German American Bancorp posted net income of almost $9.84 million, or 43 cents per share for the second quarter, the company reported this week. This was in line with the second quarter 2016 net income of nearly $9.8 million, or 43 cents per share.
On a year-to-date basis, German American’s 2017 net income of nearly $19.4 million, or 85 cents per share, was a 25 percent increase over the more than $14.9 million, or 68 cents per share, reported during the first half of 2016.
The company’s year-to-date 2016 net income included the operations of River Valley Bancorp, following completion of a merger March 1, 2016, and reflected merger-related costs which totaled about $4.1 million, or $2.6 million on an after-tax basis.
All per share data has been adjusted for and is reflective of the effect of the three-for-two stock split distributed April 21.
Second quarter 2017 performance was enhanced by an increase of $142,000 in net interest income, driven by about $71 million, or 4 percent, in end-of-period loan growth, measured at June 30 compared to June 30, 2016.
The company’s second quarter non-interest income, exclusive of securities gains, increased by $710,000 or 10 percent, during the second quarter of 2017 as compared with the second quarter of 2016.
The company announced a regular quarterly cash dividend of 13 cents per share, which will be payable Aug. 20 to shareholders of record as of Aug. 10. This 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.
German American Bancorp operates 52 banking offices in 19 contiguous southern Indiana counties, including in Columbus, and one in northern Kentucky county.
