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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, 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 August 1, 2020, the registrant had 26,497,771 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 – June 30, 2020 and December 31, 2019
 
 
 
 
Consolidated Statements of Income – Three Months Ended June 30, 2020 and 2019
 
 
 
 
Consolidated Statements of Income – Six Months Ended June 30, 2020 and 2019
 
 
 
 
Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2020 and 2019
 
 
 
 
Consolidated Statements of Changes in Shareholders' Equity - Three and Six Months Ended June 30, 2020 and 2019
 
 
 
 
Consolidated Statements of Cash Flows – Six Months Ended June 30, 2020 and 2019
 
 
 
 
Notes to Consolidated Financial Statements – June 30, 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
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

4


NPV:
Net portfolio value
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
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
TDR:
Troubled Debt Restructurings




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)
 
 
June 30,
2020
 
December 31,
2019
ASSETS
 
 

 
 

Cash and Due from Banks
 
$
53,081

 
$
59,971

Federal Funds Sold and Other Short-term Investments
 
225,290

 
43,913

Cash and Cash Equivalents
 
278,371

 
103,884

 
 
 
 
 
Interest-bearing Time Deposits with Banks
 
1,985

 
1,985

Securities Available-for-Sale, at Fair Value (Amortized Cost $921,890, No Allowance for Credit Losses)
 
962,270

 
854,825

Other Investments
 
353

 
353

 
 
 
 
 
Loans Held-for-Sale, at Fair Value
 
21,756

 
17,713

 
 
 
 
 
Loans
 
3,270,934

 
3,081,973

Less: Unearned Income
 
(4,587
)
 
(4,882
)
Allowance for Credit Losses
 
(42,431
)
 
(16,278
)
Loans, Net
 
3,223,916

 
3,060,813

 
 
 
 
 
Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost
 
13,368

 
13,968

Premises, Furniture and Equipment, Net
 
96,748

 
96,651

Other Real Estate
 
425

 
425

Goodwill
 
121,956

 
121,306

Intangible Assets
 
10,720

 
12,656

Company Owned Life Insurance
 
68,533

 
68,883

Accrued Interest Receivable and Other Assets
 
50,650

 
44,210

TOTAL ASSETS
 
$
4,851,051

 
$
4,397,672

 
 
 
 
 
LIABILITIES
 
 

 
 

Non-interest-bearing Demand Deposits
 
$
1,139,928

 
$
832,985

Interest-bearing Demand, Savings, and Money Market Accounts
 
2,267,092

 
1,965,640

Time Deposits
 
572,413

 
631,396

Total Deposits
 
3,979,433

 
3,430,021

 
 
 
 
 
FHLB Advances and Other Borrowings
 
219,700

 
349,686

Accrued Interest Payable and Other Liabilities
 
57,244

 
44,145

TOTAL LIABILITIES
 
4,256,377

 
3,823,852

 
 
 
 
 
SHAREHOLDERS’ EQUITY
 
 

 
 

Common Stock, no par value, $1 stated value; 45,000,000 shares authorized
 
26,497

 
26,671

Additional Paid-in Capital
 
274,017

 
278,954

Retained Earnings
 
263,011

 
253,090

Accumulated Other Comprehensive Income
 
31,149

 
15,105

TOTAL SHAREHOLDERS’ EQUITY
 
594,674

 
573,820

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
4,851,051

 
$
4,397,672

End of period shares issued and outstanding
 
26,497,291

 
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 
June 30,
 

2020

2019
INTEREST INCOME

 


 

Interest and Fees on Loans

$
38,080


$
35,046

Interest on Federal Funds Sold and Other Short-term Investments

84


85

Interest and Dividends on Securities:

 


 

Taxable

2,706


3,555

Non-taxable

2,671


2,350

TOTAL INTEREST INCOME

43,541


41,036








INTEREST EXPENSE

 


 

Interest on Deposits

3,743


5,759

Interest on FHLB Advances and Other Borrowings

1,339


1,636

TOTAL INTEREST EXPENSE

5,082


7,395








NET INTEREST INCOME

38,459


33,641

Provision for Credit Losses

5,900


250

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

32,559


33,391








NON-INTEREST INCOME

 


 

Trust and Investment Product Fees

1,867


1,913

Service Charges on Deposit Accounts

1,365


2,024

Insurance Revenues

1,830


1,929

Company Owned Life Insurance

356


304

Interchange Fee Income

2,476


2,332

Other Operating Income

882


461

Net Gains on Sales of Loans

2,654


1,030

Net Gains on Securities

993


516

TOTAL NON-INTEREST INCOME

12,423


10,509








NON-INTEREST EXPENSE

 


 

Salaries and Employee Benefits

15,882


14,117

Occupancy Expense

2,473


2,279

Furniture and Equipment Expense

1,008


933

FDIC Premiums

123


245

Data Processing Fees

1,763


1,803

Professional Fees

1,082


1,174

Advertising and Promotion

882


936

Intangible Amortization

909


802

Other Operating Expenses

3,966


3,329

TOTAL NON-INTEREST EXPENSE

28,088


25,618








Income before Income Taxes

16,894


18,282

Income Tax Expense

2,639


3,011

NET INCOME

$
14,255


$
15,271








Basic Earnings per Share

$
0.54


$
0.61

Diluted Earnings per Share

$
0.54


$
0.61

 



See accompanying notes to consolidated financial statements.

