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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, 2022
 
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 6, 2022, the registrant had 29,484,970 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, 2021, 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, 2022 and December 31, 2021
   
 Consolidated Statements of Income – Three Months Ended March 31, 2022 and 2021
 Consolidated Statements of Comprehensive Income (Loss) – Three Months Ended March 31, 2022 and 2021
   
Consolidated Statements of Changes in Shareholders’ Equity - Three Months Ended March 31, 2022 and 2021
 Consolidated Statements of Cash Flows – Three Months Ended March 31, 2022 and 2021
   
 Notes to Consolidated Financial Statements – March 31, 2022
   
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
ASC:     Accounting Standards Codification
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
CAA:     2021 Consolidated Appropriations Act enacted on December 27, 2020, which included a $900 billion COVID-19 relief package
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
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
CUB:    Citizens Union Bancorp of Shelbyville, Inc., which was acquired by the Company on January 1, 2022

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
4


OCC:     Office of the Comptroller of the Currency
PCD:     Purchased with credit deterioration
PCI:    Purchased credit impaired
PPP:    Paycheck Protection Program established under the CARES Act
SBA:    Small Business Administration
SEC:    Securities and Exchange Commission
TDR:    Troubled Debt Restructurings



5


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,
2022
December 31,
2021
ASSETS  
Cash and Due from Banks$60,477 $47,173 
Federal Funds Sold and Other Short-term Investments610,115 349,717 
Cash and Cash Equivalents670,592 396,890 
Interest-bearing Time Deposits with Banks995 745 
Securities Available-for-Sale, at Fair Value (Amortized Cost $2,072,913 for March 31, 2022; Amortized Cost $1,869,198 for December 31, 2021; No Allowance for Credit Losses)
1,923,620 1,889,617 
Other Investments353 353 
Loans Held-for-Sale, at Fair Value12,675 10,585 
Loans3,656,034 3,007,926 
Less: Unearned Income(3,582)(3,662)
Allowance for Credit Losses(45,078)(37,017)
Loans, Net3,607,374 2,967,247 
Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost15,455 13,048 
Premises, Furniture and Equipment, Net111,815 88,863 
Other Real Estate30  
Goodwill178,619 121,761 
Intangible Assets12,330 5,845 
Company Owned Life Insurance83,182 70,070 
Accrued Interest Receivable and Other Assets80,589 43,515 
TOTAL ASSETS$6,697,629 $5,608,539 
LIABILITIES  
Non-interest-bearing Demand Deposits$1,789,353 $1,529,223 
Interest-bearing Demand, Savings, and Money Market Accounts3,527,373 2,867,994 
Time Deposits512,884 347,099 
Total Deposits5,829,610 4,744,316 
FHLB Advances and Other Borrowings156,124 152,183 
Accrued Interest Payable and Other Liabilities62,859 43,581 
TOTAL LIABILITIES6,048,593 4,940,080 
SHAREHOLDERS’ EQUITY  
Common Stock, no par value, $1 stated value; 45,000,000 shares authorized
29,486 26,554 
Additional Paid-in Capital385,272 276,057 
Retained Earnings352,679 350,364 
Accumulated Other Comprehensive Income (Loss)(118,401)15,484 
TOTAL SHAREHOLDERS’ EQUITY649,036 668,459 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$6,697,629 $5,608,539 
End of period shares issued and outstanding29,485,683 26,553,508 



