German American Bancorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>German American Bancorp, Inc. filed its 2023 10-K report detailing financial performance and operations.</b>

AI Summary

GERMAN AMERICAN BANCORP, INC. (GABC) filed a Annual Report (10-K) with the SEC on February 27, 2024. The filing covers the fiscal year ending December 31, 2023. German American Bancorp, Inc. is a commercial bank incorporated in Indiana. The company's principal business address is 711 Main St, Jasper, IN. The filing includes financial data for the fiscal years 2021, 2022, and 2023. Key financial statement items such as Accounts Payable, Property Plant and Equipment, and Other Borrowings are detailed.

Why It Matters

For investors and stakeholders tracking GERMAN AMERICAN BANCORP, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of German American Bancorp's financial health and strategic positioning for the fiscal year 2023, crucial for investors assessing its performance. The detailed financial data, including revenue segments and balance sheet items, allows stakeholders to understand the company's operational results and financial stability.

Risk Assessment

Risk Level: medium — GERMAN AMERICAN BANCORP, INC. shows moderate risk based on this filing. The company operates in the commercial banking sector, which is subject to significant regulatory oversight and economic fluctuations that can impact financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess German American Bancorp's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-27 — Filing Date (Date of submission)
• 6022 — SIC Code (Standard Industrial Classification for Commercial Banks)
• IN — State of Incorporation (Legal domicile)

Key Players & Entities

• GERMAN AMERICAN BANCORP, INC. (company) — Filer name
• GABC (company) — Ticker symbol
• Jasper, IN (company) — Business address city and state
• 2023-12-31 (date) — Fiscal year end date
• 2024-02-27 (date) — Filing date

FAQ

Industry Context

German American Bancorp, Inc. operates within the commercial banking industry, a sector characterized by interest rate sensitivity, regulatory compliance, and competition for deposits and loans.

Regulatory Implications

As a commercial bank, the company is subject to regulations from federal and state authorities, including the Federal Reserve and state banking departments, governing capital requirements, lending practices, and consumer protection.

What Investors Should Do

1. Analyze the detailed financial statements for revenue trends, net income, and balance sheet changes.
2. Review the risk factors section for potential challenges and management's mitigation strategies.
3. Compare key financial metrics against industry benchmarks and prior year performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-27: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $900 billion — on December 27, 2020, which included a $900 billion COVID-19 relief package CARES Act: Co
• $40.0 million — 19, in an aggregate principal amount of $40.0 million NPV: Net portfolio value OCC: Office
• $1.109 b — , CUB had total assets of approximately $1.109 billion, total loans of approximately $68
• $683.8 m — 9 billion, total loans of approximately $683.8 million, and total deposits of approximat
• $930.5 million — on, and total deposits of approximately $930.5 million. The Company issued approximately 2.9 m
• $50.8 million — ts common stock, and paid approximately $50.8 million in cash, in exchange for all of the iss

Filing Documents

• gabc-20231231.htm (10-K) — 4500KB
• exhibit104gabc123123.htm (EX-10.4) — 29KB
• exhibit21gabc123123.htm (EX-21) — 14KB
• exhibit23gabc123123.htm (EX-23) — 4KB
• exhibit311gabc123123.htm (EX-31.1) — 11KB
• exhibit312gabc123123.htm (EX-31.2) — 12KB
• exhibit321gabc123123.htm (EX-32.1) — 6KB
• exhibit322gabc123123.htm (EX-32.2) — 6KB
• exhibit97gabc123123.htm (EX-97) — 19KB
• gabc-20231231_g1.jpg (GRAPHIC) — 67KB
• gabc-20231231_g2.jpg (GRAPHIC) — 627KB
• gabc-20231231_g3.jpg (GRAPHIC) — 147KB
• gabc-20231231_g4.gif (GRAPHIC) — 7KB
• 0000714395-24-000014.txt (&nbsp;) — 25443KB
• gabc-20231231.xsd (EX-101.SCH) — 101KB
• gabc-20231231_cal.xml (EX-101.CAL) — 195KB
• gabc-20231231_def.xml (EX-101.DEF) — 650KB
• gabc-20231231_lab.xml (EX-101.LAB) — 1409KB
• gabc-20231231_pre.xml (EX-101.PRE) — 1022KB
• gabc-20231231_htm.xml (XML) — 5448KB

Risk Factors 16

Item 1A. Risk Factors 16

Unresolved Staff Comments 24

Item 1B. Unresolved Staff Comments 24

Cybersecurity 24

Item 1C. Cybersecurity 24

Properties 25

Item 2. Properties 25

Legal Proceedings 25

Item 3. Legal Proceedings 25

Mine Safety Disclosures 25

Item 4. Mine Safety Disclosures 25 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26

