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Mar 31, 2024
German American Q1 2024 Earnings Report
Reported earnings decrease due to lower net interest income, partially offset by growth in commercial real estate and retail loans.
Key Takeaways
German American Bancorp reported a net income of $19.0 million, or $0.64 per share, for the first quarter of 2024. The results were influenced by a decline in net interest income due to net interest margin compression driven by higher deposit costs, which offset strong loan growth and controlled operating expenses.
Net income was $19.0 million, or $0.64 per share, compared to $20.8 million, or $0.71 per share, for the first quarter 2023.
Net interest margin declined from 3.43% to 3.35% due to increased funding costs.
Commercial real estate loans increased $27.0 million, or 5% on an annualized basis, while retail loans grew $12.5 million, or 6% on an annualized basis.
Non-performing assets remained low at 0.16% of period-end assets.
Revenue by Segment
Forward Guidance
No specific forward guidance was provided in the press release.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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