Shield of Strength
Summary Annual Report 2011
THE
umbers
Numbers
Total Assets
(dollars in millions)
$2,100
$1,800
$1,500
$1,200
$1,132
$1,191
$1,874
$1,243
$1,376
Total Loans, Net of Unearned Income
(dollars in millions)
Commercial and Agriculture Loans as % of Total Loans
$1,121
$868
$890
$878
$917
77%
79%
81%
75%
72%
$1,200
$1,000
$800
$600
$400
$200
$0
$900
$600
$300
$0
$1,800
$1,500
$1,200
$900
$600
$300
$0
$70,000
$60,000
$50,000
$40,000
$30,000
$20,000
$10,000
$0
12/31/07
12/31/08
12/31/09
12/31/10
12/31/11
12/31/07
12/31/08
12/31/09
12/31/10
12/31/11
Total Deposits
(dollars in millions)
$1,556
$942
$970
$877
$1,087
Total Shareholders’ Equity
(dollars in thousands)
Annualized Return of Equity
$167,610
$97,116
$105,174
$113,549
$121,534
12.84%
11.12%
11.18%
12.67%
10.04%
$180,000
$150,000
$120,000
$90,000
$60,000
$30,000
$0
12/31/07
12/31/08
12/31/09
12/31/10
12/31/11
12/31/07
12/31/08
12/31/09
12/31/10
12/31/11
Net Interest Income (Tax-Equivalent)
(dollars in thousands)
Net Interest Margin
$65,202
$39,205
$41,525
$49,481
$45,323
3.83%
3.82%
3.84%
3.95%
3.98%
Net Income & Earnings Per Share
(dollars in thousands)
$20,249
$12,803
$12,218
$13,405
$1.61
$1.16
$1.10
$1.21
$9,405
$0.85
$21,000
$18,000
$15,000
$12,000
$9,000
$6,000
$3,000
$0
12/31/07
12/31/08
12/31/09
12/31/10
12/31/11
12/31/07
12/31/08
12/31/09
12/31/10
12/31/11
A LETTER TO OUR
hareholders
Shareholders
1
Mark Schroeder
Chairman and CEO
Dear Shareholders:
The theme of this year’s Summary Annual Report, Shield of
Strength, supports German American’s continued efforts to
enhance the strength and stability upon which our reputation
has been built over the course of a century of service to our
Southern Indiana market area. During 2011, German American
once again delivered superior performance in terms of improved
fi nancial results, market expansion, and balance sheet growth.
Financially, we achieved a milestone of successive record
quarters in each of the four quarters of 2011, which on a
combined basis, resulted in extremely strong record fi nancial
performance for the year. Our reported net income for 2011 of
$20.3 million, or $1.61 per share, represents a 33.1% increase in
earnings per share above the previous record annual earnings
of $13.4 million, or $1.21 per share, recorded in 2010. A further
indication of the continuing trend of your Company’s strong
fi nancial performance is the achievement, during the past four
years, of the best four year period, in terms of reported annual
earnings, in the Company’s 101 year history. Additionally, the
Company’s return on average shareholder equity of 12.67% in
2011 represents the 7th consecutive year that German American
has delivered double-digit returns on shareholders’ equity.
Your Company also made signifi cant strides in 2011 relative to
our continued expansion within the Evansville and Bloomington,
Indiana, markets. In January, we fi nalized the acquisition of
the Bank of Evansville which added three more locations to
our existing Evansville branch banking network. In April, we
expanded our trust operations by recruiting an experienced
Evansville-based trust team to manage and grow our trust
client base in that market. Additionally, in July, we opened a
new downtown fi nancial center in Bloomington allowing us to
build upon the signifi cant growth we’ve experienced within
that market in recent years. We now offer banking, insurance,
investment, and trust services to our growing client base in both
the Evansville and Bloomington markets and continue to develop
plans for further branch expansions and additional product
offerings within both of these important new markets.
markets, while our expansion into the Evansville, Indiana, market
contributed approximately another $300 million in average core
deposits. Core deposits, which are widely recognized as the most
stable funding source for community banking organizations,
continue to represent a signifi cant source of funding for German
American with approximately 86% of average total funding
sources derived from core deposits during 2011.
