German American Bancorp in Jasper, Ind., said Wednesday that net income climbed 10% in 2010.
The $1.4 billion-asset company earned $13.4 million, or $1.21 a share, compared with net income of $12.2 million, or $1.10 a share. The results were driven by an increase in net interest income and noninterest income, including an 8% rise in the balance of average earning assets, and gains from the sale of secondary-market residential real estate loans and other real estate.
In the fourth quarter, net income declined 5%, to $3.1 million.
The loan-loss provision totaled $5.2 million in 2010, a 39% decline. But nonperforming assets increased 18.7%, to $13.3 million, or 1% of total assets, at Dec. 31.
On Jan. 1, German American finalized its acquisition of Bank of Evansville in Indiana.