Mission-Driven
German American is dedicated to helping
individuals, families and businesses achieve
greater prosperity and quality of life. Together, our
financial team builds lasting client relationships
based on integrity, responsive service, innovation,
and shared values. We support the communities
we serve and believe that when a community
thrives, its people prosper.
2020
Summary Annual Report
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Net Income & Earnings Per Share
(dollars in thousands, except per share amounts)
Earnings Per Share*
1 0 Ye a r E P S C A G R 1 1 . 2 %
$35,184
$28,344
$30,064
$1.51
$1.57
$24,055
$25,413
$20,249
$1.32
$1.43
$1.27
$70,000
$60,000
$50,000
$40,000
$30,000
$20,000
$10,000
$1.07
$0
$62,210
$59,222
$2.29
$2.34
$46,529
$40,676
$1.99
$1.77
12/31/11
12/31/12
12/31/13 12/31/14 12/31/15 12/31/16
12/31/17
12/31/18 12/31/19 12/31/20
*Earnings Per Share adjusted for 3-for-2 stock split completed in 2017.
Total Assets
(dollars in millions)
Return on Average Assets
1 0 Ye a r C A G R 1 3 . 7 %
$4,978
$4,398
$3,929
$2,956
$3,144
$2,006
$2,164
$1,874
$2,237
$2,374
1.24% 1.25% 1.31% 1.33%
1.24%
1.11%
1.35% 1.38% 1.43%
1.32%
12/31/11
12/31/12
12/31/13 12/31/14 12/31/15 12/31/16
12/31/17
12/31/18 12/31/19 12/31/20
Tangible Book Value Per Share*
1 0 Ye a r C A G R 1 1 %
$11.57
$11.94
$10.40
$8.62
$8.92
$7.64
$18.63
$16.49
$13.45
$13.81
12/31/11
12/31/12
12/31/13 12/31/14 12/31/15 12/31/16
12/31/17
12/31/18 12/31/19 12/31/20
*Tangible Book Value Per Share adjusted for 3-for-2 stock split completed in 2017.
$5,500
$5,000
$4,500
$4,000
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
$20.00
$18.00
$16.00
$14.00
$12.00
$10.00
$8.00
$6.00
$4.00
$2.00
$0
8th
consecutive year
of increased
dividends
11th
consecutive year
German American
has achieved record
earnings
16th
consecutive fiscal
year of double-digit
return on equity
Letter from Mark A. Schroeder
Chairman & CEO
Dear Shareholders:
At German American, we’ve always taken great
pride in our mission of being a community-
focused financial institution dedicated to
helping individuals, families and businesses
achieve greater prosperity and quality of life.
Our team of financial professionals builds
lasting client relationships based on integrity,
responsive service, innovation and shared
values. Additionally, we firmly believe we have
an obligation to support the communities we
serve. At German American, we believe that
when a community thrives, its people prosper.
As a community banking organization, we clearly
understand that when the communities we serve
thrive, our business also prospers.
While we’ve held steadfast to that belief and
commitment for over 110 years, 2020 was a year
in which our mission-focused approach to doing
business was necessarily taken to the next level.
1
continued...
continued...
Faced with a multitude of pandemic-related challenges,
I’m pleased to report to you, our shareholders, that the
German American TEAM was up to those challenges.
Staying true to who we are as an organization, we elevated
our efforts to help our clients survive the economic impact
of the pandemic, while continuing to support our local
communities which were facing extremely difficult social
challenges. We built upon our ingrained mission-focused
approach to doing business by adopting a mindset of being
mission-driven!
The Mission-Driven theme of our 2020 Summary Annual
Report honors and recognizes the accomplishments of
our team of financial professionals in the most difficult
of circumstances. Detailed throughout this Report are
facts and figures about all we have accomplished as an
organization to care for our team, our customers and
our communities during this historic period in which the
pandemic thoroughly changed our way of life and tragically
caused the loss of many lives. Just as our Company faced
challenges yet continued to serve customers through the
1918 influenza pandemic, our team was there serving our
customers and communities through the 2020 pandemic
and once again proved the value of our business model. Our
steadfast focus on doing well while doing good continued
to deliver upon our promise of delivering exceptional
performance for all our stakeholders, including our
shareholders.
