German American Bancorp, Inc. Financial Ratios — GABC Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	41.22	34.1	28.81	26.41	23.52	23.2	22.18	21.23	22.95	20.92	24.32	20.16	18.55	16.2	19.36
Return on Assets (%)	1.25	1.24	1.22	1.29	1.3	1.32	1.33	1.32	1.42	1.33	1.59	1.39	1.4	1.35	1.53
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	6.01	5.32	4.84	4.89	4.14	3.4	3.56	4.08	4.52	4.5	3.98	3.9	3.81	4.32	5.18
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	32.7	39.43	40.03	41.12	40.46	38.71	39.62	36.96	37.35	35.78	46.66	38.19	41.34	48.43	38.75
Profit Margin (%)	23.67	27.32	27.58	28.84	29.19	27.72	30.87	30.68	31.05	29.66	38.19	31.51	34.26	38.99	31.16
Net Income to Common Margin (%)	23.67	27.32	27.58	28.84	29.19	27.72	30.87	30.68	31.05	29.66	38.19	31.51	34.26	38.99	31.16
Effective Tax Rate (%)	27.62	30.73	31.09	29.86	27.85	28.39	22.09	17	16.87	17.1	18.14	17.5	17.13	19.49	19.59
Dvd Payout Ratio (%)	34.8	29.38	30.18	29.81	29.97	30.21	29.11	30.25	29.64	32.37	26.41	33.02	34.27	38	38.42
Sustainable Growth Rate (%)	26.87	24.08	20.12	18.54	16.47	16.19	15.72	14.81	16.14	14.15	17.9	13.51	12.2	10.05	11.92

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	94	138	125	154	200	212	234	322	306	142	84	128	128	153	139
ST Debt	4	48	38	89	104	92	92	195	124	- -	- -	25	- -	- -	- -
LT Debt	91	89	87	65	96	121	142	127	182	142	84	103	128	153	139
Total Debt/EBITDA	18.38	29.43	28.07	31.95	46.81	49.14	49.86	52.01	35.45	15.02	9.56	12.62	13.39	16.52	7.42
Net Debt/EBITDA	11.24	19.48	18.84	24.14	37.44	37.04	39	40.96	27.88	8.4	3.75	4.83	4.81	8.74	3.46
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.31	3.94	4.5	5.24	5.83	5.58	6.42	6.02	6.36	6.33	6.72	7.06	7.98	8.63	7.4
Long-Term Debt/Equity (%)	54.28	48.36	43.6	28.23	37.89	36.5	38.87	27.61	31.71	22.67	12.54	18.38	19.29	21.43	11.94
Long-Term Debt/Capital (%)	58.13	41.23	39.19	23.84	28.29	31.98	32.53	22.69	31.06	31.02	18.2	18.25	20.67	22	18.28
Long-Term Debt/Total Assets (%)	4.86	4.46	4.03	2.89	4.03	4.08	4.51	3.22	4.14	2.85	1.5	1.67	2.08	2.43	1.65
Total Debt/Equity (%)	56.37	74.57	62.59	67.17	79.1	64.21	64.11	70.13	53.32	22.67	12.54	22.86	19.29	21.43	11.94
Total Debt/Capital (%)	60.37	63.57	56.27	56.72	59.06	56.25	53.65	57.64	52.24	31.02	18.2	22.7	20.67	22	18.28
Total Debt/Total Assets (%)	5.04	6.88	5.79	6.87	8.41	7.17	7.43	8.19	6.96	2.85	1.5	2.07	2.08	2.43	1.65
Net Debt to Equity	34.46	49.35	42	50.75	63.27	48.39	50.14	55.23	41.93	12.68	4.92	8.74	6.94	11.34	5.57
Net Debt/Capital (%)	47.29	52.88	45.4	48.92	52.88	48.65	47.07	51.36	45.94	19.93	7.97	10.04	8.52	12.94	9.42
EBITDA	5	5	4	5	4	4	5	6	9	9	9	10	10	9	19
EBITDA-CapEx	1	1	-1	2	3	-1	-6	-9	-1	2	4	2	4	4	13
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.31	3.94	4.5	5.24	5.83	5.58	6.42	6.02	6.36	6.33	6.72	7.06	7.98	8.63	7.4
