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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended March 31, 2021
 
Commission File Number 001-15877
 
German American Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Indiana 35-1547518
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
 
711 Main Street, Jasper, Indiana 47546
(Address of Principal Executive Offices and Zip Code)
 
Registrant’s telephone number, including area code: (812) 482-1314
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Yes   x      No ¨
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 
Yes   x      No ¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company:
Large accelerated filerx
Accelerated filer ¨
Non-accelerated filer ¨
Smaller reporting companyEmerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): 
Yes         No x
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, no par valueGABCNasdaq Global Select Market

As of May 5, 2021, the registrant had 26,545,704 outstanding shares of Common Stock, no par value.



CAUTION REGARDING FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISKS
 
Information included in or incorporated by reference in this Quarterly Report on Form 10-Q, our other filings with the Securities and Exchange Commission (the “SEC”) and our press releases or other public statements contains or may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Please refer to the discussions of our forward-looking statements and associated risks in our Annual Report on Form 10-K for the year ended December 31, 2020, in Item 1, “Business - Forward-Looking Statements and Associated Risks” and our discussion of risk factors in Item 1A, “Risk Factors” of that Annual Report on Form 10-K, as updated and supplemented from time to time by our subsequent SEC filings, including by the discussion under the heading “Forward-Looking Statements and Associated Risks” at the conclusion of Item 2 of Part I of this Report (“Management’s Discussion and Analysis of Financial Condition and Results of Operations”), and by the additional risk factors set forth in Part II, Item 1A, “Risk Factors” of this Report.

2


*****
 
INDEX
 
Glossary of Terms and Acronyms
PART I.            FINANCIAL INFORMATION
   
Item 1.Unaudited Financial Statements
   
 Consolidated Balance Sheets – March 31, 2021 and December 31, 2020
   
 Consolidated Statements of Income – Three Months Ended March 31, 2021 and 2020
   
 Consolidated Statements of Comprehensive Income (Loss) – Three Months Ended March 31, 2021 and 2020
   
Consolidated Statements of Changes in Shareholders' Equity - Three Months Ended March 31, 2021 and 2020
 Consolidated Statements of Cash Flows – Three Months Ended March 31, 2021 and 2020
   
 Notes to Consolidated Financial Statements – March 31, 2021
   
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
   
Item 3.Quantitative and Qualitative Disclosures About Market Risk
   
Item 4. Controls and Procedures
   
PART II.           OTHER INFORMATION
Item 1.Legal Proceedings
   
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
   
Item 6.Exhibits
   
SIGNATURES
3


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.
2009 ESPP:     German American Bancorp, Inc. 2009 Employee Stock Purchase Plan
2019 ESPP:     German American Bancorp, Inc. 2019 Employee Stock Purchase Plan
2019 LTI Plan:     German American Bancorp, Inc. 2019 Long-Term Equity Incentive Plan
ASC:     Accounting Standards Codification
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
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
CECL:     Current expected credit losses
CET1:     Common Equity Tier 1
CMO:     Collateralized mortgage obligations
COVID-19:    Novel coronavirus disease 2019 declared, in March 2020, by the World Health Organization as a global pandemic and by the President of the United States as a national emergency
Dodd-Frank Act:     Dodd-Frank Wall Street Reform and Consumer Protection Act
FASB:     Financial Accounting Standards Board
FDIC:     Federal Deposit Insurance Corporation
federal banking
regulators:    The FRB, the OCC, and the FDIC, collectively
FHLB:     Federal Home Loan Bank
FRB:     Board of Governors of the Federal Reserve System
GAAP:    Generally Accepted Accounting Principles in the United States of America
LIBOR:    London Interbank Offered Rate
MBS:     Mortgage-backed securities
NPV:     Net portfolio value
4


OCC:     Office of the Comptroller of the Currency
PCD:     Purchased with credit deterioration
PCI:    Purchased credit impaired
PPP:    Paycheck Protection Program established under the CARES Act
PPPL Facility:    Paycheck Protection Program Liquidity Facility authorized by the FRB pursuant to the Federal Reserve Act
SBA:    Small Business Administration
SEC:    Securities and Exchange Commission
TDR:    Troubled Debt Restructurings



