German American Bancorp, Inc. (GABC)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$503.0M

Revenue growth

21.7%

Net income, last twelve months

$142.1M

Earnings per share

$3.79

Net margin

28.2%

Free cash flow

$182.4M

Return on equity

11.7%

Market value

$1.8B

Price to earnings

12.9x

Dividend yield

2.5%

Cash

$94.2M

Debt

$169.0M

Debt to equity

0.14

Shares outstanding

37.6M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 26 October 2026.

• Net income reached company high. Net income was $38.6 million, or $1.03 per diluted share, the highest in company history. Second-quarter net income was $38.2 million, or $1.02 per share.
• Returns on assets and equity. Return on average assets was 1.83%, against 1.80% in the second quarter and 1.68% a year earlier. ROATCE was 19.29%, against 19.43% and 21.14%.
• Earnings up year over year. Compared with third quarter 2025, net income rose $3.6 million and per-share earnings rose about 10%, from $0.94 to $1.03.
• Net interest margin widened to 4.42%. Net interest margin was 4.42%, up 12 basis points from 4.30% in the second quarter, driven by a 13 basis point rise in earning asset yield against a 1 basis point rise in funding costs.
• Core margin rose 13 basis points. Core net interest margin, excluding acquired-loan accretion, was 4.26%, up 13 basis points from the second quarter.
• Net interest income up 3% linked quarter. Net interest income was $83.5 million, up $2.3 million or 3% from the second quarter and up 10% from the third quarter of 2025, on higher yields on earning assets.
• Acquired-loan accretion slightly lower. Accretion of acquired-loan discounts was $3.0 million, against $3.2 million in the second quarter and $3.9 million a year earlier. It added 16 basis points to the margin.
• Acquired-loan discounts net $43.3 million. Net discounts on acquired loans were $43.3 million at September 30, 2026, including $41.5 million on the Heartland loan portfolio.
• Loans grew about 4% annualized. End-of-period loans rose $57.0 million, about 4% annualized, led by commercial real estate, consumer and home equity. Commercial, industrial and agricultural balances fell on lower line utilization.
• Provision and charge-offs remained low. Provision for credit losses was $0.5 million, against $1.5 million in the second quarter. Annualized net charge-offs were 4 basis points of average loans.
• Allowance held near 1.32% of loans. Allowance for credit losses was $79.3 million, or 1.32% of loans. Specific reserves on two resolved acquired credits were released and offset by higher pooled-loan reserves.
• Non-performing assets at 0.29% of assets. Non-performing assets were $24.0 million, or 0.29% of total assets, down from $26.8 million or 0.32% in the second quarter. Non-performing loans were 0.40% of loans.
• Loans 30-89 days past due rose. Loans 30-89 days past due were 0.33% of period-end loans, up from 0.22% in the second quarter and 0.30% a year earlier.
• Non-interest income flat at $18.7 million. Total non-interest income was $18.7 million, down less than 1% from the second quarter and up $270,000 from the third quarter of 2025, which included a $975,000 debt extinguishment gain.

Company events

The newest 8-K filings of 283 held.

Every filing

The newest filings with the SEC of 630 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

200 funds held it at 30 Jun 2026: 90 added and 51 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Bank of Nova Scotia (BNS): revenue $27.0B, market value $116.9B
• Bank of New York Mellon Corp. (BNY): revenue $21.4B, market value $100.9B
• Itaú Unibanco Holding S.A. (ITUB): revenue $30.1B, market value $81.6B
• Fifth Third Bancorp (FITB): revenue $10.7B, market value $48.5B
• State Street Corp. (STT): revenue $15.5B, market value $47.4B
• M&T Bank Corp. (MTB): revenue $10.0B, market value $31.8B
• Northern Trust Corp. (NTRS): revenue $9.1B, market value $31.4B
• Banco Bradesco S.A. (BBD): revenue –, market value $28.9B
• Citizens Financial Group Inc. (CFG): revenue $8.9B, market value $27.5B
• First Citizens Bancshares Inc. (FCNCA): revenue $9.6B, market value $26.9B

What the company does

German American Bancorp, Inc. is a Nasdaq-listed (symbol: GABC) financial holding company based in Jasper, Indiana. Through its banking subsidiary, German American Bank, it operates 94 banking offices in central and southern Indiana, northern, central and western Kentucky, and central and southwest Ohio. In Columbus, Ohio and Greater Cincinnati, it does business as Heartland Bank, a Division of German American Bank. The company also owns an investment brokerage subsidiary and employed approximately 984 full-time equivalent employees at 20 February 2026.