Our sole focus is our clients located throughout Southern
Indiana, and we recognize that our past, present, and future
success as an organization is explicitly linked to the fi nancial
well-being of those clients and to the prosperity of the Southern
Indiana communities in which we do business. We are extremely
grateful for the economic strength and stability of the Southern
Indiana market area, and we are very pleased with the growing
acceptance of German American by the businesses and
consumers throughout our footprint. More and more, clients
throughout our market area are coming to recognize the
benefi ts of working with German American for the fulfi llment
of all their fi nancial needs. They value the safety, soundness,
and protection afforded them by German American’s Shield of
Strength.
The achievement of our record level of performance over the
course of the past four years, during an extremely diffi cult
economic period, places German American among a very elite
group of fi nancial institutions nationwide. This combination of
strong fi nancial performance, important new market expansion,
and signifi cant balance sheet growth positions German American
very well for continued future success within both our legacy
markets and expansion markets and across all of our lines of
business _ banking, insurance, investment, and trust.
We are extremely pleased to be able to once again deliver
upon our commitment to our customers to offer the very best
in fi nancial products and services throughout our Southern
Indiana footprint in a safe, sound, and secure manner. We are
equally as pleased to once again deliver upon our commitment
to you, our shareholders, to enhance the long-term value of your
investment in German American by means of the achievement
of consistent, superior fi nancial performance.
In terms of balance sheet growth, we experienced dramatic
growth within average core deposits, as this important
component of our funding base grew by over $450 million,
or by nearly 50%, during 2011. Approximately $150 million of
the core deposit growth was generated from within our legacy
Sincerely,
Mark A. Schroeder
Chairman & CEO
OUR
Commitment
2
Committed to the growth and prosperity of
southern Indiana.
Bloomington
MONROE
COUNTY
Bedford
LAWRENCE
COUNTY
DAVIESS
COUNTY
Odon/Cannelburg
Vincennes
Washington
KNOX COUNTY
Loogootee
MARTIN
COUNTY
Otwell
Petersburg
Ireland
Dubois
Jasper
DUBOIS
COUNTY
Huntingburg
Holland
Ferdinand
SPENCER
COUNTY
PERRY
COUNTY
Tell City
Princeton
GIBSON COUNTY
Oakland
City
VANDERBURGH
VANDERBURGH
VANDERBURGH
COUNTY
COUNTY
COUNTY
Winslow
PIKE
COUNTY
WARRICK
COUNTY
Evansville
Newburgh
Rockport
Banking
Investments
Insurance
3
Bedford
Holland
Oakland City
Tell City
1502 I Street
2606 16th Street
1410 L Street
Bloomington
2614 E. 3rd Street
504 N. College Avenue
Dubois
4541 N. 4th Street
Evansville
4424 Vogel Road
3150 Lynch Road
530 N. St. Joseph Avenue
515 Dixie Lane
405 N. Meridian
1100 W. Morton Street
Huntingburg
Montgomery
309 E. 13th Street
7721 N. CR 900 E.
Ireland
Otwell
5138 W. State Road 56
1665 N. State Road 257
Jasper
711 Main Street
209 3rd Avenue
Highway 231 & 2nd Street
3585 Newton Street
Petersburg
305 E. Main Street
518 E. Main Street
Princeton
231 W. Broadway
Loogootee
100 Charles Street
Rockport
704 N. 5th Street
645 Main Street
1508 12th Street
208 E. Highway 66
Vincennes
101 N. 3rd Street
2814 N. 6th Street
1700 Willow Street
Washington
201 E. Main Street
205 E. Main Street
Cherry Tree Plaza
Winslow
300 Main Street
Ferdinand
Newburgh
1020 Main Street
3933 Venetian Drive
New Offi ces Opened in 2011
Bloomington 9 North
Evansville Vogel Road
Evansville St. Joseph Avenue
Evansville Highway 41 North
OUR
Company
4
Our Shield of Strength is defi ned quite simply. It’s the loyalty of our
customers. The welcoming of new customers as we grow. Engaging in
our communities and giving back. The commitment of our shareholders.
The dedication of our strong team of banking, insurance, and investment
professionals.
The years 2008, 2009, 2010, and 2011 have been the
best 4 years in our company’s history with record
earnings recorded in each of the past two years.
Clay W. Ewing
President, Commercial
and Retail Banking
Bradley M. Rust
Executive Vice President,
and Chief Financial Offi cer
Kenneth L. Sendelweck
President, Private Banking
and Wealth Management
Mark A. Schroeder
Chairman and CEO
OUR VISION
It is our vision to build
a regional presence,
offering a full array
of fi nancial products
and services. We will
always be mindful
of community
banking roots and
the importance
of enhancing
and growing the
relationships we
have with our
shareholders,
customers,
employees, and
communities.
