German American Bancorp (GABC) 8-K German American Bancorp Declares Annual 5% Stock Dividend and Quarterly Cash Dividend, and Reports Third Quarter Earnings

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JASPER, INDIANA November 4, 2003 GERMAN AMERICAN BANCORP CORRECTS RECENT PRESS RELEASE DATA

German American Bancorp (NASDAQ: GABC) announced that the Consolidated Statements of Income for the comparative three month and nine month periods ended September 30, 2003 and 2002 that were included with the Company’s press release dated October 30, 2003 reported incorrect information regarding the Company’s diluted earnings per share. The Company’s diluted earnings per share in fact did not differ from the Company’s reported earnings per share for any of the periods presented, but the Consolidated Statements of Income that were attached to the October 30, 2003, press release included a separate line item for diluted earnings per share that reported different amounts for each period presented. Because the two measures in fact did not differ for any of these periods, the corrected Consolidated Statements of Income that are included with this press release merge the presentation of earnings per share with the presentation of diluted earnings per share on the same line for all periods presented. The text of the Company’s press release dated October 30, 2003 is unaffected by this correction, and the Company’s consolidated financial statements that were included with that press release are otherwise unaffected by this correction.

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 & 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 five independent insurance offices throughout its market area. The Company’s lines of business include retail and commercial banking, mortgage banking, comprehensive wealth management, full service brokerage and trust administration, title insurance, and a full range of personal and corporate insurance products.

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GERMAN AMERICAN BANCORP
(unaudited,dollars in thousands except per share data)

Consolidated Balance Sheets

	September 30,
	2003			2002
ASSETS
Cash and Due from Banks	$	29,419		$	27,447
Short-term Investments		14,131			33,841
Investment Securities		200,233			247,668
Loans Held-for-Sale		1,266			8,822
Loans, Net of Unearned Income		609,715			634,922
Allowance for Loan Losses		(8,334	)		(8,213	)
Net Loans		601,381			626,709
Premises and Equipment		21,778			21,528
Other Assets		51,298			37,844
TOTAL ASSETS	$	919,506		$	1,003,859
LIABILITIES
Non-interest-bearing Demand Deposits	$	109,982		$	99,614
Interest-bearing Demand, Savings, and
Money Market Accounts		252,440			234,497
Time Deposits ‹ $100,000		291,658			319,579
Time Deposits $100,000 or more and
Brokered Deposits		55,426			67,037
Total Deposits		709,506			720,727
Borrowings		114,044			164,120
Other Liabilities		12,615			14,952
TOTAL LIABILITIES		836,165			899,799
SHAREHOLDERS' EQUITY
Common Stock and Surplus		69,603			81,176
Retained Earnings		13,866			20,473
Accumulated Other Comprehensive Income		(128	)		2,411
TOTAL SHAREHOLDERS' EQUITY		83,341			104,060
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY	$	919,506		$	1,003,859
BOOK VALUE PER SHARE	$	7.99		$	9.09	(1)
END OF PERIOD SHARES OUTSTANDING		10,433,597			10,901,235	(2)

(1)	Restated for December 2002 stock dividend.
(2)	End of period shares outstanding were not restated for the effect of stock dividends.

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GERMAN AMERICAN BANCORP
(unaudited,dollars in thousands except per share data)

Consolidated Statements of Income

	Three Months Ended September 30,					Nine Months Ended September 30,
	2003		2002			2003		2002
INTEREST INCOME
Interest and Fees on Loans	$	10,301	$	12,066		$	31,830	$	36,927
Interest on Short-term Investments		66		169			204		607
Interest on Investment Securities		1,837		2,987			6,476		8,578
TOTAL INTEREST INCOME		12,204		15,222			38,510		46,112
INTEREST EXPENSE
Interest on Deposits		3,381		4,654			10,751		14,341
Interest on Borrowings		1,798		2,469			5,614		7,408
TOTAL INTEREST EXPENSE		5,179		7,123			16,365		21,749
Net Interest Income		7,025		8,099			22,145		24,363
Provision for Loan Losses		266		247			495		792
Net Interest Income After    Provision for Loan Losses		6,759		7,852			21,650		23,571
NON-INTEREST INCOME
Other Operating Income		3,125		1,837			7,153		5,870
Net Gain on Sales of Loans and Related Assets		1,128		339			2,434		962
Net Gain on Sales of Securities		54		---			77		---
TOTAL NON-INTEREST INCOME		4,307		2,176			9,664		6,832
NON-INTEREST EXPENSE
Salaries and Benefits		4,503		4,307			13,344		13,125
Net Loss on Extinguishment of Borrowings		914		---			914		---
Other Operating Expenses		3,131		2,949			9,128		8,466
TOTAL NON-INTEREST EXPENSE		8,548		7,256			23,386		21,591
Income before Income Taxes		2,518		2,772			7,928		8,812
Income Tax Expense		365		457			1,294		1,599
NET INCOME	$	2,153	$	2,315		$	6,634	$	7,213
EARNINGS PER SHARE AND DILUTED EARNINGS PER SHARE	$	0.21	$	0.20	(1)	$	0.62	$	0.63	(1)
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		10,433,433		11,469,275	(1)		10,731,677		11,498,988	(1)
Diluted		10,477,107		11,505,999	(1)		10,773,895		11,504,744	(1)

(1) Restated for December 2002 stock dividend.