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    German American Bancorp (GABC)

    Market Price (9/5/2026): $49.99 | Market Cap: $1.9 BilSector: Financials | Industry: Regional Banks

    German American Bancorp (GABC)

    Market Price (9/5/2026): $49.99
    Market Cap: $1.9 Bil
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.9%, Dividend Yield is 2.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.6%, FCF Yield is 9.7%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -59%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 47%

    Low stock price volatility
    Vol 12M is 22%

    Capital ratio is >2x the minimum of 6%
    Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 13%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.

    Trading close to highs
    Dist 52W High is -2.7%, Dist 3Y High is -2.7%

    Weak multi-year price returns
    2Y Excs Rtn is -4.8%

    Key risks
    GABC key risks include [1] integration challenges and expenses from recent acquisitions, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.9%, Dividend Yield is 2.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.6%, FCF Yield is 9.7%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -59%
    2 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29%
    3 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 47%
    4 Low stock price volatility
    Vol 12M is 22%
    5 Capital ratio is >2x the minimum of 6%
    Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 13%
    6 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.
    7 Trading close to highs
    Dist 52W High is -2.7%, Dist 3Y High is -2.7%
    8 Weak multi-year price returns
    2Y Excs Rtn is -4.8%
    9 Key risks
    GABC key risks include [1] integration challenges and expenses from recent acquisitions, Show more.

    GABC in ETFs

    Weight = GABC's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.06%
    SCHD0.05%
    VIG0.01%
    IWN0.12%
    VTWO0.06%
    DFAS0.04%
    +5 more covered ETFs

    Valuation & Metrics

    FYE: 12/31GABC [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$386.2 Mil—
    FY 2026 Sales$405.3 Mil—
    FY 2027 Sales$423.1 Mil—
    FY 2026 Sales Growth5.0%—
    FY 2027 Sales Growth4.4%13.1%
    EARNINGS
    LTM Net Income (GAAP) [3]$142.1 Mil—
    FY 2026 Net Income (Non-GAAP)$143.0 Mil—
    FY 2027 Net Income (Non-GAAP)$151.2 Mil—
    FY 2027 Net Income Growth5.8%18.5%
    FY 2026 EPS (Non-GAAP)$3.92—
    FY 2027 EPS (Non-GAAP)$4.12—
    FY 2027 EPS Growth4.9%—
    VALUATION
    FY 2026 P/S4.61.7
    FY 2027 P/S4.4—
    FY 2026 P/E13.17.8
    FY 2027 P/E12.4—

    [1] GABC forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    GABCS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.4
    Rev Chg Q11.2%9.3%
    Rev Chg LTM29.2%8.4%
    Rev Chg 3Y Avg17.4%5.9%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.2
    Net Inc LTM ($ Bil)0.1
    CFO/Rev LTM49.1%21.9%
    Net Inc Mgn36.8%13.1%
    VALUATIONLOW
    P/S4.93.2
    P/CFO9.915.5
    P/FCF10.319.8
    P/E13.223.2

    AI Analysis | Feedback

    MetricValueDateSource
    Number of Domestic Locations9710312025Link
    Number of States of Operation310312025Link
    Number of Banking Offices9411052025Link
    Number of Employees102011072025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/1/2026

    German American Bancorp (GABC) stock has gained about 15% since 5/31/2026 because of the following key factors:

    1. German American Bancorp reported record earnings for fiscal Q2 2026 (ended June 30, 2026), with diluted earnings per share of $1.02, exceeding analyst consensus estimates of $0.92 by $0.10. This represents a significant 21% year-over-year increase in earnings per share.

    2. The company achieved robust net interest margin (NIM) expansion and strong loan growth in fiscal Q2 2026. NIM reached 4.30%, a 4 basis point increase linked-quarter, driven by lower deposit funding costs and higher loan yields. This was accompanied by approximately 6% annualized loan growth on a linked-quarter basis.

    Show more
    Updated on 9/1/2026

    German American Bancorp (GABC) stock has gained about 15% since 5/31/2026 because of the following key factors:

    1. German American Bancorp reported record earnings for fiscal Q2 2026 (ended June 30, 2026), with diluted earnings per share of $1.02, exceeding analyst consensus estimates of $0.92 by $0.10. This represents a significant 21% year-over-year increase in earnings per share.

    2. The company achieved robust net interest margin (NIM) expansion and strong loan growth in fiscal Q2 2026. NIM reached 4.30%, a 4 basis point increase linked-quarter, driven by lower deposit funding costs and higher loan yields. This was accompanied by approximately 6% annualized loan growth on a linked-quarter basis.

    3. German American Bancorp experienced increased non-interest income and improved operational efficiency during fiscal Q2 2026. Non-interest income rose 9% linked-quarter, primarily due to an 11% jump in wealth management fees and a 12% rise in card interchange income. Concurrently, the company's efficiency ratio improved to a low of 47.38% due to controlled operating expenses.

    4. Positive analyst sentiment and raised price targets contributed to the stock's upward trend. Following the strong Q2 results, Piper Sandler reiterated an "overweight" rating and increased its price target to $60.00 from $51.00 on July 30, 2026. Other firms, including Wall Street Zen and Weiss Ratings, also issued upgrades, leading to a consensus "Moderate Buy" rating for GABC.

