 741 
Data Processing Fees2,811 2,755 
Professional Fees1,595 1,562 
Advertising and Promotion1,138 1,167 
Intangible Amortization578 785 
Other Operating Expenses4,905 4,940 
TOTAL NON-INTEREST EXPENSE36,738 37,616 
Income before Income Taxes23,178 25,260 
Income Tax Expense4,156 4,453 
NET INCOME$19,022 $20,807 
Basic Earnings per Share$0.64 $0.71 
Diluted Earnings per Share$0.64 $0.71 
 



See accompanying notes to consolidated financial statements.
6


GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, dollars in thousands)
 
 Three Months Ended 
March 31,
 20242023
NET INCOME$19,022 $20,807 
Other Comprehensive Income (Loss):  
Unrealized Gains (Losses) on Securities:  
Unrealized Holding Gain (Loss) Arising During the Period(25,178)41,749 
Reclassification Adjustment for Gains Included in Net Income(35)(2)
Tax Effect5,318 (8,801)
Net of Tax(19,895)32,946 
Total Other Comprehensive Income (Loss)(19,895)32,946 
COMPREHENSIVE INCOME (LOSS)$(873)$53,753 
 

 
 





























See accompanying notes to consolidated financial statements.
7


GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY
(unaudited, dollars in thousands)

Common Stock
 SharesAmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Shareholders’ Equity
Balances, January 1, 202429,584,709 $29,585 $389,411 $461,622 $(217,060)$663,558 
Net Income— — — 19,022 — 19,022 
Other Comprehensive Income (Loss)— — — — (19,895)(19,895)
Cash Dividends ($0.27 per share)
— — — (7,955)— (7,955)
Issuance of Common Stock for:
Restricted Share Grants Net84,310 84 440 — — 524 
Balances, March 31, 202429,669,019 $29,669 $389,851 $472,689 $(236,955)$655,254 



Common Stock
 SharesAmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Shareholders’ Equity
Balances, January 1, 202329,493,193 $29,493 $387,171 $405,167 $(263,438)$558,393 
Net Income— — — 20,807 — 20,807 
Other Comprehensive Income (Loss)— — — — 32,946 32,946 
Cash Dividends ($0.25 per share)
— — — (7,354)— (7,354)
Issuance of Common Stock for:
Restricted Share Grants Net80,246 80 459 — — 539 
Balances, March 31, 202329,573,439 $29,573 $387,630 $418,620 $(230,492)$605,331 


















See accompanying notes to consolidated financial statements.
8


GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, dollars in thousands)
 Three Months Ended 
March 31,
 20242023
CASH FLOWS FROM OPERATING ACTIVITIES  
Net Income$19,022 $20,807 
Adjustments to Reconcile Net Income to Net Cash from Operating Activities:  
Net Amortization on Securities1,403 1,407 
Depreciation and Amortization2,339 2,429 
Loans Originated for Sale(29,017)(21,519)
Proceeds from Sales of Loans Held-for-Sale24,575 24,736 
Provision for Credit Losses900 1,100 
Gain on Sale of Loans, net(751)(587)
Gain on Securities, net(35)(2)
Loss (Gain) on Disposition and Donation of Premises and Equipment2 (5)
Increase in Cash Surrender Value of Company Owned Life Insurance(454)(473)
Equity Based Compensation524 539 
Change in Assets and Liabilities:  
Interest Receivable and Other Assets445 2,802 
Interest Payable and Other Liabilities4,900 232 
Net Cash from Operating Activities23,853 31,466 
CASH FLOWS FROM INVESTING ACTIVITIES  
Proceeds from Maturities of Securities Available-for-Sale39,122 39,970 
Proceeds from Sales of Securities Available-for-Sale62,162 93,752 
Purchase of Securities Available-for-Sale(70,303)(1,967)
Proceeds from Redemption of Federal Home Loan Bank Stock57 80 
Loans Made to Customers, net of Payments Received(1,739)15,109 
Property and Equipment Expenditures(1,238)(1,916)
Net Cash from Investing Activities28,061 145,028 
CASH FLOWS FROM FINANCING ACTIVITIES  
Change in Deposits(33,578)(195,056)
Change in Short-term Borrowings(2,204)(12,837)
Advances in Long-term Debt25,000  
Repayments of Long-term Debt(25,037)(31)
Dividends Paid(7,955)(7,354)
Net Cash from Financing Activities(43,774)(215,278)
Net Change in Cash and Cash Equivalents8,140 (38,784)
Cash and Cash Equivalents at Beginning of Year115,330 119,079 
Cash and Cash Equivalents at End of Period$123,470 $80,295 
Cash Paid During the Period for
Interest$21,101 $10,152 
Income Taxes  
Supplemental Non Cash Disclosures
Interest Rate Swap Fair Value Adjustment$827 $(1,963)













