Company Quick10K Filing
German American Bancorp
Price31.67 EPS2
Shares27 P/E16
MCap844 P/FCF18
Net Debt0 EBIT86
TEV844 TEV/EBIT10
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-09
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-09
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-09
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-13
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-18
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-03-12
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-11
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-03-10
8-K 2020-05-06 Earnings, Exhibits
8-K 2020-04-27 Other Events
8-K 2020-04-22 Other Events
8-K 2020-03-30 Officers
8-K 2020-01-29 Regulation FD, Exhibits
8-K 2020-01-27 Earnings, Other Events, Exhibits
8-K 2019-12-16 Officers
8-K 2019-12-09 Regulation FD, Exhibits
8-K 2019-10-28 Earnings, Other Events, Exhibits
8-K 2019-09-30 Officers, Amend Bylaw, Exhibits
8-K 2019-07-30 Regulation FD, Exhibits
8-K 2019-07-29 Earnings, Other Events, Exhibits
8-K 2019-07-29 Officers
8-K 2019-07-11 Officers
8-K 2019-07-01 Other Events, Exhibits
8-K 2019-06-25 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-05-16 Regulation FD, Exhibits
8-K 2019-05-16 Officers, Shareholder Vote, Exhibits
8-K 2019-04-29 Officers
8-K 2019-04-29 Earnings, Other Events, Exhibits
8-K 2019-02-21 Enter Agreement, Regulation FD, Exhibits, Enter Agreement
8-K 2019-01-30 Regulation FD, Exhibits
8-K 2019-01-28 Earnings, Other Events, Exhibits
8-K 2019-01-03 Officers, Exhibits
8-K 2018-12-17 Officers
8-K 2018-11-06 Regulation FD, Exhibits
8-K 2018-10-29 Earnings, Officers, Other Events, Exhibits
8-K 2018-10-11 Enter Agreement, Off-BS Arrangement, Regulation FD, Other Events, Exhibits
8-K 2018-09-20 Other Events
8-K 2018-09-07 Other Events
8-K 2018-07-30 Regulation FD, Exhibits
8-K 2018-07-30 Earnings, Other Events, Exhibits
8-K 2018-06-29 Officers, Exhibits
8-K 2018-06-11 Regulation FD, Exhibits
8-K 2018-05-22 Enter Agreement, Regulation FD, Exhibits, Enter Agreement
8-K 2018-05-18 Shareholder Vote
8-K 2018-05-18 Regulation FD, Exhibits
8-K 2018-04-30 Earnings, Other Events, Exhibits
8-K 2018-02-26 Officers
8-K 2018-02-12 Enter Agreement, Regulation FD, Exhibits
8-K 2018-01-31 Regulation FD, Exhibits
8-K 2018-01-29 Earnings, Other Events, Exhibits

GABC 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation and Market Conditions
Note 2 - Recent Accounting Pronouncements
Note 3 - per Share Data
Note 4 - Securities
Note 5 - Derivatives
Note 6 - Loans
Note 7 - Repurchase Agreements Accounted for As Secured Borrowings
Note 8 - Segment Information
Note 9 - Stock Repurchase Plan
Note 10 - Equity Plans and Equity Based Compensation
Note 11 - Fair Value
Note 12 - Other Comprehensive Income (Loss)
Note 13 - Revenue Recognition
Note 14 - Leases
Note 15 - Business Combinations
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
EX-31.1 exhibit311-q12020.htm
EX-31.2 exhibit312-q12020.htm
EX-32.1 exhibit321-q12020.htm
EX-32.2 exhibit322-q12020.htm

German American Bancorp Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

Document
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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, 2020
 
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 filer
x
Accelerated filer ¨
Non-accelerated filer ¨
Smaller reporting company
Emerging 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 class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, no par value
GABC
Nasdaq Global Select Market

As of May 1, 2020, the registrant had 26,500,767 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, 2019, 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, 2020 and December 31, 2019
 
 
 
 
Consolidated Statements of Income – Three Months Ended March 31, 2020 and 2019
 
 
 
 
Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2020 and 2019
 
 
 
 
Consolidated Statements of Changes in Shareholders' Equity - Three Months Ended March 31, 2020 and 2019
 
 
 
 
Consolidated Statements of Cash Flows – Three Months Ended March 31, 2020 and 2019
 
 
 
 
Notes to Consolidated Financial Statements – March 31, 2020
 
 
 
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.
2009 ESPP:
German American Bancorp, Inc. 2009 Employee Stock Purchase Plan
2009 LTI Plan:
German American Bancorp, Inc. 2009 Long-Term Equity Incentive Plan
2019 ESPP:
German American Bancorp, Inc. 2019 Employee Stock Purchase Plan
2019 LTI Plan:
German American Bancorp, Inc. 2019 Long-Term Equity Incentive Plan
ASC:
Accounting Standards Codification
ASU:
Accounting Standards Update
Basel III:
Regulatory capital reforms agreed to by the Basel Committee on Banking Supervision, as reflected in the final rule 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
CBLR:
Community bank leverage ratio
CECL:
Current expected credit losses
CET1:
Common Equity Tier 1
Citizens First:
Citizens First Corporation
CMO:
Collateralized mortgage obligations
COVID-19:
Novel coronavirus disease 2019 declared, in March 2020, by the World Health Organization as a global pandemic and by the President of the United States as a national emergency
DFI:
Indiana Department of Financial Institutions
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