I’m pleased to share that 2020 brought a record level
of organic growth, as evidenced by deposit growth of
approximately $675 million, or 20%, driving our total asset
level to nearly $5 billion, representing 13% annual growth.
From the shareholders’ perspective, we are extremely proud
of the fact that, despite the headwinds of the pandemic,
2020 once again produced record financial results in
terms of our 8th year of consecutive increased dividends,
our 11th consecutive year of record earnings, and our 16th
consecutive year of a double-digit return on shareholders’
equity. Clearly, our model of doing well while doing good
has stood the test of time over the past 110 years and has
now withstood the test of the pandemic of 2020.
In my closing of the shareholders’ letter in last year’s
Summary Annual Report, I noted that we were dealing
with the unprecedented challenge of the initial phases of
the COVID-19 pandemic and the unknown impact of the
associated economic disruption throughout our nation
and within our own market areas. I also shared that you,
as shareholders, could take comfort in knowing that
throughout our 110-year history, German American had
weathered many difficult times. I also stated that, at that
time, we remained humbly and quietly confident in our
collective ability to work through whatever issues might
arise due to the COVID-19 pandemic.
I’m very pleased to close this year’s letter by sharing we
are currently very hopeful that the worst of the economic
impact of the pandemic is largely behind us. While we’re still
in the early phases of the economic recovery on a local and
national level, all signs indicate the U.S. economy may be
poised for dramatic growth in the coming years. Please be
assured that at German American, we are working hard to
adapt to the changes in customer habits, which have been
accelerated by the impact of the pandemic in terms of how
they prefer to access our financial products and services.
While the way we do business has likely forever changed,
the one constant will be our mission-driven focus on doing
well by doing good. Just as we have always done, we are
planning for how we can lead the way for our customers,
communities and shareholders to achieve greater economic
prosperity and quality of life in the coming years.
Thank you for your continued commitment to and
investment in German American.
Sincerely,
Mark A. Schroeder
Chairman & CEO
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Our Mission
United in Our Values
German American
is dedicated to
helping individuals,
families and
businesses achieve
greater prosperity
and quality of
life. Together, our
financial team
builds lasting
client relationships
based on integrity,
responsive service,
innovation, and
shared values.
We support the
communities we
serve and believe
that when a
community thrives,
its people prosper.
Integrity
German American’s reputation relies on integrity. Our team trusts
each other in words and actions, which enables our customers to
trust our brand. We value honesty, open communication, diverse
perspectives, and high ethical principles.
People
People come first at German American. We invest in our communities
and support social and economic development. Empathy towards
others gives us a unique understanding and ability to provide internal
and external service excellence. We value respect and courtesy for
every person and believe in the power of positive attitudes.
Relationships
At German American, we develop relationships based on a strong
foundation of trust and mutual respect to help create loyal customers
and a loyal team. The relationships we develop enhance our unified
goal of serving individuals, families and businesses to achieve
financial success.
Performance
Performance is vital. German American employees must possess
the determination and drive to succeed. Our culture encourages
us to take initiative, accept challenges, and achieve goals. Our vast
knowledge base and expertise enables us to work efficiently while
providing customer service excellence to support strong performance.
