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- 01/28/18--18:29: Chubb Launches New Agency Management and Agency Underwriting Unit
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SINGAPORE - Media OutReach - 29 January 2018* - *Chubb announced today the launch of a new Agency Management and Underwriting unit in Singapore. This dedicated unit will manage the strategic growth of the agency distribution channel as well as its specific underwriting and service needs.
Two new appointments have been made for the new Agency Management and Underwriting unit:
*Kevin Xiong*, Head of Agency Management and Agency Underwriting. Mr. Xiong joined Chubb in 2016 as Head of Agency, with close to 10 years of experience in agency management as well as business development. In his expanded leadership role, Mr. Xiong will spearhead business development, general management and overall growth of the agency business in Singapore. He will report to Adam Clifford, Country President for Chubb in Singapore and in matrix to Jeslyn Tan, Regional Head of Agency, Asia Pacific.
*Alex Shi*, Senior Manager, Agency Underwriting and Business Development. Mr. Shi joined Chubb in 2016 as Senior Agency Manager. With his new appointment, Mr. Shi succeeds Kieran Brennan who is now Head of Product Development, Small Commercial Division, Asia. In Mr. Shi's expanded role, he will have overall responsibility for leading and managing the development and growth of the Agency underwriting business. Mr. Shi will report to Mr. Xiong and in matrix to Liam Burrell, Division Head of Property & Casualty, Singapore.
Mr. Clifford said, "At Chubb, we are keen to enhance our partners' ease of doing business with us. With this new unit, our agents will have dedicated touchpoints to service their business needs efficiently. Through on-going engagements with our agents, we will refine our product and service offerings in order for our agents to provide tailored solutions for their clients. Both Kevin and Alex bring valuable experience, strategic vision and most importantly, a shared passion for service excellence. With their leadership capabilities and proven track-record, I am confident in their ability to propel our agency business forward."
Ms. Tan added, "The new unit is a testament of our commitment to provide agency-focused products and technology for a seamless service experience. Kevin and Alex have the energy and drive to deliver real value to our partners so they can grow their business more effectively with Chubb."
*About Chubb in Singapore*
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide.
Chubb Insurance Singapore Limited, via acquisitions by its predecessor companies, has been present in Singapore since 1948. Chubb in Singapore provides risk management and underwriting expertise for all major classes of general insurance, including Property & Casualty, Marine, Liability, Financial Lines and Group Personal Accident insurance. As one of the leading providers of Accident & Health insurance through direct marketing, the company partners with financial institutions and other companies to tailor individual policies for their clients and employees. In addition, it offers a suite of customised Personal & Specialty insurance solutions to meet the needs of consumers.
Over the years, Chubb in Singapore has established strong client relationships by offering responsive service, developing innovative products and providing market leadership built on financial strength. The company has been assigned a financial strength rating of AA-/Stable and the highest ASEAN credit rating of axAAA by Standard & Poor's.
More information can be found at www.chubb.com/sg Reported by Media OutReach 23 hours ago.
* - Edward Ler appointed Country President, Korea *
* - Soledad Muné appointed new Head of International Personal Lines, Asia Pacific *
SINGAPORE - Media OutReach - 29 January 2018 - Chubb today announced the appointment of *Edward Ler* as the new Country President for its general insurance business in Korea. Mr. Ler replaces Edward Kopp, who was recently appointed as the new Country President for Chubb's general insurance business in Thailand.
Mr. Ler joined Chubb in 2013 as Senior Vice President and Regional Head of Personal Lines, which includes oversight for Motor, Residential, High Net Worth and Specialty Personal Lines. During 2014-2016, in addition to his business leadership role, he was concurrently President Director for Chubb in Indonesia. Mr. Ler's 15-year career in the insurance industry spans a variety of managerial roles covering the Asia Pacific, the Middle East and European markets. In his new capacity, Mr. Ler will continue to report to Paul McNamee, Chubb's Regional President for Asia Pacific.
Succeeding Mr. Ler as the new Asia Pacific Head of Personal Lines, is *Soledad Muné. *Presently Chief Underwriting Officer, Personal Insurance for Chubb Overseas General, Ms. Muné is resposible for ensuring the continued profitability of the company's international auto and residential insurance portfolios. With more than 15 years of industry experience in both U.S. and international personal lines businesses, Ms. Muné is ideally suited to this growing and dynamic market segment in Asia Pacific. In her new role, she will be based in Singapore and will report to Mr. McNamee and by matrix to Daryl Page, Division President, International Personal Lines, Chubb Overseas General.
Both Mr. Ler and Ms. Mune's appointment will be effective on 1 March 2018.
"Our ability to move talent like Edward and Soledad across geographies when opportunities arise, speaks to the depth of talent we have at Chubb," said Mr. McNamee. "Edward is a highly experienced insurance professional with a proven track record of success. With his strong leadership skills, coupled with his passion for our business, he is an ideal fit for this Country President role. Soledad has worked closely with Edward during his oversight of the Personal Lines portfolio. With a deep understanding of the business, backed by strong analytical and business development skills, Soledad is a natural choice to lead this vibrant and strategically important business for Chubb in Asia Pacific."
*About Chubb *
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Reported by Media OutReach 23 hours ago.
McGee Wealth Management, Inc., Portland, Oregon is honored to recognize Travis A. Harper, CRPC®, Director of Financial Planning MWM and Registered Associate, RJFS, for achieving CFP® practitioner or CERTIFIED FINANCIAL PLANNER™ practitioner.
PORTLAND, Ore. (PRWEB) January 29, 2018
McGee Wealth Management, Inc., Portland, Oregon is honored to recognize Travis A. Harper, CRPC®, Director of Financial Planning MWM and Registered Associate, RJFS, for achieving CFP® practitioner or CERTIFIED FINANCIAL PLANNER™ practitioner. The Certified Financial Planner Board of Standards (CFP Board) authorizes Mr. Harper to use the CERTIFIED FINANCIAL PLANNER™ and CFP® certification marks in accordance with CFP Board certification and renewal requirements.
Travis Harper joined McGee Wealth Management early in 2016 after three years with another independent organization. He manages the financial planning department for the McGee firm which employs a comprehensive and collaborative financial planning process. His work supports the firms lead advisors in wealth management strategies, advanced planning and client/advisor collaboration.
Harper attained his Bachelor of Science degree from Oregon State University with a focus in international business, finance, healthcare management and policy. He holds Series 7 and 66 securities licenses and Oregon life and health insurance licenses. He earned the Chartered Retirement Planning Counselor℠ (CRPC®) designation in 2016. Travis says, “I have a deep and abiding passion for the financial planning profession. I cannot imagine a better way to serve others while making a positive impact on their lives.”
The CFP Board is a nonprofit certification organization with a mission to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for personal financial planning. The CFP® marks identify those individuals who have met the rigorous experience and ethical requirements of the CFP Board, have successfully completed financial planning coursework and have passed the CFP® Certification Examination covering the following areas: the financial planning process, risk management, investments, tax planning and management, retirement and employee benefits, and estate planning. CFP® professionals also agree to meet ongoing Responsibility, Rules of Conduct and Financial Planning Practice Standards.
About McGee Wealth Management
McGee Wealth Management, is a fee based, advisory, wealth management office, integrating financial services with holistic planning, consulting, and asset management. With the exemplary credentialed staff, comprehensive services, and philanthropic recognition, McGee Wealth Management believes their “Making Life a Richer Experience” motto exemplifies their stellar client relationships, built on trust and collaboration, with a strong focus on the financial needs of multi-generational families.
McGee Wealth Management’s key team members include Judith McGee, L.H.D., CFP®, ChFC®, CEO/Chairwoman (MWM) & Co-Branch manager (RJFS), D. Linette Dobbins, CFP®, President/CCO (MWM) & Co-Branch Manager (RJFS), and Jennifer Currin Gutridge, CFP®, Executive Vice President (MWM) and Financial Advisor (RJFS).
