Tearsheet

German American Bancorp (GABC)

Market Price (5/25/2026): $43.24 | Market Cap: $1.6 Bil
Sector: Financials | Industry: Regional Banks

German American Bancorp (GABC)

Market Price (5/25/2026): $43.24
Market Cap: $1.6 Bil
Sector: Financials
Industry: Regional Banks

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

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.9%, FCF Yield is 9.4%

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 -69%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 60%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 41%

Low stock price volatility
Vol 12M is 23%

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 -1.9%, Dist 3Y High is -2.3%

Weak multi-year price returns
2Y Excs Rtn is -5.6%, 3Y Excs Rtn is -9.5%

Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.1

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 11%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.9%, FCF Yield is 9.4%
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 -69%
2	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 60%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 41%
4	Low stock price volatility Vol 12M is 23%
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 -1.9%, Dist 3Y High is -2.3%
8	Weak multi-year price returns 2Y Excs Rtn is -5.6%, 3Y Excs Rtn is -9.5%
9	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.1
10	Key risks GABC key risks include [1] integration challenges and expenses from recent acquisitions, Show more.

Valuation, Metrics & Events

	5/25/26	2025	2024	2023	2022
Share Price CYE	$43.24	$39.18	$40.22	$32.41	$37.30
Market Cap CYE ($ Bil)	1.6	1.5	1.2	1.0	1.1
Total Debt ($ Bil)	0.1	0.1	0.2	0.1	0.1
Total Cash ($ Bil)	0.1	0.1	0.1	0.1	0.1
Enterprise Value ($ Bil)	1.7	1.6	1.4	1.1	1.2
Valuation Ratios
P/S TTM	4.3	4.1	5.6	3.8	4.2
P/EBIT TTM	-	-	-	-	-
P/E TTM	12.0	13.0	14.2	11.2	13.4
P/FCF TTM	10.6	9.5	13.2	9.4	10.8
Sector Ratios
P/S TTM (Sector)	3.1	3.0	3.1	2.8	2.7
P/EBIT TTM (Sector)	6.1	7.2	7.8	7.2	6.9
P/E TTM (Sector)	11.2	11.0	11.5	10.0	9.4
P/FCF TTM (Sector)	8.4	8.7	9.1	7.9	6.4

	5/25/26	2025	2024
Share Price CYE	$43.24	$39.18	$40.22
Market Cap CYE ($ Bil)	1.6	1.5	1.2
Total Debt ($ Bil)	0.1	0.1	0.2
Total Cash ($ Bil)	0.1	0.1	0.1
Enterprise Value ($ Bil)	1.7	1.6	1.4
Valuation Ratios
P/S TTM	4.3	4.1	5.6
P/EBIT TTM	-	-	-
P/E TTM	12.0	13.0	14.2
P/FCF TTM	10.6	9.5	13.2
Sector Ratios
P/S TTM (Sector)	3.1	3.0	3.1
P/EBIT TTM (Sector)	6.1	7.2	7.8
P/E TTM (Sector)	11.2	11.0	11.5
P/FCF TTM (Sector)	8.4	8.7	9.1

	GABC	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.4
Rev Chg Q	18.0%	8.7%
Rev Chg LTM	59.7%	7.4%
Rev Chg 3Y Avg	16.6%	5.8%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.1
CFO/Rev LTM	42.1%	21.1%
Net Inc Mgn	36.0%	13.0%
VALUATION	LOW
P/S	4.3	3.2
P/CFO	10.2	15.2
P/FCF	10.6	19.6
P/E	12.0	23.9

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Metric	Value	Date	Source
Number of Domestic Locations	97	10312025	Link
Number of States of Operation	3	10312025	Link
Number of Banking Offices	94	11052025	Link
Number of Employees	1020	11072025	Link

Upcoming
7/27/2026	Earnings Release	Rev: $99 Mil (E) EPS: $0.92 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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German American Bancorp (GABC) stock has gained about 5% since 1/31/2026 because of the following key factors:

1. Strong First Quarter 2026 Financial Performance.

German American Bancorp reported net income of $33.2 million, or $0.88 per share, for the first quarter of 2026. This reflected an 11% increase over acquisition-adjusted earnings from the first quarter of 2025. The company also demonstrated robust profitability with a net interest margin of 4.26%, a return on average assets of 1.58%, and a return on average tangible common equity of 17.08%. Credit quality remained healthy, evidenced by low annualized net charge-offs of 0.08% of average loans and non-performing assets at 0.35% of total assets. While Q1 2026 EPS of $0.88 slightly missed the consensus estimate of $0.90, quarterly revenue of $96.08 million exceeded analysts' expectations of $96.05 million.

2. Increased Quarterly Cash Dividend.

The company's Board of Directors declared a regular quarterly cash dividend of $0.31 per share, payable on May 20, 2026. This dividend represents a 7% increase over the rate in effect during 2025 and marks the 14th consecutive year of increased cash dividends, signaling management's confidence in sustained earnings and balance sheet strength.