5


PART  I.         FINANCIAL INFORMATION
Item 1.           Unaudited Financial Statements
GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, dollars in thousands except share and per share data)
 March 31,
2021
December 31,
2020
ASSETS  
Cash and Due from Banks$102,758 $57,972 
Federal Funds Sold and Other Short-term Investments290,486 287,776 
Cash and Cash Equivalents393,244 345,748 
Interest-bearing Time Deposits with Banks1,241 1,241 
Securities Available-for-Sale, at Fair Value (Amortized Cost $1,367,856 for March 31, 2021; Amortized Cost $1,172,175 for December 31 2020; No Allowance for Credit Losses)
1,385,873 1,217,852 
Other Investments353 353 
Loans Held-for-Sale, at Fair Value18,493 16,904 
Loans3,120,981 3,091,998 
Less: Unearned Income(3,778)(3,926)
Allowance for Credit Losses(45,099)(46,859)
Loans, Net3,072,104 3,041,213 
Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost13,048 13,168 
Premises, Furniture and Equipment, Net92,044 96,593 
Other Real Estate325 325 
Goodwill121,956 121,956 
Intangible Assets8,130 8,984 
Company Owned Life Insurance69,606 69,250 
Accrued Interest Receivable and Other Assets43,417 43,990 
TOTAL ASSETS$5,219,834 $4,977,577 
LIABILITIES  
Non-interest-bearing Demand Deposits$1,383,888 $1,183,442 
Interest-bearing Demand, Savings, and Money Market Accounts2,548,015 2,428,636 
Time Deposits446,770 494,452 
Total Deposits4,378,673 4,106,530 
FHLB Advances and Other Borrowings173,547 194,529 
Accrued Interest Payable and Other Liabilities50,401 51,809 
TOTAL LIABILITIES4,602,621 4,352,868 
SHAREHOLDERS’ EQUITY  
Common Stock, no par value, $1 stated value; 45,000,000 shares authorized
26,546 26,502 
Additional Paid-in Capital274,670 274,385 
Retained Earnings302,450 288,447 
Accumulated Other Comprehensive Income 13,547 35,375 
TOTAL SHAREHOLDERS’ EQUITY617,213 624,709 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$5,219,834 $4,977,577 
End of period shares issued and outstanding26,546,280 26,502,157 



See accompanying notes to consolidated financial statements.
6


GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, dollars in thousands except per share data)
 Three Months Ended 
March 31,
 20212020
INTEREST INCOME  
Interest and Fees on Loans$35,104 $37,858 
Interest on Federal Funds Sold and Other Short-term Investments85 158 
Interest and Dividends on Securities:  
Taxable2,607 3,110 
Non-taxable3,729 2,445 
TOTAL INTEREST INCOME41,525 43,571 
INTEREST EXPENSE  
Interest on Deposits1,442 5,657 
Interest on FHLB Advances and Other Borrowings1,151 1,658 
TOTAL INTEREST EXPENSE2,593 7,315 
NET INTEREST INCOME38,932 36,256 
Provision for Credit Losses(1,500)5,150 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES40,432 31,106 
NON-INTEREST INCOME  
Trust and Investment Product Fees2,358 2,031 
Service Charges on Deposit Accounts1,678 2,237 
Insurance Revenues3,292 3,229 
Company Owned Life Insurance352 1,222 
Interchange Fee Income2,830 2,482 
Other Operating Income1,350 427 
Net Gains on Sales of Loans2,202 1,863 
Net Gains on Securities975 590 
TOTAL NON-INTEREST INCOME15,037 14,081 
NON-INTEREST EXPENSE  
Salaries and Employee Benefits17,805 17,400 
Occupancy Expense3,372 2,570 
Furniture and Equipment Expense976 1,011 
FDIC Premiums334  
Data Processing Fees1,743 1,686 
Professional Fees1,160 1,084 
Advertising and Promotion782 1,071 
Intangible Amortization760 960 
Other Operating Expenses4,327 4,546 
TOTAL NON-INTEREST EXPENSE31,259 30,328 
Income before Income Taxes24,210 14,859 
Income Tax Expense4,653 2,387 
NET INCOME$19,557 $12,472 
Basic Earnings per Share$0.74 $0.47 
Diluted Earnings per Share$0.74 $0.47 
 