Visit http://www.McGeeWM.com, call 503-597-2222, or write 12455 SW 68th Ave. Portland, Oregon 97223 for more information. McGee Wealth Management is an Independent Registered Investment Advisor. Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory and financial planning services offered through McGee Wealth Management, Inc. McGee Wealth Management, Inc. is not a registered broker/dealer and is independent of Raymond James financial Services. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. Reported by PRWeb 18 hours ago.
Reported by newKerala.com 15 hours ago.
Full year Financial Information at December 31, 2017
IFRS - Regulated Information - Not Audited
*Cegedim: organic growth accelerated in 2017*
· Revenues grew 5.9% like for like over the full year
· Outlook for consolidated 2017 EBITDA raised significantly
· Cegelease business sold
*Disclaimer: This press release is available in French and in English. In the event of any difference between the two versions, the original French version takes precedence. This press release may contain inside information. It was sent to Cegedim's authorized distributor on January 29, 2017, no earlier than 5:45 pm Paris time.*
*The terms "business model transformation" and "BPO" are defined in the glossary.*
*Cegedim announced on December 14 that it had signed a contract for the definitive sale of its Cegelease and Eurofarmat businesses. As a result, the consolidated 2017 financial statements are presented according to IFRS 5, "Non-current assets held for sale and discontinued". See annexes for more details. Cegedim expects the deal to be finalized in the first quarter of 2018.*
*Conference CALL on january 29, 2018, at 6:15PM CET*
*FR*: +33 1 72 72 74 03 *USA*: +1 844 286 0643 *UK*: +44(0)207 1943 759 *PIN* *Code*: 38032293#
*The webcast is available at the following address: *www.cegedim.fr/webcast
*Boulogne-Billancourt, France, January 29, 2018, after the market close*
Cegedim*, an innovative technology and services company, posted consolidated Q4 2017 revenues from continuing activities of €126.5 million, up 6.3% on a reported basis and 5.2% like for like compared with the same period in 2016.*
*Over the full year 2017, **Cegedim** posted consolidated revenues from continuing activities of €457.4 million, up 6.6% on a reported basis and 5.9% like for like compared with the same period in 2016.*
To continue its business model transformation and refocus its strategy, Cegedim signed an agreement to sell its Cegelease and Eurofarmat subsidiaries to the Société Générale Group. Cegedim expects the deal to be finalized in the first quarter of 2018, subject to approval by competition authorities (see press release dated December 14, 2017*). Consolidated 2017 revenues are presented according to IFRS 5, meaning both Cegelease and Eurofarmat are excluded from continuing activities.
All of the operating divisions contributed positively to the Group's year-on-year organic revenue growth in the fourth quarter and over the full year 2017.
*Revenue trends by division*
· Fourth quarter 2017
In € million 2017 2016 Chg. L-f-l Chg. Reported
Health insurance, HR and e-services 82.9 77.2 +5.2% +7.4%
Healthcare professionals 42.7 40.8 +5.4% +4.5%
Corporate and others 0.9 1.0 (3.2)% (3.2)%
*Cegedim* *126.5* *118.9* *+5.2%* *+6.3%*
In the fourth quarter of 2017, Cegedim posted consolidated revenues from continuing activities of €126.5 million, up 6.3% on a reported basis. Excluding an unfavorable currency translation effect of 0.4% and a 1.5% boost from acquisitions, revenues rose 5.2%.
The unfavorable currency translation effect of €0.5 million, or 0.4%, was chiefly due to the €0.3 million negative impact of the US dollar, which represents 2.8% of Group revenues, and the €0.1 million negative impact of the pound sterling, which represents 10.6% of revenues.
The €1.8 million positive impact from acquisitions, or 1.5%, was due to the acquisition of Futuramedia in France in November 2016.
In like-for-like terms, Health insurance, HR and e-services division revenues rose by 5.2%, and Healthcare professionals division revenues rose by 5.4%.
· Full year 2017
In € million 2017 2016 Chg. L-f-l Chg. Reported
Health insurance, HR and e-services 291.1 262.4 +8.5% +10.9%
Healthcare professionals 162.5 163.6 +1.4% (0.7)%
Corporate and others 3.9 3.3 +17.2% +17.2%
*Cegedim* *457.4* *429.3* *+5.9%* *+6.6%*
For the full year 2017, Cegedim posted consolidated revenues from continuing activities of €457.4 million, up 6.6% on a reported basis. Excluding an unfavorable currency translation effect of 0.9% and a 1.6% boost from acquisitions, revenues rose 5.9%.
The unfavorable currency translation effect of €4.1 million, or 0.9%, was chiefly due to the €3.7 million negative impact of the pound sterling, which represented 10.9% of revenues.
The €7.0 million positive impact from acquisitions, or 1.6%, was due to the acquisition of Futuramedia in France in November 2016.
Both of the divisions grew their like-for-like revenues. Health insurance, HR and e-services division revenues from continuing activities rose by 8.5%, and Healthcare professionals division revenues rose by 1.4%.
*Analysis of business trends by division*
· Health insurance, HR and e-services
*The division's Q4 2017 revenues came to €82.9 million, up 7.4% on a reported basis. The November 2016 **Futuramedia** acquisition in France made a positive contribution of 2.3%. Currency translation had a negative impact of 0.1%. Like-for-like revenues rose 5.2% over the period.*
*The division's 2017 revenues came to €291.1 million, up 10.9% on a reported basis. The November 2016 **Futuramedia** acquisition in France made a positive contribution of 2.6%. Currency translation had a negative impact of 0.2%. Like-for-like revenues rose 8.5% over the period.*
The businesses that made the biggest contributions to growth were C-MEDIA, merger between RNP and Futuramedia, (ad space in pharmacies and health & wellness shops), Cegedim SRH (HR management solutions), Cegedim e-business (digitalization and data exchange), sales statistics for pharmaceutical products, and - in the field of health insurance - third-party payment flow management and BPO activities.
The Health insurance, HR and e-services division represented 63.6% of consolidated revenues, compared with 61.1% over the same period a year earlier.
· Healthcare professionals
*The division's Q4 2017 revenues came to €42.7 million, up 4.5% on a reported basis. Currency translation had a negative impact of 1.0%. There was virtually no impact from acquisitions or divestments. Like-for-like revenues rose 5.4% over the period.*
*The division's 2017 revenues came to €162.5 million, down 0.7% on a reported basis. Currencies had a negative impact of 2.2%. There was virtually no impact from acquisitions or divestments. Like-for-like revenues rose 1.4% over the period.*
The businesses that made the biggest contributions to growth were software for doctors and allied health professionals in France, Belgium, and the US, and the BCB medication database. After a rather mixed start to the year, business in the UK and with pharmacists returned to growth.
The Healthcare professionals division represented 35.5% of consolidated revenues from continuing activities, compared with 38.1% over the same period a year earlier.
· Corporate and others
*The division's Q4 2017 revenues came to €0.9 million, down 3.2% on a reported basis and like for like. There was no currency impact and no acquisitions or divestments.*
*The division's 2017 revenues came to €3.9 million, up 17.2% on a reported basis and like for like. There was no currency impact and no acquisitions or divestments.*
The Corporate and others division represented 0.8% of consolidated revenues from continuing activities in 2017 and 2016.
· Assets held for sale (Cegelease and Eurofarmat)
*For the full year 2017, revenues from activities held for sale came to €13.0 million, up 3.7% on a reported basis and like for like. There was no currency impact and no acquisitions or divestments.*
Without applying IFRS 5, Group revenues would amount to €470.0 million, up 6.6% on a reported basis and 5.9% like for like compared with FY 2016.
Apart from the items cited below, to the best of the company's knowledge, there were no events or changes during the period that would materially alter the Group's financial situation.
· Changes to Cegedim SA's Board of Directors
In keeping with the wishes of Bpifrance, in March 2017 Ms. Anne-Sophie Hérelle was appointed to replace Ms. Valérie Raoul-Desprez on the Board of Directors. The permanent representative of Bpifrance is now Ms. Marie Artaud-Dewitte, Deputy Head of Legal Affairs at Bpifrance Investissements. She replaces Ms. Anne-Sophie Hérelle.
