German American Bancorp Inc. reported record 2016 second quarter earnings of $9.8 million or 64 cents per share, representing a 16.4 percent increase from the second quarter of 2015.
The company’s record earnings were enhanced by including the operations of River Valley Bancorp and its subsidiary River Valley Financial Bank for the full quarter, following its acquisition on March 1.
Earnings increased from $7.3 million or 55 cents per share reported in the second quarter of 2015.
Total end-of-period loans from the company’s existing banking offices, exclusive of River Valley’s loan portfolio, grew about $57 million, or 14 percent, from a year earlier during the second quarter. Total reported end-of-period loans, including River Valley, grew by $46 million, or 10 percent, over the comparable quarter. The combination of strong organic loan growth and including the River Valley loan portfolio resulted in an improvement of German American’s net interest margin to 3.86 percent during the second quarter.
The company announced that its board of directors declared a regular quarterly cash dividend of 18 cents per share, payable Aug. 20 to shareholders of record as of Aug. 10.
German American Bancorp. Inc. is a bank holding company based in Jasper. Through its subsidiary German American Bancorp, the company operates 51 banking offices in 19 contiguous counties in southern Indiana, including a branch in downtown Columbus, and one northern Kentucky county.