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Pay vs Performance Disclosure
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance
Year
Summary
compensation
table total for

PEO(1)
($)
Compensation
actually paid
to PEO
(2)
($)
Average
summary
compensation
table total for
non-PEO
named
executive
officers
(1)
($)
Average
compensation
actually paid
to non-PEO
named
executive
officers
(2)
($)
Value of initial fixed $100
investment based on:
Net
income
(5)
($
Thousands)
3-Year
Average
Growth
in
Adjusted
Earnings
per
Share
(6)
Total
shareholder
return
(3)
($)
Peer group
total
shareholder
return
(4)
($)
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
2024 1,661,490 1,872,852 749,252 823,423 128.97 122.17 $ 83,811 (2.9)%
2023 1,418,115 1,344,065 687,175 637,832 100.86 102.59 $ 85,888 9.2%
2022 1,374,051 1,196,188 689,558 624,348 112.33 110.78 $ 81,825 13.5%
2021 1,626,579 1,518,365 801,437 726,260 114.58 129.96 $ 84,137 17.6%
2020 1,370,874 1,122,181 626,800 526,384 95.22 92.90 $ 62,210 9.9%
(1)
Amounts represent “Summary Compensation Table” totals for our principal executive officers (“PEOs”) and the average “Summary Compensation Table” totals for our remaining NEOs for the relevant fiscal year, which includes the individuals indicated in the table below for each fiscal year:
Year
PEO
Non-PEO NEOS
2024 D. Neil Dauby Bradley M. Rust, Michael F. Beckwith, Amy D. Jackson and Bradley C. Arnett
2023 D. Neil Dauby
Bradley M. Rust, Keith A. Leinenbach, Michael F. Beckwith, Amy D. Jackson and Clay M. Barrett
2022 D. Neil Dauby Bradley M. Rust, Randall L. Braun, Keith A. Leinenbach, Amy D. Jackson and Clay M. Barrett
2021
Mark A. Schroeder
D. Neil Dauby, Bradley M. Rust, Randall L. Braun and Keith A. Leinenbach
2020
Mark A. Schroeder
D. Neil Dauby, Clay W. Ewing, Bradley M. Rust, Randall L. Braun and Keith A. Leinenbach
(2)
Amounts represent compensation actually paid to our PEOs and the average compensation actually paid to our remaining NEOs for the relevant fiscal year, as determined under SEC rules (and described below), which includes the individuals indicated in the table in footnote (1) above.
The tables below provide the adjustments to the Summary Compensation Table (“SCT”) total compensation made to arrive at the compensation actually paid for the PEO and the average for Non-PEO NEOs for the fiscal years indicated:
PEO — Adjustments to Arrive at Compensation Actually Paid
Description
2024
2023
2022
2021
2020
Deduct the amounts reported in the SCT for “stock awards” (column (e)) and “option awards” ​(column (f)) (397,116) (423,754) (403,122) (421,906) (358,801)
Add the fair value (“FV”) as of the end of the applicable FY of all awards granted during such FY that are outstanding and unvested as of the end of the FY 534,443 384,609 227,679 286,776 116,742
Add/Deduct the change as of the end of the applicable FY
(from the end of the prior FY) in FV of any awards granted in
any prior FY that are outstanding and unvested as of the end of
such FY
77,670 (24,792) (3,367) 10,390 (1,796)
Add/Deduct the change as of the vesting date (from the end of
the prior FY) in FV of any awards granted in any prior FY for
which all applicable vesting conditions were satisfied at the end
of or during the applicable FY
(3,636) (10,113) 947 16,526 (4,838)
Total
211,362 (74,050) (177,863) (108,214) (248,693)
Description
2024
2023
2022
2021
2020
Deduct the amounts reported in the SCT for “stock awards” (column (e)) and “option awards” ​(column (f)) (146,512) (169,846) (168,145) (187,585) (141,882)
Add the fair value (“FV”) as of the end of the applicable FY of all awards granted during such FY that are outstanding and unvested as of the end of the FY 195,731 138,611 106,946 105,899 46,736
Add/Deduct the change as of the end of the applicable FY
(from the end of the prior FY) in FV of any awards granted in
any prior FY that are outstanding and unvested as of the end of
such FY
20,716 (8,905) (1,908) 3,725 (744)
Add/Deduct the change as of the vesting date (from the end of
the prior FY) in FV of any awards granted in any prior FY for
which all applicable vesting conditions were satisfied at the end
of or during the applicable FY
7,838 (6,434) 557 5,979 (1,994)
Deduct aggregate change in the Actuarial Present Values reported under the “Change in Pension Value” Column of the SCT
(3,602) (2,769) (2,660) (3,195) (2,532)
Total
74,171 (49,343) (65,210) (75,177) (100,416)
(3)
For the relevant fiscal year, represents the cumulative total shareholder return (“TSR”) of German American Bancorp, Inc. for the measurement periods ending on December 31 of each of 2024, 2023, 2022, 2021 and 2020, respectively.
(4)
For the relevant fiscal year, represents the cumulative TSR of the S&P Regional Banks Select Industry Index (“Peer Group TSR”) for the measurement periods ending on December 31 of each of 2024, 2023, 2022, 2021 and 2020, respectively.
(5)
Reflects “Net Income” in the company’s Consolidated Income Statements included in the Company’s Annual Reports on Form 10-K for each of the years ended December 31, 2024, 2023, 2022, 2021 and 2020.
(6)
The Company-Selected Measure is 3-Year Average Growth in Adjusted Earnings per Share. This measure is the average of the Company’s annual growth in adjusted EPS for each year in the 3-year period ending with the listed fiscal year. For 2022, the Company’s annual GAAP net income (which is the basis for EPS) was adjusted to eliminate the after-tax impact of certain non-recurring expenses resulting from its merger with Citizens Union Bancorp of Shelbyville, Inc. Similarly, for 2024, annual GAAP net income was adjusted to eliminate the after-tax impacts of the gain on the Company’s sale of its insurance agency, the loss on its securities portfolio restructuring, and the merger-related transactions costs incurred in connection with the Heartland BancCorp merger. The Company and its Board of Directors consider these events to be unrepresentative of the Company’s core operating performance.
       