· Non-recourse factoring agreement
On May 22, 2017, the Group signed a factoring agreement with a French bank. The non-recourse agreement covers total receivables of €38.0 million. The agreement is for an open-ended time period.
The amount of trade receivables sold under the agreement came to €18.8 million at June 30, 2017.
· Partial interest rate hedging
Cegedim carried out two zero-premium swap agreements in the first half of 2017 under which it receives the 1-month Euribor rate if it exceeds 0%, receives nothing otherwise, and pays:
· A fixed rate of 0.2680% on a notional amount of €50 million starting February 28, 2017, and maturing on February 26, 2021.
· A fixed rate of 0.2750% on a notional amount of €30 million starting May 31, 2017, and maturing on December 31, 2020.
· GIE Isiaklé
As part of the BPO contract Cegedim signed with the Klesia group in September 2016, the two companies created an economic interest group (GIE), held 50/50. In January 2017, Cegedim lent Isiaklé €9 million for a period of 10 years at an interest rate of 1m Euribor plus a margin of 1.1%. The GIE is accounted for in Cegedim's consolidated accounts using the equity method.
· B.B.M. Systems and Adaptive Apps acquisitions in the UK
On February 23, 2017, Cegedim acquired UK company B.B.M. Systems through its Alliadis Europe Ltd subsidiary. B.B.M. Systems had 2016 revenues of around €0.7 million and earned a profit. It began contributing to the Group's scope of consolidation on March 1, 2017.
On May 3, 2017, Cegedim acquired UK company Adaptive Apps through its In Practice Systems Ltd subsidiary. Adaptive Apps had 2016 revenues of around €1.5 million and earned a profit. It began contributing to the Group's scope of consolidation in May 2017.
On February 10, 2017, Cegedim was ordered to pay €4,636,000 to the Tessi company for failing to meet certain obligations with respect to an asset sale made on July 2, 2007. The sum was paid on July 21, 2017. Cegedim has appealed the ruling.
Cegedim, jointly with IQVIA (formerly IMS Health), is being sued by Euris for unfair competition. Cegedim has filed a motion claiming that IQVIA should be the sole defendant. After consulting with its external legal counsel, the Group has decided not to record any provisions.
On October 20, 2017, the court of Nîmes ordered Alliadis to pay a fine of €2 million as part of a case involving a pharmacist from Remoulins. A subsequent hearing on November 24 set the fine at €187,500. Cegedim has asked for the case to be dismissed and is appealing the ruling.
· Divestment of Cegelease and Eurofarmat
The terms of the deal are detailed in the press release dated December 14, 2017 http://www.cegedim.com/communique/Cegedim_Cegelease_signature_14122017_ENG.pdf.
*Significant post-closing transactions and events*
To the best of the company's knowledge, there were no events or changes after the accounts were closed that would materially alter the Group's financial situation.
Based on its performance in the fourth quarter of 2017, the Group is revising significantly upwards its outlook for EBITDA from continuing activities in FY 2017. The Group now expects 2017 EBITDA from continuing activities to exceed €72 million.
Cegedim will discuss its outlook for 2018 when it announces its 2017 results on March 20, 2018, after the market close.
The Group does not communicate earnings estimates or forecasts.
The figures cited above include guidance on Cegedim's future financial performances. This forward-looking information is based on the opinions and assumptions of the Group's senior management at the time this press release is issued and naturally entails risks and uncertainty. For more information on the risks facing Cegedim, please refer to points 2.4, "Risk factors and insurance", and 3.7, "Outlook", of the 2016 Registration Document filed with the AMF on March 29, 2017, under number D.17-0255.
· Potential impact of Brexit
In 2017, the UK accounted for 10.9% of consolidated Group revenues from continuing activities. It represented 14.8% of consolidated Group EBIT before special items in 2016.
Cegedim deals in local currency in the UK, as it does in every country where it is present. Thus, Brexit is unlikely to have a material impact on consolidated Group EBIT before special items.
With regard to healthcare policy, the Group has not identified any major European programs at work in the UK and expects UK policy to be only marginally affected by Brexit.
Revenue figures for FY 2017 have not yet been audited by the Statutory Auditors.
*March 20, 2018, *after the market close
*March 21, 2018, *at 11:00 am CET
*April 26, 2018, *after the market close
*June 19, 2018, *at 9:30 am CET
FY 2017 results
Analyst meeting (SFAF) in Cegedim's auditorium
First-quarter 2018 revenues
Cegedim shareholders' meeting
*Financial calendar, H1 2018*
*January 29, 2018, at 6:15pm** (Paris time)*
The Group will hold a conference call hosted by Jan Eryk Umiastowski, Cegedim Chief Investment Officer and Head of Investor Relations.
The webcast is available at the following address: www.cegedim.fr/webcast
The presentation on FY 2017 revenues is available:
The website: http://www.cegedim.fr/finance/documentation/Pages/presentations.aspx
The Group's financial communications app, Cegedim IR. To download the app, visit: http://www.cegedim.fr/finance/profil/Pages/CegedimIR.aspx
*Contact Numbers :* *France:* +33 1 72 72 74 03
*United States: *+1 844 286 0643
*UK and others:* +44 (0)207 1943 759 *PIN Code:* 38032293#*Appendices*
*Breakdown of revenues from continuing activities by quarter and division *
· FY 2017
In € thousands Q1 Q2 Q3 Q4 Total
Health insurance, HR and e-services 68,610 71,653 67,958 82,856 291,077
Healthcare professionals 40,320 41,495 37,999 42,672 162,486
Corporate and others 1,058 933 961 926 3,878
*Cegedim* *109,989* *114,081* *106,918* *126,454* *457,441*
· FY 2016
In € thousands Q1 Q2 Q3 Q4 Total
Health insurance, HR and e-services 59,735 64,855 60,615 77,151 262,356
Healthcare professionals 42,857 41,028 38,865 40,838 163,588
Corporate and others 797 781 773 957 3,308
*Cegedim* *103,389* *106,664* *100,253* *118,945* *429,251*
*Breakdown of revenues from continuing activities by geographic zone and division*
· At December 31, 2017
In € thousands France EMEA excl. France Americas APAC
Health insurance, HR and e-services 96.5% 3.5% - -
Healthcare professionals 59.0% 31.7% 9.3% -
Corporate and others 99.5% 0.5% - -
*Cegedim* *83.2%* *13.5%* *3.3%* *-*
*Breakdown of revenues from continuing activities by currency and division*
· At December 31, 2017
In € thousands Euro GBP USD Others
Health insurance, HR and e-services 96.5% 2.5% - 1.0%
Healthcare professionals 63.3% 26.2% 9.2% 1.4%
Corporate and others 100.0% - - -
*Cegedim* *84.7%* *10.9%* *3.3%* *1.1%*
*Application of IFRS 5*
On December 14, 2017, Cegedim announced that it had signed a contract for the definitive sale of its Cegelease and Eurofarmat businesses. The deal is expected to take effect following the release of this document, in the first quarter of 2018. As a result, the consolidated 2017 financial statements are presented according to IFRS 5, "Non-current assets held for sale and discontinued". IFRS 5 governs the accounting treatment for non-current assets held for sale.
In practice, their contribution to each line of Cegedim's consolidated income statement (before minority interests) is combined into the "Net profit from activities sold or held for sale" line, and the group share of their net profit is excluded from Cegedim's adjusted net profit. Earlier periods have also been restated so that the information presented is comparable.
The table below shows the impact of the restatement:
in € thousands 2017 2016 Change
Revenue from continuing activities 457,441 429,251 +6.6%
Revenue from assets held for sale 13,001 12,537 +3.7%
IFRS 5 restatement -490 -942 -
*Group revenues* *469,952* *440,846* *+6.6%*
*BPO (Business Process Outsourcing):* BPO is the contracting of non-core business activities and functions to a third-party provider. Cegedim provides BPO services for human resources, Revenue Cycle Management in the US and management services for insurance companies, provident institutions and mutual insurers.