See accompanying notes to consolidated financial statements.
7


GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, dollars in thousands)
 
 Three Months Ended
March 31,
 20212020
NET INCOME$19,557 $12,472 
Other Comprehensive Income (Loss):  
Unrealized Gains (Losses) on Securities:  
Unrealized Holding Gain (Loss) Arising During the Period(26,685)17,479 
Reclassification Adjustment for Gains Included in Net Income(975)(590)
Tax Effect5,832 (3,634)
Net of Tax(21,828)13,255 
Total Other Comprehensive Income (Loss)(21,828)13,255 
COMPREHENSIVE INCOME (LOSS)$(2,271)$25,727 
 

 
 





























See accompanying notes to consolidated financial statements.
8


GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(unaudited, dollars in thousands)
Common Stock
 SharesAmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Shareholders' Equity
Balances, December 31, 202026,502,157 $26,502 $274,385 $288,447 $35,375 $624,709 
Net Income19,557 19,557 
Other Comprehensive Income (21,828)(21,828)
Cash Dividends ($0.21 per share)
(5,554)(5,554)
Issuance of Common Stock for:
Restricted Share Grants44,123 44 285 329 
Balances, March 31, 202126,546,280 $26,546 $274,670 $302,450 $13,547 $617,213 




Common Stock
 SharesAmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Shareholders' Equity
Balances, December 31, 201926,671,368 $26,671 $278,954 $253,090 $15,105 $573,820 
Cumulative Effect of Change in Accounting Principles (See Note 2 - Recent Accounting Pronouncements)(6,717)(6,717)
Balance, January 1, 202026,671,368 26,671 278,954 246,373 15,105 567,103 
Net Income12,472 12,472 
Other Comprehensive Income13,255 13,255 
Cash Dividends ($0.19 per share)
(5,065)(5,065)
Issuance of Common Stock for:
Restricted Share Grants41,752 42 228 270 
Stock Repurchase(173,089)(173)(4,322)(4,495)
Balances, March 31, 202026,540,031 $26,540 $274,860 $253,780 $28,360 $583,540 












See accompanying notes to consolidated financial statements.
9


GERMAN AMERICAN BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, dollars in thousands)
 Three Months Ended 
March 31,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES  
Net Income$19,557 $12,472 
Adjustments to Reconcile Net Income to Net Cash from Operating Activities:  
Net Amortization on Securities1,553 1,121 
Depreciation and Amortization2,327 2,341 
Loans Originated for Sale(70,550)(54,906)
Proceeds from Sales of Loans Held-for-Sale71,465 58,459 
Provision for Credit Losses(1,500)5,150 
Gain on Sale of Loans, net(2,202)(1,863)
Gain on Securities, net(975)(590)
Loss on Disposition and Donation of Premises and Equipment479 27 
Increase in Cash Surrender Value of Company Owned Life Insurance(356)(373)
Equity Based Compensation329 270 
Change in Assets and Liabilities:  
Interest Receivable and Other Assets711 (6,438)
Interest Payable and Other Liabilities5,852 8,271 
Net Cash from Operating Activities26,690 23,941 
CASH FLOWS FROM INVESTING ACTIVITIES  
Proceeds from Maturities of Securities Available-for-Sale57,093 31,698 
Proceeds from Sales of Securities Available-for-Sale51,370 10,989 
Purchase of Securities Available-for-Sale(304,722)(47,292)
Proceeds from Redemption of Federal Home Loan Bank Stock120  
Loans Made to Customers, net of Payments Received(29,391)69,603 
Property and Equipment Expenditures(835)(1,166)
Proceeds from Sale of Land and Building1,614 85 
Proceeds from Life Insurance 1,082 
Net Cash from Investing Activities(224,751)64,999 
CASH FLOWS FROM FINANCING ACTIVITIES  
Change in Deposits272,173 48,658 
Change in Short-term Borrowings(13,041)(134,214)
Repayments of Long-term Debt(8,021)(7,568)
Issuance (Repurchase) of Common Stock (4,495)
Dividends Paid(5,554)(5,065)
Net Cash from Financing Activities245,557 (102,684)
Net Change in Cash and Cash Equivalents47,496 (13,744)
Cash and Cash Equivalents at Beginning of Year345,748 103,884 
Cash and Cash Equivalents at End of Period$393,244 $90,140 
Cash Paid During the Period for
Interest$2,391 $6,929 
Income Taxes(246)(45)
Supplemental Non Cash Disclosures  
Loans Transferred to Other Real Estate$ $200 
Reclassification of Land and Buildings to Other Assets366  