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    Stock Movement Drivers

    Fundamental Drivers

    The 15.1% change in GABC stock from 5/31/2026 to 9/4/2026 was primarily driven by a 9.7% change in the company's P/E Multiple.
    (LTM values as of)53120269042026Change
    Stock Price ($)43.4550.0115.1%
    Change Contribution By: 
    Total Revenues ($ Mil)3763862.7%
    Net Income Margin (%)36.0%36.8%2.3%
    P/E Multiple12.113.29.7%
    Shares Outstanding (Mil)3838-0.1%
    Cumulative Contribution15.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/4/2026
    ReturnCorrelation
    GABC15.1% 
    Market (SPY)1.8%-14.9%
    Sector (XLF)12.6%44.3%

    Fundamental Drivers

    The 22.6% change in GABC stock from 2/28/2026 to 9/4/2026 was primarily driven by a 18.1% change in the company's Net Income Margin (%).
    (LTM values as of)22820269042026Change
    Stock Price ($)40.8050.0122.6%
    Change Contribution By: 
    Total Revenues ($ Mil)3613866.8%
    Net Income Margin (%)31.2%36.8%18.1%
    P/E Multiple13.613.2-2.7%
    Shares Outstanding (Mil)3838-0.2%
    Cumulative Contribution22.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/4/2026
    ReturnCorrelation
    GABC22.6% 
    Market (SPY)12.6%7.8%
    Sector (XLF)13.6%44.4%

    Fundamental Drivers

    The 23.0% change in GABC stock from 8/31/2025 to 9/4/2026 was primarily driven by a 29.2% change in the company's Total Revenues ($ Mil).
    (LTM values as of)83120259042026Change
    Stock Price ($)40.6450.0123.0%
    Change Contribution By: 
    Total Revenues ($ Mil)29938629.2%
    Net Income Margin (%)28.8%36.8%27.6%
    P/E Multiple17.713.2-25.2%
    Shares Outstanding (Mil)3738-0.2%
    Cumulative Contribution23.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/4/2026
    ReturnCorrelation
    GABC23.0% 
    Market (SPY)20.4%18.6%
    Sector (XLF)8.9%50.5%

    Fundamental Drivers

    The 89.0% change in GABC stock from 8/31/2023 to 9/4/2026 was primarily driven by a 55.3% change in the company's P/E Multiple.
    (LTM values as of)83120239042026Change
    Stock Price ($)26.4750.0189.0%
    Change Contribution By: 
    Total Revenues ($ Mil)25938649.1%
    Net Income Margin (%)35.5%36.8%3.6%
    P/E Multiple8.513.255.3%
    Shares Outstanding (Mil)3038-21.3%
    Cumulative Contribution89.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/4/2026
    ReturnCorrelation
    GABC89.0% 
    Market (SPY)77.1%35.4%
    Sector (XLF)76.6%57.7%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    GABC Return20%-2%-10%28%0%30%76%
    Peers Return35%-12%-2%16%15%19%86%
    S&P 500 Return27%-19%24%23%16%13%106%

    Monthly Win Rates [3]
    GABC Win Rate50%50%50%67%50%78% 
    Peers Win Rate63%52%52%57%60%62% 
    S&P 500 Win Rate75%42%67%75%67%56% 

    Max Drawdowns [4]
    GABC Max Drawdown-30%-19%-35%-13%-17%-11% 
    Peers Max Drawdown-22%-29%-38%-19%-23%-19% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: NEWT, ATLO, FITB, MTB, HBAN.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 9/4/2026 (YTD)

    How Low Can It Go

    EventGABCS&P 500
    2025 US Tariff Shock
      % Loss-14.1%-18.8%
      % Gain to Breakeven16.4%23.1%
      Time to Breakeven33 days79 days
    2023 SVB Regional Banking Crisis
      % Loss-32.5%-6.7%
      % Gain to Breakeven48.1%7.1%
      Time to Breakeven426 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-14.3%-24.5%
      % Gain to Breakeven16.6%32.4%
      Time to Breakeven29 days427 days
    2020 COVID-19 Crash
      % Loss-28.7%-33.7%
      % Gain to Breakeven40.2%50.9%
      Time to Breakeven243 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-23.7%-19.2%
      % Gain to Breakeven31.0%23.8%
      Time to Breakeven316 days105 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-14.6%-17.9%
      % Gain to Breakeven17.1%21.8%
      Time to Breakeven60 days123 days

    Compare to NEWT, ATLO, FCBM, CBC, NU

    In The Past

    German American Bancorp's stock fell -14.1% during the 2025 US Tariff Shock. Such a loss loss requires a 16.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventGABCS&P 500
    2023 SVB Regional Banking Crisis
      % Loss-32.5%-6.7%
      % Gain to Breakeven48.1%7.1%
      Time to Breakeven426 days31 days
    2020 COVID-19 Crash
      % Loss-28.7%-33.7%
      % Gain to Breakeven40.2%50.9%
      Time to Breakeven243 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-23.7%-19.2%
      % Gain to Breakeven31.0%23.8%
      Time to Breakeven316 days105 days

    Compare to NEWT, ATLO, FCBM, CBC, NU

    In The Past

    German American Bancorp's stock fell -14.1% during the 2025 US Tariff Shock. Such a loss loss requires a 16.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About German American Bancorp (GABC)

    German American Bancorp (GABC) is a financial services company that operates as a bank holding company for German American Bank, offering a comprehensive suite of retail and commercial banking services. Its primary function involves traditional banking activities, including accepting deposits from the general public and originating various types of loans. These loans encompass consumer, commercial, agricultural, and real estate mortgages, with the company also engaging in the secondary market sale of residential mortgage loans.

