German American completes purchase

JASPER — German American Bancorp has reported first quarter net income at $5.1 million, or 37 cents per share.

The results were inclusive of acquiring and operating River Valley Bancorp and its banking subsidiary River Valley Financial Bank as of March 1, the company reported.

In connection with the acquisition of River Valley, the company recorded merger-related expenses during the quarter of $3.9 million, which, on an after-tax basis, represented about $2.5 million, or 18 cents per share.

Total end-of-period loans from the company’s existing banking offices, excluding the River Valley loan portfolio, grew about $34 million, or 9 percent on a linked-quarter annualized basis, during the current quarter as compared to year-end total loans.

German American’s commercial loan portfolio, also exclusive of the River Valley portfolio, grew by more than 16 percent on a linked quarter annualized basis.

The company also announced that its board of directors declared its regularly quarterly cash dividend of 18 cents per share, payable on May 20 to shareholders of record as of May 10.

Mark A. Schroeder, German American chairman and CEO, said the company is pleased with completing the River Valley Bancorp and River Valley Financial Bank acquisition as of March 1 and hopes to have River Valley’s customer information files in German American’s core processing system by mid-May.

German American Bancorp operates 37 banking offices in 13 southern Indiana counties, including a location in Columbus.

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Julie McClure is assistant managing editor of The Republic. She can be reached at jmcclure@therepublic.com or (812) 379-5631.