4


LIBOR:
London Interbank Offered Rate
MBS:
Mortgage-backed securities
NPV:
Net portfolio value
OCC:
Office of the Comptroller of the Currency
OTTI:
Other-than-temporary impairment
PCD:
Purchased with credit deterioration
PCI:
Purchased credit impaired
PPP:
Paycheck Protection Program established under the CARES Act
PPPL Facility:
Paycheck Protection Program Liquidity Facility authorized by the FRB pursuant to the Federal Reserve Act
SBA:
Small Business Administration
SEC:
Securities and Exchange Commission



5


PART  I.         FINANCIAL INFORMATION
Item 1.           Financial Statements
GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, dollars in thousands except share and per share data)
 
 
March 31,
2020
 
December 31,
2019
ASSETS
 
 

 
 

Cash and Due from Banks
 
$
48,293

 
$
59,971

Federal Funds Sold and Other Short-term Investments
 
41,847

 
43,913

Cash and Cash Equivalents
 
90,140

 
103,884

 
 
 
 
 
Interest-bearing Time Deposits with Banks
 
1,985

 
1,985

Securities Available-for-Sale, at Fair Value (Amortized Cost $838,923, No Allowance for Credit Losses)
 
875,787

 
854,825

Other Investments
 
353

 
353

 
 
 
 
 
Loans Held-for-Sale, at Fair Value
 
15,561

 
17,713

 
 
 
 
 
Loans
 
3,018,416

 
3,081,973

Less: Unearned Income
 
(4,683
)
 
(4,882
)
Allowance for Credit Losses
 
(36,641
)
 
(16,278
)
Loans, Net
 
2,977,092

 
3,060,813

 
 
 
 
 
Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost
 
13,968

 
13,968

Premises, Furniture and Equipment, Net
 
96,383

 
96,651

Other Real Estate
 
625

 
425

Goodwill
 
121,306

 
121,306

Intangible Assets
 
11,662

 
12,656

Company Owned Life Insurance
 
68,174

 
68,883

Accrued Interest Receivable and Other Assets
 
50,817

 
44,210

TOTAL ASSETS
 
$
4,323,853

 
$
4,397,672

 
 
 
 
 
LIABILITIES
 
 

 
 

Non-interest-bearing Demand Deposits
 
$
869,847

 
$
832,985

Interest-bearing Demand, Savings, and Money Market Accounts
 
2,008,757

 
1,965,640

Time Deposits
 
599,910

 
631,396

Total Deposits
 
3,478,514

 
3,430,021

 
 
 
 
 
FHLB Advances and Other Borrowings
 
207,965

 
349,686

Accrued Interest Payable and Other Liabilities
 
53,834

 
44,145

TOTAL LIABILITIES
 
3,740,313

 
3,823,852

 
 
 
 
 
SHAREHOLDERS’ EQUITY
 
 

 
 

Common Stock, no par value, $1 stated value; 45,000,000 shares authorized
 
26,540

 
26,671

Additional Paid-in Capital
 
274,860

 
278,954

Retained Earnings
 
253,780

 
253,090

Accumulated Other Comprehensive Income
 
28,360

 
15,105

TOTAL SHAREHOLDERS’ EQUITY
 
583,540

 
573,820

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
4,323,853

 
$
4,397,672

End of period shares issued and outstanding
 
26,540,031

 
26,671,368





See accompanying notes to consolidated financial statements.

6


GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, dollars in thousands except per share data)
 

Three Months Ended 
March 31,
 

2020

2019
INTEREST INCOME

 


 

Interest and Fees on Loans

$
37,858


$
35,119

Interest on Federal Funds Sold and Other Short-term Investments

158


141

Interest and Dividends on Securities:

 


 

Taxable

3,110


3,599

Non-taxable

2,445


2,330

TOTAL INTEREST INCOME

43,571


41,189








INTEREST EXPENSE

 


 

Interest on Deposits

5,657


5,416

Interest on FHLB Advances and Other Borrowings

1,658


2,182

TOTAL INTEREST EXPENSE

7,315


7,598








NET INTEREST INCOME

36,256


33,591

Provision for Credit Losses

5,150


675

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

31,106


32,916








NON-INTEREST INCOME

 


 