    Further diversifying its business, GABC extends its offerings through two additional segments: Wealth Management Services and Insurance Operations. The Wealth Management segment provides essential financial planning resources such as trust services, investment advisory, brokerage, and retirement planning for its clients. Meanwhile, the Insurance Operations segment delivers a range of personal and corporate property and casualty insurance products. GABC primarily serves individuals and businesses across southern Indiana and Kentucky, utilizing a network of 77 banking offices spread across 19 counties in Indiana and 14 counties in Kentucky.

    AI Analysis | Feedback

    Here are a few analogies for German American Bancorp:

    • Like a localized **PNC Bank** for southern Indiana and Kentucky.
    • A community-oriented **Truist** for the southern Indiana and Kentucky region, offering banking, wealth management, and insurance.

    AI Analysis | Feedback

    • Core Banking Services:
      • Deposits: Accepting deposits from the general public.
      • Lending: Originating consumer, commercial, agricultural, and real estate loans.
      • Mortgage Sales: Selling residential mortgage loans in the secondary market.
    • Wealth Management Services:
      • Trust Services: Providing fiduciary services for individuals and institutions.
      • Investment Advisory: Offering professional advice on investment strategies and portfolio management.
      • Brokerage Services: Facilitating the buying and selling of securities for clients.
      • Retirement Planning: Assisting clients in planning and managing their retirement finances.
    • Insurance Operations:
      • Property & Casualty Insurance: Offering a range of personal and corporate property and casualty insurance products.

    AI Analysis | Feedback

    German American Bancorp (GABC) primarily serves a diverse customer base consisting of individuals, households, and businesses within its operating regions in southern Indiana and Kentucky. As a regional bank, it does not have a few identifiable "major customer companies" in the traditional sense, but rather a broad base of clients across its banking, wealth management, and insurance segments. Its customer base can be categorized into the following groups:

    • Individuals and Households: This category includes the general public who utilize core banking services such as deposit accounts, consumer loans, residential mortgage loans, and personal property and casualty insurance products.
    • Commercial and Agricultural Businesses: This category encompasses a variety of local businesses, including commercial enterprises and agricultural operations, that utilize commercial and agricultural loans, commercial real estate loans, and corporate property and casualty insurance products.
    • Wealth Management Clients: This segment serves individuals, families, and potentially institutional clients (e.g., trusts, retirement plans) seeking specialized financial services such as trust administration, investment advisory, brokerage services, and retirement planning.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    D. Neil Dauby, Chairman and Chief Executive Officer

    Mr. Dauby serves as Chairman and CEO of German American. He joined German American in 2001, following a 15-year career in public accounting as a certified public accountant (CPA) with regional accounting firms in various Kentucky markets. He previously served as president of one of German American's community banking subsidiaries and oversaw the company's commercial banking operations as the Executive Vice President & Chief Commercial Banking Officer. He was appointed CEO in January 2021.

    Bradley M. Rust, President and Chief Financial Officer

    Mr. Rust has over 30 years of banking industry experience and has held executive officer positions with German American for more than 20 years. He has served as Chief Financial Officer since January 2003 and also holds the titles of Senior Executive Vice President and Chief Operating Officer.

    Mark A. Schroeder, Executive Chairman

    Mr. Schroeder is the retired Chief Executive Officer of German American Bancorp, Inc., and currently serves as Executive Chairman of the Board of Directors. He was employed with German American for 50 years and served as CEO for over 20 years, beginning in 1999. Throughout his tenure, he held various leadership positions including Chief Lending Officer, Chief Financial Officer, President, and Chief Operating Officer. Under his guidance, German American grew significantly, completing twenty merger and acquisition transactions.

    Michael F. Beckwith, Executive Vice President, Chief Banking Officer

    Mr. Beckwith joined German American Bank through the acquisition of First Security Bank in 2018, where he served as President and CEO. He has previously served as the Kentucky Division President, leading the strategic focus in German American's Kentucky footprint, and most recently as Chief Commercial Banking Officer.

    Amy D. Jackson, Executive Vice President & Chief Administrative Officer

    Ms. Jackson joined German American in 2018 in connection with the company's merger with First Security Bank of Owensboro, Kentucky, and has over 20 years of banking experience. She most recently served as the Senior Vice President – Administrative Development and Strategic Planning for the bank. As Chief Administrative Officer, she leads all operational and administrative functions of the bank and provides executive oversight for Human Resources.

    AI Analysis | Feedback

    The key risks to German American Bancorp (GABC) include:

    1. Pressure on Net Interest Margin from Interest Rate Fluctuations: German American Bancorp's profitability is sensitive to changes in interest rates. Expected lower interest rates are anticipated to negatively impact net interest income by compressing margins, thereby limiting future profitability, despite strong performance in previous higher-rate environments. Historically, pressure from elevated rates has also shown volatility in earnings growth. A decline in net interest margin has previously been a primary factor in reduced net interest income.
    2. Credit Risk and Loan Quality: As a financial institution, GABC faces risks related to the quality of its loan portfolio. This includes the potential for rising loan losses, particularly during economic slowdowns when credit deterioration and increasing loan defaults can occur. There is also a noted concentration risk within the bank's commercial real estate and agricultural loan portfolios.
    3. Competition and Deposit Outflows: Regional banks, including German American Bancorp, face significant competitive pressures. These include competition from fintech companies and the risk of deposit outflows as customers seek higher-yielding alternatives for their funds.

