German American Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 30, 2023 at 05:10 pm EDT
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German American Bancorp, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 47.56 million compared to USD 51.7 million a year ago. Net income was USD 21.45 million compared to USD 24.6 million a year ago. Basic earnings per share from continuing operations was USD 0.73 compared to USD 0.83 a year ago. Diluted earnings per share from continuing operations was USD 0.73 compared to USD 0.83 a year ago.
For the nine months, net interest income was USD 144.83 million compared to USD 148.2 million a year ago. Net income was USD 64.38 million compared to USD 57.41 million a year ago. Basic earnings per share from continuing operations was USD 2.18 compared to USD 1.95 a year ago. Diluted earnings per share from continuing operations was USD 2.18 compared to USD 1.95 a year ago.
German American Bancorp, Inc. is a financial holding company. The Company, through its banking subsidiary German American Bank, operates around 75 banking offices in 20 contiguous southern Indiana counties and 14 counties in Kentucky. Its segments include core banking, wealth management services, and insurance. The core banking segment involves attracting deposits from the general public and using such funds to originate consumer, commercial and agricultural, commercial and agricultural real estate, and residential mortgage loans, primarily in the Companyâs local markets. The core banking segment also involves the sale of residential mortgage loans in the secondary market. The wealth management services segment involves providing trust, investment advisory, brokerage and retirement planning services to customers. The insurance segment offers a full range of personal and corporate property and casualty insurance products, primarily in the Company's banking subsidiary's local markets.