OUR MISSION
Our mission is to
build relationships
mutually benefi cial
to our clients and our
shareholders.
Banking
Since 1910 our customers have partnered with German American for their
banking needs. We have helped our customers open and grow businesses,
buy and build new homes, send children to college, retire comfortably,
and manage the day to day fi nancial needs of individuals, families, and
businesses. We offer the convenience of banking in any of our 34 offi ces
throughout southern Indiana or online with our suite of personal and
business online banking products. Our business bankers are connected to
the fi nancial climate of southern Indiana and design fi nancial packages
that help clients thrive.
Insurance
Our insurance professionals realize that insuring you and your assets
is much more than replacing material items. It’s peace of mind knowing
that all of your hard work and dreams can continue even in unfortunate
circumstances. We represent a variety of excellent insurance carriers,
which helps our personal and commercial agents fi nd the best coverage
for each particular client at the most affordable price. We are dedicated to
our philosophy of careful analysis, cost-effective protection, thorough risk
management, and personal service.
Investments
We believe that a sound investment strategy is a process that takes a
very comprehensive approach to understanding the clients’ goals and
objectives. Personal and business clients appreciate our clear vision
to help them develop effective fi nancial plans to help them retire
comfortably, send children to college, transfer wealth from one generation
to the next, and make sound fi nancial decisions.
5
COMMUNITY
INVOLVEMENT
Giving back to the
communities we
serve in southern
Indiana is ingrained
in our culture.
Throughout our 100
plus year history, we
have supported many
important and valued
projects undertaken
by both charitable
organizations and
civic institutions.
We have a long
history of community
involvement, both
from a contributory
standpoint, as well as
a dedication to hands-
on volunteer efforts.
It has long been a
focus of German
American to support
and sustain organized
efforts in our
communities which
serve and promote
areas of education,
the arts, economic
development,
and community
enrichment.
BOARD OF
irectors
Directors
6
Douglas A. Bawel
Christina M. Ernst
Marc D. Fine
supports
Doug is the Chairman and CEO of Jasper
in Jasper,
Engines and Transmissions
Indiana. Other business interests include
Realty Inc. LLC, Air, LLC, and BAM Leasing.
Doug
community
including Patoka Valley
organizations,
Health Care Cooperative. He has received
the Indiana Business Leader of the Year
award and Indiana’s Entrepreneur of the
Year award in manufacturing.
various
Marc, who was a founding director of
American Community Bancorp, Inc., has
practiced law in Evansville, Indiana, since
1984 and is a founding member of the law
fi rm of Rudolph, Fine, Porter & Johnson,
LLP, in Evansville. Marc is active in many
civic and community organizations in
Evansville.
Chris is the president and chairman of
Miller Construction Company, Inc., a third
generation family business in Vincennes,
Indiana, specializing in the building and
maintenance of high voltage power
lines for midwestern utility companies.
A founding member of Knox County
Community Foundation, she serves as
vice chairman of the Vincennes University
Foundation Board of Directors and has
received the Torchbearer award from the
State of Indiana. Chris holds a Bachelor of
Science degree and a Master of Science
degree from Indiana University.
Richard E. Forbes
U. Butch Klem
J. David Lett
In January 2010, Rich retired from his
position as President and CEO of Fortune
Brands Home and Hardware, a Fortune
500 company. Certifi ed as a public
accountant in 1970, he became chief
fi nancial offi cer of MasterBrand Cabinets,
Inc., a cabinet-manufacturing subsidiary
of Fortune Brands, and later became
that subsidiary’s President and CEO. Rich
currently serves on the board of a private
manufacturing company in Georgia and is
active on the Finance Committee of the
Dubois County Community Foundation.