    AI Analysis | Feedback

    The emergence of digitally-native financial service providers (fintechs) poses a clear emerging threat across GABC's segments. Neobanks and online lenders compete directly with GABC's Core Banking segment by offering streamlined digital experiences, potentially lower fees, and quicker loan approvals for deposits and various loan types without the overhead of physical branches. Similarly, robo-advisors and online brokerages threaten GABC's Wealth Management services by providing low-cost, algorithm-driven investment and brokerage solutions. In the Insurance Operations segment, insurtech companies leverage technology to offer personalized, often more efficient, property and casualty insurance products, challenging traditional insurers.

    AI Analysis | Feedback

    For German American Bancorp (GABC), the addressable markets for its main products and services, primarily in southern Indiana and Kentucky, can be sized as follows:

    Core Banking

    • Deposits:

      • In Kentucky, total bank deposits were approximately $116 billion in 2024.
      • In Indiana, total bank deposits were approximately $209 billion in 2024.

    • New Home Loans Booked:

      • In Kentucky, new home loans amounted to $8.9 billion in 2024.
      • In Indiana, new home loans amounted to $17.2 billion in 2024.

    • Small Business Loans:

      • In Kentucky, small business loans totaled $7.2 billion in 2024.
      • In Indiana, small business loans totaled $12.3 billion in 2024.

    • U.S. Retail Banking Market: The broader U.S. retail banking market was valued at approximately $906.3 billion in 2026 and is projected to reach $1,112.2 billion by 2031.

    • U.S. Commercial Banking Market: The broader U.S. commercial banking market is estimated at $765.53 billion in 2026 and is projected to grow to $954.48 billion by 2031.

    Wealth Management Services

    Specific market size data for wealth management services solely for Indiana or Kentucky is not readily available. However, for context, the market size for wealth management services in the United States is substantial.

    • The global wealth management market was valued at $1.25 trillion in 2020 and is projected to reach $3.43 trillion by 2030, with North America holding the largest share in 2020.
    • The U.S. wealth management platform market was recorded at $4.82 billion in 2023 and is expected to reach $15.8 billion by 2032, with North America dominating this market in 2023.
    • The mass affluent segment in the U.S. includes approximately 33 million individuals, representing about 43% of the country's investable assets.

    Insurance Operations (Property and Casualty Insurance)

    • Kentucky Property, Casualty and Direct Insurance Market: The market size is estimated at $3.4 billion in 2026. Total direct premiums written in Kentucky have increased by 71% since 2015.

    • Indiana Property, Casualty and Direct Insurance Market: The insurance industry contributed nearly $3.8 billion to Indiana's gross state product in 2001. Total direct premiums written in Indiana have increased by 97% since 2015.

    • U.S. Property and Casualty Insurance Market: The broader U.S. property and casualty insurance market is estimated at $1.14 trillion in 2026, with projections to reach $1.39 trillion by 2031.

    AI Analysis | Feedback

    Here are the expected drivers of future revenue growth for German American Bancorp (GABC) over the next 2-3 years:
    1. Strategic Acquisitions and Geographic Expansion: German American Bancorp is focused on expanding its presence through strategic acquisitions in adjacent markets. A significant example is the acquisition of Heartland BancCorp in early 2025, which broadened GABC's footprint into the Columbus and Greater Cincinnati markets in Ohio, adding substantial assets and branches. This disciplined "fill-in M&A strategy" is expected to continue enhancing market share and customer base.
    2. Organic Branch Expansion: Beyond acquisitions, the company is pursuing organic growth by establishing new branches, particularly in high-growth suburban areas within its existing markets, such as Evansville and Columbus, Indiana. These de novo branches aim to deepen local market penetration and attract new customers.
    3. Product and Service Diversification through Cross-selling: GABC is actively working to increase its non-interest income by aggressively cross-selling its wealth management and insurance services, especially to its commercial banking client base. The company has a stated goal to raise non-interest income to over 32% of total revenue by 2027. While a portion of its insurance business was divested in 2024, the focus remains on leveraging wealth management and facilitating access to insurance products through partnerships.
    4. Digital Banking Transformation and Small Business (SMB) Lending: A key initiative for revenue growth includes a significant investment in technology and the launch of a sophisticated digital small business lending platform in Q3 2025. This platform, developed in partnership with a fintech provider, is designed to capture market share in the underserved SMB segment and represents a major step in the company's digital banking transformation.
    5. Strategic Loan Growth: Net interest income remains the primary driver of revenue for German American Bancorp. The company's ability to generate continued loan growth across its diverse portfolio, including consumer, commercial, agricultural, commercial real estate, and residential mortgage loans, will be crucial for revenue expansion. Organic loan growth was a notable contributor to the increase in total assets at the end of 2025.