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,
 20222021
INTEREST INCOME  
Interest and Fees on Loans$38,935 $35,104 
Interest on Federal Funds Sold and Other Short-term Investments280 85 
Interest and Dividends on Securities:  
Taxable4,520 2,607 
Non-taxable5,540 3,729 
TOTAL INTEREST INCOME49,275 41,525 
INTEREST EXPENSE  
Interest on Deposits1,329 1,442 
Interest on FHLB Advances and Other Borrowings1,038 1,151 
TOTAL INTEREST EXPENSE2,367 2,593 
NET INTEREST INCOME46,908 38,932 
Provision (Benefit) for Credit Losses5,200 (1,500)
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES41,708 40,432 
NON-INTEREST INCOME  
Wealth Management Fees2,638 2,358 
Service Charges on Deposit Accounts2,683 1,678 
Insurance Revenues3,721 3,292 
Company Owned Life Insurance458 352 
Interchange Fee Income3,627 2,830 
Other Operating Income1,268 1,350 
Net Gains on Sales of Loans1,421 2,202 
Net Gains on Securities372 975 
TOTAL NON-INTEREST INCOME16,188 15,037 
NON-INTEREST EXPENSE  
Salaries and Employee Benefits23,088 17,805 
Occupancy Expense2,879 3,372 
Furniture and Equipment Expense930 976 
FDIC Premiums476 334 
Data Processing Fees7,724 1,743 
Professional Fees2,363 1,160 
Advertising and Promotion1,138 782 
Intangible Amortization1,017 760 
Other Operating Expenses8,545 4,327 
TOTAL NON-INTEREST EXPENSE48,160 31,259 
Income before Income Taxes9,736 24,210 
Income Tax Expense669 4,653 
NET INCOME$9,067 $19,557 
Basic Earnings per Share$0.31 $0.74 
Diluted Earnings per Share$0.31 $0.74 
 



See accompanying notes to consolidated financial statements.
7


GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, dollars in thousands)
 
 Three Months Ended 
March 31,
 20222021
NET INCOME$9,067 $19,557 
Other Comprehensive Income (Loss):  
Unrealized Gains (Losses) on Securities:  
Unrealized Holding Gain (Loss) Arising During the Period(169,340)(26,685)
Reclassification Adjustment for Gains Included in Net Income(372)(975)
Tax Effect35,827 5,832 
Net of Tax(133,885)(21,828)
Total Other Comprehensive Income (Loss)(133,885)(21,828)
COMPREHENSIVE INCOME (LOSS)$(124,818)$(2,271)
 

 
 






























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
 SharesAmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Shareholders' Equity
Balances, January 1, 202226,553,508 $26,554 $276,057 $350,364 $15,484 $668,459 
Net Income— — — 9,067 — 9,067 
Other Comprehensive Income (Loss)— — — — (133,885)(133,885)
Cash Dividends ($0.23 per share)
— — — (6,752)— (6,752)
Issuance of Common Stock for:
Acquisition of Citizens Union Bancorp of Shelbyville, Inc., net2,870,975 2,871 108,852 — — 111,723 
Restricted Share Grants61,200 61 363 — — 424 
Balances, March 31, 202229,485,683 $29,486 $385,272 $352,679 $(118,401)$649,036 




Common Stock
 SharesAmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Shareholders' Equity
Balances, January 1, 202126,502,157 $26,502 $274,385 $288,447 $35,375 $624,709 
Net Income— — — 19,557 — 19,557 
Other Comprehensive Income— — — — (21,828)(21,828)
Cash Dividends ($0.21 per share)
— — — (5,554)— (5,554)
Issuance of Common Stock for:
Restricted Share Grants44,123 44 285 — — 329 
Balances, March 31, 202126,546,280 $26,546 $274,670 $302,450 $13,547 $617,213 