Trust and Investment Product Fees

2,031


1,567

Service Charges on Deposit Accounts

2,237


1,900

Insurance Revenues

3,229


3,205

Company Owned Life Insurance

1,222


884

Interchange Fee Income

2,482


2,095

Other Operating Income

427


871

Net Gains on Sales of Loans

1,863


981

Net Gains on Securities

590


155

TOTAL NON-INTEREST INCOME

14,081


11,658








NON-INTEREST EXPENSE

 


 

Salaries and Employee Benefits

17,400


15,044

Occupancy Expense

2,570


2,291

Furniture and Equipment Expense

1,011


928

FDIC Premiums



288

Data Processing Fees

1,686


1,583

Professional Fees

1,084


1,327

Advertising and Promotion

1,071


870

Intangible Amortization

960


843

Other Operating Expenses

4,546


3,585

TOTAL NON-INTEREST EXPENSE

30,328


26,759








Income before Income Taxes

14,859


17,815

Income Tax Expense

2,387


2,748

NET INCOME

$
12,472


$
15,067








Basic Earnings per Share

$
0.47


$
0.60

Diluted Earnings per Share

$
0.47


$
0.60

 



See accompanying notes to consolidated financial statements.

7


GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, dollars in thousands)
 
 
 
Three Months Ended
March 31,
 
 
2020
 
2019
 
 
 
 
 
NET INCOME
 
$
12,472

 
$
15,067

 
 
 
 
 
Other Comprehensive Income:
 
 

 
 

Unrealized Gains (Losses) on Securities:
 
 

 
 

Unrealized Holding Gain (Loss) Arising During the Period
 
17,479

 
12,201

Reclassification Adjustment for Gains Included in Net Income
 
(590
)
 
(155
)
Tax Effect
 
(3,634
)
 
(2,632
)
Net of Tax
 
13,255

 
9,414

 
 
 
 
 
Total Other Comprehensive Income
 
13,255

 
9,414

 
 
 
 
 
COMPREHENSIVE INCOME
 
$
25,727

 
$
24,481

 

 
 




 
 
 
 
 


























See accompanying notes to consolidated financial statements.

8


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

 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Total Shareholders' Equity
Balances, December 31, 2019
 
26,671,368

 
$
26,671

 
$
278,954

 
$
253,090

 
$
15,105

 
$
573,820

Cumulative Effect of Change in Accounting Principles (See Note 2 - Recent Accounting Pronouncements)
 
 
 
 
 
 
 
(6,717
)
 
 
 
(6,717
)
Balances, January 1, 2020
 
26,671,368

 
26,671

 
278,954

 
246,373

 
15,105

 
567,103

 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
 
 
 
 
 
 
 
12,472

 
 
 
12,472

Other Comprehensive Income
 
 
 
 
 
 
 
 
 
13,255

 
13,255

Cash Dividends ($0.19 per share)
 
 
 
 
 
 
 
(5,065
)
 
 
 
(5,065
)
Issuance of Common Stock for:
 
 
 
 
 
 
 
 
 
 
 


Restricted Share Grants
 
41,752

 
42

 
228

 
 
 
 
 
270

Stock Repurchase
 
(173,089
)
 
(173
)
 
(4,322
)
 
 
 
 
 
(4,495
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances, March 31, 2020
 
26,540,031

 
$
26,540

 
$
274,860

 
$
253,780

 
$
28,360

 
$
583,540

 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Total Shareholders' Equity
Balances, December 31, 2018
 
24,967,458

 
$
24,967

 
$
229,347

 
$
211,424

 
$
(7,098
)
 
$
458,640

 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
 
 
 
 
 
 
 
15,067

 
 
 
15,067

Other Comprehensive Income
 
 
 
 
 
 
 
 
 
9,414

 
9,414

Cash Dividends ($0.17 per share)
 
 
 
 
 
 
 
(4,245
)
 
 
 
(4,245
)
Issuance of Common Stock for:
 
 
 
 
 
 
 
 
 
 
 


Restricted Share Grants
 
24,780

 
25

 
286

 
 
 
 
 
311

 
 
 
 
 
 
 
 
 
 
 
 
 
Balances, March 31, 2019
 
24,992,238

 
$
24,992

 
$
229,633

 
$
222,246

 
$
2,316

 
$
479,187

 
 
 
 
 
 
 
 
 
 
 
 
 













See accompanying notes to consolidated financial statements.

9


GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, dollars in thousands)
 
 
Three Months Ended 
March 31,
 
 
2020
 
2019
CASH FLOWS FROM OPERATING ACTIVITIES
 
 

 
 

Net Income
 
$
12,472

 
$
15,067

Adjustments to Reconcile Net Income to Net Cash from Operating Activities:
 
 

 
 

Net Amortization on Securities
 
1,121

 
868

Depreciation and Amortization
 
2,341

 
2,010

Loans Originated for Sale
 
(54,906
)
 
(33,043
)
Proceeds from Sales of Loans Held-for-Sale
 
58,459

 
29,622

Provision for Credit Losses
 
5,150

 
675

Gain on Sale of Loans, net
 
(1,863
)
 
(981
)
Gain on Securities, net