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Stock Movement Drivers

Fundamental Drivers

The 4.3% change in GABC stock from 1/31/2026 to 5/24/2026 was primarily driven by a 18.7% change in the company's Net Income Margin (%).

(LTM values as of)	1312026	5242026	Change
Stock Price ($)	41.48	43.27	4.3%
Change Contribution By:
Total Revenues ($ Mil)	331	376	13.8%
Net Income Margin (%)	30.3%	36.0%	18.7%
P/E Multiple	15.5	12.0	-22.7%
Shares Outstanding (Mil)	37	38	-0.1%
Cumulative Contribution			4.3%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/24/2026

	Return	Correlation
GABC	4.3%
Market (SPY)	8.1%	33.1%
Sector (XLF)	-2.3%	53.5%

Fundamental Drivers

The 14.7% change in GABC stock from 10/31/2025 to 5/24/2026 was primarily driven by a 25.9% change in the company's Total Revenues ($ Mil).

(LTM values as of)	10312025	5242026	Change
Stock Price ($)	37.72	43.27	14.7%
Change Contribution By:
Total Revenues ($ Mil)	299	376	25.9%
Net Income Margin (%)	28.8%	36.0%	24.8%
P/E Multiple	16.4	12.0	-26.9%
Shares Outstanding (Mil)	37	38	-0.1%
Cumulative Contribution			14.7%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/24/2026

	Return	Correlation
GABC	14.7%
Market (SPY)	9.9%	28.6%
Sector (XLF)	0.0%	49.9%

Fundamental Drivers

The 18.4% change in GABC stock from 4/30/2025 to 5/24/2026 was primarily driven by a 75.0% change in the company's Total Revenues ($ Mil).

(LTM values as of)	4302025	5242026	Change
Stock Price ($)	36.55	43.27	18.4%
Change Contribution By:
Total Revenues ($ Mil)	215	376	75.0%
Net Income Margin (%)	39.0%	36.0%	-7.8%
P/E Multiple	12.9	12.0	-7.3%
Shares Outstanding (Mil)	30	38	-20.9%
Cumulative Contribution			18.4%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/24/2026

	Return	Correlation
GABC	18.4%
Market (SPY)	36.0%	39.9%
Sector (XLF)	8.2%	57.8%

Fundamental Drivers

The 64.5% change in GABC stock from 4/30/2023 to 5/24/2026 was primarily driven by a 44.8% change in the company's Total Revenues ($ Mil).

(LTM values as of)	4302023	5242026	Change
Stock Price ($)	26.30	43.27	64.5%
Change Contribution By:
Total Revenues ($ Mil)	260	376	44.8%
Net Income Margin (%)	31.5%	36.0%	14.2%
P/E Multiple	9.5	12.0	26.6%
Shares Outstanding (Mil)	29	38	-21.4%
Cumulative Contribution			64.5%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/24/2026

	Return	Correlation
GABC	64.5%
Market (SPY)	86.3%	37.3%
Sector (XLF)	64.4%	58.3%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
GABC Return	20%	-2%	-10%	28%	0%	12%	53%
Peers Return	29%	-28%	25%	8%	29%	-1%	61%
S&P 500 Return	27%	-19%	24%	23%	16%	9%	98%
Monthly Win Rates [3]
GABC Win Rate	50%	50%	50%	67%	50%	80%
Peers Win Rate	44%	50%	56%	50%	65%	54%
S&P 500 Win Rate	75%	42%	67%	75%	67%	60%
Max Drawdowns [4]
GABC Max Drawdown	-30%	-19%	-35%	-13%	-17%	-11%
Peers Max Drawdown	-22%	-39%	-36%	-25%	-24%	-23%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEWT, ATLO, AGBK, NU, FITB.
[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 5/22/2026 (YTD)

Event	GABC	S&P 500
2025 US Tariff Shock
% Loss	-14.1%	-18.8%
% Gain to Breakeven	16.4%	23.1%
Time to Breakeven	33 days	79 days
2023 SVB Regional Banking Crisis
% Loss	-32.5%	-6.7%
% Gain to Breakeven	48.1%	7.1%
Time to Breakeven	426 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-14.3%	-24.5%
% Gain to Breakeven	16.6%	32.4%
Time to Breakeven	29 days	427 days
2020 COVID-19 Crash
% Loss	-28.7%	-33.7%
% Gain to Breakeven	40.2%	50.9%
Time to Breakeven	243 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-23.7%	-19.2%
% Gain to Breakeven	31.0%	23.8%
Time to Breakeven	316 days	105 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-14.6%	-17.9%
% Gain to Breakeven	17.1%	21.8%
Time to Breakeven	60 days	123 days

Compare to NEWT, ATLO, AGBK, NU, FITB

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.