Butch is president and CEO of U.B. Klem
Furniture Company, located southeast of
Jasper, Indiana. He founded the company,
furniture
specializing
manufacturing for a variety of national
franchisors, in 1973. Butch has received
Indiana’s Entrepreneur of the Year award
in manufacturing.
restaurant
in
Indiana, with his
As a partner of Lett and Jones Attorneys
at Law, Dave serves Loogootee and
Martin County,
law
practice while being involved in a variety
of community groups. He also serves as
a part-time deputy prosecuting attorney
for Daviess County, Indiana. Dave earned
a Bachelor of Arts degree from Franklin
College and a Juris Doctor degree from
Thomas M. Cooley School of Law.
irectors
7
Gene C. Mehne
Chris A. Ramsey
Mark A. Schroeder
Gene is president and manager of Mehne
Farms, Inc. in northern Dubois County,
Indiana. Gene is involved in various farm
organizations and serves as treasurer of
St. Paul’s Capital Stewardship Fund. He
earned a Bachelor of Science degree from
Purdue University.
of
Corporation
is president of Ramsey
Chris, who
Tell
Development
City, Indiana, is the owner of several
businesses in the construction and real
estate industry. He has been engaged in
real estate development for more than
25 years. Chris previously served on
several other bank boards in southern
Indiana and is involved in various civic and
professional organizations at the local,
state, and national level.
Mark is the Chairman and CEO of German
American Bancorp, Inc., as well as the
vice chairman of the board of members
of the Indiana Department of Financial
Institutions. He has also served on the
board of directors of the Independent
Community Bankers of America, the
national trade association for community
banking. He earned a Bachelor of Science
degree in financial management from
the University of Evansville and holds a
Certified Public Accounting (CPA) license
from the State of Indiana. Mark graduated
from
the ABA Commercial Lending
Graduate School and the ABA Stonier
Graduate School of Banking.
Thomas W. Seger
Michael J. Voyles
Tom is Vice President of Wabash Valley
Produce and President of Simple
Transportation, both located in Dubois,
Indiana. He serves on the boards of Brown
Produce Company in Farina, Illinois, and
Ballas Egg Products in Zanesville, Ohio,
and he shares ownership in Farbest Foods,
Huntingburg, Indiana, and JFS Milling,
Dubois, Indiana. Tom is also a board
member and treasurer of Patoka Valley
Health Care Cooperative.
Mike is the president of M.J.V., Inc. and
received the Petersburg Pride Good
Neighbor Business award in 2005 for his
efforts in giving back to the Petersburg
community. He earned a Bachelor of
Science degree in Electrical Engineering
from Purdue University.
REPORT OF INDEPENDENT REGISTERED PUBLIC
ccounting Firm
Accounting Firm
8
We have audited in accordance with the standards of the Public Company Accounting
Oversight Board (United States) the consolidated balance sheets of German American
Bancorp, Inc. as of December 31, 2011 and 2010, and the related consolidated statements
of income and comprehensive income, changes in shareholders’ equity, and cash fl ows
for each of the three years in the period ended December 31, 2011, appearing in the
Annual Report on Form 10-K, not appearing herein. In our report dated March 9, 2012,
also appearing in the Annual Report on Form 10-K, we expressed an unqualifi ed opinion
on those consolidated fi nancial statements.
In our opinion, the information set forth in the consolidated balance sheets and
consolidated statements of income and comprehensive income presented on pages 10
and 11 is fairly stated, in all material respects, in relation to the consolidated fi nancial
statements from which they have been derived.
Crowe Horwath LLP
Indianapolis, Indiana
March 9, 2012
FIVE YEAR
Dollars in thousands, except per share data
ummary
Summary
The following selected data should be read in conjunction with the Company’s Annual Report on Form 10-K for 2011.
9
Summary of Operations:
Interest Income
Interest Expense
Net Interest Income
Provision for Loan Losses
Net Interest Income after Provision for Loan Losses
Non-interest Income
Non-interest Expense
Income before Income Taxes
Income Tax Expense
Net Income
Year-end Balances:
Total Assets
Total Loans, Net of Unearned Income
Total Deposits
Total Long-term Debt
Total Shareholders’ Equity
Average Balances:
Total Assets
Total Loans, Net of Unearned Income
Total Deposits
Total Shareholders’ Equity
Per Share Data(1):
Net Income
Cash Dividends
Book Value at Year-end
Other Data at Year-end:
Number of Employees
2011
2010
2009
2008
2007
$
80,161
$
64,193
$
63,736
$
67,845
$
72,261
16,180
63,981
6,800
57,181
21,576
50,782
27,975
7,726
15,522
48,671
5,225
43,446
16,943
41,361
19,028
5,623
19,223
44,513
3,750
40,763
15,859
40,391
16,231
4,013
26,908
40,937
3,990
36,947
18,210
36,716
18,441
5,638
$
20,249
$
13,405
$
12,218
$
12,803
$
33,646
38,615
3,591
35,024
15,704
37,221
13,507
4,102
9,405
$ 1,873,767
$ 1,375,888
$ 1,242,965
$ 1,190,828
$ 1,131,710
1,120,993
917,236
1,556,198
1,087,286
90,974
167,610
81,016
121,534
877,822
969,643
113,320
113,549
890,436
941,750
105,608
105,174
867,721
877,421
86,786
97,116
$ 1,823,703
$ 1,330,540
$ 1,230,596
$ 1,174,583
$ 1,114,140
1,114,181
906,127
1,521,204
1,046,295
159,765
119,867
891,322
963,928
109,887
880,630
922,137
99,711
840,849
889,736
93,677
$
$
1.61
0.56
13.31
1.21
0.56
10.94
$
1.10
$
1.16
$
0.56
10.25
0.56
9.54
0.85
0.56
8.81
417
359
332
348
371
Weighted Average Number of Shares(1)
12,581,646
11,098,836
11,065,917
11,029,519
11,009,536
Selected Performance Ratios:
Return on Assets
Return on Equity
Equity to Assets
Dividend Payout
Net Charge-offs to Average Loans
Allowance for Loan Losses to Loans
Net Interest Margin
(1) Share and Per Share Data excludes the dilutive effect of stock options.
