Exhibit 21

SUBSIDIARIES OF THE REGISTRANT

(AS OF MARCH 1, 2023)

Name of Subsidiary			State/Jurisdiction of Incorporation/Organization			Other Names under which Subsidiary Does Business
German American Bank			Indiana
GAB Investment Company, Inc.			Nevada
GAB Investment Center, Inc.			Nevada
GAB Investments, LLC			Nevada
GAB Capital Funding Corp.			Nevada
GAB Funding Corp.			Maryland
GABC Leasing, Inc.			Indiana
GABC Holdings, Inc.			Indiana
GABC Development Corporation			Indiana
German American Investment Services, Inc.			Indiana
German American Insurance, Inc.			Indiana
GABC Risk Management, Inc.			Nevada
ACB Capital Trust I			Delaware
ACB Capital Trust II			Delaware
RIVR Statutory Trust I			Connecticut
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