Staff Reports
German American Bancorp Inc. reported record annual earnings for the 10th consecutive year, posting net income of $59.2 million, or $2.29 per share, for the year ending on Dec. 31, 2019.
The company also announced a new share repurchase plan for up to 1 million German American shares and a declaration of a 12% increase in its quarterly cash dividend.
Annual net income for 2019 represented an increase of $12.7 million, or about 15% on a per share basis, from the prior 2018 income of $46.5 million, or $1.99 per share. Fourth quarter 2019 net income of $15.8 million, or $0.59 per share, represented about a 34% increase, on a per share basis from fourth quarter net income of $11.0 million, or $0.44 per share.
The operating results for both 2019 and 2018 are reflective of including Citizens First Corp. of Bowling Green, Kentucky, on July 1, 2019 and First Security, Inc. of Owensboro, Kentucky on Oct. 15, 2018.
The company announced that a regular quarterly cash dividend of $0.19 per share will be payable Feb. 20 to shareholders of record on Feb. 10.
German American Bancorp is the a financial holding company based in Jasper. German American, through its banking subsidiary German American Bank, operates 76 banking offices in 20 contiguous southern Indiana counties, including branches in Bartholomew County, seven counties in Kentucky and one county in Tennessee.