    AI Analysis | Feedback

    <h3>Share Issuance</h3> <ul> <li>German American Bancorp completed the acquisition of Heartland BancCorp effective February 1, 2025, issuing approximately 7.74 million shares of its common stock and paying about $23.1 million in cash.</li> <li>The company implemented its 2025 Management Incentive Plan, which allows for the issuance of common shares with restricted transferability to satisfy long-term incentive awards, vesting in one-third installments over three years.</li> <li>A proposal to increase the authorized common shares from 45,000,000 to 90,000,000 is scheduled for a shareholder vote at the Annual Meeting on April 27, 2026.</li> </ul> <h3>Outbound Investments</h3> <ul> <li>German American Bancorp completed the acquisition of Heartland BancCorp, effective February 1, 2025, with Heartland having approximately $1.94 billion in total assets, $1.58 billion in total loans, and $1.73 billion in total deposits at the closing of the transaction.</li> <li>The company's 2022 financial results were impacted by acquisition-related expenses for the CUB transaction, which closed on January 1, 2022.</li> </ul> <h3>Capital Expenditures</h3> <ul> <li>Capital expenditures for the trailing twelve months amounted to approximately $4.32 million.</li> </ul>

    Peer Outperformance in Regional Banks

    GABC has trailed 58% of its 264 Regional Banks peers over 5Y. Regional Banks ranks 6th of 18 industries in Financials by median 5Y return.
    Share of Regional Banks constituents that GABC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    45%
    of 286 industry peers · 23.2% return
    3Y
    51%
    of 276 industry peers · 86.1% return
    5Y
    42%
    of 264 industry peers · 53.7% return
    null
    Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is GABC's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Investment Banking & Brokerage 13 6.6%134.5%144.9% IBKR 490% · SNEX 242% · GS 185%
    Reinsurance 6 21.1%85.6%126.7% SPNT 159% · RGA 139% · MTG 128%
    Diversified Banks 12 39.4%134.4%120.7% CM 156% · JPM 155% · RY 144%
    Life & Health Insurance 20 15.5%59.4%96.9% JXN 516% · UNM 322% · FG 229%
    Multi-Sector Holdings 6 3.6%49.0%78.9% JONE 361% · JEF 85% · BRK-B 80%
    Regional Banks ← 265 26.4%85.6%67.5% GCBC 376% · ESQ 355% · VBNK 328%
    Property & Casualty Insurance 42 9.7%75.4%66.9% ASIC 2739900% · HRTG 433% · UVE 298%
    Multi-line Insurance 9 11.9%88.2%55.2% GNW 184% · L 103% · SLF 94%
    Consumer Finance 30 8.4%86.8%36.7% ENVA 593% · EZPW 384% · FCFS 172%
    Insurance Brokers 16 -11.5%2.5%25.4% LIFE 626% · AJG 90% · ARX 89%
    Asset Management & Custody Banks 82 -10.3%17.5%21.7% WT 331% · SII 299% · VCTR 291%
    Financial Exchanges & Data 15 -0.4%21.5%21.3% VIRT 214% · CBOE 152% · CME 78%
    Diversified Financial Services 4 -2.0%1.9%14.0% FRHC 159% · EQH 93% · TMS -65%
    Commercial & Residential Mortgage Finance 12 -35.6%24.0%6.0% FNMA 492% · FMCC 472% · ESNT 64%
    Specialized Finance 3 16.1%48.5%-9.8% EFC 36% · CACC -10% · HASI -19%
    Mortgage REITs 33 -10.6%12.5%-12.9% NREF 56% · RITM 52% · DX 40%
    Transaction & Payment Processing Services 15 4.3%-0.1%-38.5% MA 75% · V 73% · CPAY 59%
    Diversified Capital Markets 21 -20.2%2.3%-43.4% BTCS 629% · OPY 198% · LPLA 145%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

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    STDNStandard Nuclear2.479.3%19.5%
    ABCLAbCellera Biologics3.575.0%234.2%

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    ALMSAlumis1.4-60.1%13.7%
    IESCIES12.9-47.4%-17.1%
    LASRnLight2.3-46.9%6.8%
    CDNLCardinal Infrastructure0.6-41.8%50.7%
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    FTKFlotek Industries0.9-35.4%36.6%
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    RXTRackspace Technology0.8-33.8%228.6%

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    Peer Comparisons

    Peers to compare with:

    Financials

    GABCNEWTATLOFITBMTBHBANMedian
    NameGerman A.NewtekOneAmes Nat.Fifth Th.M&T Bank Huntingt. 
    Mkt Price50.0112.4432.4454.87239.8417.0341.22
    Mkt Cap1.90.40.350.035.034.418.2
    Rev LTM3862777310,4909,8239,6835,035
    Op Inc LTM-------
    FCF LTM182-740212,8963,5952,6831,433
    FCF 3Y Avg130-373173,3423,4942,3831,256
    CFO LTM190-739223,6653,8043,0621,626
    CFO 3Y Avg135-373193,9123,7042,6211,378

    Growth & Margins

    GABCNEWTATLOFITBMTBHBANMedian
    NameGerman A.NewtekOneAmes Nat.Fifth Th.M&T Bank Huntingt. 
    Rev Chg LTM29.2%7.8%21.3%23.8%4.7%26.1%22.6%
    Rev Chg 3Y Avg17.4%26.8%8.1%7.4%0.9%9.1%8.6%
    Rev Chg Q11.2%7.0%18.5%45.3%4.1%46.4%14.8%
    QoQ Delta Rev Chg LTM2.7%1.7%4.3%10.6%1.0%10.2%3.5%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM49.1%-267.4%30.3%34.9%38.7%31.6%33.3%
    CFO/Rev 3Y Avg44.8%-138.6%30.2%43.8%39.2%32.1%35.7%
    FCF/Rev LTM47.2%-267.5%28.9%27.6%36.6%27.7%28.3%
    FCF/Rev 3Y Avg43.0%-138.7%27.9%37.6%37.0%29.3%33.2%