3
BARTHOLOMEWMONROELAWRENCEDAVIESSMARTINKNOXGIBSONPIKEJACKSONJENNINGSRIPLEYJEFFERSONCLARKFLOYDWARRICKVANDERBURGHVANDERBURGHDECATURDAVIESSINDIANAKENTUCKYFAYETTEDUBOISPERRYSPENCERHENDERSONWARRENSIMPSONHARTBARRENJEFFERSON
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Early in 2020, with the outbreak of the pandemic, our priorities
quickly shifted to provide critical needs to our German American
team, our customers, and our communities. Our team swiftly
pivoted to new work environments, remote workspaces, and virtual
meetings, while adapting to PPE and stringent sanitization and
cleaning procedures. Following federal, state and local guidance, we
modified our operations and supported each other as we remained
open as an essential business to serve the financial needs of our
customers and our communities.
Our business customers relied on us to stay updated on the
ever-changing guidelines of the Paycheck Protection Program (“PPP”)
loans and to help them process both their PPP loans and, thereafter,
their forgiveness applications. From stimulus payments to guidance
on market fluctuations, our banking, insurance, investments and
wealth management teams fulfilled our promise to be a financial
resource for our customers.
The strong connections of our local leaders in their local
communities helped guide our 2020 community giving to make
the greatest impact to help meet the needs of the citizens. We
supported schools, food banks, the medical community, charitable
organizations and local businesses which are the life blood of local
communities.
Our mission-driven approach to managing our Company through
the 2020 year, along with our deep-seated business values of
relationships, trust, people and performance, were key in achieving
our 11th consecutive year of record performance. German American
has experienced and outlasted the effects of wars, boom times,
political changes, fluctuations in local, state and federal economics,
the rise of a global economy, a plethora of changes in the banking
landscape, and now we add on the 2020 pandemic. We firmly
believe that our model of delivering financial services through local,
financial professionals, who are also leaders in their communities
and have a servant mindset to help communities thrive so their
people can prosper, sets us apart from our competition. We live this
belief and vision, setting our standards high to deliver it daily.
4
Mission-Driven for OUR TEAM:
Continued to provide competitive and flexible compensation and benefits |
Provided extended leave coverage including various options that considered
child care needs, teledoc visits, and health care needs | Offered additional
well-being resources to employees and their immediate family | Continued
summer internship program with a hybrid model of virtual and in-person
Mission-Driven for OUR CUSTOMERS:
Processed 3,070 Paycheck Protection Program (“PPP”) loans in the amount of
$351 million — By the end of year, a total amount of $165 million of these PPP loans
were forgiven | 37% increase in online banking and mobile banking log ins in
2020 vs. 2019 | 14% increase in website visitors in 2020 vs. 2019 | 13%
increase in Customer Care Center call volume in 2020 vs. 2019 | Named
Best Bank in Indiana by Newsweek Magazine in the less than $10 billion in
assets category (October 9 – 16th, 2020 publication) | 95% overall customer
satisfaction rating in 2020
Mission-Driven for OUR COMMUNITIES:
Donated $2.0 million back into our local communities in 2020 | Volunteered
approximately 3,000 hours in local community activities | Donated approximately
$60,000 to local schools participating in our School Spirit Check Card Program
Mission-Driven for OUR SHAREHOLDERS:
8th consecutive year of increased dividends | 11th consecutive year of achieving
record earnings | 16th consecutive year of double-digit return on equity
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Mark A.
Schroeder
Chairman,
Chief Executive
Officer
Clay W.
Ewing
Executive
Vice Chairman
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Jane
Balsmeyer
Senior Vice
President,
Director of
Marketing
Brock
Goggins
Senior Vice
President,
Head of Retail
Banking
Brent
Sternberg
Senior Vice
President,
Wealth
Management
GABC Management Succession
Effective January 1, 2021, in conjunction with our Company’s ongoing executive management succession plan,
Clay W. Ewing assumed a senior advisory position as Executive Vice Chairman in anticipation of his retirement during
the second quarter of 2021. At that time, D. Neil Dauby assumed the position of President & Chief Operating Officer.
Clay Ewing joined German American in 1994 when our Company recruited him to assist with the formation of a new
bank in our family of community banks. He served as President & CEO of that banking subsidiary before joining
the corporate team in 1999, where he served in an executive capacity with responsibility for various aspects of
the Company’s banking operations, culminating in his appointment as President, as well as Corporate Secretary of
German American Bancorp, Inc.
