Stock Analysis Report

German American Bancorp

Executive Summary

German American Bancorp, Inc. operates as the bank holding company for German American Bancorp that provides retail and commercial banking services.

Snowflake Analysis

Flawless balance sheet with solid track record and pays a dividend.

Similar Companies

Share Price & News

How has German American Bancorp's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: GABC's share price has been volatile over the past 3 months.

Market Performance

7 Day Return




US Banks


US Market

1 Year Return




US Banks


US Market

Return vs Industry: GABC exceeded the US Banks industry which returned -26.4% over the past year.

Return vs Market: GABC exceeded the US Market which returned -10.4% over the past year.

Shareholder returns

7 Day8.2%2.9%5.3%
30 Day-12.0%-26.3%-13.6%
90 Day-22.9%-39.3%-19.8%
1 Year-6.4%-8.4%-25.6%-27.8%-8.9%-10.7%
3 Year-6.7%-11.8%-17.1%-23.1%15.5%8.0%
5 Year53.5%39.1%10.9%-1.7%35.2%20.4%

Price Volatility Vs. Market

How volatile is German American Bancorp's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is German American Bancorp undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: GABC ($27.46) is trading below our estimate of fair value ($47.83)

Significantly Below Fair Value: GABC is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: GABC is poor value based on its PE Ratio (12x) compared to the Banks industry average (8.9x).

PE vs Market: GABC is good value based on its PE Ratio (12x) compared to the US market (13.1x).

Price to Earnings Growth Ratio

PEG Ratio: GABC is poor value based on its PEG Ratio (8.7x)

Price to Book Ratio

PB vs Industry: GABC is overvalued based on its PB Ratio (1.3x) compared to the US Banks industry average (0.8x).

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Future Growth

How is German American Bancorp forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: GABC's forecast earnings growth (1.4% per year) is below the savings rate (1.7%).

Earnings vs Market: GABC's earnings (1.4% per year) are forecast to grow slower than the US market (12.2% per year).

High Growth Earnings: GABC's earnings are forecast to grow, but not significantly.

Revenue vs Market: GABC's revenue (5.4% per year) is forecast to grow slower than the US market (7.2% per year).

High Growth Revenue: GABC's revenue (5.4% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: GABC's Return on Equity is forecast to be low in 3 years time (10.5%).

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Past Performance

How has German American Bancorp performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: GABC has high quality earnings.

Growing Profit Margin: GABC's current net profit margins (31.9%) are higher than last year (31.1%).

Past Earnings Growth Analysis

Earnings Trend: GABC's earnings have grown by 15.2% per year over the past 5 years.

Accelerating Growth: GABC's earnings growth over the past year (27.3%) exceeds its 5-year average (15.2% per year).

Earnings vs Industry: GABC earnings growth over the past year (27.3%) exceeded the Banks industry 10.9%.

Return on Equity

High ROE: GABC's Return on Equity (10.3%) is considered low.

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Financial Health

How is German American Bancorp's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Inventory Level: GABC has a low level of unsold assets or inventory.

Debt Coverage by Assets: GABC's debt is not covered by short term assets (assets are 0.4x debt).

Financial Institutions Analysis

Asset Level: GABC's level of assets compared to its equity is low.

Allowance for Bad Loans: GABC has a sufficient allowance for bad loans.

Low Risk Liabilities: GABC's liabilities are made up of primarily low risk sources of funding.

Loan Level: GABC has an acceptable proportion of non-loan assets held.

Low Risk Deposits: GABC's loans are broadly funded by customer deposits.

Level of Bad Loans: GABC has an appropriate level of bad loans (0.45%)

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What is German American Bancorp's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: GABC's dividend (2.77%) is higher than the bottom 25% of dividend payers in the US market (1.95%).

High Dividend: GABC's dividend (2.77%) is low compared to the top 25% of dividend payers in the US market (5.4%).

Stability and Growth of Payments

Stable Dividend: GABC's dividends per share have been stable in the past 10 years.