How the business is organised

The company reports its lines of business as retail and commercial banking, and wealth management services. Retail and commercial banking means taking deposits from the general public and using those funds to make consumer, commercial and agricultural, commercial and agricultural real estate, and residential mortgage loans, mainly in its local markets. It also sells residential mortgage loans in the secondary market. Wealth management covers trust, investment advisory, brokerage and retirement planning services.

The two principal operating subsidiaries are German American Bank, a commercial bank in Jasper, and German American Investment Services, Inc., a retail brokerage, also in Jasper. The parent company's own revenues have historically come mostly from dividends, fees and interest paid by the Bank. Effective 1 June 2024, the Bank's insurance agency subsidiary sold substantially all of its assets to The Hilb Group of Indiana, LLC. The company agreed to refrain from certain insurance activities for five years after closing.

How it earns its money

The filing calls net interest income the company's single largest source of earnings. It is the difference between interest and fees earned on loans and other earning assets and the interest paid on deposits and borrowed funds.

What it lends

Commercial real estate loans are 54% of the loan portfolio. About 76% of commercial real estate loans are non-owner occupied and 24% are owner occupied.

Commercial lending reaches industries including multi-family housing and lodging, agribusiness and manufacturing, health care, wholesale, and retail services. The company's policy is generally to lend to consumer and commercial borrowers in its primary market area in Indiana, Kentucky and Ohio. Loans outside that area are generally real estate loans near its markets and are made selectively. Commercial real estate underwriting is designed to promote relationship banking, and these loans are treated first as cash flow loans and second as loans secured by real estate.

How it funds itself

The main source of funding is core customer deposits: demand deposits, savings, interest-bearing checking, money market accounts and smaller certificates of deposit. Other sources include larger certificates of deposit and brokered deposits. The Bank is a member of the Federal Home Loan Bank System and can borrow from it, and it also has borrowing capacity at the Federal Reserve Bank. Uninsured deposits are approximately 25% of total deposits. The securities portfolio, which holds federal agency securities, municipal obligations and mortgage-backed securities, also serves as a source of funding for loan growth and liquidity needs.

Where it operates and who it competes with

Substantially all of its revenues come from customers in the United States. On 1 February 2025 it completed the acquisition of Heartland BancCorp, which operated 20 retail banking offices in Columbus, Ohio and Greater Cincinnati. Heartland Bank was then merged into German American Bank. The company says it expects to keep evaluating new offices and acquisitions of banks, branches, loan portfolios and other financial-service businesses.

The company describes its industries as highly competitive. The Bank competes with commercial banks, savings and loan associations, credit unions, finance companies, credit card companies, brokerage firms, insurance companies and money market funds, among others. Trust, financial planning and brokerage services face many alternative providers, including national firms that sell by email, mail, telephone and the internet. The filing also names financial technology companies as a growing competitive force and says many competitors have substantially greater resources than the company.

Regulation

The Federal Reserve Board supervises the holding company under the Bank Holding Company Act of 1956. The Bank is supervised by the Indiana Department of Financial Institutions and the Federal Deposit Insurance Corporation, which insures its deposits. To remain a financial holding company, it must stay well-capitalized, well-managed and in compliance with the Community Reinvestment Act, and the Bank received a "satisfactory" rating at its last examination.

The company says its total consolidated assets could pass a regulatory size threshold as early as 2027. The filing says the Durbin limits would materially reduce interchange fee income. The company established a risk committee of holding company directors effective 1 July 2025 in preparation.

Its people

The company has no collective bargaining agreements. It measures employee engagement each year through a survey run with Quantum Workplace, which had 84% employee participation in 2025 and produced an overall engagement score of 71%.

*From German American's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/714395/000071439526000011/gabc-20251231.htm)*

From the company's 10-K.