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Segment Information | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information For the first five months of 2024, the Company’s operations included three primary segments: core banking, wealth management services, and insurance operations. On June 1, 2024, the Company sold substantially all of the assets of its insurance operations to Hilb Group, and ceased insurance-related activities for the Company. As a result of the sale, insurance revenue and expenses reported within the accompanying financial statements reflect the first five months of 2024. See Note 3 for additional information on this sale. 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 by the Company’s banking subsidiary, German American Bank. Net interest income from loans and investments funded by deposits and borrowings is the primary revenue for the core-banking segment. The core banking segment also involves the sale of residential mortgage loans in the secondary market. The wealth management segment’s revenues are comprised primarily of fees generated by the wealth advisory and 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 offered a full range of personal and corporate property and casualty insurance products, primarily in the Company’s banking subsidiary’s local markets. Commissions derived from the sale of insurance products by GAI were 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 |  |  |  |  |  |  |  |  |  |
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Net Interest Income |  | $ | 47,168 |  |  | $ | 38 |  |  | $ | 1 |  |  | $ | (1,236) |  |  | $ | 45,971 |
Net Gains on Sales of Loans |  | 969 |  |  | — |  |  | — |  |  | — |  |  | 969 |
Net Gains (Losses) on Securities |  | (34,893) |  |  | — |  |  | — |  |  | — |  |  | (34,893) |
Wealth Management Fees |  | 1 |  |  | 3,782 |  |  | — |  |  | — |  |  | 3,783 |
Insurance Revenues |  | — |  |  | 1 |  |  | 1,505 |  |  | — |  |  | 1,506 |
Noncash Items: |  |  |  |  |  |  |  |  |  |
Provision for Credit Losses |  | 625 |  |  | — |  |  | — |  |  | — |  |  | 625 |
Depreciation and Amortization |  | 2,202 |  |  | 5 |  |  | 5 |  |  | 114 |  |  | 2,326 |
Income Tax Expense (Benefit) |  | (3,064) |  |  | 272 |  |  | 9,077 |  |  | (220) |  |  | 6,065 |
Segment Profit (Loss) |  | (6,727) |  |  | 1,133 |  |  | 27,619 |  |  | (1,495) |  |  | 20,530 |
Segment Assets at June 30, 2024 |  | 6,231,672 |  |  | 11,645 |  |  | 40,535 |  |  | (66,929) |  |  | 6,216,923 |
|  | Core Banking |  | Wealth Management Services |  | Insurance |  | Other |  | Consolidated Totals
Three Months Ended |  |  |  |  |  |  |  |  |  |
June 30, 2023 |  |  |  |  |  |  |  |  |  |
Net Interest Income |  | $ | 49,429 |  |  | $ | 30 |  |  | $ | 15 |  |  | $ | (1,216) |  |  | $ | 48,258 |
Net Gains on Sales of Loans |  | 630 |  |  | — |  |  | — |  |  | — |  |  | 630 |
Net Gains (Losses) on Securities |  | 38 |  |  | — |  |  | — |  |  | — |  |  | 38 |
Wealth Management Fees |  | 1 |  |  | 2,911 |  |  | — |  |  | — |  |  | 2,912 |
Insurance Revenues |  | 1 |  |  | 3 |  |  | 2,126 |  |  | — |  |  | 2,130 |
Noncash Items: |  |  |  |  |  |  |  |  |  |
Provision for Credit Losses |  | 550 |  |  | — |  |  | — |  |  | — |  |  | 550 |
Depreciation and Amortization |  | 2,275 |  |  | 10 |  |  | 12 |  |  | 114 |  |  | 2,411 |
Income Tax Expense (Benefit) |  | 4,988 |  |  | 161 |  |  | 93 |  |  | (487) |  |  | 4,755 |
Segment Profit (Loss) |  | 21,951 |  |  | 715 |  |  | 247 |  |  | (790) |  |  | 22,123 |
Segment Assets at December 31, 2023 |  | 6,137,687 |  |  | 9,508 |  |  | 3,509 |  |  | 1,494 |  |  | 6,152,198 |
|  | Core Banking |  | Wealth Management Services |  | Insurance |  | Other |  | Consolidated Totals
Six Months Ended |  |  |  |  |  |  |  |  |  |
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Net Interest Income |  | $ | 93,387 |  |  | $ | 67 |  |  | $ | 1 |  |  | $ | (2,490) |  |  | $ | 90,965 |
Net Gains on Sales of Loans |  | 1,720 |  |  | — |  |  | — |  |  | — |  |  | 1,720 |
Net Gains (Losses) on Securities |  | (34,858) |  |  | — |  |  | — |  |  | — |  |  | (34,858) |
Wealth Management Fees |  | 2 |  |  | 7,147 |  |  | — |  |  | — |  |  | 7,149 |
Insurance Revenues |  | — |  |  | 1 |  |  | 4,383 |  |  | — |  |  | 4,384 |
Noncash Items: |  |  |  |  |  |  |  |  |  |
Provision for Credit Losses |  | 1,525 |  |  | — |  |  | — |  |  | — |  |  | 1,525 |
Depreciation and Amortization |  | 4,417 |  |  | 10 |  |  | 10 |  |  | 228 |  |  | 4,665 |
Income Tax Expense (Benefit) |  | 832 |  |  | 504 |  |  | 9,300 |  |  | (415) |  |  | 10,221 |
Segment Profit (Loss) |  | 12,178 |  |  | 2,134 |  |  | 28,295 |  |  | (3,055) |  |  | 39,552 |
Segment Assets at June 30, 2024 |  | 6,231,672 |  |  | 11,645 |  |  | 40,535 |  |  | (66,929) |  |  | 6,216,923 |
|  | Core Banking |  | Wealth Management Services |  | Insurance |  | Other |  | Consolidated Totals
Six Months Ended |  |  |  |  |  |  |  |  |  |
June 30, 2023 |  |  |  |  |  |  |  |  |  |
Net Interest Income |  | $ | 99,570 |  |  | $ | 54 |  |  | $ | 29 |  |  | $ | (2,386) |  |  | $ | 97,267 |
Net Gains on Sales of Loans |  | 1,217 |  |  | — |  |  | — |  |  | — |  |  | 1,217 |
Net Gains (Losses) on Securities |  | 40 |  |  | — |  |  | — |  |  | — |  |  | 40 |
Wealth Management Fees |  | 3 |  |  | 5,553 |  |  | — |  |  | — |  |  | 5,556 |
Insurance Revenues |  | 1 |  |  | 20 |  |  | 5,244 |  |  | — |  |  | 5,265 |
Noncash Items: |  |  |  |  |  |  |  |  |  |
Provision for Credit Losses |  | 1,650 |  |  | — |  |  | — |  |  | — |  |  | 1,650 |
Depreciation and Amortization |  | 4,568 |  |  | 19 |  |  | 25 |  |  | 228 |  |  | 4,840 |
Income Tax Expense (Benefit) |  | 9,390 |  |  | 290 |  |  | 320 |  |  | (792) |  |  | 9,208 |
Segment Profit (Loss) |  | 42,515 |  |  | 1,322 |  |  | 1,308 |  |  | (2,215) |  |  | 42,930 |
Segment Assets at December 31, 2023 |  | 6,137,687 |  |  | 9,508 |  |  | 3,509 |  |  | 1,494 |  |  | 6,152,198 |

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