Event	GABC	S&P 500
2023 SVB Regional Banking Crisis
% Loss	-32.5%	-6.7%
% Gain to Breakeven	48.1%	7.1%
Time to Breakeven	426 days	31 days
2020 COVID-19 Crash
% Loss	-28.7%	-33.7%
% Gain to Breakeven	40.2%	50.9%
Time to Breakeven	243 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-23.7%	-19.2%
% Gain to Breakeven	31.0%	23.8%
Time to Breakeven	316 days	105 days

Compare to NEWT, ATLO, AGBK, NU, FITB

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)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

German American Bancorp, Inc. operates as a bank holding company for German American Bank that provides retail and commercial banking services. The company operates through three segments: Core Banking, Wealth Management Services, and Insurance Operations. The Core Banking segment accepts deposits from the general public; and originates consumer, commercial and agricultural, commercial and agricultural real estate, and residential mortgage loans, as well as sells residential mortgage loans in the secondary market. The Wealth Management segment provides trust, investment advisory, brokerage, and retirement planning services. The Insurance Operations segment offers a range of personal and corporate property and casualty insurance products. As of December 31, 2021, the company operated 77 banking offices in 19 contiguous southern Indiana counties; and 14 counties in Kentucky. German American Bancorp, Inc. was founded in 1910 and is based in Jasper, Indiana.

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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.

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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.

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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.

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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.

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

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.
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.
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.

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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.

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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.

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Here are the expected drivers of future revenue growth for German American Bancorp (GABC) over the next 2-3 years:

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.
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.
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.
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.
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.

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<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>

Interactive Breakdown

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Better Bets vs. German American Bancorp (GABC)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	How Low Can German American Bancorp Stock Really Go?	10/17/2025
2	Why German American Bancorp Stock Moved: GABC Stock Has Gained 30% Since 2023 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)	08/08/2025
3	German American Bancorp (GABC) Valuation Ratios Comparison	08/08/2025
4	GABC Dip Buy Analysis	07/10/2025
5	Time To Buy German American Bancorp Stock?	05/16/2025
6	German American Bancorp (GABC) Operating Cash Flow Comparison	02/17/2025
7	German American Bancorp (GABC) Net Income Comparison	02/15/2025

	Title
0	ARTICLES

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Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
EEFT_4302026_Dip_Buyer_ValueBuy	04302026	EEFT	Euronet Worldwide	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	0.0%	0.0%	0.0%
HOMB_4242026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	04242026	HOMB	Home BancShares	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	1.5%	1.5%	0.0%
HBAN_3312026_Insider_Buying_45D_2Buy_200K	03312026	HBAN	Huntington Bancshares	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	7.1%	7.1%	0.0%
NP_3312026_Insider_Buying_45D_2Buy_200K	03312026	NP	Neptune Insurance	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	3.9%	3.9%	0.0%
JKHY_3272026_Monopoly_xInd_xCD_Getting_Cheaper	03272026	JKHY	Jack Henry & Associates	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.3%	0.3%	-4.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NVTS	Navitas Semiconductor	6.5	20.0%	309.7%
RGTI	Rigetti Computing	8.7	19.9%	19.3%
HLIT	Harmonic	1.7	19.7%	53.7%
BB	BlackBerry	4.7	18.9%	108.7%
LPTH	LightPath Technologies	0.8	18.7%	56.9%
SHAZ	SharonAI	0.8	18.0%	-26.4%
AEVA	Aeva Technologies	1.5	17.8%	90.7%
DELL	Dell Technologies	194.8	16.8%	135.5%
AXTI	AXT	6.3	16.4%	761.3%
LION	Lionsgate Studios	4.3	15.8%	63.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
GKOS	Glaukos	6.9	-13.5%	6.5%
FBYD	Falcons Beyond Global	0.7	-13.3%	10.3%
BTGO	BitGo	0.8	-10.7%	-62.5%
IHRT	iHeartMedia	0.7	-9.6%	6.0%
HOV	Hovnanian Enterprises	0.7	-8.9%	7.9%
INBX	Inhibrx Biosciences	1.6	-8.4%	28.3%
BJ	BJ's Wholesale Club	11.3	-8.2%	-3.8%
OPTU	Optimum Communications	0.3	-7.4%	-59.9%
TE	T1 Energy	1.8	-7.3%	21.0%
ETON	Eton Pharmaceuticals	0.9	-6.9%	92.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FBYD	Falcons Beyond Global	0.7	57.0%	10.3%
HIVE	HIVE Digital Technologies	1.0	51.3%	57.8%
RGTI	Rigetti Computing	8.7	48.0%	19.3%
LPTH	LightPath Technologies	0.8	47.1%	56.9%
QBTS	D-Wave Quantum	10.4	44.5%	12.4%
TE	T1 Energy	1.8	42.5%	21.0%
NVTS	Navitas Semiconductor	6.5	37.2%	309.7%
PSNL	Personalis	0.8	33.2%	6.4%
ALAB	Astera Labs	52.0	31.9%	84.5%
RXO	RXO	4.1	30.4%	92.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
DSGN	Design Therapeutics	0.6	-23.7%	17.0%
BTGO	BitGo	0.8	-22.0%	-62.5%
FIGR	Figure Technology Solutions	7.3	-21.6%	-16.9%
GTN-A	Gray Media	0.8	-20.4%	-29.8%
INTU	Intuit	88.9	-18.6%	-51.5%
OPTU	Optimum Communications	0.3	-17.8%	-59.9%
EIKN	Eikon Therapeutics	0.6	-17.7%	-27.3%
GKOS	Glaukos	6.9	-16.5%	6.5%
ONDS	Ondas	3.4	-14.7%	-7.2%
STRL	Sterling Infrastructure	22.5	-13.7%	139.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MXL	MaxLinear	8.7	189.5%	468.9%
BAND	Bandwidth	1.9	167.5%	297.3%
WOLF	Wolfspeed	1.9	153.7%	301.4%
INOD	Innodata	3.1	119.6%	87.4%
FCEL	FuelCell Energy	1.2	105.5%	242.1%
VPG	Vishay Precision	1.5	96.9%	195.5%
PENG	Penguin Solutions	2.8	92.7%	172.0%
XMTR	Xometry	4.6	90.3%	50.0%
AXTI	AXT	6.3	87.1%	761.3%
INTC	Intel	609.1	79.5%	224.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
EMBC	Embecta	0.2	-63.7%	-71.6%
FWRD	Forward Air	0.3	-61.3%	-64.8%
OPTU	Optimum Communications	0.3	-60.4%	-59.9%
CABO	Cable One	0.3	-54.5%	-53.7%
PSIX	Power Solutions International	0.9	-50.3%	-32.0%
ERAS	Erasca	3.2	-50.0%	202.2%
TRDA	Entrada Therapeutics	0.3	-48.8%	-36.2%
BRBR	BellRing Brands	1.1	-45.3%	-66.7%
ULH	Universal Logistics	0.4	-42.8%	-6.0%
UI	Ubiquiti	37.0	-41.1%	10.6%