*Business model transformation:* Cegedim decided in fall 2015 to switch all of its offerings over to SaaS format, to develop a complete BPO offering, and to materially increase its R&D efforts. This is reflected in the Group's revamped business model. The change has altered the Group's revenue recognition and negatively affected short-term profitability
*Corporate and others:* This division encompasses the activities the Group performs as the parent company of a listed entity, as well as the support it provides to the three operating divisions.
*EPS:* Earnings Per Share is a specific financial indicator defined by the Group as the net profit (loss) for the period divided by the weighted average of the number of shares in circulation.
*Operating expenses:* Operating expenses is defined as purchases used, external expenses and payroll costs.
*Revenue at constant exchange rate:* When changes in revenue at constant exchange rate are referred to, it means that the impact of exchange rate fluctuations has been excluded. The term "at constant exchange rate" covers the fluctuation resulting from applying the exchange rates for the preceding period to the current fiscal year, all other factors remaining equal.
*Revenue on a like-for-like basis:* The effect of changes in scope is corrected by restating the sales for the previous period as follows:
by removing the portion of sales originating in the entity or the rights acquired for a period identical to the period during which they were held to the current period; similarly, when an entity is transferred, the sales for the portion in question in the previous period are eliminated. *Life-for-like data (L-f-l):* At constant scope and exchange rates.
*Internal growth:* Internal growth covers growth resulting from the development of an existing contract, particularly due to an increase in rates and/or the volumes distributed or processed, new contracts, acquisitions of assets allocated to a contract or a specific project. *External growth:* External growth covers acquisitions during the current fiscal year, as well as those which have had a partial impact on the previous fiscal year, net of sales of entities and/or assets.
*EBIT:* Earnings Before Interest and Taxes. EBIT corresponds to net revenue minus operating expenses (such as salaries, social charges, materials, energy, research, services, external services, advertising, etc.). It is the operating income for the Cegedim Group.
*EBIT before special items:* This is EBIT restated to take account of non-current items, such as losses on tangible and intangible assets, restructuring, etc. It corresponds to the operating income from recurring operations for the Cegedim Group.
*EBITDA:* Earnings before interest, taxes, depreciation and amortization. EBITDA is the term used when amortization or depreciation and revaluations are not taken into account. "D" stands for depreciation of tangible assets (such as buildings, machines or vehicles), while "A" stands for amortization of intangible assets (such as patents, licenses and goodwill). EBITDA is restated to take account of non-current items, such as losses on tangible and intangible assets, restructuring, etc. It corresponds to the gross operating earnings from recurring operations for the Cegedim Group.
*Adjusted EBITDA :* Consolidated EBITDA adjusted, for 2016, for the €4.0m of negative impact from impairment of receivables in the Healthcare Professional division
*Net Financial Debt: *This represents the Company's net debt (non-current and current financial debt, bank loans, debt restated at amortized cost and interest on loans) net of cash and cash equivalents and excluding revaluation of debt derivatives.
*Free cash flow: *Free cash flow is cash generated, net of the cash part of the following items: (i) changes in working capital requirements, (ii) transactions on equity (changes in capital, dividends paid and received), (iii) capital expenditure net of transfers, (iv) net financial interest paid and (v) taxes paid.
*EBIT margin:* EBIT margin is defined as the ratio of EBIT/revenue.
*EBIT margin* *before special items:* EBIT margin before special items is defined as the ratio of EBIT before special items/revenue.
*Net cash:* Net cash is defined as cash and cash equivalent minus overdraft.
Founded in 1969, Cegedim is an innovative technology and services company in the field of digital data flow management for healthcare ecosystems and B2B, and a business software publisher for healthcare and insurance professionals. Cegedim employs more than 4,200 people in more than 10 countries and generated revenue of €457 million in 2017. Cegedim SA is listed in Paris (EURONEXT: CGM).
To learn more, please visit: www.cegedim.com
And follow Cegedim on Twitter: @CegedimGroup, LinkedIn and Facebook.
and Communications Manager
Tel.: +33 (0)1 49 09 68 81
**Jan Eryk Umiastowski*
Chief Investment Officer
and head of Investor Relations
Tel.: +33 (0)1 49 09 33 36
*For Madis Phileo*
Tel: +33 (0)6 71 58 00 34
email@example.com * *
* ** ** *
http://www.globenewswire.com/NewsRoom/AttachmentNg/e4bd922a-9244-4e34-ad09-63ad0519710c Reported by GlobeNewswire 9 hours ago.
DUBLIN--(BUSINESS WIRE)--The "Health Insurance in Croatia to 2021: Market Size, Growth and Forecast Analytics" report has been added to ResearchAndMarkets.com's offering. The total amount of gross written premiums in the health insurance in Croatia is valued at HRK0.41 billion (US$0.06 billion) in 2016, which is an increase of 70.80% from 2012. The category has recorded a CAGR of 14.32% during the review period (2012-2016). The report contains detailed historic and forecast data covering Health
Reported by Business Wire 9 hours ago.
WASHINGTON (AP) — Alex Azar (AY'-zahr) has been sworn in as President Donald Trump's second health secretary. The former drug company executive and official in George W. Bush's administration succeeds former Republican Georgia congressman Tom Price, who resigned last fall following an outcry over his use of costly private charter aircraft for official travel. Azar's nomination as secretary of Health and Human Services was approved by the Senate last week, largely along party lines. Azar has said his priorities include curbing the cost of prescription drugs, making health insurance more affordable and available, and confronting the opioid addiction epidemic. Trump says, "He's going to get those prescription drug prices way down.
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The the Economic Survey said on Monday that crop, motor and health insurance policies majorly enabled the non-life insurance sector to log 33 percent growth in 2016-17.
Reported by Zee News 7 hours ago.
Will the Trump administration compel Idaho to stick to health insurance rules laid out in the Affordable Care Act or let the state proceed with plans to skip some of its consumer protections?
Reported by NPR 4 hours ago.
STURGIS, Mich., Jan. 29, 2018 (GLOBE NEWSWIRE) -- *Sturgis Bancorp, Inc*. (OTCQX:STBI) announced net income of $3.2 million for 2017, and net income of $828,000 for the fourth quarter of 2017, Eric L. Eishen, President and CEO, announced today. Sturgis Bancorp is the holding company for *Sturgis Bank & Trust Company* (Bank), and its subsidiaries *Oakleaf Financial Services, Inc., Oak Mortgage, LLC, Oak Insurance Services, LLC, and Oak Title Services, LLC. *Sturgis Bancorp provides a full array of trust, commercial and consumer banking services from 12 banking centers in Sturgis, Bangor, Bronson, Centreville, Climax, Colon, South Haven, Three Rivers and White Pigeon, MI. Oakleaf Financial Services offers a complete range of investment and financial-advisory services. Oak Mortgage offers residential mortgages in all markets of the Bank. Oak Insurance Services offers various competitive commercial and consumer insurance products. Oak Title Services offers commercial and consumer title insurance.
Key Highlights for 2017:
· Net income for 2017 was $3.2 million, or $1.52 per share, compared to net income of $2.7 million, or $1.28 per share, in 2016.
· The Bank capital ratios exceeded “well-capitalized” requirements and ended 2017 with Tier 1 capital at 8.35% of average assets and 12.55% of risk-weighted assets. Total capital at December 31, 2017 was 13.69% of risk-weighted assets.
· The allowance for loan losses decreased to 1.09% of total (gross) loans from 1.20% at the end of 2016, primarily due to improvements in asset quality and loss experience. Net charge offs in 2017 were ($43,000), compared to $329,000 in 2016.
*Year 2017 vs. 2016* - Net income for the year ended December 31, 2017 increased to $3.2 million, or $1.52 per share from net income of $2.7 million, or $1.28 per share, for 2016. Net interest income increased 5.1% to $12.9 million, from $12.3 million for 2016. The increase in net interest income is primarily due to growth in loans.
The average rate paid on interest-bearing liabilities increased to 0.70% in 2017 from 0.65% in 2016. Average interest-earning assets increased to $361.3 million in 2017 from $342.7 million in 2016. The tax equivalent net interest margin was 3.76% in both 2017 and 2016.
