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Mar 31, 2022
German American Q1 2022 Earnings Report
Reported earnings decline due to acquisition-related expenses and Day 1 CECL provision.
Key Takeaways
German American Bancorp reported first quarter earnings of $9.1 million, or $0.31 per share, which included the impact of the Citizens Union Bancorp acquisition. The results were affected by one-time merger and acquisition costs of approximately $11.7 million and a $6.3 million "Day 1" provision under the CECL model, leading to a decline in quarterly earnings compared to the previous year.
First quarter earnings were $9.1 million, or $0.31 per share, including the results of Citizens Union Bancorp.
Earnings declined by approximately $10.5 million, or 58% on a per share basis, compared to Q1 2021 due to merger and acquisition costs.
Total assets increased by $1.5 billion, or approximately 28% from March 31, 2021, positively impacted by the CUB acquisition.
End of period deposits grew $1.1 billion, mostly due to the CUB acquisition, with organic deposits increasing by $191 million.
Revenue by Segment
Forward Guidance
No specific forward guidance was provided in the document.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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