Peer Comparisons

Peers to compare with:

Financials

	GABC	NEWT	ATLO	AGBK	NU	FITB	Median
Name	German A.	NewtekOne	Ames Nat.	AGI	Nu	Fifth Th.
Mkt Price	43.27	13.38	28.79	7.11	12.73	49.48	21.09
Mkt Cap	1.6	0.4	0.3	1.0	61.8	40.8	1.3
Rev LTM	376	272	70	5,861	11,915	9,461	3,118
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	153	-776	22	136	868	1,437	145
FCF 3Y Avg	118	-348	17	-	1,712	2,583	118
CFO LTM	158	-776	23	344	1,201	2,175	251
CFO 3Y Avg	123	-348	19	-	1,952	3,140	123

Growth & Margins

	GABC	NEWT	ATLO	AGBK	NU	FITB	Median
Name	German A.	NewtekOne	Ames Nat.	AGI	Nu	Fifth Th.
Rev Chg LTM	59.7%	10.5%	21.7%	-	39.5%	13.9%	21.7%
Rev Chg 3Y Avg	16.6%	32.1%	5.4%	-	51.8%	3.9%	16.6%
Rev Chg Q	18.0%	8.0%	17.8%	-	57.2%	30.3%	18.0%
QoQ Delta Rev Chg LTM	4.1%	1.9%	4.1%	-	12.1%	7.3%	4.1%
Op Inc Chg LTM	-	-	-	-	-	-	-
Op Inc Chg 3Y Avg	-	-	-	-	-	-	-
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	42.1%	-285.4%	32.5%	5.9%	10.1%	23.0%	16.5%
CFO/Rev 3Y Avg	43.0%	-134.4%	31.4%	-	22.3%	36.7%	31.4%
FCF/Rev LTM	40.8%	-285.4%	31.2%	2.3%	7.3%	15.2%	11.2%
FCF/Rev 3Y Avg	41.1%	-134.5%	28.6%	-	19.6%	30.4%	28.6%

Valuation

	GABC	NEWT	ATLO	AGBK	NU	FITB	Median
Name	German A.	NewtekOne	Ames Nat.	AGI	Nu	Fifth Th.
Mkt Cap	1.6	0.4	0.3	1.0	61.8	40.8	1.3
P/S	4.3	1.4	3.7	0.2	5.2	4.3	4.0
P/Op Inc	-	-	-	-	-	-	-
P/EBIT	-	-	-	-	-	-	-
P/E	12.0	5.9	11.8	1.0	19.4	18.8	11.9
P/CFO	10.2	-0.5	11.3	2.8	51.5	18.8	10.8
Total Yield	11.0%	16.9%	11.4%	99.2%	5.2%	5.3%	11.2%
Dividend Yield	2.7%	0.0%	2.9%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	9.0%	-113.9%	9.0%	-	3.3%	9.4%	9.0%
D/E	0.1	1.5	0.1	2.0	0.0	0.5	0.3
Net D/E	-0.7	0.5	-1.9	0.2	-0.5	-1.2	-0.6

