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Section 1: 10-Q (10-Q)

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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 June 30, 2019
 
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 August 1, 2019, the registrant had 26,660,878 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, 2018, 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 from time to time in our subsequent SEC filings, including by Item 2 of Part I of this Report (“Management’s Discussion and Analysis of Financial Condition and Results of Operations”) at the conclusion of that Item 2 under the heading “Forward-Looking Statements and Associated Risks.”

2


*****
 
INDEX
 
PART I.            FINANCIAL INFORMATION
 
 
 
Item 1.
Unaudited Financial Statements
 
 
 
 
Consolidated Balance Sheets – June 30, 2019 and December 31, 2018
 
 
 
 
Consolidated Statements of Income – Three Months Ended June 30, 2019 and 2018
 
 
 
 
Consolidated Statements of Income – Six Months Ended June 30, 2019 and 2018
 
 
 
 
Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2019 and 2018
 
 
 
 
Consolidated Statements of Changes in Shareholders' Equity - Three and Six Months Ended June 30, 2019 and 2018
 
 
 
 
Consolidated Statements of Cash Flows – Six Months Ended June 30, 2019 and 2018
 
 
 
 
Notes to Consolidated Financial Statements – June 30, 2019
 
 
 
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


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)
 
 
June 30,
2019
 
December 31,
2018
ASSETS
 
 

 
 

Cash and Due from Banks
 
$
48,634

 
$
64,549

Federal Funds Sold and Other Short-term Investments
 
41,373

 
32,001

Cash and Cash Equivalents
 
90,007

 
96,550

 
 
 
 
 
Interest-bearing Time Deposits with Banks
 
250

 
250

Securities Available-for-Sale, at Fair Value
 
840,692

 
812,611

Other Investments
 
353

 
353

 
 
 
 
 
Loans Held-for-Sale, at Fair Value
 
14,184

 
4,263

 
 
 
 
 
Loans
 
2,720,674

 
2,731,741

Less: Unearned Income
 
(3,646
)
 
(3,682
)
Allowance for Loan Losses
 
(16,239
)
 
(15,823
)
Loans, Net
 
2,700,789

 
2,712,236

 
 
 
 
 
Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost
 
13,048

 
13,048

Premises, Furniture and Equipment, Net
 
89,413

 
80,627

Other Real Estate
 
635

 
286

Goodwill
 
103,799

 
103,681

Intangible Assets
 
9,510

 
9,964

Company Owned Life Insurance
 
59,536

 
59,896

Accrued Interest Receivable and Other Assets
 
48,523

 
35,325

TOTAL ASSETS
 
$
3,970,739

 
$
3,929,090

 
 
 
 
 
LIABILITIES
 
 

 
 

Non-interest-bearing Demand Deposits
 
$
725,367

 
$
715,972

Interest-bearing Demand, Savings, and Money Market Accounts
 
1,805,694

 
1,768,177

Time Deposits
 
597,771

 
588,483

Total Deposits
 
3,128,832

 
3,072,632

 
 
 
 
 
FHLB Advances and Other Borrowings
 
305,940

 
376,409

Accrued Interest Payable and Other Liabilities
 
36,556

 
21,409

TOTAL LIABILITIES
 
3,471,328

 
3,470,450

 
 
 
 
 
SHAREHOLDERS’ EQUITY
 
 

 
 

Common Stock, no par value, $1 stated value; 45,000,000 shares authorized
 
24,992

 
24,967

Additional Paid-in Capital
 
229,943

 
229,347

Retained Earnings
 
233,269

 
211,424

Accumulated Other Comprehensive Income (Loss)
 
11,207

 
(7,098
)
TOTAL SHAREHOLDERS’ EQUITY
 
499,411

 
458,640

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
3,970,739

 
$
3,929,090

End of period shares issued and outstanding
 
24,992,238

 
24,967,458





See accompanying notes to consolidated financial statements.

4


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

Three Months Ended 
June 30,
 

2019

2018
INTEREST INCOME

 


 

Interest and Fees on Loans

$
35,046


$
26,308

Interest on Federal Funds Sold and Other Short-term Investments

85


54

Interest and Dividends on Securities:

 


 

Taxable

3,555


2,962

Non-taxable

2,350


2,209

TOTAL INTEREST INCOME

41,036


31,533








INTEREST EXPENSE

 


 

Interest on Deposits

5,759


2,848

Interest on FHLB Advances and Other Borrowings

1,636


1,216

TOTAL INTEREST EXPENSE

7,395


4,064








NET INTEREST INCOME

33,641


27,469

Provision for Loan Losses

250


1,220

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

33,391


26,249








NON-INTEREST INCOME

 


 

Trust and Investment Product Fees

1,913


1,677

Service Charges on Deposit Accounts

2,024


1,643

Insurance Revenues

1,929


1,696

Company Owned Life Insurance

304


260

Interchange Fee Income

2,332


1,714

Other Operating Income

461


913

Net Gains on Sales of Loans

1,030


905

Net Gains on Securities

516


74

TOTAL NON-INTEREST INCOME

10,509


8,882








NON-INTEREST EXPENSE

 