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,
 20222021
CASH FLOWS FROM OPERATING ACTIVITIES  
Net Income$9,067 $19,557 
Adjustments to Reconcile Net Income to Net Cash from Operating Activities:  
Net Amortization on Securities1,735 1,553 
Depreciation and Amortization2,654 2,327 
Loans Originated for Sale(46,256)(70,550)
Proceeds from Sales of Loans Held-for-Sale48,039 71,465 
Provision (Benefit) for Credit Losses5,200 (1,500)
Gain on Sale of Loans, net(1,421)(2,202)
Gain on Securities, net(372)(975)
Gain on Sales of Other Real Estate and Repossessed Assets1  
Loss on Disposition and Donation of Premises and Equipment(18)479 
Increase in Cash Surrender Value of Company Owned Life Insurance(436)(356)
Equity Based Compensation424 329 
Change in Assets and Liabilities:  
Interest Receivable and Other Assets12,524 711 
Interest Payable and Other Liabilities15,126 5,852 
Net Cash from Operating Activities46,267 26,690 
CASH FLOWS FROM INVESTING ACTIVITIES  
Proceeds from Maturities of Securities Available-for-Sale40,087 57,093 
Proceeds from Sales of Securities Available-for-Sale91,946 51,370 
Purchase of Securities Available-for-Sale(234,878)(304,722)
Proceeds from Redemption of Federal Home Loan Bank Stock7,671 120 
Purchase of Loans(833) 
Proceeds from Sales of Loans622  
Loans Made to Customers, net of Payments Received30,525 (29,391)
Proceeds from Sales of Other Real Estate39  
Property and Equipment Expenditures(4,057)(835)
Proceeds from Sales of Land and Buildings 1,614 
Proceeds from Life Insurance205  
Acquisition of Citizens Union Bancorp of Shelbyville, Inc.207,764  
Net Cash from Investing Activities139,091 (224,751)
CASH FLOWS FROM FINANCING ACTIVITIES  
Change in Deposits154,309 272,173 
Change in Short-term Borrowings(17,608)(13,041)
Repayments of Long-term Debt(41,605)(8,021)
Dividends Paid(6,752)(5,554)
Net Cash from Financing Activities88,344 245,557 
Net Change in Cash and Cash Equivalents273,702 47,496 
Cash and Cash Equivalents at Beginning of Year396,890 345,748 
Cash and Cash Equivalents at End of Period$670,592 $393,244 
Cash Paid During the Period for
Interest$1,661 $2,391 
Income Taxes(648)(246)
Supplemental Non Cash Disclosures   
Reclassification of Land and Buildings to Other Assets$ $366 
Supplemental Schedule for Investing Activities
Business Combinations (See Note 15 for Business Combinations)
    Assets acquired, net of purchase consideration$946,713 $ 
    Liabilities assumed1,003,572  
    Goodwill $56,859 $ 
See accompanying notes to consolidated financial statements.
10


GERMAN AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(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, 2021. 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

Accounting Guidance Issued But Not Yet Adopted
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. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is continuing to evaluate the impact of adopting this standard over the effective period and does not expect it to have a material impact.

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 (TDR) 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 is currently evaluating the impact of adopting the new guidance on the consolidated financial statements.
















11


GERMAN AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2021
(unaudited, dollars in thousands except share and per share data)
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,
 20222021
Basic Earnings per Share:  
Net Income$9,067 $19,557 
Weighted Average Shares Outstanding29,403,052 26,510,001 
Basic Earnings per Share$0.31 $0.74 
Diluted Earnings per Share:  
Net Income$9,067 $19,557 
Weighted Average Shares Outstanding29,403,052 26,510,001 
Potentially Dilutive Shares, Net  
Diluted Weighted Average Shares Outstanding29,403,052 26,510,001 
Diluted Earnings per Share$0.31 $0.74 
For the three months ended March 31, 2022 and 2021, 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
Allowance for Credit Losses Fair
Value
    
March 31, 2022    
Obligations of State and Political Subdivisions$951,417 $6,248 $(77,796)$ $879,869 
MBS/CMO890,290 451 (62,437) 828,304 
US Gov’t Sponsored Entities & Agencies231,206  (15,759) 215,447 
Total$2,072,913 $6,699 $(155,992)$ $1,923,620 
December 31, 2021    
Obligations of State and Political Subdivisions$896,048 $31,138 $(1,480)$ $925,706 
MBS/CMO797,693 4,738 (10,481) 791,950 
US Gov’t Sponsored Entities & Agencies175,457 192 (3,688) 171,961 
Total$1,869,198 $36,068 $(15,649)$ $1,889,617 
 
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 Entities & Agencies in the above table have underlying collateral of equipment, machinery and commercial real estate.

12


GERMAN AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(unaudited, dollars in thousands except share and per share data)

NOTE 4 - Securities (continued)
The amortized cost and fair value of Securities at March 31, 2022 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$3,473 $3,499 
Due after one year through five years20,399 20,755 
Due after five years through ten years76,417 77,310 
Due after ten years851,128 778,305 
MBS/CMO890,290 828,304 
US Gov’t Sponsored Entities & Agencies231,206 215,447 
Total$2,072,913 $1,923,620 
  
Proceeds from the Sales of Securities are summarized below:
 Three Months EndedThree Months Ended
March 31, 2022March 31, 2021
Proceeds from Sales$91,946 $51,370 
Gross Gains on Sales372 975 
Income Taxes on Gross Gains78 205 
The carrying value of securities pledged to secure repurchase agreements, public and trust deposits, and for other purposes as required by law was $