7


GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, dollars in thousands except per share data)
 
 
Six Months Ended
June 30,
 
 
2020
 
2019
INTEREST INCOME
 
 

 
 

Interest and Fees on Loans
 
$
75,938

 
$
70,165

Interest on Federal Funds Sold and Other Short-term Investments
 
242

 
226

Interest and Dividends on Securities:
 


 


Taxable
 
5,816

 
7,154

Non-taxable
 
5,116

 
4,680

TOTAL INTEREST INCOME
 
87,112

 
82,225

 
 
 
 
 
INTEREST EXPENSE
 
 

 
 

Interest on Deposits
 
9,400

 
11,175

Interest on FHLB Advances and Other Borrowings
 
2,997

 
3,818

TOTAL INTEREST EXPENSE
 
12,397

 
14,993

 
 
 
 
 
NET INTEREST INCOME
 
74,715

 
67,232

Provision for Credit Losses
 
11,050

 
925

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
 
63,665

 
66,307

 
 
 
 
 
NON-INTEREST INCOME
 
 

 
 

Trust and Investment Product Fees
 
3,898

 
3,480

Service Charges on Deposit Accounts
 
3,602

 
3,924

Insurance Revenues
 
5,059

 
5,134

Company Owned Life Insurance
 
1,578

 
1,188

Interchange Fee Income
 
4,958

 
4,427

Other Operating Income
 
1,309

 
1,332

Net Gains on Sales of Loans
 
4,517

 
2,011

Net Gains on Securities
 
1,583

 
671

TOTAL NON-INTEREST INCOME
 
26,504

 
22,167

 
 
 
 
 
NON-INTEREST EXPENSE
 
 

 
 

Salaries and Employee Benefits
 
33,282

 
29,161

Occupancy Expense
 
5,043

 
4,570

Furniture and Equipment Expense
 
2,019

 
1,861

FDIC Premiums
 
123

 
533

Data Processing Fees
 
3,449

 
3,386

Professional Fees
 
2,166

 
2,501

Advertising and Promotion
 
1,953

 
1,806

Intangible Amortization
 
1,869

 
1,645

Other Operating Expenses
 
8,512

 
6,914

TOTAL NON-INTEREST EXPENSE
 
58,416

 
52,377

 
 
 
 
 
Income before Income Taxes
 
31,753

 
36,097

Income Tax Expense
 
5,026

 
5,759

NET INCOME
 
$
26,727

 
$
30,338

 
 
 
 
 
Basic Earnings per Share
 
$
1.01

 
$
1.21

Diluted Earnings per Share
 
$
1.01

 
$
1.21





See accompanying notes to consolidated financial statements.

8


GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, dollars in thousands)
 
 
 
Three Months Ended
June 30,
 
 
2020
 
2019
 
 
 
 
 
NET INCOME
 
$
14,255

 
$
15,271

 
 
 
 
 
Other Comprehensive Income:
 
 

 
 

Unrealized Gains (Losses) on Securities:
 
 

 
 

Unrealized Holding Gain (Loss) Arising During the Period
 
4,509

 
11,838

Reclassification Adjustment for Gains Included in Net Income
 
(993
)
 
(516
)
Tax Effect
 
(727
)
 
(2,431
)
Net of Tax
 
2,789

 
8,891

 
 
 
 
 
Total Other Comprehensive Income
 
2,789

 
8,891

 
 
 
 
 
COMPREHENSIVE INCOME
 
$
17,044

 
$
24,162

 

 
 




 
 
Six Months Ended
June 30,
 
 
2020
 
2019
 
 
 
 
 
NET INCOME
 
$
26,727

 
$
30,338

 
 
 
 
 
Other Comprehensive Income (Loss):
 
 

 
 

Unrealized Gains (Losses) on Securities:
 
 

 
 

Unrealized Holding Gain (Loss) Arising During the Period
 
21,988

 
24,039

Reclassification Adjustment for Gains Included in Net Income
 
(1,583
)
 
(671
)
Tax Effect
 
(4,361
)
 
(5,063
)
Net of Tax
 
16,044

 
18,305

 
 
 
 
 
Total Other Comprehensive Income (Loss)
 
16,044

 
18,305

 
 
 
 
 
COMPREHENSIVE INCOME
 
$
42,771

 
$
48,643










See accompanying notes to consolidated financial statements.

9


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

 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
 
 

 
 
 
 
 
14,255

 
 
 
14,255

Other Comprehensive Income
 
 

 
 
 
 
 
 
 
2,789

 
2,789

Cash Dividends ($0.19 per share)
 
 

 
 
 
 
 
(5,024
)
 
 
 
(5,024
)
Issuance of Common Stock for:
 
 

 
 
 
 
 
 

 
 

 
 

Restricted Share Grants
 
1,426

 
1

 
281

 
 
 
 
 
282

Stock Repurchase
 
(44,166
)
 
(44
)
 
(1,124
)
 
 
 
 
 
(1,168
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Balances, June 30, 2020
 
26,497,291

 
$
26,497

 
$
274,017

 
$
263,011

 
$
31,149

 
$
594,674

























See accompanying notes to consolidated financial statements.

10


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