Exhibit 21

SUBSIDIARIES OF THE REGISTRANT

(AS OF MARCH 1, 2022)

Name of Subsidiary			State/Jurisdiction of Incorporation/Organization			Other Names under which Subsidiary Does Business
German American Bank			Indiana			Citizens Union Bank, a division of German American Bank
GAB Investment Company, Inc.			Nevada
GAB Investment Center, Inc.			Nevada
GAB Investments, LLC			Nevada
GAB Capital Funding Corp.			Nevada
GAB Funding Corp.			Maryland
First Title Insurance Company			Indiana
GABC Leasing, Inc.			Indiana
GABC Holdings, Inc.			Indiana
GABC Development Corporation			Indiana
German American Investment Services, Inc.			Indiana
German American Insurance, Inc.			Indiana
Allied Premium Finance Company			Indiana
GABC Risk Management, Inc.			Nevada
German American Reinsurance Company, Ltd.			Turks and Caicos Islands
Financial Services of Southern Indiana, Inc.			Indiana
ACB Capital Trust I			Delaware
ACB Capital Trust II			Delaware
Madison 1st Service Corporation			Indiana
RIVR Statutory Trust I			Connecticut
FS Realty Holding, LLC			Indiana
Citizens First Statutory Trust I			Delaware
CUB Title Company, LLC			Kentucky
CUB St. Denis, LLC			Kentucky
SM 2013, LLC			Kentucky
EQP 2011, LLC			Kentucky
CUB Investments, Inc.			Kentucky			BUC Investments, Inc.
CUB Capital Trust I			Delaware
CUB Capital Trust II			Delaware