Long-Term Debt/Equity (%)	54.28	48.36	43.6	28.23	37.89	36.5	38.87	27.61	31.71	22.67	12.54	18.38	19.29	21.43	11.94
Long-Term Debt/Capital (%)	58.13	41.23	39.19	23.84	28.29	31.98	32.53	22.69	31.06	31.02	18.2	18.25	20.67	22	18.28
Long-Term Debt/Total Assets (%)	4.86	4.46	4.03	2.89	4.03	4.08	4.51	3.22	4.14	2.85	1.5	1.67	2.08	2.43	1.65
Total Debt/Equity (%)	56.37	74.57	62.59	67.17	79.1	64.21	64.11	70.13	53.32	22.67	12.54	22.86	19.29	21.43	11.94
Total Debt/Capital (%)	60.37	63.57	56.27	56.72	59.06	56.25	53.65	57.64	52.24	31.02	18.2	22.7	20.67	22	18.28
Total Debt/Total Assets (%)	5.04	6.88	5.79	6.87	8.41	7.17	7.43	8.19	6.96	2.85	1.5	2.07	2.08	2.43	1.65
CFO/Total Liabilities	1.56	2.31	2.12	1.82	1.47	1.6	1.97	1.8	1.71	2.12	2.04	1.97	1.95	1.72	2.2
CFO/CapEx	6.7	11.61	8.15	11.94	19.37	8.01	4.91	4.1	6.96	13.07	21.52	14.01	18.67	18.97	29.97
Altman's Z-Score	0.16	0.18	0.21	0.23	0.24	0.3	0.3	0.23	0.27	0.25	0.26	0.26	0.26	0.28	0.27

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	2.16	1.43	2.39	5.35	4.68	5.3	4.68	4.61	4.8	4.76	5.03	3.1	4.04	- -	- -
Days Sales Outstanding	168.63	255.67	152.48	68.26	77.98	68.87	78.07	79.14	76.1	76.75	72.49	117.69	90.25	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	229	274	363	403	442	785	810	649	920	878	1,034	1,099	958	1,193	1,442
- Cash & Cash Equivalents	34	44	37	34	36	48	47	65	62	59	48	76	79	70	72
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	94	138	125	154	200	212	234	322	306	142	84	128	128	153	139
Enterprise Value	-228	-220	-155	-108	-33	239	256	94	309	-257	-819	-611	-590	-241	346
Total Capital	157	217	223	271	338	377	436	558	586	457	461	562	619	697	759
Total Debt/Capital (%)	60.37	63.57	56.27	56.72	59.06	56.25	53.65	57.64	52.24	31.02	18.2	22.7	20.67	22	18.28
Total Debt / EV	-0.41	-0.63	-0.81	-1.42	-6.1	0.89	0.91	3.44	0.99	-0.55	-0.1	-0.21	-0.22	-0.64	0.4
EV/Sales	- -	- -	- -	- -	- -	1.88	1.94	0.62	1.62	- -	- -	- -	- -	1.03	0.96
EV/EBITDA	- -	- -	- -	- -	- -	55.39	54.56	15.12	35.81	- -	- -	- -	- -	23.84	18.51
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	5.7	4.66	1.5	4.74	- -	- -	- -	- -	2.31	2.17
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	5.07	3.87	1.21	4.14	- -	- -	- -	- -	2.19	2.1
Diluted Market Cap	229	274	364	404	442	785	810	649	920	878	1,034	1,099	958	1,193	1,442
Diluted Enterprise Value	289	368	452	524	605	949	996	906	1,164	961	1,070	1,151	1,007	1,276	1,509
EV per Share	- -	- -	- -	- -	- -	10.67	11.16	4	11.97	- -	- -	- -	- -	7.46	9.41
TTM Sales	86	88	92	98	103	127	132	152	191	210	220	260	251	215	361
TTM EBITDA	5	5	4	5	4	4	5	6	9	9	9	10	10	9	19
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	27	42	42	36	31	42	55	62	65	92	101	110	107	96	159
TTM Free Cash Flow to Firm	31	46	47	40	33	47	66	78	75	99	106	118	113	101	165