 

Salaries and Employee Benefits

14,117


12,019

Occupancy Expense

2,279


1,811

Furniture and Equipment Expense

933


716

FDIC Premiums

245


238

Data Processing Fees

1,803


1,398

Professional Fees

1,174


1,361

Advertising and Promotion

936


857

Intangible Amortization

802


306

Other Operating Expenses

3,329


3,002

TOTAL NON-INTEREST EXPENSE

25,618


21,708








Income before Income Taxes

18,282


13,423

Income Tax Expense

3,011


2,326

NET INCOME

$
15,271


$
11,097








Basic Earnings per Share

$
0.61


$
0.48

Diluted Earnings per Share

$
0.61


$
0.48

 



See accompanying notes to consolidated financial statements.

5


GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, dollars in thousands except per share data)
 
 
Six Months Ended
June 30,
 
 
2019
 
2018
INTEREST INCOME
 
 

 
 

Interest and Fees on Loans
 
$
70,165

 
$
50,258

Interest on Federal Funds Sold and Other Short-term Investments
 
226

 
110

Interest and Dividends on Securities:
 


 


Taxable
 
7,154

 
5,960

Non-taxable
 
4,680

 
4,350

TOTAL INTEREST INCOME
 
82,225

 
60,678

 
 
 
 
 
INTEREST EXPENSE
 
 

 
 

Interest on Deposits
 
11,175

 
5,131

Interest on FHLB Advances and Other Borrowings
 
3,818

 
2,468

TOTAL INTEREST EXPENSE
 
14,993

 
7,599

 
 
 
 
 
NET INTEREST INCOME
 
67,232

 
53,079

Provision for Loan Losses
 
925

 
1,570

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
 
66,307

 
51,509

 
 
 
 
 
NON-INTEREST INCOME
 
 

 
 

Trust and Investment Product Fees
 
3,480

 
3,450

Service Charges on Deposit Accounts
 
3,924

 
3,114

Insurance Revenues
 
5,134

 
4,626

Company Owned Life Insurance
 
1,188

 
572

Interchange Fee Income
 
4,427

 
3,196

Other Operating Income
 
1,332

 
1,517

Net Gains on Sales of Loans
 
2,011

 
1,555

Net Gains on Securities
 
671

 
344

TOTAL NON-INTEREST INCOME
 
22,167

 
18,374

 
 
 
 
 
NON-INTEREST EXPENSE
 
 

 
 

Salaries and Employee Benefits
 
29,161

 
24,145

Occupancy Expense
 
4,570

 
3,555

Furniture and Equipment Expense
 
1,861

 
1,381

FDIC Premiums
 
533

 
475

Data Processing Fees
 
3,386

 
2,525

Professional Fees
 
2,501

 
2,232

Advertising and Promotion
 
1,806

 
1,558

Intangible Amortization
 
1,645

 
512

Other Operating Expenses
 
6,914

 
5,780

TOTAL NON-INTEREST EXPENSE
 
52,377

 
42,163

 
 
 
 
 
Income before Income Taxes
 
36,097

 
27,720

Income Tax Expense
 
5,759

 
4,810

NET INCOME
 
$
30,338

 
$
22,910

 
 
 
 
 
Basic Earnings per Share
 
$
1.21

 
$
1.00

Diluted Earnings per Share
 
$
1.21

 
$
1.00





See accompanying notes to consolidated financial statements.

6


GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, dollars in thousands)
 
 
 
Three Months Ended
June 30,
 
 
2019
 
2018
 
 
 
 
 
NET INCOME
 
$
15,271

 
$
11,097

 
 
 
 
 
Other Comprehensive Income (Loss):
 
 

 
 

Unrealized Gains (Losses) on Securities:
 
 

 
 

Unrealized Holding Gain (Loss) Arising During the Period
 
11,838

 
(1,840
)
Reclassification Adjustment for Gains Included in Net Income
 
(516
)
 
(74
)
Tax Effect
 
(2,431
)
 
413

Net of Tax
 
8,891

 
(1,501
)
 
 
 
 
 
Total Other Comprehensive Income (Loss)
 
8,891

 
(1,501
)
 
 
 
 
 
COMPREHENSIVE INCOME
 
$
24,162

 
$
9,596

 

 
 




 
 
Six Months Ended
June 30,
 
 
2019
 
2018
 
 
 
 
 
NET INCOME
 
$
30,338

 
$
22,910

 
 
 
 
 
Other Comprehensive Income (Loss):
 
 

 
 

Unrealized Gains (Losses) on Securities:
 
 

 
 

Unrealized Holding Gain (Loss) Arising During the Period
 
24,039

 
(13,292
)
Reclassification Adjustment for Gains Included in Net Income
 
(671
)
 
(344
)
Tax Effect
 
(5,063
)
 
