GERMAN AMERICAN BANCORP, INC. GABC
German American Bancorp, Inc. is a Nasdaq-listed (symbol: GABC) financial holding company based in Jasper, Indiana. German American, through its banking subsidiary German American Bank, operates 94 banking offices located throughout Indiana (central/southern), Kentucky (northern/central/western), and Ohio (central/southwest). In Columbus, Ohio and Greater Cincinnati, the Company does business as Heartland Bank, a Division of German American Bank. The Company also owns an investment brokerage subsidiary, German American Investment Services, Inc.
Throughout this Report, when we use the term "Company" and "German American", 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 "German American Bancorp", "Bancorp", "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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $487.4M | $353.7M | $316.9M | $278.1M | $170.4M | $174.4M | $176.5M | $133.7M | $111.0M | $103.4M |
| Interest expense | $294.1M | $190.6M | $190.4M | $200.6M | $9.5M | $19.1M | $31.2M | $19.1M | $11.1M | $8.5M |
| Pre-tax income | $140.1M | $104.1M | $103.6M | $99.2M | $102.8M | $75.0M | $71.2M | $56.1M | $52.2M | $49.1M |
| Income tax | $27.4M | $20.3M | $17.8M | $17.4M | $18.6M | $12.8M | $12.0M | $9.5M | $11.5M | $13.9M |
| Net income | $112.6M | $83.8M | $85.9M | $81.8M | $84.1M | $62.2M | $59.2M | $46.5M | $40.7M | $35.2M |
| EPS, basic | 3.06 | 2.83 | 2.91 | 2.78 | 3.17 | 2.34 | 2.29 | 1.99 | 1.77 | 1.57 |
| EPS, diluted | 3.06 | 2.83 | 2.91 | 2.78 | 3.17 | 2.34 | 2.29 | 1.99 | 1.77 | 1.57 |
| Shares, diluted (wtd. avg.) | $36.8M | $29.7M | $29.6M | $29.5M | $26.5M | $26.5M | $25.8M | $23.4M | $22.9M | $22.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $118.4M | $188.8M | $115.3M | $117.4M | $395.2M | $344.1M | $103.9M | $96.5M | $70.4M | $48.5M |
| Property, plant and equipment | — | — | — | — | — | — | $96.7M | $80.6M | $54.2M | $48.2M |
| Goodwill | $375.5M | $179.0M | $180.4M | $180.4M | $121.8M | $122.0M | $121.3M | $103.7M | $54.1M | $54.1M |
| Other intangibles | $33.8M | $4.0M | $6.3M | $9.4M | $5.8M | $9.0M | $12.7M | $10.0M | $2.1M | $2.8M |
| Total assets | $8.39B | $6.30B | $6.15B | $6.16B | $5.61B | $4.98B | $4.40B | $3.93B | $3.14B | $2.96B |
| Short-term debt | — | — | — | — | $68.3M | $52.9M | $167.7M | $249.8M | $133.5M | $137.6M |
| Long-term debt | $100.0M | $114.6M | $89.5M | $64.5M | $83.9M | $141.6M | $181.9M | $126.6M | $141.7M | $120.6M |
| Total liabilities | $7.23B | $5.58B | $5.49B | $5.60B | $4.94B | $4.35B | $3.82B | $3.47B | $2.78B | $2.63B |
| Retained earnings | $582.9M | $513.6M | $461.6M | $405.2M | $350.4M | $288.4M | $253.1M | $211.4M | $179.0M | $149.7M |
| Total equity | $1.16B | $715.1M | $663.6M | $558.4M | $668.5M | $624.7M | $573.8M | $458.6M | $364.6M | $330.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $159.3M | $95.8M | $107.2M | $110.0M | $100.8M | $92.4M | $65.2M | $62.3M | $54.9M | $41.9M |
| Depreciation and amortisation | $9.0M | $6.9M | $6.6M | $6.6M | $5.8M | $6.0M | $5.8M | $4.7M | $3.9M | $3.8M |
| Stock-based compensation | $2.9M | $2.9M | $2.3M | $2.3M | $1.7M | $1.1M | $1.3M | $1.4M | $1.2M | $1.4M |
| Capital expenditure | $5.3M | $5.0M | $5.7M | $7.9M | $4.7M | $7.1M | $9.4M | $15.2M | $11.2M | $5.2M |
| Investing cash flow | -$60.3M | -$82.4M | $27.3M | -$24.2M | -$640.3M | -$346.1M | $30.7M | -$38.8M | -$189.3M | -$71.7M |
| Financing cash flow | -$169.5M | $60.1M | -$136.5M | -$363.7M | $590.6M | $495.5M | -$88.6M | $2.7M | $139.9M | $42.6M |
| Dividends paid | $43.3M | $31.8M | $29.4M | $27.0M | $22.2M | $20.1M | $17.6M | $14.1M | $11.8M | $10.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000714395-26-000011.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |