JASPER, Ind. (Inside INdiana Business) — Jasper-based German American Bancorp Inc. (Nasdaq: GABC) is reporting record full-year net income of $59.2 million, up from $46.5 million the previous year. The parent of German American Bank says 2019 marks the 10th consecutive year of record annual earnings.
The bank is also reporting fourth quarter net income of $15.8 million, up from $11 million during the same period in 2018. Chief Executive Officer Mark Schroeder says the bank continued its ongoing efforts to build on its historic levels of growth and profitability.
Schroeder says German American saw continued strong organic growth in its southeast Indiana markets.
“Additionally, we continued in 2019 our strategic expansion into the Commonwealth of Kentucky with the acquisition in July 2019 of Citizens First Corporation of Bowling Green, Kentucky,” said Schroeder. “The combination of the Citizens First footprint in the greater Bowling Green area with that of First Security, Inc. of Owensboro, Kentucky, which we also acquired in 2018, resulted in German American acquiring approximately $1 billion of banking assets within the Commonwealth.”
Schroeder says the bank will this year continue its focus on the banks it has acquired, which will position the company for further growth, particularly in the Kentucky market.
German American has also announced a new share repurchase plan, in which it it will repurchase up to 1 million shares of the company’s outstanding common stock.
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