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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 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
 
(590
)
 
(155
)
Loss on Disposition and Donation of Premises and Equipment
 
27

 

Gain on Disposition of Land
 

 
(262
)
Increase in Cash Surrender Value of Company Owned Life Insurance
 
(373
)
 
(331
)
Equity Based Compensation
 
270

 
311

Change in Assets and Liabilities:
 
 

 
 

Interest Receivable and Other Assets
 
(6,438
)
 
683

Interest Payable and Other Liabilities
 
8,271

 
879

Net Cash from Operating Activities
 
23,941

 
15,343

 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 

 
 

Proceeds from Maturities of Securities Available-for-Sale
 
31,698

 
18,123

Proceeds from Sales of Securities Available-for-Sale
 
10,989

 
11,815

Purchase of Securities Available-for-Sale
 
(47,292
)
 
(30,591
)
Purchase of Loans
 

 
(521
)
Loans Made to Customers, net of Payments Received
 
69,603

 
18,808

Proceeds from Sales of Other Real Estate
 

 
286

Property and Equipment Expenditures
 
(1,166
)
 
(1,629
)
Proceeds from Sale of Land
 
85

 
722

Proceeds from Life Insurance
 
1,082

 
1,019

Net Cash from Investing Activities
 
64,999

 
18,032

 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES
 
 

 
 

Change in Deposits
 
48,658

 
(7,184
)
Change in Short-term Borrowings
 
(134,214
)
 
(83,904
)
Advances in Long-term Debt
 

 
25,000

Repayments of Long-term Debt
 
(7,568
)
 
(64
)
Issuance (Repurchase) of Common Stock
 
(4,495
)
 

Dividends Paid
 
(5,065
)
 
(4,245
)
Net Cash from Financing Activities
 
(102,684
)
 
(70,397
)
 
 
 
 
 
Net Change in Cash and Cash Equivalents
 
(13,744
)
 
(37,022
)
Cash and Cash Equivalents at Beginning of Year
 
103,884

 
96,550

Cash and Cash Equivalents at End of Period
 
$
90,140

 
$
59,528

Cash Paid During the Period for
Interest
 
$
7,701

 
$
7,468

Income Taxes
 
(45
)
 

 
 
 
 
 
Supplemental Non Cash Disclosures
 
 

 
 

Loans Transferred to Other Real Estate
 
$
200

 
$
685

Right of Use Asset Obtained in Exchange for Lease Liabilities
 

 
9,034

    
See accompanying notes to consolidated financial statements.

10


GERMAN AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2020
(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, 2019. 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.

Impact of COVID-19
On January 30, 2020, the World Health Organization (“WHO”) announced that the outbreak of the novel coronavirus disease 2019 (COVID-19) constituted a public health emergency of international concern. On March 11, 2020, WHO declared COVID-19 to be a global pandemic and, on March 13, 2020, the President of the United States declared the COVID-19 outbreak a national emergency. The health concerns relating to the COVID-19 outbreak and related governmental actions taken to reduce the spread of the virus have significantly impacted the global economy (including the states and local economies in which we operate), disrupted supply chains, lowered equity market valuations, and created significant volatility and disruption in financial markets. The outbreak has resulted in authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, shelter in place or total lock-down orders and business limitations and shutdowns. Such measures have significantly contributed to rising unemployment and negatively impacted consumer and business spending. As a result, the demand for the Company’s products and services has been, and will continue to be, significantly impacted.
Furthermore, the outbreak could negatively impact our employees and customers’ ability to engage in banking and other financial transactions. The Company also could be adversely affected if key personnel or a significant number of employees were to become unavailable due to the effects and restrictions of a COVID-19 outbreak in our market areas. The fair value of certain assets could be impacted by the effects of COVID-19. The carrying value of goodwill, right-of-use lease assets, and other real estate owned could decrease resulting in future impairment losses. Management will continue to evaluate current economic conditions to determine if a triggering event would impact the current valuations for these assets. As a result, it is not currently possible to ascertain the overall impact of COVID-19 on the Company’s business. However, if the pandemic continues to evolve into a prolonged worldwide health crisis, the disease could have a material adverse effect on the Company’s business, results of operations, financial condition and cash flows.