See accompanying notes to consolidated financial statements.
9


GERMAN AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(unaudited, dollars in thousands except share and per share data)
NOTE 1 – Basis of Presentation and Market Conditions
 
German American Bancorp, Inc. operates primarily in the banking industry. The accounting and reporting policies of German American Bancorp, Inc. and its subsidiaries (hereinafter collectively referred to as the “Company”) conform to U.S. generally accepted accounting principles. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the periods reported have been included in the accompanying unaudited consolidated financial statements, and all such adjustments are of a normal recurring nature. It is suggested that these consolidated financial statements and notes be read in conjunction with the financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Certain items included in the prior period financial statements were reclassified to conform to the current presentation. There was no effect on net income or total shareholders’ equity based on these reclassifications.

NOTE 2 - Recent Accounting Pronouncements

Recently Adopted Accounting Guidance
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. These amendments provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. In January 2021, the FASB issued ASU 2021-01 which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The Company has discontinued originating LIBOR based loans and transitioned formerly LIBOR indexed loans to term SOFR and other indices.

On March 31, 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” which eliminates the troubled debt restructuring recognition and measurement guidance and instead requires an entity to evaluate whether the modification represents a new loan or a continuation of an existing loan. The amendments also enhance existing disclosures and include new disclosure requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. To improve consistency for vintage disclosures, the ASU requires that public business entities disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20. For entities that have adopted ASU 2016-13, the amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For entities that have not adopted ASU 2016-13, the effective dates for the amendments are the same as the effective dates in ASU 2016-13. Early adoption is permitted if ASU 2016-13 has been adopted, including adoption in an interim period. If an entity elects to adopt the amendments in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. The Company adopted the new guidance prospectively with no material impact to the consolidated financial statements.

The SEC’s Staff Accounting Bulletin No. 121 (“SAB 121”) provides interpretive guidance regarding the accounting for obligations to safeguard crypto-assets an entity holds for its customers, either directly or through an agent or another third party acting on its behalf. SAB 121 requires an entity to recognize a liability on its balance sheet to reflect the obligation to safeguard the crypto-assets of others, along with a corresponding safeguarding asset, both of which are measured at fair value. The Company has completed an evaluation and concluded that it does not have a safeguarding obligation under SAB 121 and therefore the disclosures do not apply.

On March 29, 2023, the FASB issued ASU 2023-02, “Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method” to expand use of the proportional amortization method of accounting to equity investments in tax credit programs beyond those in low-income-housing tax credit (LIHTC) programs. The amendments in this update permit reporting entities to account for certain tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. This guidance provides clarifications to address interpretive issues and
10


GERMAN AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(unaudited, dollars in thousands except share and per share data)

NOTE 2 - Recent Accounting Pronouncements (continued)
prescribes specific information that reporting entities must disclose about tax credit investments each period. The Company adopted this standard and there was no impact on the Company’s financial statements or disclosures.

NOTE 3 – Per Share Data
 
The computation of Basic Earnings per Share and Diluted Earnings per Share are as follows:
 Three Months Ended 
March 31,
 20242023
Basic Earnings per Share:  
Net Income$19,022 $20,807 
Weighted Average Shares Outstanding29,599,491 29,507,446 
Basic Earnings per Share$0.64 $0.71 
Diluted Earnings per Share:  
Net Income$19,022 $20,807 
Weighted Average Shares Outstanding29,599,491 29,507,446 
Potentially Dilutive Shares, Net  
Diluted Weighted Average Shares Outstanding29,599,491 29,507,446 
Diluted Earnings per Share$0.64 $0.71 
For the three months ended March 31, 2024 and 2023, there were no anti-dilutive shares.
NOTE 4 – Securities 

The amortized cost, unrealized gross gains and losses recognized in accumulated other comprehensive income (loss), and fair value of securities available-for-sale were as follows:
Securities Available-for-Sale:Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
 Fair
Value
    