During his tenure with German American, Clay held the primary responsibility for the integration of multiple acquired
banking institutions, as well as for the expansion of our branch banking network throughout our footprint. He
has been an integral part of our growth and success for over twenty-five years during a time when our Company
grew from approximately $500 million to now nearly $5 billion in total assets. Clay has also been dedicated to
the advancement of the banking industry as proven by his involvement with the Indiana Bankers Association, for
which he served on the board of directors, rising through the organization’s chairs to the position of chairman. In
recognition of his contribution to the banking industry, Clay received the Sagamore of the Wabash award, Indiana’s
highest honor, from Governor Eric Holcomb in September 2018.
6
D. Neil
Dauby
President,
Chief Operating
Officer
Amy
Jackson
Senior Vice
President,
Director of
Strategic
Planning &
Administrative
Development
Keith A.
Leinenbach
Executive Vice
President, Chief
Credit Officer
Clay M.
Barrett
Senior Vice
President,
Technology &
Operations
Jeffrey T.
Cash
Senior Vice
President,
Chief Risk
Officer
Sarah
Howard
Senior Vice
President,
Finance
Ed
Erickson
Senior Vice
President,
Director of
Mortgage
Services
Michael
Beckwith
Divisional
President
John
Lamb
Divisional
President
Adrian
Brown
Divisional
President
Neil Dauby began his career at our Company in 2001 as President & CEO of the same banking subsidiary Clay helped form in 1994. He is a
licensed CPA, and prior to joining German American, he provided accounting, audit and finance services to business clients throughout our
current Kentucky market footprint. Neil’s strong financial background, combined with his dedication to building meaningful relationships with
local business and community leaders on a personal and professional basis, enabled him to rise through the ranks. He served as a Regional
President and as Executive Vice President & Chief Commercial Banking Officer prior to being promoted to his current role as President &
Chief Operating Officer.
Neil has a passion for developing talent within the German American team and for onboarding the top local financial professionals within
each of the markets we serve. He also is an advocate for keeping German American at the leading edge of what is rapidly growing client
demand for technologically advanced delivery channels for financial products and services. Neil is our Company’s biggest proponent for
combining the best of digitalization with German American’s long tradition of exceptional customer service.
“Our Company has been extremely fortunate to have had someone of Clay’s caliber and expertise to lead our banking operations for more
than twenty years. Without his amazing management and organizational abilities, our successes of the past quarter century would not have
been possible. As we take this initial step in our executive management succession plan, we’re extremely grateful to Clay for his many years
of dedicated service to the Company and for his willingness to be in place to help us transition his responsibilities to our next generation of
leadership,” states Mark Schroeder, Chairman & CEO. “We are also extremely grateful to Neil for stepping forward to assume senior executive
management responsibilities within our Company in the coming years. Neil’s unique set of skills within both banking and finance, as well as
his strong business relationships throughout our footprint in both Southern Indiana and Kentucky, make Neil the ideal person to step into the
role of President & Chief Operating Officer.”
7
Report of Independent Registered
Public Accounting Firm
Shareholders and the Board of Directors
German American Bancorp, Inc.
Jasper, Indiana
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, 2020 and 2019, and the related consolidated statements
of income, comprehensive income, changes in shareholders’ equity, and cash flows for
each of the three years in the period ended December 31, 2020, appearing in the Annual
Report on Form 10-K, not appearing herein. In our report dated February 26, 2021, also
appearing in the Annual Report on Form 10-K, we expressed an unqualified opinion on
those consolidated financial statements.
In our opinion, the information set forth in the consolidated balance sheets and
consolidated statements of income presented on pages 10 and 11 is fairly stated, in all
material respects, in relation to the consolidated financial statements from which they
have been derived.
