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Segment Information | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company’s operations include three primary segments: core banking, wealth management services, and insurance operations. The core banking segment involves attracting deposits from the general public and using such funds to originate consumer, commercial and agricultural, commercial and agricultural real estate, and residential mortgage loans, primarily in the Company’s local markets. The core banking segment also involves the sale of residential mortgage loans in the secondary market. The wealth management segment involves providing trust, investment advisory, brokerage and retirement planning services to customers. The insurance segment offers a full range of personal and corporate property and casualty insurance products, primarily in the Company’s banking subsidiary’s local markets. The core banking segment is comprised by the Company’s banking subsidiary, German American Bank, which operated through 76 banking offices at September 30, 2023. Net interest income from loans and investments funded by deposits and borrowings is the primary revenue for the core-banking segment. The wealth management segment’s revenues are comprised primarily of fees generated by the trust operations of the Company’s banking subsidiary and by German American Investment Services, Inc. These fees are derived by providing trust, investment advisory, brokerage and retirement planning services to its customers. The insurance segment primarily consists of German American Insurance, Inc., which provides a full line of personal and corporate insurance products. Commissions derived from the sale of insurance products are the primary source of revenue for the insurance segment. The following segment financial information has been derived from the internal financial statements of the Company which are used by management to monitor and manage financial performance. The accounting policies of the three segments are the same as those of the Company. The evaluation process for segments does not include holding company income and expense. Holding company amounts are the primary differences between segment amounts and consolidated totals, and are reflected in the column labeled “Other” below, along with amounts to eliminate transactions between segments.
|  | Core Banking |  | Wealth Management Services |  | Insurance |  | Other |  | Consolidated Totals
Three Months Ended |  |  |  |  |  |  |  |  |  |
September 30, 2023 |  |  |  |  |  |  |  |  |  |
Net Interest Income |  | $ | 48,794 |  |  | $ | 32 |  |  | $ | 15 |  |  | $ | (1,282) |  |  | $ | 47,559 |
Net Gains on Sales of Loans |  | 614 |  |  | — |  |  | — |  |  | — |  |  | 614 |
Net Gains on Securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Wealth Management Fees |  | 1 |  |  | 2,956 |  |  | — |  |  | — |  |  | 2,957 |
Insurance Revenues |  | — |  |  | 1 |  |  | 2,064 |  |  | — |  |  | 2,065 |
Noncash Items: |  |  |  |  |  |  |  |  |  |
Provision (Benefit) for Credit Losses |  | 900 |  |  | — |  |  | — |  |  | — |  |  | 900 |
Depreciation and Amortization |  | 2,236 |  |  | 7 |  |  | 12 |  |  | 114 |  |  | 2,369 |
Income Tax Expense (Benefit) |  | 4,709 |  |  | 184 |  |  | 107 |  |  | (409) |  |  | 4,591 |
Segment Profit (Loss) |  | 21,472 |  |  | 761 |  |  | 161 |  |  | (943) |  |  | 21,451 |
Segment Assets at September 30, 2023 |  | 5,998,860 |  |  | 8,374 |  |  | 15,631 |  |  | (17,199) |  |  | 6,005,666 |