The provision for loan losses was ($213,000) for the year ended December 31, 2017, compared to $357,000 for the year ended December 31, 2016. The provision for loan losses was based upon management’s assessment of relevant factors, including types and amounts of non-performing loans, historical and anticipated loss experience on such types of loans, and economic conditions. Loans charged off during 2017, net of recoveries, were ($43,000), compared to $329,000 in 2016.
Noninterest income was $5.5 million in 2017, compared to $5.2 million in 2016. The Bank increased service charges on deposit accounts to $1.4 million in 2017 from $1.0 million in 2016. The Bank also realized $258,000 net gain on cash flow hedges in 2017, compared to $99,000 in 2016.
Noninterest expense was $15.3 million in 2017, compared to $13.8 million in 2016. Salaries and employee benefits increased $726,000. This increase is primarily due to wages, health insurance benefits and pension expense increases. The Bank realized $441,000 losses on sales of available-for-sale securities in 2017, compared to net gain of ($1,000) in 2016. The additional pension expense and loss on sale of securities were realized to manage the tax rate change enacted in December 2017. Management actively minimizes noninterest expense, although certain noninterest expenses are outside of Management’s direct control.
Total assets increased to $414.4 million at December 31, 2017 from $398.6 million at December 31, 2016, primarily in loans. Net loans increased $13.7 million, to $280.6 million at December 31, 2017. Most of the net loan growth was in home equity lines of credit, commercial real estate loans, and nonresidential construction loans.
Deposits were $337.1 million at December 31, 2017 compared to $297.8 million at December 31, 2016, an increase of $39.3 million. Interest-bearing deposits increased to $255.5 million at December 31, 2017 from $232.3 million at December 31, 2016. Brokered certificates of deposit increased to $43.5 million at December 31, 2017 from $9.6 million at December 31, 2016, as the Bank replaced borrowed funds with brokered deposits. Non-brokered jumbo certificates reduced slightly to $12.9 million at December 31, 2017 from $13.0 million at December 31, 2016. The Bank uses brokered and jumbo certificates as sources of liquidity. Bank management is actively attempting to increase core deposit account relationships. Transaction savings accounts and checking accounts provide relatively inexpensive funding for future growth, compared to alternative certificates of deposit and borrowed funds at higher interest rates. The Bank offers competitive rates on its time deposits and uses brokered certificates or borrowed funds, when that strategy is expected to enhance net interest income.
Federal Home Loan Bank advances and other borrowings decreased $26.7 million. Matured advances were refinanced with new brokered deposits.
The stockholders’ equity of Bancorp was $37.3 million at December 31, 2017 compared to $34.7 million at December 31, 2016, an increase of $2.5 million, or 7.3%. The primary component of this increase was retained earnings. Cash dividends of $873,000, or $0.42 per share, were paid in 2016. The stockholders’ equity was 8.99% of total assets at December 31, 2017. Book value per share increased to $17.78 at December 31, 2016 from $16.65 at December 31, 2016.
The regular quarterly dividend for Bancorp was maintained at $0.12 per share in 2017, for $0.48 per share total dividends, compared to $0.42 per share in 2016. The increases was well supported with core earnings improvements and credit quality improvements in recent years, and remains in line with the Company's historical payout ratio.
*Fourth Quarter of 2017 vs. 2016* - Net income for the quarter ended December 31, 2017 increased to $828,000, or $0.40 per share, from $695,000, or $0.33 per share, for the fourth quarter of 2016. The primary component of the increase was fourth quarter 2017 benefit from federal income taxes of ($548,000), compared to provision of $157,000 in the fourth quarter of 2016. The Bank revalued its net deferred tax positions in the fourth quarter of 2017, using the lower corporate tax rate. Because the Bank has greater deferred tax liabilities than deferred tax assets, the net of revaluations were a benefit to the Bank.
Net interest income increased $202,000, to $3.3 million in the fourth quarter of 2017. The increase is primarily due to growth in average interest-earning assets. The tax-equivalent net interest margin increased to 3.79 in the fourth quarter of 2017 from 3.68% in the last quarter of 2016, primarily due to growth in loans and market rate increases.
Net charge-offs for the fourth quarter of 2017 were $5,000, compared to $107,000 a year ago. The Company recorded ($31,000) provision for loan losses in the fourth quarter of 2017, compared to $73,000 for the same quarter of 2016.
Noninterest income increased $32,000 in the fourth quarter of 2017 to $1.3 million. The primarily component of noninterest income was commission income, which increased $63,000. The company recorded $99,000 net gain on cash flow hedges in the fourth quarter of 2016.
Noninterest expense increased $855,000 in the fourth quarter of 2017, primarily due to losses on sale of available-for-sale securities and tax strategies implemented in response to the reduction in corporate tax rates for 2018.
This release contains statements that constitute forward-looking statements. These statements appear in several places in this release and include statements regarding intent, belief, outlook, objectives, efforts, estimates or expectations of Bancorp, primarily with respect to future events and the future financial performance of the Bancorp. Any such forward-looking statements are not guarantees of future events or performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statement. Factors that could cause a difference between an ultimate actual outcome and a preceding forward-looking statement include, but are not limited to, changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; government and regulatory policy changes; the outcome of any pending and future litigation and contingencies; trends in consumer behavior and ability to repay loans; and changes of the world, national and local economies. Bancorp undertakes no obligation to update, amend or clarify forward-looking statements as a result of new information, future events, or otherwise. The numbers presented herein are unaudited.
CONSOLIDATED BALANCE SHEETS
December 31, 2017 and 2016
(Amounts in thousands, except share and per share data)
Cash and due from banks $ 14,219 $ 8,150
Other short-term investments 10,293 4,963
Total cash and cash equivalents 24,512 13,113
Interest-earning deposits in banks 11,058 16,068
Securities - available for sale 25,313 32,387
Securities - held to maturity 35,578 33,769
Federal Home Loan Bank stock, at cost 3,393 3,117
Loans held for sale, at fair value 1,117 1,089
Loans, net of allowance of $3,072 and $3,242 280,586 266,871
Premises and equipment, net 8,985 8,360
Goodwill 5,834 5,834
Core deposit intangibles 203 259
Originated mortgage servicing rights 1,160 1,216
Real estate owned 453 687
Bank-owned life insurance 10,261 9,998
Accrued interest receivable 1,536 1,407
Other assets 4,443 4,454
Total assets $ 414,432 $ 398,629
*LIABILITIES AND STOCKHOLDERS' EQUITY** *
Noninterest-bearing $ 81,641 $ 65,455
Interest-bearing 255,473 232,312
Total deposits 337,114 297,767
Federal Home Loan Bank advances and other borrowings 34,447 61,180
Accrued interest payable 239 243
Other liabilities 5,378 4,712
Total liabilities 377,178 363,902
Preferred stock - $1 par value: authorized - 1,000,000 shares
issued and outstanding – 0 shares - -
Common stock – $1 par value: authorized – 9,000,000 shares
issued and outstanding 2,094,991 shares at December 31, 2017
and 2,085,991 at December 31, 2016 2,095 2,086
Additional paid-in capital 7,514 7,367
Retained earnings 27,351 25,234
Accumulated other comprehensive loss 294 40
Total stockholders' equity 37,254 34,727
Total liabilities and stockholders' equity $ 414,432 $ 398,629
CONSOLIDATED STATEMENTS OF INCOME
Years ended December 31, 2017 and 2016
(Amounts in thousands, except share and per share data)
Loans $ 12,953 $ 12,458
Taxable 804 661
Tax-exempt 1,100 909
Dividends 125 104
Total interest income 14,982 14,132
Deposits 777 676
Borrowed funds 1,261 1,140
Total interest expense 2,038 1,816
*Net interest income* 12,944 12,316
Provision for loan losses (213 ) 357
*Net interest income after provision for loan losses* 13,157 11,959
Service charges and other fees 1,356 1,003
Interchange income 770 728
Investment brokerage commission income 1,545 1,603
Mortgage banking activities 679 686
