The Company also announced that its Board of Directors has declared the regular first quarter cash dividend of $0.14 per share. The dividend will be paid on or before May 20, 2003 to shareholders of record as of May 10, 2003.
German American Bancorp is a financial services holding company based in Jasper, Indiana. The Company’s Common Stock is traded on NASDAQ’s National Market System under the symbol GABC. The Company operates five affiliated community banks with 26 retail banking offices in the eight contiguous Southwestern Indiana counties of Daviess, Dubois, Gibson, Knox, Martin, Perry, Pike, Spencer and a business lending center in Evansville, Indiana. The Company also operates German American Financial Advisors and Trust Company, a trust, brokerage and financial planning subsidiary operating from the banking offices of the bank subsidiaries and The Doty Agency, Inc., a full-line property and casualty insurance subsidiary with four independent insurance offices throughout its market area. The Company’s lines of business include retail and commercial banking, mortgage banking, comprehensive financial planning, full service brokerage and trust administration, title insurance, and a full range of personal and corporate insurance products.
Page 3 of 4
GERMAN AMERICAN BANCORP
(unaudited, dollars in thousands except per share data)
Consolidated Balance Sheets
March 31,
2003 2002
ASSETS
Cash and Due from Banks......................... $ 29,088 $ 22,545
Short-term Investments.......................... 27,661 55,100
Investment Securities........................... 233,697 227,200
Loans Held-for-Sale............................. 9,418 6,013
Loans, Net of Unearned Income .................. 598,706 637,563
Allowance for Loan Losses....................... (8,428) (8,307)
------------ ------------
Net Loans ................................... 590,278 629,256
Premises and Equipment.......................... 22,419 20,271
Other Assets.................................... 25,706 26,657
------------ ------------
TOTAL ASSETS.................................... $ 938,267 $ 987,042
============ ============
LIABILITIES
Non-interest-bearing Demand Deposits............ $ 100,685 $ 93,976
Interest-bearing Demand, Savings, and
Money Market Accounts........................ 244,332 240,340
Time Deposits ‹ $100,000........................ 301,545 324,844
Time Deposits $100,000 or more and
Brokered Deposits........................... 57,369 51,429
------------ ------------
Total Deposits .............................. 703,931 710,589
Borrowings...................................... 138,339 165,201
Other Liabilities............................... 12,494 10,015
------------ ------------
TOTAL LIABILITIES................................ 854,764 885,805
------------ ------------
SHAREHOLDERS' EQUITY
Common Stock and Surplus........................ 69,280 81,865
Retained Earnings............................... 12,706 18,944
Accumulated Other Comprehensive Income (Loss)... 1,517 428
------------ ------------
TOTAL SHAREHOLDERS' EQUITY........................... 83,503 101,237
------------ ------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY............................... $ 938,267 $ 987,042
============ ============
BOOK VALUE PER SHARE ............................... $ 8.02 $ 8.81 (1)
END OF PERIOD SHARES OUTSTANDING..................... 10,416,025 10,944,188 (2)
(1) Restated for December 2002 stock dividend.
(2) End of period shares outstanding were not restated for the effect of stock dividends.
Page 4 of 4
GERMAN AMERICAN BANCORP
(unaudited, dollars in thousands except per share data)
Consolidated Statements of Income
Three Months Ended
March 31,
2003 2002
INTEREST INCOME
Interest and Fees on Loans........................ $ 10,888 $ 12,584
Interest on Short-term Investments................ 56 303
Interest on Investment Securities................. 2,505 2,574
------------ ------------
TOTAL INTEREST INCOME.............................. 13,449 15,461
------------ ------------
INTEREST EXPENSE
Interest on Deposits.............................. 3,764 4,966
Interest on Borrowings............................ 1,900 2,461
------------ ------------
TOTAL INTEREST EXPENSE............................. 5,664 7,427
------------ ------------
Net Interest Income............................... 7,785 8,034
Provision for Loan Losses......................... (36) 248
------------ ------------
Net Interest Income after
Provision for Loan Losses....................... 7,821 7,786
------------ ------------
NON-INTEREST INCOME
Other Operating Income............................ 1,973 2,060
Net Gain on Sales of Loans and Related Assets..... 537 381
Net Gain on Sales of Securities................... 23 ---
------------ ------------
TOTAL NON-INTEREST INCOME.......................... 2,533 2,441
------------ ------------
NON-INTEREST EXPENSE
Salaries and Benefits............................. 4,422 4,445
Other Operating Expenses.......................... 2,901 2,653
------------ ------------
TOTAL NON-INTEREST EXPENSE........................ 7,323 7,098
------------ ------------
Income before Income Taxes........................ 3,031 3,129
Income Tax Expense................................ 593 611
------------ ------------
NET INCOME........................................... $ 2,438 $ 2,518
============ ============
EARNINGS PER SHARE
AND DILUTED EARNINGS PER SHARE.................... $ 0.21 $ 0.22 (1)
============ ============
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic ............................................ 11,349,481 11,539,500 (1)
Diluted .......................................... 11,392,910 11,564,169 (1)
(1) Restated for December 2002 stock dividend.