    Valuation

    GABCNEWTATLOFITBMTBHBANMedian
    NameGerman A.NewtekOneAmes Nat.Fifth Th.M&T Bank Huntingt. 
    Mkt Cap1.90.40.350.035.034.418.2
    P/S4.91.34.04.83.63.63.8
    P/Op Inc-------
    P/EBIT-------
    P/E13.25.412.521.311.514.412.9
    P/CFO9.9-0.513.113.69.211.210.6
    Total Yield9.9%27.1%10.7%7.3%11.3%9.9%10.3%
    Dividend Yield2.4%8.6%2.7%2.6%2.6%3.0%2.7%
    FCF Yield 3Y Avg9.0%-103.1%8.9%10.9%11.8%9.5%9.3%
    D/E0.11.60.10.40.50.60.5
    Net D/E-0.60.5-1.7-0.9-0.70.0-0.6

    Returns

    GABCNEWTATLOFITBMTBHBANMedian
    NameGerman A.NewtekOneAmes Nat.Fifth Th.M&T Bank Huntingt. 
    1M Rtn-1.4%-17.8%4.4%-4.7%-4.2%-3.2%-3.7%
    3M Rtn13.6%-4.7%9.7%6.2%8.5%4.0%7.4%
    6M Rtn26.3%6.1%23.8%17.9%15.5%6.4%16.7%
    12M Rtn23.2%7.4%67.0%22.6%21.9%-1.2%22.3%
    3Y Rtn86.1%-14.5%107.6%127.0%112.5%73.4%96.8%
    1M Excs Rtn-1.0%-16.9%3.9%-3.8%-3.6%-2.0%-2.8%
    3M Excs Rtn9.1%-9.2%5.1%1.7%4.0%-0.5%2.8%
    6M Excs Rtn11.8%-8.4%9.2%3.4%1.0%-8.1%2.2%
    12M Excs Rtn4.5%-11.3%48.3%3.9%3.2%-19.9%3.6%
    3Y Excs Rtn22.8%-89.2%34.3%61.8%39.3%5.0%28.5%

    Comparison Analyses

    null

    FDIC Bank Data

    Bank Assets

    FDIC Data As Of6302026
    ASSETS 
    Cash Balance ($ Bil)0
    Securities ($ Bil)2
    Net Loans ($ Bil)6
    Trading Assets ($ Bil)0
    Bank Premises Assets ($ Bil)0
    Other Real Estate Owned ($ Bil)0
    Goodwill & Intangibles ($ Bil)0
    Other Assets ($ Bil)0
    Total Assets (Sum) ($ Bil)8
    Total Assets (Reported) ($ Bil)8
    Risk Weighted Assets ($ Bil)7
    SECURITIES DETAILS 
    US Govt Securities ($ Bil)1
    Equity Securities Not Held for Trading ($ Bil)0
    Total Debt Securities ($ Bil)2
    Mortgage-Backed Securities ($ Bil)1
    SECURITIES VALUATION 
    Securities Held to Maturity (Book Value) ($ Bil)0
    Securities Available for Sale (Fair Market) ($ Bil)2

    Bank Loans

    FDIC Data As Of6302026
    LOAN DETAILS 
    All Real Estate Loans ($ Bil)5
    Farm Loans ($ Bil)0
    Commercial and Industrial Loans ($ Bil)1
    Loans to Individuals (CC, revolving credit, auto, other) (non-mortgage) ($ Bil)0
    Commercial Real Estate Loans not Secured by Real Estate ($ Bil)0
    Commercial Real Estate Owner-Occupied ($ Bil)1
    Commercial Real Estate Other Non-Farm Non-Residential ($ Bil)1
    Total Net Loans ($ Bil)6

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/6/20265/6/20262/27/202611/5/20258/7/20255/12/20253/3/202511/8/20248/9/20245/8/20242/27/202411/7/2023
    Key Financials Quarterly            
    Total Revenue1009696949081656227616162
    Net Income383336353111232121192221
    EPS1.020.880.950.940.840.300.780.710.690.640.730.73
    Key Financials TTM            
    Total Revenue TTM386376361331299236215211211248251256
    Net Income TTM1421351131008675848283848689
    Growth Rates Quarterly            
    Total Revenue Growth11.2%18.0%47.3%50.9%238.3%33.9%6.4%0.1%-57.9%-4.9%-7.3%-5.2%
    Net Income Growth21.7%215.2%53.7%66.6%52.8%-44.7%7.9%-1.9%-7.2%-8.6%-11.9%-12.8%
    Margins Quarterly            
    Net Income Margin38.2%34.5%37.2%37.3%34.9%12.9%35.6%33.7%77.3%31.3%35.1%34.4%
    Cash & Debt            
    Total Cash1,2541,2581,2341,2501,2161,1861,5871,6261,4451,5931,6761,550
    Total Debt139139139178179178153153128192128286
    Net Debt / (Cash)-1,115-1,119-1,095-1,071-1,037-1,008-1,434-1,473-1,317-1,401-1,548-1,263
    Cash Flows Quarterly            
    FCF from Operations583743522738292519243024
    Cash Flows TTM            
    FCF from Operations TTM190158159145118110969797100107105
    Returns to Shareholders Quarterly            
    Dividends121211111111888877
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC------------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM------------