Returns

	GABC	NEWT	ATLO	AGBK	NU	FITB	Median
Name	German A.	NewtekOne	Ames Nat.	AGI	Nu	Fifth Th.
1M Rtn	0.1%	5.0%	2.6%	-6.2%	-12.3%	-0.4%	-0.1%
3M Rtn	-0.2%	4.9%	4.3%	-40.7%	-27.4%	-6.9%	-3.6%
6M Rtn	11.4%	36.6%	36.6%	-33.9%	-19.9%	18.7%	15.1%
12M Rtn	17.5%	32.8%	72.0%	-33.9%	6.2%	37.8%	25.2%
3Y Rtn	71.6%	31.2%	80.7%	-33.9%	84.2%	122.4%	76.1%
1M Excs Rtn	-5.2%	1.6%	-2.9%	-9.7%	-17.1%	-7.9%	-6.6%
3M Excs Rtn	-5.5%	1.0%	-2.8%	-49.8%	-30.7%	-10.8%	-8.2%
6M Excs Rtn	3.0%	29.8%	27.4%	-46.4%	-31.2%	8.9%	5.9%
12M Excs Rtn	-11.9%	4.7%	39.4%	-61.7%	-21.7%	8.5%	-3.6%
3Y Excs Rtn	-9.5%	-39.3%	2.5%	-113.6%	26.3%	40.8%	-3.5%

FDIC Bank Data

Bank Capital

FDIC Data As Of	9302025
CAPITAL
Equity Total Capital ($ Bil)	1
Tier 1 (Core) Capital ($ Bil)	1
ASSETS
Total Assets ($ Bil)	8
Adjusted Average Assets ($ Bil)	8
Risk Weighted Assets Adjusted ($ Bil)	7
LEVERAGE RATIOS
Tier 1 Capital / Total Assets Ratio	10.6%
Tier 1 Capital / Adjusted Avg Assets Ratio	10.8%
Tier 1 Capital / Risk Wtd Assets Ratio	13.1%

Bank Deposits

FDIC Data As Of	12312025
DEPOSITS
Total Deposits ($ Bil)	7
Uninsured Deposits ($ Bil)	3
Uninsured Deposits Ratio %	42.2%

Bank Assets

FDIC Data As Of	12312025
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 Of	12312025
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

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	3/31/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	5/6/2026	2/27/2026	3/3/2025	2/27/2024	3/1/2023	3/1/2022	2/26/2021
Key Financials
Total Revenue	376	361	215	251	260	220	210
Net Income	135	113	84	86	82	84	62
EPS	3.61	3.06	2.83	2.91	2.78	3.17	2.34
Growth Rates
Total Revenue Growth	59.7%	68.2%	-14.3%	-3.5%	17.9%	5.0%	10.0%
Net Income Growth	79.6%	34.4%	-2.4%	5.0%	-2.7%	35.2%	5.0%
Margins
Net Income Margin	36.0%	31.2%	39.0%	34.3%	31.5%	38.2%	29.7%
Cash & Debt
Total Cash	1,258	1,234	1,587	1,676	1,838	1,938	1,277
Total Debt	139	139	153	128	128	84	142
Net Debt / (Cash)	-1,119	-1,095	-1,434	-1,548	-1,710	-1,854	-1,135
Cash Flows
Net Cash from Operations	158	159	96	107	110	101	92
Free Cash from Operations	153	154	91	101	102	96	85
Returns to Shareholders
Dividends	44	43	32	29	27	22	20
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023
Filing Date	5/6/2026	2/27/2026	11/5/2025	8/7/2025	5/12/2025	3/3/2025	11/8/2024	8/9/2024	5/8/2024	2/27/2024	11/7/2023	8/8/2023
Key Financials Quarterly
Total Revenue	96	96	94	90	81	65	62	27	61	61	62	63
Net Income	33	36	35	31	11	23	21	21	19	22	21	22
EPS	0.88	0.95	0.94	0.84	0.30	0.78	0.71	0.69	0.64	0.73	0.73	0.75
Key Financials TTM
Total Revenue TTM	376	361	331	299	236	215	211	211	248	251	256	259
Net Income TTM	135	113	100	86	75	84	82	83	84	86	89	92
Growth Rates Quarterly
Total Revenue Growth	18.0%	47.3%	50.9%	238.3%	33.9%	6.4%	0.1%	-57.9%	-4.9%	-7.3%	-5.2%	-2.5%
Net Income Growth	215.2%	53.7%	66.6%	52.8%	-44.7%	7.9%	-1.9%	-7.2%	-8.6%	-11.9%	-12.8%	-6.8%
Margins Quarterly
Net Income Margin	34.5%	37.2%	37.3%	34.9%	12.9%	35.6%	33.7%	77.3%	31.3%	35.1%	34.4%	35.0%
Cash & Debt
Total Cash	1,258	1,234	1,250	1,216	1,186	1,587	1,626	1,445	1,593	1,676	1,550	1,679
Total Debt	139	139	178	179	178	153	153	128	192	128	286	227
Net Debt / (Cash)	-1,119	-1,095	-1,071	-1,037	-1,008	-1,434	-1,473	-1,317	-1,401	-1,548	-1,263	-1,452
Cash Flows Quarterly
FCF from Operations	37	43	52	27	38	29	25	19	24	30	24	22
Cash Flows TTM
FCF from Operations TTM	158	159	145	118	110	96	97	97	100	107	105	113
Returns to Shareholders Quarterly
Dividends	12	11	11	11	11	8	8	8	8	7	7	7
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