See accompanying notes to consolidated financial statements.
10


GERMAN AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2021
(unaudited, dollars in thousands except share and per share data)
NOTE 1 – Basis of Presentation and Market Conditions
 
German American Bancorp, Inc. operates primarily in the banking industry. The accounting and reporting policies of German American Bancorp, Inc. and its subsidiaries (hereinafter collectively referred to as the "Company") conform to U.S. generally accepted accounting principles. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the periods reported have been included in the accompanying unaudited consolidated financial statements, and all such adjustments are of a normal recurring nature. It is suggested that these consolidated financial statements and notes be read in conjunction with the financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. Certain items included in the prior period financial statements were reclassified to conform to the current presentation. There was no effect on net income or total shareholders' equity based on these reclassifications.

Impact of COVID-19
The novel coronavirus disease 2019 (COVID-19) pandemic continued to impact our operations during the quarter ended March 31, 2021. While uncertainty remains as to the future effects of the pandemic, an improving business climate, supported by unprecedented fiscal stimulus, an accommodative Federal Reserve, and accelerating COVID-19 vaccination rates, has helped to mitigate the negative impacts of the pandemic on our financial condition and results of operations, despite the challenges presented by very low interest rates, muted loan growth, and excess liquidity.

NOTE 2 - Recent Accounting Pronouncements

Loan Modifications and Troubled Debt Restructurings due to COVID-19
On April 7, 2020, the Board of Governors of the Federal Reserve System (the "FRB"), the Office of the Comptroller of the Currency (the “OCC”), and the Federal Deposit Insurance Corporation (the “FDIC” and, together with the FRB and OCC, the “federal banking regulators”) issued a revised Interagency Statement on Loan Modifications and Reporting for Financial Institutions, which, among other things, encouraged financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations because of the effects of COVID-19, and stated that institutions generally do not need to categorize COVID-19-related modifications as troubled debt restructurings and that the agencies will not direct supervised institutions to automatically categorize all COVID-19 related loan modifications as troubled debt restructurings. Similarly, under the CARES Act, provisions were included that allow for loan modifications to not be classified as TDRs if certain criteria are met. This TDR exemption, which was set to expire on December 31, 2020, was extended under the CAA to the earlier of (i) 60 days after the national emergency concerning the COVID-19 outbreak terminates, and (ii) January 1, 2022.

Adopted Accounting Guidance in 2020
In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments). The new CECL model requires an estimate of expected credit losses, measured over the contractual life of an instrument, which considers reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions. The standard provides significant flexibility and requires a high degree of judgement with regards to pooling financial assets with similar risk characteristics and adjusting the relevant historical loss information in order to develop an estimate of expected lifetime losses.

The Company adopted ASC 326 on January 1, 2020 using the modified restrospective approach. Results for reporting periods after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net reduction of retained earnings of $6,717 upon adoption.

The Company adopted ASC 326 using the prospective transition approach for financial assets purchased with credit deterioration (PCD) that were previously classified as purchased credit impaired (PCI) and accounted for under ASC 310-30. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date
11


GERMAN AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2021
(unaudited, dollars in thousands except share and per share data)

NOTE 2 - Recent Accounting Pronouncements (continued)
of adoption. On January 1, 2020, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $6,886 of the allowance for credit losses. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at the effective interest rate as of January 1, 2020.

