Jasper based German American has reported 2016 third quarter earnings of $10.2 million, or 67 cents per share.
This level of quarterly earnings represents the first time in its 106 year history that the Company reported quarterly earnings exceeding the $10 million mark.
The current quarter record performance represented an increase of approximately 5% on a per share basis as compared to the $9.8 million, or 64 cents per share, earned in the second quarter of 2016.
German American’s record third quarter performance, as compared to the second quarter 2016 results, was driven by several factors, including a $41.8 million increase in end of period loans, which represented an approximate increase of 9%, on an annualized basis, as of September 30th from end of period balances as of June 30th of this year.
Additionally, a continued improvement in the quality of the loan portfolio allowed the Company to not have the need to book a provision for loan losses in the current quarter, which was a $350,000 expense improvement from the second quarter 2016 results.
German American CEO Mark Schroeder says they are pleased to have achieved the milestone of $10 million in quarterly net income, and are also pleased with the continuation of the strong level of organic loan growth they’ve experienced during the quarter.
The Company also announced that its Board of Directors declared its regular quarterly cash dividend of 18 cents per share, which will be payable on November 20th to shareholders of record as of November 10th.
