FDIC expense trims German American’s profit-WEB ONLY

Jasper-based German American Bancorp this morning reported second quarter profit of $2.8 million on $19.7 million in revenue. That compares to a profit of $3.1 million on $21.3 million in revenue during the same period a year ago.

German American Bancorp CEO Mark Schroeder attributed most of the decline in profit to increased deposit insurance expenses mandated by the Federal Deposit Insurance Corp. In the second quarter, German American booked an extra $860,000 in deposit insurance premiums.

The company’s results for the first half of 2009 were similar. German American Bancorp posted earnings of $5.7 million on $39.8 million in revenue for the six months ended June 30. That compares to earnings of $6.1 million on $44.1 million in revenue during the same period a year ago.

In 2009’s first half, the company’s deposit insurance premiums increased nearly $1.2 million.

German American Bancorp operates in six contiguous southern Indiana counties, with 28 retail bank branches.

The company’s shares were trading at $16.30 each this morning, up 24 cents.

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