German American Q2 net income $20.5M ($0.69 EPS); insurance sale closed, portfolio restructured

GERMAN AMERICAN BANCORP, INC.

2024-Q2 EPS reported $1.33 revenue$174,580,000

GAAP EPS $0.69, up 8% linked quarter from $0.64; net income $20.5M vs $19.0M Q1.
Net interest margin stable at 3.34% (Q1 3.35%); loans +$65M (7% annualized), deposits +$94M (7% annualized).
Sold insurance subsidiary for $40M cash; after-tax gain $27.5M ($0.93/share). Securities restructuring: after-tax loss $27.2M ($0.92/share).
Combined impact of the two transactions on Q2 net income was only +$0.3M.
Board declared $0.27/share dividend payable Aug 20; pending merger with Heartland BancCorp announced.

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