1.11%
12.67%
8.95%
34.80%
0.43%
1.37%
3.84%
1.01 %
11.18 %
8.83 %
46.36 %
0.32 %
1.45 %
3.98 %
0.99 %
11.12 %
9.14 %
50.71 %
0.25 %
1.25 %
3.95 %
1.09 %
0.84 %
12.84 %
10.04 %
8.83 %
8.58 %
48.25 %
65.65 %
0.29 %
1.07 %
3.82 %
0.32 %
0.93 %
3.83 %
tatements of Income and Comprehensive Income
CONSOLIDATED
alance Sheets
Balance Sheets
Dollars in thousands, except per share data
10
Assets
Cash and Due from Banks
Federal Funds Sold and Other Short-term Investments
Cash and Cash Equivalents
Interest-bearing Time Deposits with Banks
Securities Available-for-Sale, at Fair Value
Securities Held-to-Maturity, at Cost (Fair value of $697 and $1,613
on December 31, 2011 and 2010, respectively)
Loans Held-for-Sale, at Fair Value
Loans
Less:
Unearned Income
Allowance for Loan Losses
Loans, Net
Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost
Premises, Furniture and Equipment, Net
Other Real Estate
Goodwill
Intangible Assets
Company Owned Life Insurance
Accrued Interest Receivable and Other Assets
$
December 31,
2011
2010
28,366
32,737
61,103
5,986
516,844
690
21,485
1,123,549
(2,556 )
(15,312 )
1,105,681
8,340
37,706
2,343
18,865
4,346
29,263
61,115
$
15,021
4,250
19,271
-
346,747
1,604
11,850
918,718
(1,482 )
(13,317 )
903,919
9,207
25,974
2,095
9,835
2,624
24,822
17,940
TOTAL ASSETS
$
1,873,767
$ 1,375,888
Liabilities
Non-interest-bearing Demand Deposits
Interest-bearing Demand, Savings, and Money Market Accounts
Time Deposits
Total Deposits
FHLB Advances and Other Borrowings
Accrued Interest Payable and Other Liabilities
TOTAL LIABILITIES
Shareholders’ Equity
Preferred Stock, no par value; 500,000 shares authorized, no shares issued
Common Stock, no par value, $1 stated value; 30,000,000 shares authorized
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income
$
282,335
899,584
374,279
$
184,204
541,532
361,550
1,556,198
1,087,286
130,993
18,966
153,717
13,351
1,706,157
1,254,354
-
12,594
95,039
49,434
10,543
-
11,105
69,297
36,232
4,900
TOTAL SHAREHOLDERS’ EQUITY
167,610
121,534
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
1,873,767
$ 1,375,888
End of period shares issued and outstanding
12,594,258
11,105,583
See Annual Report on Form 10-K.
