German American Bank Reports Record Year
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Jasper-based German American Bancorp Inc. (Nasdaq: GABC) is reporting record full-year net income of $84.1 million, compared to $62.2 million during 2020. The banking company says the earnings represent the 12th consecutive year it has reported record annual earnings.
The bank is also reporting fourth quarter net income of $19.3 million, down from $20.9 million during the same period in 2020.
“We were extremely pleased with the annual operating results our Company was able to post in 2021, continuing our decades long trend of exceptional financial performance, in the face of what was obviously a continued challenging but improving operating environment,” said Mark Schroeder, German American’s executive chairman. “Perhaps more importantly, we also took steps in 2021 to better position the Company for future success. While we expect 2022 to continue to be a very challenging year, we put in place various initiatives that will not only mitigate the impact of these challenges in the current year, but will position German American to be in an even stronger position when the general economy returns to a more normalized environment in the coming years.”
Earlier this year, German American Bank completed the $154 million acquisition of Citizens Union Bancorp of Shelbyville Inc. in Kentucky.
“We are excited to build upon our history of strong financial performance and even more excited for the future growth potential in connection with the closing of our acquisition of Citizens Union Bancorp of Shelbyville, Kentucky on January 1, 2022,” said D. Neil Dauby, German American’s president. “The acquisition allows us to significantly build upon our presence in the fast growing Greater Louisville market area. This acquisition, along with our anticipated first quarter opening of a loan production office in the Greater Indianapolis area (Greenwood, Indiana) and our completed optimization and continuous improvement initiatives in 2021, will provide us with opportunities to enhance future balance sheet growth and operating performance.”
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