    Segment Financials

    Revenue by Segment
    $ Mil2025202420232004
    Core Banking424294259 
    Other Revenues464137 
    Wealth Management Services171512 
    Other110 
    Insurance0410 
    Elimination of Intercompany Revenues-0-0-0 
    CORE BANKING   31
    Financial Services   0
    INSURANCE   0
    Mortgage Banking   1
    Total48735431732


    Net Income by Segment
    $ Mil20232022202120202019
    Core Banking8583826159
    Wealth Management Services32311
    Insurance22222
    Other-4-6-3-2-2
    Total8682846259


    Assets by Segment
    $ Mil20252024202320222021
    Core Banking8,3636,3406,1386,1525,596
    Wealth Management Services19141096
    Other7-581-20-6
    Insurance0041512
    Total8,3896,2966,1526,1565,609


    Price Behavior

    Price Behavior
    Market Price$50.01 
    Market Cap ($ Bil)1.9 
    First Trading Date05/21/1993 
    Distance from 52W High-2.7% 
       50 Days200 Days
    DMA Price$49.07$43.36
    DMA Trendupup
    Distance from DMA1.9%15.3%
     3M1YR
    Volatility19.2%21.9%
    Downside Capture-39.9227.85
    Upside Capture26.5646.17
    Correlation (SPY)-20.0%18.9%
    GABC Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta-0.00-0.08-0.270.090.320.60
    Up Beta0.60-0.46-0.87-0.100.280.59
    Down Beta-1.06-0.67-0.43-0.150.210.60
    Up Capture-35%31%28%37%35%35%
    Bmk +ve Days10213268138427
    Stock +ve Days9203671124376
    Down Capture4%10%-36%6%36%78%
    Bmk -ve Days11213259113324
    Stock -ve Days11212755124367

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with GABC
    GABC23.3%21.9%0.87-
    Sector ETF (XLF)8.8%14.6%0.3550.4%
    Equity (SPY)19.7%12.8%1.1318.4%
    Gold (GLD)24.6%29.2%0.75-10.5%
    Commodities (DBC)44.1%20.4%1.69-27.3%
    Real Estate (VNQ)9.1%13.6%0.3938.8%
    Bitcoin (BTCUSD)-26.9%43.8%-0.594.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with GABC
    GABC8.6%26.3%0.30-
    Sector ETF (XLF)10.1%18.4%0.4157.4%
    Equity (SPY)12.8%17.2%0.5739.1%
    Gold (GLD)19.1%18.8%0.82-3.9%
    Commodities (DBC)10.7%19.5%0.433.1%
    Real Estate (VNQ)1.7%18.9%-0.0143.2%
    Bitcoin (BTCUSD)10.6%52.6%0.3816.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with GABC
    GABC10.4%28.8%0.39-
    Sector ETF (XLF)13.6%22.1%0.5667.4%
    Equity (SPY)15.3%17.9%0.7249.6%
    Gold (GLD)12.4%16.3%0.62-6.1%
    Commodities (DBC)7.9%18.1%0.3513.5%
    Real Estate (VNQ)4.8%20.7%0.1947.5%
    Bitcoin (BTCUSD)64.0%66.2%1.0413.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8142026
    Short Interest: Shares Quantity1.2 Mil
    Short Interest: % Change Since 73120262.5%
    Average Daily Volume0.1 Mil
    Days-to-Cover Short Interest8.6 days
    Basic Shares Quantity37.6 Mil
    Short % of Basic Shares3.2%

    Returns Analyses

    Earnings Returns History

    Updated 8/27/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/27/20264.5%4.6%2.3%
    4/27/2026-1.6%-2.8%-0.3%
    1/26/20263.6%6.5%5.8%
    10/27/20252.7%-0.5%3.5%
    7/28/20250.1%-5.6%5.2%
    4/28/20252.6%4.9%5.5%
    1/27/20254.4%2.6%-1.2%
    10/28/2024-1.1%-0.2%12.9%
    ...
    SUMMARY STATS   
    # Positive161415
    # Negative8109
    Median Positive2.5%3.6%5.5%
    Median Negative-2.2%-3.3%-1.3%
    Max Positive5.0%7.2%20.5%
    Max Negative-7.1%-8.7%-9.9%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/27/20264.5%4.6%2.3%
    4/27/2026-1.6%-2.8%-0.3%
    1/26/20263.6%6.5%5.8%
    10/27/20252.7%-0.5%3.5%
    7/28/20250.1%-5.6%5.2%
    4/28/20252.6%4.9%5.5%
    1/27/20254.4%2.6%-1.2%
    10/28/2024-1.1%-0.2%12.9%
    7/29/20240.2%-8.7%-1.3%
    4/29/2024-0.9%0.7%-1.5%
    1/29/20242.7%-5.0%-5.1%
    10/31/2023-2.8%3.7%6.4%
    7/31/20231.9%7.0%-0.2%
    4/25/2023-7.1%-8.3%-7.5%
    1/31/20233.1%7.2%5.1%
    11/1/20220.3%1.5%2.0%
    7/26/20225.0%4.8%5.6%
    4/26/2022-3.5%-3.7%-0.0%
    2/1/20220.7%1.2%0.6%
    10/26/20210.3%0.7%10.1%
    7/27/20212.5%3.4%3.8%
    4/27/2021-1.7%-1.3%-9.9%
    1/26/20212.1%2.1%20.5%
    10/27/2020-3.6%-0.4%11.8%
    SUMMARY STATS   
    # Positive161415
    # Negative8109
    Median Positive2.5%3.6%5.5%
    Median Negative-2.2%-3.3%-1.3%
    Max Positive5.0%7.2%20.5%
    Max Negative-7.1%-8.7%-9.9%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/06/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/12/202510-Q
    12/31/202403/03/202510-K
    09/30/202411/08/202410-Q
    06/30/202408/09/202410-Q
    03/31/202405/08/202410-Q
    12/31/202302/27/202410-K
    09/30/202311/07/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/01/202310-K
    09/30/202211/07/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/06/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/12/202510-Q
    12/31/202403/03/202510-K
    09/30/202411/08/202410-Q
    06/30/202408/09/202410-Q
    03/31/202405/08/202410-Q
    12/31/202302/27/202410-K
    09/30/202311/07/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/01/202310-K
    09/30/202211/07/202210-Q
    06/30/202208/09/202210-Q
    03/31/202205/10/202210-Q
    12/31/202103/01/202210-K
    09/30/202111/09/202110-Q
    06/30/202108/06/202110-Q
    03/31/202105/07/202110-Q
    12/31/202002/26/202110-K
    09/30/202011/06/202010-Q
    06/30/202008/07/202010-Q
    03/31/202005/11/202010-Q
    12/31/201903/02/202010-K
    09/30/201911/08/201910-Q