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	7.49	6.02	7.78	10.21	13.43	16.66	12.26	8.38	12.33	8.83	9.8	9.32	8.48	11.83	8.76
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-228	-220	-155	-108	-33	239	256	94	309	-257	-819	-611	-590	-241	346
Low Price	9.77	11.91	13.27	16.33	18.47	19.5	28.71	26.2	27.59	23.54	32.21	32.76	24.85	30.26	32.75
EV/Sales	- -	- -	- -	- -	- -	1.88	1.94	0.62	1.62	- -	- -	- -	- -	1.03	0.96
EV/EBITDA	- -	- -	- -	- -	- -	55.39	54.56	15.12	35.81	- -	- -	- -	- -	23.84	18.51
Price/Earnings	11.31	11.4	14.3	14.22	14.69	22.32	19.91	13.95	15.53	14.12	12.29	13.43	11.15	14.23	12.8
Price/Earnings Average	10.52	10.92	12.13	12.86	13.21	15.35	18.99	17.36	13.51	12.92	12.5	13.6	10.67	12.92	12.8
Price/Earnings High	12.11	13.34	15.39	14.44	15.36	23.11	21.99	19.2	15.65	15.43	16.12	15.03	14.01	16.66	14.11
Price/Earnings Low	9.11	9.37	10.01	11.41	12.21	12.41	16.18	13.17	12.03	10.04	10.16	11.8	8.55	10.71	10.7
Price/Book Value	3.69	3.47	3.73	3.44	3.19	4.76	4.01	2.75	3.29	2.79	2.74	2.53	1.95	2.2	2.32
Price/Book Value Average	3.44	3.32	3.17	3.11	2.87	3.27	3.83	3.42	2.86	2.55	2.79	2.56	1.87	1.99	2.32
Price/Book Value High	3.95	4.06	4.02	3.49	3.34	4.93	4.43	3.78	3.31	3.05	3.6	2.83	2.45	2.57	2.56
Price/Book Value Low	2.97	2.85	2.61	2.76	2.65	2.65	3.26	2.59	2.55	1.98	2.27	2.22	1.5	1.65	1.94
Price/Tangible Book Value	1.59	1.68	2.06	1.95	1.92	2.87	2.63	1.88	2.09	1.78	1.91	2.98	2.01	2.24	1.91
Price/Tangible Book Value Average	1.48	1.61	1.75	1.77	1.72	1.98	2.5	2.34	1.82	1.63	1.94	3.02	1.92	2.04	1.91
Price/Tangible Book Value High	1.7	1.96	2.22	1.98	2	2.97	2.9	2.59	2.11	1.94	2.51	3.34	2.52	2.62	2.11
Price/Tangible Book Value Low	1.28	1.38	1.44	1.57	1.59	1.6	2.13	1.78	1.62	1.27	1.58	2.62	1.54	1.69	1.6
Price/Sales	2.68	3.11	3.94	4.1	4.29	6.19	6.15	4.28	4.82	4.19	4.7	4.23	3.82	5.55	3.99
Price/Sales Average	2.49	2.98	3.35	3.71	3.86	4.25	5.86	5.32	4.19	3.83	4.77	4.28	3.66	5.04	3.99
Price/Sales High	2.87	3.64	4.24	4.16	4.48	6.41	6.79	5.89	4.86	4.58	6.16	4.74	4.8	6.5	4.4
Price/Sales Low	2.16	2.56	2.76	3.29	3.57	3.44	5	4.04	3.74	2.98	3.88	3.72	2.93	4.18	3.33
Price/Cash Flow	8.6	6.53	8.72	11.05	14.12	18.73	14.76	10.42	14.1	9.5	10.26	9.99	8.93	12.46	9.05
Price/Cash Flow Average	8.01	6.26	7.4	9.99	12.7	12.88	14.08	12.96	12.27	8.69	10.43	10.11	8.55	11.31	9.05
Price/Cash Flow High	9.21	7.64	9.38	11.22	14.77	19.4	16.3	14.33	14.21	10.39	13.45	11.18	11.22	14.58	9.98
Price/Cash Flow Low	6.93	5.37	6.11	8.87	11.74	10.42	11.99	9.83	10.92	6.76	8.48	8.77	6.85	9.37	7.56
Price/Free Cash Flow Average	6.97	5.77	6.6	9.24	12.08	11.45	11.69	10.42	10.72	8.08	9.96	9.44	8.11	10.74	8.76
Price/Free Cash Flow High	8.02	7.04	8.37	10.37	14.05	17.24	13.54	11.52	12.42	9.65	12.85	10.43	10.65	13.85	9.66