2,917

Net of Tax
 
18,305

 
(10,719
)
 
 
 
 
 
Total Other Comprehensive Income (Loss)
 
18,305

 
(10,719
)
 
 
 
 
 
COMPREHENSIVE INCOME
 
$
48,643

 
$
12,191










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
 
 
 
 
 
 
 
 
 
 
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 (Loss)
 
 
 
 
 
 
 
 
 
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

 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
 
 

 
 
 
 
 
15,271

 
 
 
15,271

Other Comprehensive Income (Loss)
 
 

 
 
 
 
 
 
 
8,891

 
8,891

Cash Dividends ($0.17 per share)
 
 

 
 
 
 
 
(4,248
)
 
 
 
(4,248
)
Issuance of Common Stock for:
 
 

 
 
 
 
 
 

 
 

 
 

Restricted Share Grants
 


 


 
310

 
 
 
 
 
310

 
 
 
 
 
 
 
 
 
 
 
 
 
Balances, June 30, 2019
 
24,992,238

 
$
24,992

 
$
229,943

 
$
233,269

 
$
11,207

 
$
499,411



 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Total Shareholders' Equity
Balances, December 31, 2017
 
22,934,403

 
$
22,934

 
$
165,288

 
$
178,969

 
$
(2,620
)
 
$
364,571

 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
 
 
 
 
 
 
 
11,813

 
 
 
11,813

Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
(9,218
)
 
(9,218
)
Cash Dividends ($0.15 per share)
 
 
 
 
 
 
 
(3,440
)
 
 
 
(3,440
)
Issuance of Common Stock for:
 
 
 
 
 
 
 
 
 
 
 


Restricted Share Grants
 
34,410

 
35

 
244

 
 
 
 
 
279

 
 
 
 
 
 
 
 
 
 
 
 
 
Balances, March 31, 2018
 
22,968,813

 
$
22,969

 
$
165,532

 
$
187,342

 
$
(11,838
)
 
$
364,005

 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
 
 

 
 
 
 
 
11,097

 
 
 
11,097

Other Comprehensive Income (Loss)
 
 

 
 
 
 
 
 
 
(1,501
)
 
(1,501
)
Cash Dividends ($0.15 per share)
 
 

 
 
 
 
 
(3,445
)
 
 
 
(3,445
)
Issuance of Common Stock for:
 
 

 
 
 
 
 
 

 
 

 
 

Restricted Share Grants
 
(915
)
 
(1
)
 
385

 
 
 
 
 
384

 
 
 
 
 
 
 
 
 
 
 
 
 
Balances, June 30, 2018
 
22,967,898

 
$
22,968

 
$
165,917

 
$
194,994

 
$
(13,339
)
 
$
370,540


See accompanying notes to consolidated financial statements.

8


GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, dollars in thousands)
 
 
Six Months Ended 
June 30,
 
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES
 
 

 
 

Net Income
 
$
30,338

 
$
22,910

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

 
 

Net Amortization on Securities
 
1,784

 
1,793

Depreciation and Amortization
 
4,073

 
2,601

Loans Originated for Sale
 
(78,128
)
 
(65,071
)
Proceeds from Sales of Loans Held-for-Sale
 
70,003

 
63,710

Provision for Loan Losses
 
925

 
1,570

Gain on Sale of Loans, net
 
(2,011
)
 
(1,555
)
Gain on Securities, net
 
(671
)
 
(344
)
Gain on Sales of Other Real Estate and Repossessed Assets
 

 
(13
)
Loss (Gain) on Disposition and Donation of Premises and Equipment
 

 
(36
)
Gain on Disposition of Land
 
(262
)
 

Increase in Cash Surrender Value of Company Owned Life Insurance
 
(659
)
 
(521
)
Equity Based Compensation
 
621

 
663

Change in Assets and Liabilities:
 
 

 
 

Interest Receivable and Other Assets
 
(14,718
)
 
2,924

Interest Payable and Other Liabilities
 
1,584

 
90

Net Cash from Operating Activities
 
12,879

 
28,721

 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 

 
 

Proceeds from Maturities of Securities Available-for-Sale
 
45,980

 
37,481

Proceeds from Sales of Securities Available-for-Sale
 
22,274

 
17,515

Purchase of Securities Available-for-Sale
 
(74,078
)
 
(68,923
)
Purchase of Loans
 
(521
)
 

Proceeds from Sales of Loans
 

 
6,000

Loans Made to Customers, net of Payments Received
 
10,335

 
(66,922
)
Proceeds from Sales of Other Real Estate
 
359

 
54

Property and Equipment Expenditures
 
(3,172
)
 
(8,862
)
Proceeds from Sales of Property and Equipment
 

 
40

Proceeds from Sale of Land
 
722

 

Proceeds from Life Insurance
 
1,019

 

Acquire Bank Branches
 

 
41,392

Net Cash from Investing Activities
 
2,918

 
(42,225
)
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES