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KBRA Assigns Ratings to German American Bancorp, Inc.

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating
of BBB+, subordinated debt rating of BBB, and short-term debt rating of
K2 to Jasper, Indiana based German American Bancorp, Inc. (NASDAQ:
GABC). In addition, KBRA assigns deposit and senior unsecured debt
ratings of A-, a subordinated debt rating of BBB+, and short-term
deposit and debt ratings of K2 to its subsidiary, German American Bank.
The Outlook for all long-term ratings is Stable.

GABC has comparatively favorable ratings for a bank of its size
reflecting its consistently above-average earnings metrics, relatively
diverse revenue mix, low-cost core deposit base, credit-focused
management team and ongoing capital strength. GABC has established a
commendable track record of sound asset quality, even during the
financial crisis. Capital management has remained conservative, with a
TCE ratio generally tracking above 9%. GABC’s growth strategy is mainly
centered around organic growth supplemented by relatively small-scale
mergers in key secondary/tertiary markets in which management believes
GABC can gain a solid deposit market share. Although KBRA views this as
a relatively conservative acquisition strategy, moderate ongoing
integration risks constrain the ratings as well as a more condensed
geographic footprint compared to larger peers.

To view the ratings report, please click here.

The ratings are based on KBRA’s Global
Bank and Bank Holding Company Rating Methodology
published on
February 19, 2016.

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About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S.
Securities and Exchange Commission as an NRSRO. In addition, KBRA is
designated as a designated rating organization by the Ontario Securities
Commission for issuers of asset-backed securities to file a short form
prospectus or shelf prospectus. KBRA is also recognized by the National
Association of Insurance Commissioners as a Credit Rating Provider and
is a certified Credit Rating Agency (CRA) by the European Securities and
Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is
registered with ESMA as a CRA.

Contacts

Analytical:
Thomas Curley,
Associate
(301) 969-3245
tcurley@kbra.com

Joe Scott, Managing Director
(646) 731-2438
jscott@kbra.com

Staff

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