[Reserved] 27

Item 6. [Reserved] 27

Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk 48

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 48

Financial Statements and Supplementary Data 50

Item 8. Financial Statements and Supplementary Data 50

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 102

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 102

Controls and Procedures 102

Item 9A. Controls and Procedures 102

Other Information 102

Item 9B. Other Information 102

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 102

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 102 PART III

Directors, Executive Officers and Corporate Governance 103

Item 10. Directors, Executive Officers and Corporate Governance 103

Executive Compensation 103

Item 11. Executive Compensation 103

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 103

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 103

Certain Relationships and Related Transactions, and Director Independence 104

Item 13. Certain Relationships and Related Transactions, and Director Independence 104

Principal Accounting Fees and Services 104

Item 14. Principal Accounting Fees and Services 104 PART IV

Exhibits, Financial Statement Schedules 105

Item 15. Exhibits, Financial Statement Schedules 105

Form 10-K Summary 109

Item 16. Form 10-K Summary 109 SIGNATURES 110 GLOSSARY OF TERMS AND ACRONYMS As used in this Report, references to "Company," "we," "our," "us," and similar terms refer to German American Bancorp, Inc. and its consolidated subsidiaries as a whole. Occasionally, we will refer to the term "parent company" or "holding company" when we mean to refer to only German American Bancorp, Inc. and the term "Bank" when we mean to refer only to German American Bank, the Company's bank subsidiary. The terms and acronyms identified below are used throughout this Report, including the Notes to Consolidated Financial Statements. You may find it helpful to refer to this Glossary as you read this Report. 2019 ESPP: German American Bancorp, Inc. 2019 Employee Stock Purchase Plan 2019 LTI Plan: German American Bancorp, Inc. 2019 Long-Term Equity Incentive Plan AOCI: Accumulated other comprehensive income (loss) ASU: Accounting Standards Update Basel III Rules: Regulatory capital rules agreed to by the Basel Committee on Banking Supervision, as issued by the FRB and OCC and published in the Federal Register on October 11, 2013 BHC Act: Bank Holding Company Act of 1956, as amended BSA: Bank Secrecy Act (Financial Recordkeeping and Reporting of Currency and Foreign Transactions Act of 1970) CAA: 2021 Consolidated Appropriations Act enacted on December 27, 2020, which included a $900 billion COVID-19 relief package CARES Act: Coronavirus Aid, Relief and Economic Security Act CBLR: Community bank leverage ratio, which is the subject of rules adopted by federal banking regulators on October 29,2019 (the "CBLR framework") CECL: Current expected credit losses, which are the subject of an accounting standard under GAAP CET1: Common Equity Tier 1 Capital CFPB: Consumer Financial Protection Bureau CME Term SOFR: A forward-looking term Secured Overnight Financing Rate, as administered by CME Group Benchmark Administration Limite d CMO: Collateralized mortgage obligations CO

Business

Item 1. Business. General German American Bancorp, Inc. is a Nasdaq-traded (symbol: GABC) financial holding company based in Jasper, Indiana. German American, through its banking subsidiary German American Bank, operates 75 banking offices in 20 contiguous southern Indiana counties and 14 counties in Kentucky. The Company also owns an investment brokerage subsidiary (German American Investment Services, Inc.) and a full line property and casualty insurance agency (German American Insurance, Inc.). Throughout this Report, when we use the term "Company", we will usually be referring to the business and affairs (financial and otherwise) of German American Bancorp, Inc. and its consolidated subsidiaries as a whole. Occasionally, we will refer to the term "parent company" or "holding company" when we mean to refer to only German American Bancorp, Inc. and the term "Bank" when we mean to refer only to the Company's bank subsidiary. The Company's lines of business include retail and commercial banking, wealth management services, and insurance operations. Our retail and commercial banking business involves attracting deposits from the general public and using those funds to originate consumer, commercial and agricultural, commercial and agricultural real estate, and residential mortgage loans, primarily in the Company's local markets. These core banking activities also include the sale of residential mortgage loans in the secondary market. Our wealth management services involve providing trust, investment advisory, brokerage and retirement planning services to customers. In our insurance operations, we offer a full range of personal and corporate property and casualty insurance products, primarily in the Company's banking subsidiary's local markets. Financial and other information by segment is included in Note 16 (Segment Information) of the Notes to the Consolidated Financial Statements included in Item 8 of this Report and is incorporated into this Item 1 by ref

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View this 10-K filing on SEC EDGAR