The Company expanded the loan portfolio segments used to determine the allowance for credit losses for loans into eight loan segments as opposed to six loan segments under the incurred loss methodology. The following table illustrates the impact of the segment expansion as of January 1, 2020.
(dollars in thousands)December 31, 2019 Statement BalanceSegment Portfolio ReclassificationsDecember 31, 2019 After Reclassification
Loans:
Commercial and Industrial Loans$589,758 $(57,257)$532,501 
Commercial Real Estate Loans1,495,862 N/A1,495,862 
Agricultural Loans384,526 N/A384,526 
LeasesN/A57,257 57,257 
Home Equity Loans225,755 N/A225,755 
Consumer Loans81,217 (11,953)69,264 
Credit CardsN/A11,953 11,953 
Residential Mortgage Loans304,855 N/A304,855 
  Total Loans$3,081,973 $ $3,081,973 


The following table illustrates the impact of ASC 326:
(dollars in thousands)December 31, 2019 After ReclassificationImpact of ASC 326 AdoptionJanuary 1, 2020 Post-ASC 326 Adoption
Assets:
  Loans:
    Commercial and Industrial Loans$532,501 $2,191 $534,692 
    Commercial Real Estate Loans1,495,862 4,385 1,500,247 
    Agricultural Loans384,526 128 384,654 
    Leases57,257  57,257 
    Home Equity Loans225,755 35 225,790 
    Consumer Loans69,264  69,264 
    Credit Cards11,953  11,953 
    Residential Mortgage Loans304,855 147 305,002 
      Allowance for Credit Losses on Loans(16,278)(15,653)(31,931)
Liabilities:
Allowance for Credit Losses on Unfunded Loan Commitments$ $(173)$(173)

In December 2018, federal banking regulators approved a final rule to address changes to credit loss accounting under GAAP, including banking organizations’ implementation of CECL. The final rule provides banking organizations the option to phase in over a three-year period the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. On March 27, 2020, in an action related to the CARES Act, the federal banking regulators announced an interim final rule to delay the estimated impact on regulatory capital stemming from the implementation of CECL. The interim final rule, which was finalized effective September 30, 2020, maintains the three-year transition option in the previous rule and provides banks the option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period (five-year transition option). The Company has elected to adopt the five-year transition option. This election of the transition option is applicable only to
12


GERMAN AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2021
(unaudited, dollars in thousands except share and per share data)

NOTE 2 - Recent Accounting Pronouncements (continued)
regulatory capital computations under federal banking regulations and does not otherwise impact the financial statements prepared in accordance with GAAP.
Loans
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, deferred loan fees and costs. Accrued interest receivable totaled $13,141 at March 31, 2021 and was reported in Accrued Interest Receivable and Other Assets on the Consolidated Balance Sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized in interest income using the level-yield method without anticipating prepayments.

Purchase Credit Deteriorated (PCD) Loans
The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. PCD loans are recorded at the amount paid. An allowance for credit losses on loans is determined using the same methodology as other loans held for investment. The initial allowance for credit losses on loans determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses on loans becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses on loans are recorded through provision expense.

Allowance for Credit Losses - Loans
The allowance for credit losses is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.

The Company estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for changes in underwriting standards, portfolio mix, delinquency level, changes in environmental conditions, unemployment rates, risk classifications and collateral values.

The allowance for credit losses is measured on a collective (pooled) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the allowance for credit losses using the following methods:

Commercial and Industrial Loans - The principal risk of commercial and industrial loans is that these loans are primarily based on the identified cash flow of the borrower and secondarily on the collateral underlying the loans. Most commercial loans are secured by accounts receivable, inventory and equipment. If cash flow from business operations is reduced, the borrower's ability to repay the loan may diminish, and over time, it may also be difficult to substantiate current value of inventory and equipment. Repayment of these loans are more sensitive than other types of loans to adverse conditions in the general economy.