Company Selected Measure Name 3-Year Average Growth in Adjusted Earnings per Share        
Named Executive Officers, Footnote
(1)
Amounts represent “Summary Compensation Table” totals for our principal executive officers (“PEOs”) and the average “Summary Compensation Table” totals for our remaining NEOs for the relevant fiscal year, which includes the individuals indicated in the table below for each fiscal year:
Year
PEO
Non-PEO NEOS
2024 D. Neil Dauby Bradley M. Rust, Michael F. Beckwith, Amy D. Jackson and Bradley C. Arnett
2023 D. Neil Dauby
Bradley M. Rust, Keith A. Leinenbach, Michael F. Beckwith, Amy D. Jackson and Clay M. Barrett
2022 D. Neil Dauby Bradley M. Rust, Randall L. Braun, Keith A. Leinenbach, Amy D. Jackson and Clay M. Barrett
2021
Mark A. Schroeder
D. Neil Dauby, Bradley M. Rust, Randall L. Braun and Keith A. Leinenbach
2020
Mark A. Schroeder
D. Neil Dauby, Clay W. Ewing, Bradley M. Rust, Randall L. Braun and Keith A. Leinenbach
       
Peer Group Issuers, Footnote
(3)
For the relevant fiscal year, represents the cumulative total shareholder return (“TSR”) of German American Bancorp, Inc. for the measurement periods ending on December 31 of each of 2024, 2023, 2022, 2021 and 2020, respectively.
(4)
For the relevant fiscal year, represents the cumulative TSR of the S&P Regional Banks Select Industry Index (“Peer Group TSR”) for the measurement periods ending on December 31 of each of 2024, 2023, 2022, 2021 and 2020, respectively.
       