Crowe LLP
Louisville, Kentucky
February 26, 2021
8
Five Year Summary
The following selected data should be read in conjunction
with the Company’s Annual Report on Form 10-K for 2020.
Dollars in thousands, except per share data
Summary of Operations:
Interest Income
Interest Expense
Net Interest Income
Provision for Credit Losses
Net Interest Income after Provision for Credit Losses
Non-interest Income
Non-interest Expense
Income before Income Taxes
Income Tax Expense
Net Income
Year-end Balances:
Total Assets
2020
2019
2018
2017
2016
$ 174,369
$ 176,474
$ 133,749
$ 111,030
$ 103,365
19,126
155,243
17,550
137,693
54,474
117,123
75,044
12,834
31,249
145,225
5,325
139,900
45,501
114,162
71,239
12,017
19,139
114,610
2,070
112,540
37,070
93,553
56,057
9,528
11,121
99,909
1,750
98,159
31,854
77,803
52,210
11,534
8,461
94,904
1,200
93,704
32,013
76,587
49,130
13,946
$
62,210
$
59,222
$
46,529
$
40,676
$
35,184
$ 4,977,577
$ 4,397,672
$ 3,929,090
$ 3,144,360
$ 2,955,994
Total Loans, Net of Unearned Income
3,088,072
3,077,091
2,728,059
2,141,638
1,989,955
Total Deposits
Total Long-term Debt
Total Shareholders’ Equity
Average Balances:
Total Assets
4,106,530
3,430,021
3,072,632
2,484,052
2,349,551
141,624
624,709
181,950
573,820
126,635
458,640
141,717
364,571
120,560
330,267
$ 4,729,006
$ 4,128,535
$ 3,380,409
$ 3,002,695
$ 2,841,096
Total Loans, Net of Unearned Income
3,185,542
2,899,939
2,339,089
2,036,717
1,904,779
Total Deposits
Total Shareholders’ Equity
Per Share Data:
Net Income(1)
Cash Dividends
Book Value at Year-end
Tangible Book Value Per Share(2)
Other Data at Year-end:
Number of Shareholders
Number of Employees
3,860,397
3,293,934
2,716,712
2,395,146
2,249,892
594,781
519,010
385,476
350,913
321,520
$
$
$
2.34
0.76
23.57
18.63
3,218
776
2.29
0.68
21.51
16.49
3,672
821
1.99
0.60
18.37
13.81
3,705
747
$
1.77
$
0.52
15.90
13.45
3,459
621
1.57
0.48
14.42
11.94
3,513
605
Weighted Average Number of Shares(1)
26,539,024
25,824,538
23,381,616
22,924,726
22,391,115
Selected Performance Ratios:
Return on Assets
Return on Equity
Equity to Assets
Dividend Payout
Net Charge-offs (Recoveries) to Average Loans
Allowance for Credit Losses to Loans
Net Interest Margin
1.32 %
10.46 %
12.55 %
32.37 %
0.08 %
1.52 %
3.63 %
1.43 %
11.41 %
13.05 %
29.64 %
0.17 %
0.53 %
3.92 %
1.38 %
12.07 %
11.67 %
30.25 %
0.08 %
0.58 %
3.75 %
1.35 %
11.59 %
11.59 %
29.11 %
0.04 %
0.73 %
3.76 %
1.24 %
10.94 %
11.17 %
30.21 %
0.04 %
0.74 %
3.75 %
(1) Share and Per Share Data includes the dilutive effect of stock options.
9
5
(2) Tangible Book Value per Share is defined as Total Shareholders’ Equity less Goodwill
and Other Intangible Assets divided by End of Period Shares Outstanding.