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
Core Banking	6,340	6,138	6,152	5,596	4,964
Wealth Management Services	14	10	9	6	4
Insurance	0	4	15	12	10
Other	-58	1	-20	-6	-1
Total	6,296	6,152	6,156	5,609	4,978

Price Behavior

Price Behavior

Market Price	$43.27
Market Cap ($ Bil)	1.6
First Trading Date	05/21/1993
Distance from 52W High	-1.9%
	50 Days	200 Days
DMA Price	$42.36	$40.38
DMA Trend	up	up
Distance from DMA	2.1%	7.1%
	3M	1YR
Volatility	18.6%	22.8%
Downside Capture	74.15	66.37
Upside Capture	51.11	64.65
Correlation (SPY)	39.7%	37.2%

GABC Betas & Captures as of 4/30/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.57	0.39	0.42	0.47	0.74	0.66
Up Beta	0.35	0.39	0.29	0.55	0.94	0.66
Down Beta	1.69	0.10	0.31	0.24	0.62	0.63
Up Capture	54%	55%	62%	61%	59%	41%
Bmk +ve Days	15	22	31	66	141	428
Stock +ve Days	13	24	35	63	118	368
Down Capture	134%	33%	36%	42%	75%	85%
Bmk -ve Days	4	18	30	56	108	321
Stock -ve Days	9	19	28	61	130	378

[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
GABC	16.0%	22.8%	0.58	-
Sector ETF (XLF)	4.9%	14.5%	0.11	55.8%
Equity (SPY)	29.5%	12.0%	1.86	37.0%
Gold (GLD)	35.5%	26.8%	1.11	-5.7%
Commodities (DBC)	42.9%	18.7%	1.77	-22.7%
Real Estate (VNQ)	15.2%	13.1%	0.82	39.5%
Bitcoin (BTCUSD)	-31.3%	41.8%	-0.78	16.4%

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
GABC	3.9%	26.7%	0.14	-
Sector ETF (XLF)	8.4%	18.6%	0.33	58.5%
Equity (SPY)	14.0%	17.0%	0.64	40.6%
Gold (GLD)	18.8%	18.0%	0.85	-1.7%
Commodities (DBC)	10.4%	19.4%	0.42	6.9%
Real Estate (VNQ)	3.8%	18.8%	0.10	42.5%
Bitcoin (BTCUSD)	11.6%	55.3%	0.41	16.8%

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
GABC	10.3%	28.9%	0.39	-
Sector ETF (XLF)	12.9%	22.1%	0.53	67.7%
Equity (SPY)	15.7%	17.9%	0.75	50.7%
Gold (GLD)	13.0%	16.0%	0.67	-6.4%
Commodities (DBC)	7.8%	17.9%	0.35	14.8%
Real Estate (VNQ)	5.5%	20.7%	0.23	47.0%
Bitcoin (BTCUSD)	66.7%	66.9%	1.06	13.5%

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

Short Interest

Short Interest: As Of Date	4302026
Short Interest: Shares Quantity	1.2 Mil
Short Interest: % Change Since 4152026	-2.5%
Average Daily Volume	0.1 Mil
Days-to-Cover Short Interest	10.1 days
Basic Shares Quantity	37.5 Mil
Short % of Basic Shares	3.1%