PEO Total Compensation Amount $ 1,661,490 $ 1,418,115 $ 1,374,051 $ 1,626,579 $ 1,370,874
PEO Actually Paid Compensation Amount $ 1,872,852 1,344,065 1,196,188 1,518,365 1,122,181
Adjustment To PEO Compensation, Footnote
(2)
Amounts represent compensation actually paid to our PEOs and the average compensation actually paid to our remaining NEOs for the relevant fiscal year, as determined under SEC rules (and described below), which includes the individuals indicated in the table in footnote (1) above.
The tables below provide the adjustments to the Summary Compensation Table (“SCT”) total compensation made to arrive at the compensation actually paid for the PEO and the average for Non-PEO NEOs for the fiscal years indicated:
PEO — Adjustments to Arrive at Compensation Actually Paid
Description
2024
2023
2022
2021
2020
Deduct the amounts reported in the SCT for “stock awards” (column (e)) and “option awards” ​(column (f)) (397,116) (423,754) (403,122) (421,906) (358,801)
Add the fair value (“FV”) as of the end of the applicable FY of all awards granted during such FY that are outstanding and unvested as of the end of the FY 534,443 384,609 227,679 286,776 116,742
Add/Deduct the change as of the end of the applicable FY
(from the end of the prior FY) in FV of any awards granted in
any prior FY that are outstanding and unvested as of the end of
such FY
77,670 (24,792) (3,367) 10,390 (1,796)
Add/Deduct the change as of the vesting date (from the end of
the prior FY) in FV of any awards granted in any prior FY for
which all applicable vesting conditions were satisfied at the end
of or during the applicable FY
(3,636) (10,113) 947 16,526 (4,838)
Total
211,362 (74,050) (177,863) (108,214) (248,693)
       
Non-PEO NEO Average Total Compensation Amount $ 749,252 687,175 689,558 801,437 626,800
Non-PEO NEO Average Compensation Actually Paid Amount $ 823,423 637,832 624,348 726,260 526,384
Adjustment to Non-PEO NEO Compensation Footnote
(2)
Amounts represent compensation actually paid to our PEOs and the average compensation actually paid to our remaining NEOs for the relevant fiscal year, as determined under SEC rules (and described below), which includes the individuals indicated in the table in footnote (1) above.
The tables below provide the adjustments to the Summary Compensation Table (“SCT”) total compensation made to arrive at the compensation actually paid for the PEO and the average for Non-PEO NEOs for the fiscal years indicated:
Description
2024
2023
2022
2021
2020
Deduct the amounts reported in the SCT for “stock awards” (column (e)) and “option awards” ​(column (f)) (146,512) (169,846) (168,145) (187,585) (141,882)
Add the fair value (“FV”) as of the end of the applicable FY of all awards granted during such FY that are outstanding and unvested as of the end of the FY 195,731 138,611 106,946 105,899 46,736
Add/Deduct the change as of the end of the applicable FY
(from the end of the prior FY) in FV of any awards granted in
any prior FY that are outstanding and unvested as of the end of
such FY
20,716 (8,905) (1,908) 3,725 (744)
Add/Deduct the change as of the vesting date (from the end of
the prior FY) in FV of any awards granted in any prior FY for
which all applicable vesting conditions were satisfied at the end
of or during the applicable FY
7,838 (6,434) 557 5,979 (1,994)
Deduct aggregate change in the Actuarial Present Values reported under the “Change in Pension Value” Column of the SCT
(3,602) (2,769) (2,660) (3,195) (2,532)
Total
74,171 (49,343) (65,210) (75,177) (100,416)
       
Compensation Actually Paid vs. Total Shareholder Return
Relationship Between PEO and Non-PEO NEOs Compensation Actually Paid and Company Total Shareholder Return
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our other NEOs, and the Company’s cumulative TSR over the five most recently completed fiscal years.
[MISSING IMAGE: bc_peopaidvstsr-pn.jpg]
       