|  | Core Banking |  | Wealth Management Services |  | Insurance |  | Other |  | Consolidated Totals
Three Months Ended |  |  |  |  |  |  |  |  |  |
September 30, 2022 |  |  |  |  |  |  |  |  |  |
Net Interest Income |  | $ | 52,659 |  |  | $ | 14 |  |  | $ | 8 |  |  | $ | (983) |  |  | $ | 51,698 |
Net Gains on Sales of Loans |  | 854 |  |  | — |  |  | — |  |  | — |  |  | 854 |
Net Gains on Securities |  | 23 |  |  | — |  |  | — |  |  | — |  |  | 23 |
Wealth Management Fees |  | 1 |  |  | 2,375 |  |  | — |  |  | — |  |  | 2,376 |
Insurance Revenues |  | 1 |  |  | 9 |  |  | 1,985 |  |  | — |  |  | 1,995 |
Noncash Items: |  |  |  |  |  |  |  |  |  |
Provision (Benefit) for Credit Losses |  | 350 |  |  | — |  |  | — |  |  | — |  |  | 350 |
Depreciation and Amortization |  | 2,357 |  |  | 10 |  |  | 12 |  |  | 114 |  |  | 2,493 |
Income Tax Expense (Benefit) |  | 6,443 |  |  | 149 |  |  | 61 |  |  | (520) |  |  | 6,133 |
Segment Profit (Loss) |  | 26,213 |  |  | 461 |  |  | 189 |  |  | (2,267) |  |  | 24,596 |
Segment Assets at December 31, 2022 |  | 6,152,346 |  |  | 8,846 |  |  | 14,706 |  |  | (19,907) |  |  | 6,155,991 |
|  | Core Banking |  | Wealth Management Services |  | Insurance |  | Other |  | Consolidated Totals
Nine Months Ended |  |  |  |  |  |  |  |  |  |
September 30, 2023 |  |  |  |  |  |  |  |  |  |
Net Interest Income |  | $ | 148,363 |  |  | $ | 86 |  |  | $ | 45 |  |  | $ | (3,668) |  |  | $ | 144,826 |
Net Gains on Sales of Loans |  | 1,831 |  |  | — |  |  | — |  |  | — |  |  | 1,831 |
Net Gains on Securities |  | 40 |  |  | — |  |  | — |  |  | — |  |  | 40 |
Wealth Management Fees |  | 4 |  |  | 8,509 |  |  | — |  |  | — |  |  | 8,513 |
Insurance Revenues |  | 1 |  |  | 22 |  |  | 7,307 |  |  | — |  |  | 7,330 |
Noncash Items: |  |  |  |  |  |  |  |  |  |
Provision (Benefit) for Credit Losses |  | 2,550 |  |  | — |  |  | — |  |  | — |  |  | 2,550 |
Depreciation and Amortization |  | 6,803 |  |  | 26 |  |  | 37 |  |  | 342 |  |  | 7,208 |
Income Tax Expense (Benefit) |  | 14,099 |  |  | 474 |  |  | 427 |  |  | (1,201) |  |  | 13,799 |
Segment Profit (Loss) |  | 63,987 |  |  | 2,083 |  |  | 1,470 |  |  | (3,159) |  |  | 64,381 |
Segment Assets at September 30, 2023 |  | 5,998,860 |  |  | 8,374 |  |  | 15,631 |  |  | (17,199) |  |  | 6,005,666 |
|  | Core Banking |  | Wealth Management Services |  | Insurance |  | Other |  | Consolidated Totals
Nine Months Ended |  |  |  |  |  |  |  |  |  |
September 30, 2022 |  |  |  |  |  |  |  |  |  |
Net Interest Income |  | $ | 150,798 |  |  | $ | 27 |  |  | $ | 14 |  |  | $ | (2,636) |  |  | $ | 148,203 |
Net Gains on Sales of Loans |  | 3,324 |  |  | — |  |  | — |  |  | — |  |  | 3,324 |
Net Gains on Securities |  | 473 |  |  | — |  |  | — |  |  | — |  |  | 473 |
Wealth Management Fees |  | 3 |  |  | 7,653 |  |  | — |  |  | — |  |  | 7,656 |
Insurance Revenues |  | 30 |  |  | 11 |  |  | 7,929 |  |  | — |  |  | 7,970 |
Noncash Items: |  |  |  |  |  |  |  |  |  |
Provision (Benefit) for Credit Losses |  | 5,850 |  |  | — |  |  | — |  |  | — |  |  | 5,850 |
Depreciation and Amortization |  | 7,334 |  |  | 31 |  |  | 36 |  |  | 342 |  |  | 7,743 |
Income Tax Expense (Benefit) |  | 12,189 |  |  | 551 |  |  | 643 |  |  | (1,552) |  |  | 11,831 |
Segment Profit (Loss) |  | 58,162 |  |  | 1,717 |  |  | 2,038 |  |  | (4,507) |  |  | 57,410 |
Segment Assets at December 31, 2022 |  | 6,152,346 |  |  | 8,846 |  |  | 14,706 |  |  | (19,907) |  |  | 6,155,991 |

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