Returns Analyses

	Title
0	How Low Can German American Bancorp Stock Really Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
4/27/2026	-1.6%	-2.8%
1/26/2026	3.6%	6.5%	5.8%
10/27/2025	2.7%	-0.5%	3.5%
7/28/2025	0.1%	-5.6%	5.2%
4/28/2025	2.6%	4.9%	5.5%
1/27/2025	4.4%	2.6%	-1.2%
10/28/2024	-1.1%	-0.2%	12.9%
7/29/2024	0.2%	-8.7%	-1.3%
...
SUMMARY STATS
# Positive	17	13	16
# Negative	8	12	8
Median Positive	2.1%	3.4%	5.5%
Median Negative	-2.2%	-3.3%	-1.4%
Max Positive	5.0%	7.2%	20.5%
Max Negative	-7.1%	-8.7%	-9.9%

	Forward Returns
4/27/2026	-1.6%	-2.8%
1/26/2026	3.6%	6.5%	5.8%
10/27/2025	2.7%	-0.5%	3.5%
7/28/2025	0.1%	-5.6%	5.2%
4/28/2025	2.6%	4.9%	5.5%
1/27/2025	4.4%	2.6%	-1.2%
10/28/2024	-1.1%	-0.2%	12.9%
7/29/2024	0.2%	-8.7%	-1.3%
4/29/2024	-0.9%	0.7%	-1.5%
1/29/2024	2.7%	-5.0%	-5.1%
10/31/2023	-2.8%	3.7%	6.4%
7/31/2023	1.9%	7.0%	-0.2%
4/25/2023	-7.1%	-8.3%	-7.5%
1/31/2023	3.1%	7.2%	5.1%
11/1/2022	0.3%	1.5%	2.0%
7/26/2022	5.0%	4.8%	5.6%
4/26/2022	-3.5%	-3.7%	-0.0%
2/1/2022	0.7%	1.2%	0.6%
10/26/2021	0.3%	0.7%	10.1%
7/27/2021	2.5%	3.4%	3.8%
4/27/2021	-1.7%	-1.3%	-9.9%
1/26/2021	2.1%	2.1%	20.5%
10/27/2020	-3.6%	-0.4%	11.8%
7/28/2020	0.0%	-2.4%	1.4%
5/7/2020	0.4%	-6.2%	20.2%
SUMMARY STATS
# Positive	17	13	16
# Negative	8	12	8
Median Positive	2.1%	3.4%	5.5%
Median Negative	-2.2%	-3.3%	-1.4%
Max Positive	5.0%	7.2%	20.5%
Max Negative	-7.1%	-8.7%	-9.9%

SEC Filings

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Report Date	Filing Date	Filing
03/31/2026	05/06/2026	10-Q
12/31/2025	02/27/2026	10-K
09/30/2025	11/05/2025	10-Q
06/30/2025	08/07/2025	10-Q
03/31/2025	05/12/2025	10-Q
12/31/2024	03/03/2025	10-K
09/30/2024	11/08/2024	10-Q
06/30/2024	08/09/2024	10-Q
03/31/2024	05/08/2024	10-Q
12/31/2023	02/27/2024	10-K
09/30/2023	11/07/2023	10-Q
06/30/2023	08/08/2023	10-Q
03/31/2023	05/09/2023	10-Q
12/31/2022	03/01/2023	10-K
09/30/2022	11/07/2022	10-Q
06/30/2022	08/09/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 1/26/2026

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Prior: Q3 2025 Earnings Reported 10/27/2025

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Insider Activity

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#	Owner	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Seger, Andrew M	Direct	Buy	5182026	41.84	24	1,000	768,538	Form
2	Bawel, Zachary W	Direct	Buy	4172026	43.58	23	1,000	1,068,076	Form
3	Sheidler, Jack	Direct	Buy	4172026	43.58	25	1,100	2,916,815	Form
4	Sheidler, Jack	Direct	Buy	3172026	40.84	25	1,009	2,732,489	Form
5	Ryan, Christina M	Direct	Buy	3172026	40.84	49	2,018	709,909	Form

