German American Bancorp posted net income of $9.6 million, or 42 cents per share, representing a 68 percent increase over reported net income of $5.1 million, or 25 cents per share in the first quarter of 2016.
The company’s first quarter 2016 reported net income that included one month’s operations of River Valley Bancorp, following completion of the merger transaction on March 1, 2016. It reflected merger-related costs totaling $3.9 million, or $2.5 million on an after-tax basis, representing about 12 cents per share.
All per-share data has been adjusted for and is reflective of the effect of a three-for-two stock split distributed on April 21, the company said.
On a year-over-year comparison, end-of-period loans outstanding as of March 31 increased by about 4 percent from the level of loans outstanding on March 31, 2016, with a similar 4 percent increase in total deposits between the two periods. End-of-period loans and deposits for the first quarter of 2017 and the first quarter of 2016 included balances acquired from River Valley Bancorp on March 1, 2016.
The company announced an increase in the level of its regular quarterly cash dividend, reflective of the three-for-two stock split. The board of directors declared a regular quarterly cash dividend of 13 cents per share, payable on May 20 to shareholders of record as of May 10.
The level of regular quarterly cash dividend represents about an 8 percent increase, on a stock-split adjusted basis, above the company’s quarterly cash dividend level paid in the prior year.
Total assets of the company increased 2.3 percent to $2.933 billion at March 31, up $66.4 million compared with March 31, 2016.
March 31, 2017 total loans increased $68.3 million, or 4 percent, compared with March 31, 2016.
“We’re pleased that our strong financial performance continued during the first quarter of 2017,” said Mark A. Schroeder, German American’s chairman and CEO.
German American Bancorp is a bank holding company based in Jasper, and operates 51 banking offices in 19 contiguous southern Indiana counties and one Northern Kentucky county. The company has a banking office in Columbus.