German American Bancorp has released its Third Quarter Earnings.
German American Bancorp, Inc. reported quarterly earnings of $13.1 million, or $0.49 per share, in the third quarter of 2019. This level of quarterly earnings performance was an increase of approximately $425,000, or 3% on a reported net income basis over third quarter 2018 net income of $12.6 million, or $0.55 per share.
On a per-share basis, the quarter-over-quarter comparison was reflective of a higher level of shares outstanding in 2019 resulting in a $0.06, or approximately 11%, decrease in reported earnings per share relative to the third quarter of 2018.
The current year earnings are reflective of the inclusion of the acquisition of Citizens First Corporation of Bowling Green, Kentucky on July 1st of this year and the acquisition of First Security, Inc. of Owensboro, Kentucky on October 15th of 2018.
German American’s Chairman & CEO Mark A. Schroeder says that the third quarter of 2019 marked another period of solid performance for German American. Schroeder says that while the third-quarter results were impacted by significant acquisition-related expenses, they were very pleased with the level of incremental year-over-year growth in revenue.
The Company also announced its Board of Directors declared a regular quarterly cash dividend of $0.17 per share, which will be payable on November 20, 2019, to shareholders of record as of November 10, 2019.