Collapse to Preview

#	Owner	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Seger, Andrew M	Direct	Buy	5182026	41.84	24	1,000	768,538	Form
2	Bawel, Zachary W	Direct	Buy	4172026	43.58	23	1,000	1,068,076	Form
3	Sheidler, Jack	Direct	Buy	4172026	43.58	25	1,100	2,916,815	Form
4	Sheidler, Jack	Direct	Buy	3172026	40.84	25	1,009	2,732,489	Form
5	Ryan, Christina M	Direct	Buy	3172026	40.84	49	2,018	709,909	Form
6	Ellspermann, Susan J	Direct	Buy	3172026	40.48	49	2,000	477,197	Form
7	Bawel, Zachary W	Direct	Buy	3172026	40.48	25	1,000	991,206	Form
8	Seger, Andrew M	Direct	Buy	3172026	40.48	52	2,100	742,615	Form
9	Seger, Andrew M	Direct	Buy	2182026	43.64	23	1,000	797,585	Form
10	Bawel, Zachary W	Direct	Buy	1162026	40.60	49	2,000	986,814	Form
11	Ellspermann, Susan J	Direct	Buy	1162026	40.60	25	1,000	473,603	Form
12	Sheidler, Jack	Direct	Buy	1162026	40.60	25	1,000	2,711,090	Form
13	Ryan, Christina M	Direct	Buy	12162025	41.45	48	2,000	713,739	Form
14	Ellspermann, Susan J	Direct	Buy	12162025	41.45	24	1,000	482,490	Form
15	Seger, Andrew M	Direct	Buy	12162025	41.45	27	1,100	756,730	Form
16	Seger, Andrew M	Direct	Buy	11182025	39.05	26	1,000	711,181	Form
17	Ellspermann, Susan J	Direct	Buy	10162025	38.97	28	1,100	449,609	Form
18	Bawel, Zachary W	Direct	Buy	10162025	38.97	155	6,050	938,785	Form
19	Sheidler, Jack	Direct	Buy	10162025	38.97	31	1,200	2,596,249	Form
20	Ryan, Christina M	Direct	Buy	10162025	38.97	28	1,100	664,434	Form
21	Bawel, Zachary W	Direct	Buy	9172025	40.86	490	20,000	978,019	Form
22	Ellspermann, Susan J	Direct	Buy	9172025	40.86	223	9,100	470,284	Form
23	Ryan, Christina M	Direct	Buy	9172025	40.86	2	100	695,538	Form
24	Sheidler, Jack	Direct	Buy	9172025	40.86	50	2,050	2,721,039	Form
25	Seger, Andrew M	Direct	Buy	9172025	40.86	51	2,100	743,096	Form
26	Seger, Andrew M	Direct	Buy	8192025	39.74	503	20,000	720,233	Form
27	Sheidler, Jack	Direct	Buy	8192025	39.74	503	20,000	2,640,124	Form
28	Ellspermann, Susan J	Direct	Buy	8192025	39.74	503	20,000	445,817	Form
29	Bawel, Zachary W	Direct	Buy	8192025	39.74	503	20,000	925,884	Form
30	Ryan, Christina M	Direct	Buy	8192025	39.74	503	20,000	672,004	Form
31	Medley, Diane B	Held in an IRA	Buy	8052025	37.95	882	33,473	237,270	Form
32	Sheidler, Jack	Direct	Buy	7172025	40.49	494	20,000	2,669,947	Form
33	Ryan, Christina M	Direct	Buy	7172025	40.49	494	20,000	664,402	Form
34	Kelly, Jason M	Direct	Buy	7172025	40.49	494	20,000	549,039	Form
35	Ellspermann, Susan J	Direct	Buy	7172025	40.49	494	20,000	433,914	Form
36	Bawel, Zachary W	Direct	Buy	7172025	40.49	494	20,000	923,110	Form
37	Stokes, Ronnie R	Direct	Buy	6172025	37.78	45	1,700	217,115	Form
38	Sheidler, Jack	Direct	Buy	6172025	37.78	48	1,800	2,423,630	Form
39	Ryan, Christina M	Direct	Buy	6172025	37.78	45	1,700	552,251	Form
40	Ellspermann, Susan J	Direct	Buy	6172025	37.78	45	1,700	337,182	Form
41	Bawel, Zachary W	Direct	Buy	6172025	37.78	45	1,700	793,652	Form
42	Kelly, Jason M	Direct	Sell	5212025	39.55	2,515	99,454	461,634	Form
43	Bawel, Zachary W	Direct	Buy	5162025	39.70	21	850	826,908	Form
44	Ellspermann, Susan J	Direct	Buy	5162025	39.70	21	850	350,348	Form
45	Sheidler, Jack	Direct	Buy	5162025	39.70	45	1,800	2,541,321	Form

GABC Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

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Diversification Alternatives

How Is The Market Pricing GABC?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What GABC Makes & Who Pays

TTM figures based on

GABC Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Financials Resources

Federal Reserve Economic Data

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

German American Bancorp (GABC)

Market Price (5/25/2026): $43.24 | Market Cap: $1.6 BilSector: Financials | Industry: Regional Banks

German American Bancorp (GABC)

Market Price (5/25/2026): $43.24Market Cap: $1.6 BilSector: FinancialsIndustry: Regional Banks

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

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Why The Stock Moved

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How Low Can It Go

In The Past

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In The Past

Preserve Wealth

Asset Allocation

About German American Bancorp (GABC)

Core Banking

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Interactive Breakdown

Better Bets vs. German American Bancorp (GABC)

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Based On 5-Year Data

Based On 10-Year Data

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Returns Analyses

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SEC Filings

Recent Forward Guidance [BETA]

Insider Activity

GABC Trade Sentinel

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CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Market Price (5/25/2026): $43.24 | Market Cap: $1.6 Bil
Sector: Financials | Industry: Regional Banks

Market Price (5/25/2026): $43.24
Market Cap: $1.6 Bil
Sector: Financials
Industry: Regional Banks