Compensation Actually Paid vs. Net Income
Relationship Between PEO and Non-PEO NEOs Compensation Actually Paid and Net Income
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our other NEOs, and our net income during the five most recently completed fiscal years.
[MISSING IMAGE: bc_peopaidvsnetincome-pn.jpg]
       
Compensation Actually Paid vs. Company Selected Measure
Relationship Between PEO and Non-PEO NEOs Compensation Actually Paid and 3-Year Average Growth in Adjusted Earnings per Share
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our other NEOs, and our 3-Year Average Growth in Adjusted Earnings per Share during each of the five most recently completed fiscal years.
[MISSING IMAGE: bc_peopaidvseps-pn.jpg]
       
Total Shareholder Return Vs Peer Group
Relationship Between Company TSR and Peer Group TSR
The following chart compares our cumulative TSR over the five most recently completed fiscal years to that of the S&P Regional Banks Select Industry Index over the same period.
[MISSING IMAGE: lc_companypeergrouptsr-pn.jpg]
       
Tabular List, Table
Tabular List of Important Financial Measures
The most important financial performance measures used by the Company in 2024 to set the compensation for its PEO (i.e., our Chairman and Chief Executive Officer), and all of its non-PEO Named Executive Officers are listed below:

3-Year Average Growth in Adjusted Earnings per Share.

3-Year Average Adjusted Return on Average Equity.

3-Year Average Adjusted Return on Average Assets.

Net Income.
       
Total Shareholder Return Amount $ 128.97 100.86 112.33 114.58 95.22
Peer Group Total Shareholder Return Amount 122.17 102.59 110.78 129.96 92.9
Net Income (Loss) $ 83,811 $ 85,888 $ 81,825 $ 84,137 $ 62,210
Company Selected Measure Amount (2.9) 9.2 13.5 17.6 9.9
PEO Name D. Neil Dauby        
Measure:: 1          
Pay vs Performance Disclosure          
Name 3-Year Average Growth in Adjusted Earnings per Share        
Non-GAAP Measure Description
(6)
The Company-Selected Measure is 3-Year Average Growth in Adjusted Earnings per Share. This measure is the average of the Company’s annual growth in adjusted EPS for each year in the 3-year period ending with the listed fiscal year. For 2022, the Company’s annual GAAP net income (which is the basis for EPS) was adjusted to eliminate the after-tax impact of certain non-recurring expenses resulting from its merger with Citizens Union Bancorp of Shelbyville, Inc. Similarly, for 2024, annual GAAP net income was adjusted to eliminate the after-tax impacts of the gain on the Company’s sale of its insurance agency, the loss on its securities portfolio restructuring, and the merger-related transactions costs incurred in connection with the Heartland BancCorp merger. The Company and its Board of Directors consider these events to be unrepresentative of the Company’s core operating performance.
       
Measure:: 2          
Pay vs Performance Disclosure          
Name 3-Year Average Adjusted Return on Average Equity.        
Measure:: 3          
Pay vs Performance Disclosure          
Name 3-Year Average Adjusted Return on Average Assets        
Measure:: 4          
Pay vs Performance Disclosure          
Name Net Income        
PEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 211,362 $ (74,050) $ (177,863) $ (108,214) $ (248,693)
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (397,116) (423,754) (403,122) (421,906) (358,801)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 534,443 384,609 227,679 286,776 116,742
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 77,670 (24,792) (3,367) 10,390 (1,796)
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (3,636) (10,113) 947 16,526 (4,838)
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (3,602) 2,769 2,660 3,195 2,532
Non-PEO NEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 74,171 (49,343) (65,210) (75,177) (100,416)
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (146,512) (169,846) (168,145) (187,585) (141,882)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 195,731 138,611 106,946 105,899 46,736
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 20,716 (8,905) (1,908) 3,725 (744)
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 7,838 $ (6,434) $ 557 $ 5,979 $ (1,994)