Trust fee income 446 462
Increase in cash value of bank owned life insurance 263 263
Gain on sale of real estate owned 34 196
Net gain on cash flow hedges 258 99
Other income 100 160
Total noninterest income 5,451 5,200
Salaries and employee benefits 8,736 8,010
Occupancy and equipment 1,811 1,698
Interchange expenses 379 424
Data processing 669 772
Professional services 401 268
Real estate owned expense 152 224
Advertising 296 232
FDIC premiums 191 235
Loss (gain) on sale of securities 441 (1 )
Other 2,262 1,977
Total noninterest expenses 15,338 13,839
*Income before income tax expense* 3,270 3,320
Income tax expense 102 658
*Net income* $ 3,168 $ 2,662
Earnings per share $ 1.52 $ 1.28
Dividends declared per share $ 0.48 $ 0.42
CONSOLIDATED STATEMENTS OF INCOME
Three months ended December 31, 2017 and 2016
(Amounts in thousands, except share and per share data)
Loans $ 3,387 $ 3,152
Taxable 185 190
Tax-exempt 280 251
Dividends 34 20
Total interest income 3,886 3,613
Deposits 272 166
Borrowed funds 271 306
Total interest expense 543 472
*Net interest income* 3,343 3,141
Provision for loan losses (31 ) 73
*Net interest income after provision for loan losses* 3,374 3,068
Service charges and other fees 355 244
Interchange income 193 184
Investment brokerage commission income 444 381
Mortgage banking activities 101 153
Trust fee income 97 111
Increase in cash value of bank owned life insurance 64 67
Gain on sale of real estate owned 11 -
Net gain on cash flow hedges - 99
Other income 23 17
Total noninterest income 1,288 1,256
Salaries and employee benefits 2,310 2,181
Occupancy and equipment 467 396
Interchange expenses 95 108
Data processing 174 168
Professional services 89 70
Real estate owned expense 51 14
Advertising 103 51
FDIC premiums 53 43
Loss on sale of securities 421 -
Other 564 440
Total noninterest expenses 4,327 3,471
*Income before income tax expense* 335 853
Income tax expense (493 ) 158
*Net income* $ 828 $ 695
Earnings per share $ 0.40 $ 0.33
Dividends declared per share $ 0.12 $ 0.12
OTHER FINANCIAL INFORMATION
(Amounts in thousands)
Three Months Ended Dec. 31,
Sturgis Bank & Trust Company:
Average noninterest-bearing deposits $ 78,740 $ 72,457
Average interest-bearing deposits 240,899 230,370
Average total assets 408,187 394,295
Total risk-weighted assets, end of period 268,526 252,725
Average equity 36,769 34,280
Average total assets 408,375 394,470
Total risk-weighted assets, end of period 268,801 252,950
Financial ratios for Sturgis Bancorp:
Return on average assets 0.81 % 0.70 %
Return on average equity 8.94 % 8.34 %
Net interest margin 3.61 % 3.51 %
Tax equivalent net interest margin 3.79 % 3.68 %
Year Ended December 31,
Sturgis Bank & Trust Company:
Average noninterest-bearing deposits $ 73,693 $ 67,590
Average interest-bearing deposits 235,440 230,216
Average total assets 404,215 383,653
Average equity 35,592 33,443
Average total assets 404,387 383,779
Financial ratios for Sturgis Bancorp:
Return on average assets 0.78 % 0.69 %
Return on average equity 8.83 % 8.09 %
Net interest margin 3.58 % 3.59 %
Tax equivalent net interest margin 3.76 % 3.76 %
Sturgis Bancorp -- Eric Eishen, President & CEO, or Brian P. Hoggatt, CFO -- P: 269 651-9345 Reported by GlobeNewswire 4 hours ago.
JASPER, Ind., Jan. 29, 2018 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (NASDAQ:GABC) reported that the Company has achieved record annual earnings for the year ended on December 31, 2017, marking the 8th consecutive year of record performance. This level of annual earnings performance resulted in a 11.6% return on shareholders’ equity for 2017, noting the 13^th consecutive fiscal year in which the Company has delivered double-digit returns on shareholders’ equity. The Company also announced a 15% increase in its quarterly cash dividend.The Company’s 2017 net income of $40.7 million, or $1.77 per share, was an increase of approximately $5.5 million, or 13% on a per share basis, over its previous record annual net income of $35.2 million, or $1.57 per share, reported in 2016. Current year fourth quarter earnings of $11.6 million, or $0.51 per share, represented an increase of approximately 16%, on a per share basis, relative to 2016 fourth quarter results of $10.1 million, or $0.44 per share. The 2017 reported fourth quarter and year-to-date net income were positively impacted by a $2.3 million net tax benefit resulting from the revaluation of the Company’s deferred tax assets and liabilities related to the federal tax reform legislation enacted during the fourth quarter of 2017.
In addition to the federal income tax benefit noted above, the record financial performance achieved in 2017 was largely attributable to a $5.0 million increased level of net interest income driven primarily by a higher level of average loans outstanding. 2017 year-end loans outstanding increased by approximately $151.6 million, or 8%, from the prior year-end level. The year-over-year increase in loans outstanding was attributable to strong organic loan growth broadly based across the Company’s entire market area and within all loan categories.
Commenting on the Company’s eighth consecutive year of record financial performance in 2017, Mark A. Schroeder, German American’s Chairman & CEO, stated, "We were very pleased to be able to continue our pattern of record financial performance in the past year and were extremely encouraged to see a further strengthening of economic growth throughout our market area in 2017. As evidenced by the double-digit annualized loan growth we experienced in the last half of the year, both business and consumer clients throughout our market area are feeling more confident in the growth potential and vibrancy of the economy. Based on the exceptionally strong growth in both loans and deposits we experienced in 2017, a strong and growing pipeline at year-end of potential future loan growth, and an expectation of accelerated overall economic growth resulting from the recent federal tax reform legislation, we have a positive outlook regarding our ability to continue this record of exceptional financial performance in 2018 and beyond.”
The Company also announced a 15% increase in its regular quarterly cash dividend, as its Board of Directors declared a regular quarterly cash dividend of $0.15 per share, which will be payable on February 20, 2018 to shareholders of record as of February 10, 2018.
*Balance Sheet Highlights*
Total assets for the Company increased to $3.144 billion at December 31, 2017, representing an increase of $71.5 million, or 9% on an annualized basis, compared with September 30, 2017 and an increase of $188.4 million, or 6%, compared with December 31, 2016.
At December 31, 2017, total loans increased $55.3 million, or 11% on an annualized basis, compared with September 30, 2017 and increased $151.6 million, or 8%, compared with December 31, 2016. The increase during the fourth quarter of 2017 was largely related to an increase of approximately $11.7 million, or 10% on an annualized basis, of commercial and industrial loans, an increase of $28.0 million, or 12% on an annualized basis, of commercial real estate loans, an increase of $6.2 million, or 8% on an annualized basis, of agricultural loans and an increase of $9.4 million, or 10% on annualized basis, of retail loans. The increase was broadly based across the Company's entire market area.
*End of Period Loan Balances* *12/31/2017* *9/30/2017* *12/31/2016*
*(dollars in thousands)*
Commercial & Industrial Loans $ 486,668 $ 474,917 $ 457,372
Commercial Real Estate Loans 926,729 898,752 856,094
Agricultural Loans 333,227 327,026 303,128
Consumer Loans 219,662 209,537 193,520
Residential Mortgage Loans 178,733 179,481 183,290
$ 2,145,019 $ 2,089,713 $ 1,993,404
Non-performing assets totaled $11.9 million at December 31, 2017 compared to $10.2 million of non-performing assets at September 30, 2017 and $4.0 million at December 31, 2016. Non-performing assets represented 0.38% of total assets at December 31, 2017 compared to 0.33% of total assets at September 30, 2017 and 0.14% of total assets at December 31, 2016. Non-performing loans totaled $11.8 million at December 31, 2017 compared to $9.7 million at September 30, 2017 and $3.8 million at December 31, 2016. Non-performing loans represented 0.55% of total loans at December 31, 2017 compared to 0.46% at September 30, 2017 and 0.19% at December 31, 2016. The increase in non-performing assets during the fourth quarter of 2017 was primarily attributable to a single commercial lending relationship that was downgraded during the quarter. The increase in non-performing assets during the year ended December 31, 2017 compared with year-end 2016 was primarily related to two commercial lending relationships.
