German American Posts Big Earnings
A Jasper-based bank is reporting record earnings.
German American Bancorp reported first quarter net income of $15 million, up from $11.8 million during the same period last year.
In a news release, the parent company of German American Bank said the earnings include the company’s acquisition of Owensboro-based First Security Inc. in October and a five-branch acquisition in the greater Columbus, Indiana area in May.
German American is also in the process of acquiring Bowling Green-based Citizens First Corporation.
German American says its quarterly performance is largely due to increased average earning assets and an improved tax-equivalent net interest margin.