March 31, 2024    
U.S. Treasury$49,680 $6 $ $49,686 
Obligations of State and Political Subdivisions826,416 316 (137,972)688,760 
MBS/CMO746,250 17 (123,251)623,016 
US Gov’t Sponsored Entities & Agencies216,565  (38,757)177,808 
Total$1,838,911 $339 $(299,980)$1,539,270 
December 31, 2023    
U.S. Treasury$ $ $ $ 
Obligations of State and Political Subdivisions889,940 1,309 (122,374)768,875 
MBS/CMO761,025 28 (116,013)645,040 
US Gov’t Sponsored Entities & Agencies220,295  (37,378)182,917 
Total$1,871,260 $1,337 $(275,765)$1,596,832 
 
All mortgage-backed securities in the above table (identified above and throughout this Note 4 as “MBS/CMO”) are residential and multi-family mortgage-backed securities and guaranteed by government sponsored entities. The US Gov’t Sponsored
11


GERMAN AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(unaudited, dollars in thousands except share and per share data)

NOTE 4 - Securities (continued)
Entities & Agencies in the above table include securities that have underlying collateral of equipment, machinery and commercial real estate.

The amortized cost and fair value of securities available-for-sale at March 31, 2024 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because some issuers have the right to call or prepay certain obligations with or without call or prepayment penalties. Mortgage-backed Securities are not due at a single maturity date and are shown separately.
Securities Available-for-Sale:Amortized
Cost
Fair
Value
Due in one year or less$51,185 $51,185 
Due after one year through five years12,108 12,036 
Due after five years through ten years50,483 46,605 
Due after ten years762,320 628,620 
MBS/CMO746,250 623,016 
US Gov’t Sponsored Entities & Agencies216,565 177,808 
Total$1,838,911 $1,539,270 
  
Proceeds from the Sales of Securities are summarized below:
 Three Months EndedThree Months Ended
March 31, 2024March 31, 2023
Proceeds from Sales$62,162 $93,752 
Gross Gains on Sales360 257 
Gross Losses on Sales325 255 
Income Taxes on Gross Gains7  
The carrying value of securities pledged to secure repurchase agreements, public and trust deposits, and for other purposes as required by law was $380,442 and $366,576 as of March 31, 2024 and December 31, 2023, respectively.

Below is a summary of securities with unrealized losses as of March 31, 2024 and December 31, 2023, presented by length of time the securities have been in a continuous unrealized loss position:
 Less than 12 Months12 Months or MoreTotal
March 31, 2024Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Obligations of State and Political Subdivisions$18,497 $(256)$653,099 $(137,716)$671,596 $(137,972)
MBS/CMO  621,301 (123,251)621,301 (123,251)
US Gov’t Sponsored Entities & Agencies  177,808 (38,757)177,808 (38,757)
Total$18,497 $(256)$1,452,208 $(299,724)$1,470,705 $(299,980)

 Less than 12 Months12 Months or MoreTotal
December 31, 2023Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Obligations of State and Political Subdivisions$13,469 $(175)$668,223 $(122,199)$681,692 $(122,374)
MBS/CMO135 (1)643,172 (116,012)643,307 (116,013)
US Gov’t Sponsored Entities & Agencies  182,917 (37,378)182,917 (37,378)
Total$13,604 $(176)$1,494,312 $(275,589)$1,507,916 $(275,765)
12


GERMAN AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(unaudited, dollars in thousands except share and per share data)

NOTE 4 - Securities (continued)
Available-for-sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses at least quarterly. For available-for-sale debt securities in an unrealized loss position, the Company assesses whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is reduced to fair value through income. For available-for sale debt securities that do not meet the criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security and the issuer, among other factors. If this assessment indicates that a credit loss exists, we compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes. The increase in unrealized losses from December 31, 2023 to March 31, 2024 was primarily the result of fair value adjustments caused by the change in market interest rates. There was no allowance for credit losses for available-for-sale debt securities at March 31, 2024 or December 31, 2023.

Although management has the ability to sell these securities if the need arises, their designation as available-for-sale should not necessarily be interpreted as an indication that management anticipates such sales.

Accrued interest receivable on available-for-sale debt securities totaled $8,608 at March 31, 2024 and $9,620 at December 31, 2023. Accrued interest receivable is excluded from the estimate of credit losses.

