German American Bancorp Inc (GABC) has reported a 31.91 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $10.18 million, or $0.67 a share in the quarter, compared with $7.72 million, or $0.58 a share for the same period last year.
Revenue during the quarter grew 21.49 percent to $32.94 million from $27.12 million in the previous year period. Net interest income for the quarter rose 30.23 percent over the prior year period to $24.56 million. Non-interest income for the quarter rose 8.08 percent over the last year period to $8.38 million.
Net interest margin improved 8 basis points to 3.75 percent in the quarter from 3.67 percent in the last year period. Efficiency ratio for the quarter improved to 54.64 percent from 61.61 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Mark A Schroeder, chairman and chief executive officer of German American Bancorp, Inc.
Assets outpace liabilities growth
Total assets stood at $2,979.54 million as on Sep. 30, 2016, up 28.81 percent compared with $2,313.21 million on Sep. 30, 2015. On the other hand, total liabilities stood at $2,638.55 million as on Sep. 30, 2016, up 27.72 percent from $2,065.86 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $1,987.23 million as on Sep. 30, 2016, up 32.59 percent compared with $1,498.81 million on Sep. 30, 2015. Deposits stood at $2,329.66 million as on Sep. 30, 2016, up 29.15 percent compared with $1,803.84 million on Sep. 30, 2015.
Investments stood at $749.37 million as on Sep. 30, 2016, up 15.75 percent or $101.99 million from year-ago. Shareholders equity stood at $340.99 million as on Sep. 30, 2016, up 37.86 percent or $93.64 million from year-ago.
Return on average assets moved up 2 basis points to 1.38 percent in the quarter from 1.36 percent in the last year period. At the same time, return on average equity decreased 68 basis points to 12.07 percent in the quarter from 12.75 percent in the last year period.
Nonperforming assets were almost stable over the past one year at $5.45 million on Sep. 30, 2016. Meanwhile, nonperforming assets to total assets was 0.18 percent in the quarter, down from 0.24 percent in the last year period.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
