QualityStocks would like to highlight German American Bancorp, Inc. (NASDAQ: GABC). The company is a financial services holding company based in Jasper, Indiana. The principal subsidiary of German American Bancorp, Inc. is its banking subsidiary, German American Bancorp, which operates through six community banking affiliates with 28 retail banking offices in the ten contiguous Southern Indiana counties of Daviess, Dubois, Gibson, Knox, Lawrence, Martin, Monroe, Perry, Pike, and Spencer.
In the company’s news yesterday,
German American Bancorp announced that even with the slowing economic environment, it has achieved record 2008 financial performance, earning $12,803,000, or $1.16 per share. In comparison, the company reported net income of $9,405,000, or $0.85 per share, in 2007.
Mark Schroeder, President & Chief Executive Officer, commented, “We are pleased to report a continuation of the Company’s strong financial results in the fourth quarter and throughout 2008, a feat made even more remarkable given the events of the past year and the many issues facing the national economy. Despite these significant challenges, we enjoyed solid performance throughout our Company, underscoring the strength of our business model and the significant market share we enjoy in our principal markets throughout Southern Indiana, which has not been as affected by the current recessionary economic conditions as other regions of the country.”
“Acutely aware of the current economic reality and the challenges that may face our market area in the coming year, we have also maintained our historic focus on credit quality,” Schroeder added. “We are gratified that, based on industry standard credit quality measures, our effectiveness in this area remains very strong — an accomplishment that sets German American apart from many peer financial institutions.”
In the press release, the company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.14 per share which will be payable on February 20, 2009 to shareholders on record as of February 10, 2009.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