Growing Dividend: GABC's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (30.5%), GABC's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: GABC's dividends in 3 years are forecast to be well covered by earnings (33% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Mark Schroeder (65yo)





Mr. Mark A. Schroeder has been Chairman and Chief Executive Officer at German American Bancorp, Inc. since 2009 and 1999 respectively and has been its Director since 1991. Mr. Schroeder is the Chairman and ...

CEO Compensation Analysis

Compensation vs Market: Mark's total compensation ($USD922.23K) is below average for companies of similar size in the US market ($USD3.17M).

Compensation vs Earnings: Mark's compensation has been consistent with company performance over the past year.

Leadership Team

Mark Schroeder
Chairman & CEO21.25yrsUS$922.23k0.61% $4.5m
Clay Ewing
President & Secretaryno dataUS$542.62k0.35% $2.5m
Bradley Rust
Executive VP & CFO15yrsUS$469.12k0.18% $1.3m
Randall Braun
Executive VP & Chief Retail Banking & Development Officer3.75yrsUS$381.05k0.064% $471.3k
D. Dauby
Executive VP & Chief Commercial Banking Officer3.75yrsUS$372.65k0.068% $496.7k
Terri Eckerle
Vice Presidentno datano datano data
Lisa Matheis
Vice President of Human Resourcesno datano datano data
H. Basham
Senior VP & Senior Wealth Advisorno datano datano data
Michael Kern
Senior Vice President of Commercial Banking5.67yrsno datano data
Clay Barrett
Senior VP & Senior Technology & Operations Officer3.75yrsno datano data


Average Tenure


Average Age

Experienced Management: GABC's management team is considered experienced (4.6 years average tenure).

Board Members

Mark Schroeder
Chairman & CEO21.25yrsUS$922.23k0.61% $4.5m
J. Lett
Independent Director20.25yrsUS$63.23k0.32% $2.3m
Christina Ernst
Independent Director16.25yrsUS$62.63k0.20% $1.4m
U. Klem
Lead Independent Director11.25yrsUS$82.43k1.25% $9.2m
Christopher Ramsey
Independent Director9.25yrsUS$59.73k1.14% $8.3m
Marc Fine
Independent Director9.25yrsUS$74.23k0.14% $1.1m
Daniel Aiken
Member of Advisory Board9.25yrsno datano data
M. Root
Independent Director7.25yrsUS$70.18k0.049% $355.6k
Thomas Seger
Independent Director8.67yrsUS$70.33k1.41% $10.3m
Zachary Bawel
Independent Director1.75yrsUS$51.38k0.026% $189.1k


Average Tenure


Average Age

Experienced Board: GABC's board of directors are considered experienced (9.2 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: GABC insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 10.4%.

Top Shareholders

Company Information

German American Bancorp, Inc.'s company bio, employee growth, exchange listings and data sources

Key Information

  • Name: German American Bancorp, Inc.
  • Ticker: GABC
  • Exchange: NasdaqGS
  • Founded: 1910
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$732.129m
  • Shares outstanding: 26.67m
  • Website:

Number of Employees


  • German American Bancorp, Inc.
  • 711 Main Street
  • Box 810
  • Jasper
  • Indiana
  • 47546
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
GABCNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDMay 1993
GABDB (Deutsche Boerse AG)YesCommon StockDEEURMay 1993


German American Bancorp, Inc. operates as the bank holding company for German American Bancorp that provides retail and commercial banking services. The company operates through three segments: Core Banking, Trust and Investment Advisory Services, and Insurance Operations. The Core Banking segment accepts various deposits from the general public; and originates consumer, commercial and agricultural, commercial and agricultural real estate, and residential mortgage loans, as well as sells residential mortgage loans in the secondary market. The Trust and Investment Advisory Services segment provides trust, investment advisory, and brokerage services. The Insurance Operations segment offers a range of personal and corporate property and casualty insurance products. As of February 21, 2019, the company operated 65 banking offices in 20 contiguous southern Indiana counties and 4 counties in Kentucky. German American Bancorp, Inc. was founded in 1910 and is headquartered in Jasper, Indiana. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/01 01:13
End of Day Share Price2020/03/31 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.