German American Bancorp, Inc. (GABC) has reported a 30.51 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $10.06 million, or $0.66 a share in the quarter, compared with $7.71 million, or $0.58 a share for the same period last year.
Revenue during the quarter grew 28.55 percent to $33.25 million from $25.86 million in the previous year period. Net interest income for the quarter rose 28.04 percent over the prior year period to $24.89 million. Non-interest income for the quarter rose 30.09 percent over the last year period to $8.36 million.
Net interest margin improved 8 basis points to 3.77 percent in the quarter from 3.69 percent in the last year period. Efficiency ratio for the quarter improved to 56.15 percent from 56.69 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Commenting on the Company's continuation of record financial performance in 2016, Mark A. Schroeder, German American's chairman & chief executive officer, stated, "Our exceptionally strong 2016 financial performance was driven by a combination of both merger-related expansion and organic growth within our existing market footprint. The acquisition of River Valley Bancorp in March provided an opportunity to enter the vibrant Southeast Indiana area. With a well connected team of financial professionals and an established branch network along the I-65 corridor between our existing Columbus, Indiana presence and the Indiana counties of Clark and Floyd, which are a rapidly growing component of the greater Louisville, Kentucky market area, the inclusion of River Valley positions us very well for future growth within this market area. We have already seen significant community banking opportunities within these markets, and we fully expect these new markets for German American will provide significant growth potential going forward."
Assets outpace liabilities growth
Total assets stood at $2,955.99 million as on Dec. 31, 2016, up 24.53 percent compared with $2,373.70 million on Dec. 31, 2015. On the other hand, total liabilities stood at $2,625.73 million as on Dec. 31, 2016, up 23.78 percent from $2,121.35 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $1,975.15 million as on Dec. 31, 2016, up 27.44 percent compared with $1,549.91 million on Dec. 31, 2015. Deposits stood at $2,349.55 million as on Dec. 31, 2016, up 28.65 percent compared with $1,826.38 million on Dec. 31, 2015.
Investments stood at $726.14 million as on Dec. 31, 2016, up 11.05 percent or $72.25 million from year-ago. Shareholders equity stood at $330.27 million as on Dec. 31, 2016, up 30.88 percent or $77.92 million from year-ago.
Return on average assets moved up 3 basis points to 1.36 percent in the quarter from 1.33 percent in the last year period. At the same time, return on average equity decreased 46 basis points to 11.90 percent in the quarter from 12.36 percent in the last year period.
Nonperforming assets moved up 16.85 percent or $0.58 million to $4.04 million on Dec. 31, 2016 from $3.46 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.14 percent in the quarter, down from 0.15 percent in the last year period.
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