NOTE 2 - Recent Accounting Pronouncements

Loan Modifications and Troubled Debt Restructures due to COVID-19
On April 7, 2020, the Board of Governors of the Federal Reserve System (the "FRB"), the Office of the Comptroller of the Currency (the “OCC”), and the Federal Deposit Insurance Corporation (the “FDIC” and, together with the FRB and OCC, the “federal banking regulators”) issued a revised Interagency Statement on Loan Modifications and Reporting for Financial Institutions, which, among other things, encouraged financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations because of the effects of COVID-19, and stated that institutions generally do not need to categorize COVID-19-related modifications as troubled debt restructures and that the agencies will not direct supervised institutions to automatically categorize all COVID-19 related loan modifications as troubled debt restructures.

Recently Adopted Accounting Guidance
In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments). The new CECL model requires an estimate of expected credit losses, measured over the contractual life of an instrument, which considers reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions. The standard provides significant flexibility and requires a high degree of judgement with regards to pooling financial assets with

11


GERMAN AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2020
(unaudited, dollars in thousands except share and per share data)

NOTE 2 - Recent Accounting Pronouncements (continued)

similar risk characteristics and adjusting the relevant historical loss information in order to develop an estimate of expected lifetime losses.

The Company adopted ASC 326 on January 1, 2020 using the modified restrospective approach. Results for reporting periods after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net reduction of retained earnings of $6,717 upon adoption.

The Company adopted ASC 326 using the prospective transition approach for financial assets purchased with credit deterioration (PCD) that were previously classified as purchased credit impaired (PCI) and accounted for under ASC 310-30. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2020, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $6,886 of the allowance for credit losses. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at the effective interest rate as of January 1, 2020.

The Company expanded the loan portfolio segments used to determine the allowance for credit losses for loans into eight loan segments as opposed to six loan segments under the incurred loss methodology. The following table illustrates the impact of the segment expansion as of January 1, 2020.

(dollars in thousands)
 
December 31, 2019 Statement Balance
 
Segment Portfolio Reclassifications
 
December 31, 2019 After Reclassification
Loans:
 
 
 
 
 
 
 
Commercial and Industrial Loans
 
$
589,758

 
$
(57,257
)
 
$
532,501

 
Commercial Real Estate Loans
 
1,495,862

 
N/A

 
1,495,862

 
Agricultural Loans
 
384,526

 
N/A

 
384,526

 
Leases
 
N/A

 
57,257

 
57,257

 
Home Equity Loans
 
225,755

 
N/A

 
225,755

 
Consumer Loans
 
81,217

 
(11,953
)
 
69,264

 
Credit Cards
 
N/A

 
11,953

 
11,953

 
Residential Mortgage Loans
 
304,855

 
N/A

 
304,855

 
  Total Loans
 
$
3,081,973

 
$

 
$
3,081,973




12


GERMAN AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2020
(unaudited, dollars in thousands except share and per share data)

NOTE 2 - Recent Accounting Pronouncements (continued)

The following table illustrates the impact of ASC 326:
(dollars in thousands)
 
December 31, 2019 After Reclassification
 
Impact of ASC 326 Adoption
 
January 1, 2020 Post-ASC 326 Adoption
Assets:
 
 
 
 
 
 
  Loans:
 
 
 
 
 
 
    Commercial and Industrial Loans
 
$
532,501

 
$
2,191

 
$
534,692

    Commercial Real Estate Loans
 
1,495,862

 
4,385

 
1,500,247

    Agricultural Loans
 
384,526

 
128

 
384,654

    Leases
 
57,257

 

 
57,257

    Home Equity Loans
 
225,755

 
35

 
225,790

    Consumer Loans
 
69,264

 

 
69,264

    Credit Cards
 
11,953

 

 
11,953

    Residential Mortgage Loans
 
304,855

 
147

 
305,002

      Allowance for Credit Losses on Loans
 
(16,278
)
 
(15,653
)
 
(31,931
)