*(dollars in thousands)*
*12/31/2017* *9/30/2017* *12/31/2016*
Non-Accrual Loans $ 11,091 $ 9,177 $ 3,793
Past Due Loans (90 days or more) 719 474 2
Total Non-Performing Loans 11,810 9,651 3,795
Other Real Estate 54 568 242
Total Non-Performing Assets $ 11,864 $ 10,219 $ 4,037
Restructured Loans $ 149 $ 152 $ 28
The Company’s allowance for loan losses totaled $15.7 million at December 31, 2017 compared to $15.3 million at September 30, 2017 and $14.8 million at December 31, 2016. The allowance for loan losses represented 0.73% of period-end loans at December 31, 2017 compared with 0.73% of period-end loans at September 30, 2017 and 0.74% of period-end loans at December 31, 2016. Under acquisition accounting treatment, loans acquired are recorded at fair value which includes a credit risk component, and therefore the allowance on loans acquired is not carried over from the seller. The Company held a net discount on acquired loans of $7.6 million as of December 31, 2017, $8.0 million at September 30, 2017 and $10.0 million at December 31, 2016.
Total deposits increased $59.5 million, or 10% on an annualized basis, as of December 31, 2017 compared with September 30, 2017 and increased $134.5 million, or 6%, compared with December 31, 2016.
*End of Period Deposit Balances* *12/31/2017* *9/30/2017* *12/31/2016*
*(dollars in thousands)*
Non-interest-bearing Demand Deposits $ 606,134 $ 589,315 $ 571,989
IB Demand, Savings, and MMDA Accounts 1,490,033 1,454,073 1,399,381
Time Deposits Time Deposits > $100,000 189,239 176,238 170,357
$ 2,484,052 $ 2,424,572 $ 2,349,551
*Results of Operations Highlights - Year ended December 31, 2017*
Net income for the year ended December 31, 2017 totaled $40,676,000 or $1.77 per share, an increase of $5,492,000, or approximately 13% on a per share basis, from the year ended December 31, 2016 net income of $35,184,000 or $1.57 per share. The 2017 results of operations were positively impacted by the revaluation of the Company's deferred tax assets and deferred tax liabilities related to the federal tax reform legislation enacted during the fourth quarter of 2017. The revaluation resulted in a net tax benefit of $2,284,000, or approximately $0.10 per share during 2017. In addition, the 2016 results of operations included only ten month's operations of River Valley Bancorp, which the Company acquired effective March 1, 2016.
*Summary Average Balance Sheet*
(Tax-equivalent basis / dollars in thousands)
*Year Ended December 31, 2017* * Year Ended December 31, 2016*
Balance* * Income/
Expense* * Yield/Rate* * Principal
Balance* * Income/
Expense* * Yield/Rate*
Federal Funds Sold and Other
Short-term Investments $ 12,405 $ 134 1.09% $ 22,180 $ 74 0.33%
Securities 744,985 23,595 3.17% 723,044 21,102 2.92%
Loans and Leases 2,036,717 92,449 4.54% 1,904,779 86,755 4.55%
*Total Interest Earning Assets* $ 2,794,107 $ 116,178 4.16% $ 2,650,003 $ 107,931 4.07%
Demand Deposit Accounts $ 572,356 $ 513,199
IB Demand, Savings, and
MMDA Accounts $ 1,442,474 $ 3,971 0.28% $ 1,322,593 $ 2,515 0.19%
Time Deposits 380,316 3,123 0.82% 414,100 2,672 0.65%
FHLB Advances and Other Borrowings 233,315 4,027 1.73% 242,483 3,274 1.35%
*Total Interest-Bearing Liabilities* $ 2,056,105 $ 11,121 0.54% $ 1,979,176 $ 8,461 0.43%
Cost of Funds 0.40% 0.32%
Net Interest Income $ 105,057 $ 99,470
Net Interest Margin 3.76% 3.75%
During the year ended December 31, 2017, net interest income totaled $99,909,000 representing an increase of $5,005,000, or 5%, from the year ended December 31, 2016 net interest income of $94,904,000. The increased level of net interest income during 2017 compared with 2016 was driven primarily by a higher level of earning assets resulting from organic loan growth and the acquisition of River Valley Bancorp effective March 1, 2016.
The tax equivalent net interest margin for the year ended December 31, 2017 was 3.76% compared to 3.75% in 2016. The modest increase in the net interest margin during 2017 compared with the prior year was primarily attributable to an improved yield on the Company's securities portfolio combined with a larger loan portfolio, partially offset by a higher cost of funds and a lower level of accretion of loan discounts on acquired loans. Accretion of loan discounts on acquired loans contributed approximately 9 basis points to the net interest margin during 2017 and 13 basis points in 2016. The Company's cost of funds increased approximately 8 basis points during 2017 compared with 2016. The higher cost of funds was largely attributable to an increase in short-term market interest rates over the past several quarters.
During the year ended December 31, 2017, non-interest income declined less than 1% from the year ended December 31, 2016.
*Year Ended* *Year Ended*
*Non-interest Income* *12/31/2017* *12/31/2016*
*(dollars in thousands)*
Trust and Investment Product Fees $ 5,272 $ 4,644
Service Charges on Deposit Accounts 6,178 5,973
Insurance Revenues 7,979 7,741
Company Owned Life Insurance 1,341 987
Interchange Fee Income 4,567 3,627
Other Operating Income 2,641 3,703
Subtotal 27,978 26,675
Net Gains on Loans 3,280 3,359
Net Gains on Securities 596 1,979
*Total Non-interest Income* $ 31,854 $ 32,013
Trust and investment product fees increased $628,000, or 14%, during 2017 compared with 2016. The increase was primarily attributable to fees generated from increased assets under management in the Company's wealth advisory group.
Company owned life insurance revenue increased $354,000, or 36%, during 2017, compared with 2016. The increase was largely related to death benefits received from life insurance policies during 2017.
Interchange fee income increased $940,000, or 26%, during 2017 compared with 2016. The increase was attributable to increased card utilization by customers and a full year of operations from River Valley included in 2017 compared with ten months of operations of River Valley included in 2016.
Other operating income declined $1,062,000, or 29%, during 2017 compared with 2016. The decline was largely attributable to decreased fees and fair value adjustments associated with swap transactions with loan customers.
The Company realized a net gain on sales of securities of $596,000 during 2017 compared with a net gain on the sale of securities of $1,979,000 in 2016.
During 2017, non-interest expense increased $1,216,000, or 2%, compared with 2016. During 2016, the Company recorded costs related to the River Valley merger transaction that totaled $4,318,000.
*Year Ended* *Year Ended*
*Non-interest Expense* *12/31/2017* *12/31/2016*
*(dollars in thousands)*
Salaries and Employee Benefits $ 46,642 $ 43,961
Occupancy, Furniture and Equipment Expense 9,230 8,558
FDIC Premiums 954 1,151
Data Processing Fees 4,276 5,686
Professional Fees 2,817 3,672
Advertising and Promotion 3,543 2,657
Intangible Amortization 942 1,062
Other Operating Expenses 9,399 9,840
*Total Non-interest Expense* $ 77,803 $ 76,587
Salaries and benefits increased $2,681,000, or 6%, during 2017 compared with the 2016. The increase in 2017 compared with 2016 was primarily attributable to having River Valley's operations included for the entire year in 2017 compared with ten months of 2016 combined with an increased number of full-time equivalent employees and higher levels of employee benefit costs including health insurance costs. During 2016, salary and benefit expense included $1,934,000 in settlement costs for various employment and benefit arrangements related to the River Valley merger.