    Insider Activity

    Updated 8/18/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Seger, Andrew MDirectBuy818202651.1239120,0001,041,956Form
    2Ryan, Christina MDirectBuy818202651.1239120,000996,644Form
    3Bawel, Zachary WDirectBuy818202651.1239120,0001,363,103Form
    4Kelly, Jason MDirectBuy818202651.12492,500795,151Form
    5Ryan, Christina MDirectBuy717202647.8441820,000913,983Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Seger, Andrew MDirectBuy818202651.1239120,0001,041,956Form
    2Ryan, Christina MDirectBuy818202651.1239120,000996,644Form
    3Bawel, Zachary WDirectBuy818202651.1239120,0001,363,103Form
    4Kelly, Jason MDirectBuy818202651.12492,500795,151Form
    5Ryan, Christina MDirectBuy717202647.8441820,000913,983Form
    6Bawel, Zachary WDirectBuy717202647.8441820,0001,256,929Form
    7Seger, Andrew MDirectBuy717202647.8441820,000956,387Form
    8Stokes, Ronnie RDirectBuy717202647.8431415,000412,670Form
    9Kelly, Jason MDirectBuy717202647.8441820,000741,795Form
    10Seger, Andrew MDirectBuy617202645.55221,000838,399Form
    11Ryan, Christina MDirectBuy617202645.55221,000798,023Form
    12Ellspermann, Susan JDirectBuy617202645.55221,000541,384Form
    13Bawel, Zachary WDirectBuy617202645.55221,0001,124,567Form
    14Seger, Andrew MDirectBuy518202641.84241,000768,538Form
    15Bawel, Zachary WDirectBuy417202643.58231,0001,068,076Form
    16Sheidler, JackDirectBuy417202643.58251,1002,916,815Form
    17Sheidler, JackDirectBuy317202640.84251,0092,732,489Form
    18Ryan, Christina MDirectBuy317202640.84492,018709,909Form
    19Ellspermann, Susan JDirectBuy317202640.48492,000477,197Form
    20Bawel, Zachary WDirectBuy317202640.48251,000991,206Form
    21Seger, Andrew MDirectBuy317202640.48522,100742,615Form
    22Seger, Andrew MDirectBuy218202643.64231,000797,585Form
    23Bawel, Zachary WDirectBuy116202640.60492,000986,814Form
    24Ellspermann, Susan JDirectBuy116202640.60251,000473,603Form
    25Sheidler, JackDirectBuy116202640.60251,0002,711,090Form
    26Ryan, Christina MDirectBuy1216202541.45482,000713,739Form
    27Ellspermann, Susan JDirectBuy1216202541.45241,000482,490Form
    28Seger, Andrew MDirectBuy1216202541.45271,100756,730Form
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    30Ellspermann, Susan JDirectBuy1016202538.97281,100449,609Form
    31Bawel, Zachary WDirectBuy1016202538.971556,050938,785Form
    32Sheidler, JackDirectBuy1016202538.97311,2002,596,249Form
    33Ryan, Christina MDirectBuy1016202538.97281,100664,434Form
    34Bawel, Zachary WDirectBuy917202540.8649020,000978,019Form
    35Ellspermann, Susan JDirectBuy917202540.862239,100470,284Form
    36Ryan, Christina MDirectBuy917202540.862100695,538Form
    37Sheidler, JackDirectBuy917202540.86502,0502,721,039Form
    38Seger, Andrew MDirectBuy917202540.86512,100743,096Form
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    40Sheidler, JackDirectBuy819202539.7450320,0002,640,124Form
    41Ellspermann, Susan JDirectBuy819202539.7450320,000445,817Form
    42Bawel, Zachary WDirectBuy819202539.7450320,000925,884Form
    43Ryan, Christina MDirectBuy819202539.7450320,000672,004Form
    44Medley, Diane BHeld in an IRABuy805202537.9588233,473237,270Form

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