Commercial Real Estate Loans - Commercial real estate lending is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be adversely affected by conditions in the real estate markets or in the general economy. Commercial real estate loans are collateralized by the borrower's underlying real estate. Therefore, diminished cash flows not only affects the ability to repay the loan, it may also reduce the underlying collateral value.

Agricultural Loans - This portfolio is diversified between real estate financing, equipment financing and lines of credit in various segments including grain production, poultry production and livestock production. Mitigating any concentration of risk that may exist in the Company's agricultural loan portfolio is the use of federal government guarantee programs.

Leases - Leases are primarily for equipment leased to varying types of businesses. If the cash flows from the business operations is reduced, the business's ability to repay the lease is diminished as well.
13


GERMAN AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2021
(unaudited, dollars in thousands except share and per share data)

NOTE 2 - Recent Accounting Pronouncements (continued)

Home Equity Loans - Home equity loans are generally secured by 1-4 family residences that are owner-occupied. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by unemployment levels in the market area due to economic conditions.

Consumer Loans - Consumer loan repayment is typically dependent on the borrower remaining employed through the life of the loan as well as the borrower maintaining the underlying collateral adequately.

Credit Cards - Credit card loan are unsecured and repayment is primarily dependent on the personal income of the borrower.

Residential Mortgage Loans - Residential mortgage loans are typically secured by 1-4 family residences that are owner-occupied. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by unemployment levels in the market area due to economic conditions. Repayment may also be impacted by changes in residential property values.

Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are also not included in the collective evaluation. When the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date adjusted for selling costs.

Troubled Debt Restructurings (“TDR”)
A loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered to be a TDR. The allowances for credit losses on loans on a TDR is measured using the same method as all other loans held for investment, except that the original interest rate is used to discount the expected cash flows, not the rate specified within the restructuring. See “Loan Modifications and Troubled Debt Restructurings due to COVID-19” at the beginning of this Note 2 for additional information.

Allowance for Credit Losses on Available-For-Sale Securities
For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For debt securities available for sale that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recorded in other comprehensive income.

Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

Allowance for Credit Losses on Off-Balance Sheet Credit Exposures
The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit loss expense included in other expense on the consolidated income statement. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. Expected utilization rates are compared to the current funded portion of the total commitment amount as a practical expedient for funded exposure at default.

14


GERMAN AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2021
(unaudited, dollars in thousands except share and per share data)

NOTE 2 - Recent Accounting Pronouncements (continued)
Accounting Guidance Issued But Not Yet Adopted
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. These amendments provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is evaluating the impact of adopting the new guidance on the consolidated financial statements on an ongoing basis with no material expected impact at this time.

NOTE 3 – Per Share Data
 
The computation of Basic Earnings per Share and Diluted Earnings per Share are as follows:
 Three Months Ended 
March 31,
 20212020
Basic Earnings per Share:  
Net Income$19,557 $12,472 
Weighted Average Shares Outstanding26,510,001 26,663,604 
Basic Earnings per Share$0.74 $0.47 
Diluted Earnings per Share:  
Net Income$19,557 $12,472 
Weighted Average Shares Outstanding26,510,001 26,663,604 
Potentially Dilutive Shares, Net  
Diluted Weighted Average Shares Outstanding26,510,001 26,663,604 
Diluted Earnings per Share$0.74 $0.47 
For the three months ended March 31, 2021 and 2020, there were no anti-dilutive shares.
15


GERMAN AMERICAN BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2021
(unaudited, dollars in thousands except share and per share data)
NOTE 4 – Securities 

The amortized cost, unrealized gross gains and losses recognized in accumulated other comprehensive income (loss), and fair value of Securities Available-for-Sale were as follows:
Securities Available-for-Sale: Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit Losses Fair
Value
    
March 31, 2021    
Obligations of State and Political Subdivisions$601,546 $24,849 $(2,547)$ $623,848 
MBS/CMO$654,447 $7,873 $(8,871)$ $653,449 
US Gov't Sponsored Entities & Agencies 111,863