JASPER — German American Bancorp reported first quarter earnings of $9.1 million, or $0.31 per share.
The current quarterly earnings include the results of Citizens Union Bancorp of Shelbyville, which was acquired by German American on Jan. 1.
The first quarter of 2022 included one-time merger and acquisition costs resulting in quarterly earnings declining by about $10.5 million, or 58% on a per share basis, from 2021 first quarter earnings of $19.6 million, or $0.74 per share.
Total assets overall increased during the past year by $1.5 billion, or approximately 28% from March 31, 2021.
End of period deposits over the first quarter of 2022 grew $1.1 billion mostly as a result of the Citizens Union Bancorp acquisition
First quarter 2022 net interest income increased $8.0 million, or about 21%, compared to the same period of 2021. Operating income increased $1.2 million or 8% quarter over prior year same quarter.
While the first quarter results were impacted by significant acquisition-related expenses and provision in connection with the completion of the Citizens Union Bank merger, we were very pleased with the level of incremental quarter over quarter growth in revenue, within both net interest income and various categories of non-interest income,” said D. Neil Dauby, German American’s president and CEO.
The company announced its board of directors declared a regular quarterly cash dividend of $.23 per share, payable on May 20 to shareholders of record as of May 10.
German American Bancorp is a financial holding company based in Jasper operating 77 banking offices in 19 contiguous southern Indiana counties, including locations in Columbus, and 14 counties in Kentucky.