Securities Available-for-Sale, at Fair Value (Amortized Cost $1,172,175, No Allowance for Credit Losses)
1,217,852
Consolidated Balance Sheets
Dollars in thousands, except per share data
Assets
Cash and Due from Banks
Federal Funds Sold and Other Short-term Investments
Cash and Cash Equivalents
Interest-bearing Time Deposits with Banks
Other Investments
Loans Held-for-Sale, at Fair Value
Loans
Less:
Unearned Income
Allowance for Credit 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
TOTAL ASSETS
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
Common Stock, no par value, $1 stated value; 45,000,000 shares authorized
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income
TOTAL SHAREHOLDERS’ EQUITY
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
End of period shares issued and outstanding
See Annual Report on Form 10-K.
10
December 31,
2020
2019
$
57,972
$
59,971
287,776
345,748
1,241
353
43,913
103,884
1,985
854,825
353
16,904
17,713
3,091,998
3,081,973
(3,926 )
(46,859 )
(4,882 )
(16,278 )
3,041,213
3,060,813
13,168
96,593
325
121,956
8.984
69,250
43,990
13,968
96,651
425
121,306
12,656
68,883
44,210
$
4,977,577
$ 4,397,672
$
1,183,442
$
832,985
2,428,636
1,965,640
494,452
631,396
4,106,530
3,430,021
194,529
51,809
349,686
44,145
4,352,868
3,823,852
26,502
274,385
288,447
35,375
26,671
278,954
253,090
15,105
624,709
573,820
$
4,977,577
$ 4,397,672
26,502,157
26,671,368
Consolidated Statements of 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 Credit Losses
NET INTEREST INCOME AFTER PROVISION FOR CREDIT 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 Gains on Securities
TOTAL NON-INTEREST INCOME
Non-Interest Expense
Salaries and Employee Benefits
Occupancy Expense
Furniture and Equipment Expense
FDIC Premiums
Data Processing Fees
Professional Fees
Advertising and Promotion
Intangible Amortization
Other Operating Expenses
TOTAL NON-INTEREST EXPENSE
Income before Income Taxes
Income Tax Expense
Net Income
Basic Earnings per Share
Diluted Earnings per Share
Dividends per Share
See Annual Report on Form 10-K.
$
$
$
$
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2020
Years Ended December 31,
2019
2018
151,658
382
10,447
11,882
174,369
13,696
5,430
19,126
155,243
17,550
137,693
8,005
7,334
8,922
2,307
10,529
3,388
9,908
4,081
54,474
68,112
10,033
3,991
740
6,889
3,998
3,589
3,539
16,232
117,123
75,044
12,834
62,210
2.34
2.34
0.76
$
152,481
522
$
13,910
9,561
176,474
23,805
7,444
31,249
145,225
5,325
139,900
7,278
8,718
8,940
2,005
9,450
3,229
4,633
1,248
112,084
308
12,398
8,959
133,749
13,625
5,514
19,139
114,610
2,070
112,540
6,680
7,044
8,330
1,243
7,278
2,785
3,004
706
45,501
37,070
63,885
9,988
3,788
533
7,927
4,674
4,230
3,721
15,416
114,162
71,239
12,017
59,222
2.29
2.29
0.68
$
$
$
$
$
$
$
$
51,306
7,735
3,142
1,033
6,942
5,362
3,492
1,752
12,789
93,553
56,057
9,528
46,529
1.99
1.99
0.60
Board of Directors
Zachary W. Bawel
Marc D. Fine
Jason M. Kelly
U. Butch Klem
J. David Lett
Lee A. Mitchell
Chris A. Ramsey
M. Darren Root
Christina M. Ryan
Mark A. Schroeder
Thomas W. Seger
Jack W. Sheidler
Raymond W. Snowden
Tyson J. Wagler
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Cautionary Note Regarding
Forward-Looking Statements
This Summary Annual Report, including our CEO’s letter to our Shareholders beginning
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 prosperity, and other matters. Readers are
cautioned that actual results and performance may differ materially from those
expectations 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 filings) via the internet
through the Investor Relations section of our website, www.germanamerican.com. This
report speaks only as of February 26, 2021, and we do not promise anyone that it will be
updated for changes or events after that date.
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001CSN48E1