Price/Free Cash Flow Low	6.03	4.95	5.45	8.2	11.17	9.26	9.96	7.9	9.55	6.28	8.1	8.19	6.5	8.9	7.32
EV/Sales Average	3.19	4.05	4.3	4.93	5.44	5.54	7.28	7.02	5.47	4.22	4.94	4.48	3.85	5.43	4.17
EV/Sales High	3.57	4.71	5.2	5.39	6.07	7.69	8.2	7.58	6.14	4.97	6.32	4.94	4.99	6.88	4.58
EV/Sales Low	2.86	3.62	3.72	4.51	5.15	4.73	6.41	5.73	5.02	3.37	4.04	3.92	3.12	4.56	3.52
EV/EBITDA Average	53.17	76.02	88.78	100.75	131.49	163.05	204.6	172.11	120.98	93.96	123.98	115.1	100.95	125.71	80.61
EV/EBITDA High	59.4	88.43	107.34	110.03	146.67	226.31	230.63	185.97	135.64	110.54	158.75	126.71	130.93	159.51	88.52
EV/EBITDA Low	47.58	68.07	76.73	92.21	124.48	139.09	180.2	140.59	110.83	75	101.56	100.53	81.92	105.74	67.97
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	12.13	14.48	18.95	20.35	22.21	35.07	35.33	27.77	35.62	33.09	38.98	37.3	32.41	40.22	39.18
High Price	12.99	16.95	20.39	20.66	23.23	36.31	39.02	38.2	35.88	36.17	51.11	41.75	40.7	47.08	43.2
Enterprise Value Average	273	356	396	485	561	704	959	1,064	1,044	886	1,087	1,164	965	1,166	1,508
Enterprise Value High	305	415	479	529	625	977	1,081	1,150	1,171	1,042	1,392	1,282	1,252	1,480	1,657
Enterprise Value Low	245	319	342	444	531	600	845	869	956	707	891	1,017	783	981	1,272

Shares Outstanding	19	19	20	20	20	23	23	25	27	27	27	29	30	30	37
Diluted Weighted Avg Shares	19	19	19	20	20	22	23	23	26	27	27	29	30	30	37
Basic Weighted Avg Shares	19	19	19	20	20	22	23	23	26	27	27	29	30	30	37
Revenue per Share	4.53	4.65	4.8	4.96	5.18	5.67	5.75	6.49	7.39	7.9	8.3	8.81	8.48	7.25	9.82
EBITDA per Share	0.27	0.25	0.23	0.24	0.21	0.19	0.2	0.26	0.33	0.36	0.33	0.34	0.32	0.31	0.51
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.07	1.27	1.33	1.43	1.51	1.57	1.77	1.99	2.29	2.34	3.17	2.78	2.91	2.83	3.06
Basic EPS from Cont Ops	1.07	1.27	1.33	1.43	1.51	1.57	1.77	1.99	2.29	2.34	3.17	2.78	2.91	2.83	3.06
Diluted EPS, GAAP	1.07	1.27	1.32	1.43	1.51	1.57	1.77	1.99	2.29	2.34	3.17	2.78	2.91	2.83	3.06
Diluted EPS from Cont Ops	1.07	1.27	1.32	1.43	1.51	1.57	1.77	1.99	2.29	2.34	3.17	2.78	2.91	2.83	3.06
Dividend per Share	0.37	0.37	0.4	0.43	0.45	0.47	0.52	0.6	0.68	0.76	0.84	0.92	1	1.07	1.18
Cash Flow per Share	1.41	2.22	2.17	1.84	1.57	1.87	2.39	2.67	2.53	3.48	3.8	3.73	3.63	3.23	4.33
Free Cash Flow per Basic Share	1.2	2.03	1.91	1.69	1.49	1.64	1.91	2.02	2.16	3.22	3.62	3.47	3.43	3.06	4.19
Cash & Equivalents per Share	29.21	33.38	33.55	33.56	33.89	33.87	34.37	37.53	35.5	48.12	73.01	62.37	56.71	53.51	33.54
Book Value per Share	3.29	4.18	5.08	5.92	6.96	7.37	8.81	10.11	10.83	11.87	14.2	14.75	16.62	18.32	16.86
Tangible Book Value per Share	7.65	8.63	9.19	10.41	11.59	12.21	13.45	14.76	17.03	18.61	20.38	12.51	16.13	17.94	20.47

German American Bancorp, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)