CONSOLIDATED
tatements of Income and Comprehensive Income
Statements of Income and Comprehensive Income
Dollars in thousands, except per share data
Interest Income
Interest and Fees on Loans
Interest on Federal Funds Sold and Other Short-term Investments
Interest and Dividends on Securities:
$
Taxable
Non-taxable
TOTAL INTEREST INCOME
Interest Expense
Interest on Deposits
Interest on FHLB Advances and Other Borrowings
TOTAL INTEREST EXPENSE
NET INTEREST INCOME
Provision for Loan Losses
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
Non-Interest Income
Trust and Investment Product Fees
Service Charges on Deposit Accounts
Insurance Revenues
Company Owned Life Insurance
Interchange Fee Income
Other Operating Income
Net Gains on Sales of Loans
Net Gain (Loss) on Securities
TOTAL NON-INTEREST INCOME
Non-Interest Expense
Salaries and Employee Benefi ts
Occupancy Expense
Furniture and Equipment Expense
FDIC Premiums
Data Processing Fees
Professional Fees
Advertising and Promotion
Supplies
Intangible Amortization
Other Operating Expenses
TOTAL NON-INTEREST EXPENSE
Income before Income Taxes
Income Tax Expense
NET INCOME
Other Comprehensive Income:
Changes in Unrealized Gain (Loss) on Securities Available-for-Sale, Net
Change in Unrecognized Loss on Postretirement Benefi t Obligation
Change In Unrecognized Amounts in Pension
Total Other Comprehensive Income
COMPREHENSIVE INCOME
Basic Earnings per Share
Diluted Earnings per Share
See Annual Report on Form 10-K.
2011
Years Ended December 31,
2010
2009
11
$
64,445
216
13,677
1,823
80,161
11,986
4,194
16,180
63,981
6,800
57,181
2,145
4,154
5,819
1,100
1,501
1,452
2,381
3,024
$
53,266
76
9,812
1,039
64,193
10,561
4,961
15,522
48,671
5,225
43,446
1,582
4,065
5,347
806
1,243
1,740
2,160
-
53,905
106
8,660
1,065
63,736
13,495
5,728
19,223
44,513
3,750
40,763
1,617
4,395
5,296
1,104
969
1,141
1,760
(423 )
21,576
16,943
15,859
27,992
4,264
2,934
1,473
2,092
2,056
1,525
688
1,956
5,802
50,782
27,975
7,726
22,070
3,492
2,591
1,455
1,411
2,285
1,255
755
898
5,149
41,361
19,028
5,623
$
20,249
$
13,405
$
5,677
(38 )
4
5,643
25,892
1.61
1.61
$
$
$
$
$
474
(176 )
(13 )
285
13,690
1.21
1.21
$
$
$
$
$
$
$
$
21,961
3,382
2,653
1,863
1,368
1,740
993
528
909
4,994
40,391
16,231
4,013
12,218
1,908
-
(47 )
1,861
14,079
1.10
1.10
12
The counties we have served the longest – Dubois, Martin, Pike, Perry, Spencer, Daviess, Gibson, Knox,
Lawrence – are the backbone of our strength and stability as they continue to trust us for their
fi nancial needs.
We are humbled and honored by the overwhelming acceptance and support we have received from our
recent entry in the Evansville-area market and expansion in the Bloomington market. Our disciplined
approach to managing our fi nancial services company along with our strong German American team,
who work hard everyday, offer our clients higher standards in banking, insurance, and investments.
Randy Braun
Chris LeBeau
David Pleiss
Tony Loudermilk
Jay Baker
CAUTIONARY NOTE REGARDING
orward-Looking Statements
Forward-Looking Statements
13
This Summary Annual Report, including our CEO’s
letter to our Shareholders on Page 1, includes forward-
looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, relating to
our expectations concerning our opportunities for
future growth and expansion, fi nancial performance,
and other matters. Readers are cautioned that actual
results and performance may differ materially from
any of our present expectations that are expressed
or implied by any forward-looking statement due to
the inherent uncertainties in predicting the future,
and risks affecting German American and its stock,
including those that are described in Item 1, “Business
- Forward Looking Statements and Associated Risks”
and in Item 1A, “Risk Factors,” in our accompanying
Annual Report on Form 10-K. You may review that
document (and our other SEC fi lings) via the internet
through the Shareholder Information section of our
website, www.germanamerican.com. This report
speaks only as of March 9, 2012, and we do not
promise anyone that it will be updated for changes
or events after that date.
4
5
6
7
3
9
8
10
2
1
1. Laura Bogard 2. Neil Dauby 3. John Lamb 4. David Henson 5. Keith Leinenbach
6. Sherri Alley 7. Joe Dedman 8. Donna Sholtis 9. Joel Smith 10. Gaven Oexmann
711 Main Street • PO Box 810 • Jasper, IN 47547-0810 • (812)482-1314
germanamerican.com
001CSN0353