Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

The condensed financial statements of German American Bancorp, Inc. are presented below:

CONDENSED BALANCE SHEETS


	December 31,
	2020		2019
ASSETS
Cash	$	47,533	$	42,738
Other Investments	353		353
Investment in Subsidiary Bank	614,661		577,332
Investment in Non-banking Subsidiaries	5,956		5,904
Other Assets	17,247		7,954
Total Assets	$	685,750	$	634,281

LIABILITIES
Borrowings	$	55,400	$	54,996
Other Liabilities	5,641		5,465
Total Liabilities	61,041		60,461

SHAREHOLDERS’ EQUITY
Common Stock	26,502		26,671
Additional Paid-in Capital	274,385		278,954
Retained Earnings	288,447		253,090
Accumulated Other Comprehensive Income (Loss)	35,375		15,105
Total Shareholders’ Equity	624,709		573,820
Total Liabilities and Shareholders’ Equity	$	685,750	$	634,281

The condensed financial statements of German American Bancorp, Inc. are presented below:CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


	Years Ended December 31,
	2020		2019		2018
INCOME
Dividends from Subsidiaries
Bank	$	40,000	$	45,000	$	7,000
Non-bank	1,580		1,400		1,200
Interest Income	118		102		38
Other Income (Loss)	25		(2)		(13)
Total Income	41,723		46,500		8,225

EXPENSES
Salaries and Employee Benefits	498		530		576
Professional Fees	564		1,685		2,079
Occupancy and Equipment Expense	7		7		7
Interest Expense	2,907		2,781		1,279
Other Expenses	1,286		975		813
Total Expenses	5,262		5,978		4,754
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	36,461		40,522		3,471
Income Tax Benefit	1,922		1,712		1,042
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	38,383		42,234		4,513
Equity in Undistributed Income of Subsidiaries	23,827		16,988		42,016
NET INCOME	62,210		59,222		46,529

Other Comprehensive Income:
Changes in Unrealized Gain (Loss) on Securities, Available-for-Sale	20,270		22,432		(4,424)
Changes in Unrecognized Loss in Postretirement Benefit Obligation, Net	—		(229)		(54)
TOTAL COMPREHENSIVE INCOME	$	82,480	$	81,425	$	42,051

CONDENSED STATEMENTS OF CASH FLOWS


	Years Ended December 31,
	2020		2019		2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	62,210	$	59,222	$	46,529
Adjustments to Reconcile Net Income to Net Cash from Operations
Change in Other Assets	(8,575)		31		1,588
Change in Other Liabilities	(142)		(406)		(163)
Equity Based Compensation	1,051		1,287		1,355
Excess Tax Benefit from Restricted Share Grant	3		25		32
Equity in Excess Undistributed Income of Subsidiaries	(23,827)		(16,988)		(42,016)
Net Cash from Operating Activities	30,720		43,171		7,325

CASH FLOWS FROM INVESTING ACTIVITIES
Cash Used for Business Acquisitions	—		(14,958)		(25,160)
Net Cash from Investing Activities	—		(14,958)		(25,160)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Issuance of Long-term Debt	—		39,213		25,000
Repayment of Long-term Debt	—		(25,000)		—
Issuance (Retirement) of Common Stock	(5,789)		—		—
Dividends Paid	(20,136)		(17,556)		(14,074)
Net Cash from Financing Activities	(25,925)		(3,343)		10,926

Net Change in Cash and Cash Equivalents	4,795		24,870		(6,909)
Cash and Cash Equivalents at Beginning of Year	42,738		17,868		24,777
Cash and Cash Equivalents at End of Year	$	47,533	$	42,738	$	17,868