The Company’s equity securities are listed as Other Investments on the Consolidated Balance Sheets and consist of one non-controlling investment in a single banking organization at March 31, 2024 and December 31, 2023. The original investment totaled $1,350 and other-than-temporary impairment was previously recorded totaling $997. The Company’s equity securities are considered not to have readily determinable fair value and are carried at cost and evaluated for impairment. At March 31, 2024, there was no additional impairment recognized through earnings.

NOTE 5 - Derivatives

The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. The notional amounts of these interest rate swaps and the offsetting counterparty derivative instruments were $150,251 at March 31, 2024 and $139,751 at December 31, 2023. These interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions with approved, reputable, independent counterparties with substantially matching terms. The agreements are considered stand-alone derivatives and changes in the fair value of derivatives are reported in earnings as non-interest income. While the derivatives represent economic hedges, they do not qualify as hedges for accounting purposes.  

Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. The Company’s exposure is limited to the replacement value of the contracts rather than the notional, principal or contract amounts. There are provisions in the agreements with the counterparties that allow for certain unsecured credit exposure up to an agreed threshold. Exposures in excess of the agreed thresholds are collateralized. In addition, the Company minimizes credit risk through credit approvals, limits, and monitoring procedures.

The following table reflects the fair value of derivative instruments included in the Consolidated Balance Sheets as of:
 March 31, 2024December 31, 2023
 Notional
Amount
Fair ValueNotional
Amount
Fair Value
Included in Other Assets:    
Interest Rate Swaps$150,251 $8,287 $139,751 $7,458 
Included in Other Liabilities:
Interest Rate Swaps$150,251 $8,294 $139,751 $7,467 
13


GERMAN AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(unaudited, dollars in thousands except share and per share data)

NOTE 5 - Derivatives (continued)
The following table presents the effect of derivative instruments on the Consolidated Statements of Income for the periods presented:
 Three Months Ended 
March 31,
 20242023
Interest Rate Swaps:  
Included in Other Operating Income$225 $(50)

NOTE 6 – Loans
 
Loans were comprised of the following classifications:
 March 31,
2024
December 31,
2023
Commercial:
Commercial and Industrial Loans$572,666 $589,541 
Commercial Real Estate Loans2,148,808 2,121,835 
Agricultural Loans400,733 423,803 
Leases73,496 71,988 
Retail:
Home Equity Loans312,859 299,685 
Consumer Loans88,008 87,853 
Credit Cards21,113 20,351 
Residential Mortgage Loans361,236 362,844 
Subtotal3,978,919 3,977,900 
Less: Unearned Income(7,009)(6,818)
Allowance for Credit Losses(43,754)(43,765)
Loans, net$3,928,156 $3,927,317 

The table above includes $12,817 and $13,237 of purchase credit deteriorated loans as of March 31, 2024 and December 31, 2023, respectively.

Allowance for Credit Losses for Loans

The following tables present the activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2024 and 2023:

March 31, 2024Commercial and Industrial
Loans
Commercial Real Estate LoansAgricultural
Loans
LeasesConsumer LoansHome Equity LoansCredit CardsResidential Mortgage LoansTotal
Allowance for Credit Losses:
Beginning balance$7,921 $25,923 $3,837 $346 $759 $1,834 $383 $2,762 $43,765 
Provision (Benefit) for credit loss expense(556)833 (187)27 269 294 150 70 900 
Loans charged-off(102)(308)  (368)(134)(149) (1,061)
Recoveries collected3 4   125 7 11  150 
Total ending allowance balance$7,266 $26,452 $3,650 $373 $785 $2,001 $395 $2,832 $43,754 
14


GERMAN AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(unaudited, dollars in thousands except share and per share data)

NOTE 6 - Loans (continued)
March 31, 2023Commercial and Industrial
Loans
Commercial Real Estate LoansAgricultural
Loans
LeasesConsumer LoansHome Equity LoansCredit CardsResidential Mortgage LoansTotal
Allowance for Credit Losses:
Beginning balance$13,749 $21,598 $4,188 $209 $595 $1,344 $257 $2,228 $44,168 
Provision (Benefit) for credit loss expense501 402 (301)18 226 54 125 75 1,100 
Loans charged-off(733)   (345)(14)(120)(26)(1,238)
Recoveries collected55 62   133 31 1 3 285 
Total ending allowance balance$13,572 $22,062 $3,887 $227 $609 $1,415 $263 $2,280 $44,315