Occupancy, furniture and equipment expense increased $672,000, or 8%, in 2017 compared with 2016. This increase was largely related to capital investments into the Company's branch network and to the operation of River Valley's 15 branch network during all of 2017.
Data processing fees declined $1,410,000, or 25%, in 2017 compared with 2016. The decline during 2017 compared with 2016 was primarily related to expenses totaling $1,288,000 associated with the acquisition of River Valley that were incurred during 2016.
Professional fees declined $855,000, or 23%, in 2017 compared with 2016. The decline during 2017 compared with 2016 was attributable to expenses totaling $770,000 associated with the acquisition of River Valley.
Advertising and promotion increased $886,000 during 2017 compared with 2016. The primary driver of the increase in advertising and promotion was a contribution expense of $773,000 related to the donation of a former branch facility to a municipality in one of the Company's market areas.
During the year ended December 31, 2017, the Company recorded a provision for income tax expense of $11,534,000 compared with a provision for income tax expense of $13,946,000 during 2016. The 2017 income tax provision was positively impacted by the revaluation of the Company's deferred tax assets and deferred tax liabilities related to federal tax reform legislation enacted during the fourth quarter of 2017. The revaluation resulted in a net tax benefit of $2,284,000 during the fourth quarter of 2017. * *The revaluation of the Company’s deferred tax assets and deferred tax liabilities at year-end 2017 was based on reasonable estimates by the Company of certain income tax effects of the new federal tax reform legislation. These effects may be subject to adjustment as the Company completes its evaluation during 2018.
*Results of Operations Highlights – Quarter ended December 31, 2017*
Net income for the quarter ended December 31, 2017 totaled $11,621,000, or $0.51 per share, which represented an increase of approximately 21% on a per share basis compared with the third quarter 2017 net income of $9,660,000, or $0.42 per share, and an increase of 16% on a per share basis compared with the fourth quarter 2016 net income of $10,065,000, or $0.44 per share. As previously discussed, the fourth quarter of 2017 results of operation were positively impacted by the revaluation of the Company's deferred tax assets and deferred tax liabilities, resulting in a net tax benefit of $2,284,000, or approximately $0.10 per share.
*Summary Average Balance Sheet*
(Tax-equivalent basis / dollars in thousands)
* Quarter Ended* * Quarter Ended* * Quarter Ended*
*December 31, 2017* *September 30, 2017* *December 31, 2016*
Balance* * Income/
Expense* * Yield/
Rate* * Principal
Balance* * Income/
Expense* * Yield/
Rate* * Principal
Balance* * Income/
Expense* * Yield/
Federal Funds Sold and Other
Short-term Investments $ 10,268 $ 34 1.33% $ 13,543 $ 46 1.38% $ 19,738 $ 12 0.24%
Securities 755,659 6,001 3.18% 748,754 5,872 3.14% 737,619 5,582 3.03%
Loans and Leases 2,100,432 23,872 4.51% 2,058,453 23,358 4.51% 2,004,983 22,734 4.51%
*Total Interest Earning Assets* $ 2,866,359 $ 29,907 4.15% $ 2,820,750 $ 29,276 4.13% $ 2,762,340 $ 28,328 4.09%
Demand Deposit Accounts $ 598,107 $ 572,204 $ 559,597
IB Demand, Savings, and
MMDA Accounts $ 1,488,671 $ 1,177 0.31% $ 1,447,693 $ 1,117 0.31% $ 1,412,398 $ 708 0.20%
Time Deposits 376,585 889 0.94% 382,827 842 0.87% 412,151 675 0.65%
FHLB Advances and Other Borrowings 226,437 1,090 1.91% 246,698 1,110 1.79% 217,033 829 1.52%
*Total Interest-Bearing Liabilities* $ 2,091,693 $ 3,156 0.60% $ 2,077,218 $ 3,069 0.59% $ 2,041,582 $ 2,212 0.43%
Cost of Funds 0.44% 0.43% 0.32%
Net Interest Income $ 26,751 $ 26,207 $ 26,116
Net Interest Margin 3.71% 3.70% 3.77%
During the quarter ended December 31, 2017, net interest income totaled $25,454,000, which represented an increase of $537,000, or 2%, from the quarter ended September 30, 2017 net interest income of $24,917,000 and an increase of $565,000, or 2%, compared with the quarter ended December 31, 2016 net interest income of $24,889,000. The increased level of net interest income during the fourth quarter of 2017 compared with the third quarter of 2017 was driven primarily by a higher level of earning assets resulting from organic loan growth.
The tax equivalent net interest margin for the quarter ended December 31, 2017 was 3.71% compared with 3.70% in the third quarter of 2017 and 3.77% in the fourth quarter of 2016. The modest increase in the stated net interest margin, when comparing the fourth quarter of 2017 with the third quarter, was primarily due to an improved yield on securities, organic loan growth, and increased accretion of loan discounts on acquired loans partially offset by an increase in Company's cost of funds. Accretion of loan discounts on acquired loans contributed approximately 6 basis points to the net interest margin on an annualized basis in the fourth quarter of 2017, 5 basis points in the third quarter of 2017, and 13 basis points in the fourth quarter of 2016. The Company's cost of funds increased approximately 1 basis points in the fourth quarter of 2017 compared with the third quarter of 2017 and 12 basis points compared with the fourth quarter of 2016. The higher cost of funds was largely attributable to an increase in short-term market interest rates over the past several quarters.
During the quarter ended December 31, 2017, the Company recorded a provision for loan loss of $650,000 compared with a provision for loan loss of $250,000 during the third quarter of 2017 and no provision for loan loss in the fourth quarter of 2016. The provision during all periods was done in accordance with the Company's standard methodology for determining the adequacy of its allowance for loan loss.
During the quarter ended December 31, 2017, non-interest income totaled $7,594,000, a decline of $681,000, or 8%, compared with the quarter ended September 30, 2017, and a decline of $763,000, or 9%, compared with the fourth quarter of 2016.
*Quarter Ended* *Quarter Ended* *Quarter Ended*
*Non-interest Income* *12/31/2017* *9/30/2017* *12/31/2016*
*(dollars in thousands)*
Trust and Investment Product Fees $ 1,378 $ 1,301 $ 1,209
Service Charges on Deposit Accounts 1,608 1,608 1,594
Insurance Revenues 1,867 1,728 1,748
Company Owned Life Insurance 290 317 278
Interchange Fee Income 1,202 1,186 1,001
Other Operating Income 546 608 1,222
Subtotal 6,891 6,748 7,052
Net Gains on Loans 682 952 752
Net Gains on Securities 21 575 553
*Total Non-interest Income* $ 7,594 $ 8,275 $ 8,357
Interchange fee income increased $16,000, or 1%, during the fourth quarter of 2017 compared with the third quarter of 2017 and $201,000, or 20%, compared with the fourth quarter of 2016. The increase during the fourth quarter of 2017 compared with the fourth quarter of 2016 was largely attributable to increased card utilization by customers.
Other operating income decreased $62,000, or 10%, during the quarter ended December 31, 2017 compared with the third quarter of 2017 and decreased $676,000, or 55%, compared with the fourth quarter of 2016. The decline in the fourth quarter of 2017 compared with the fourth quarter of 2016 was largely attributable to decreased fees associated with swap transactions with loan customers and to a gain realized in 2016 related to the liquidation of a limited partnership tax credit investment.
Net gains on sales of loans decreased $270,000, or 28%, during the fourth quarter of 2017 compared with the third quarter of 2017 and declined $70,000, or 9%, compared with the fourth quarter of 2016. The decline in the gain on sales of loans during the fourth quarter of 2017 compared with both comparative periods was primarily due to a lower level of loans sold in secondary market. Loan sales totaled $28.9 million during the fourth quarter of 2017, compared with $39.2 million during the third quarter of 2017 and $37.9 million during the fourth quarter of 2016.
The Company realized $21,000 in gains on sales of securities during the fourth quarter of 2017 compared with $575,000 during the third quarter of 2017 and gains of $553,000 in the fourth quarter of 2016.
During the quarter ended December 31, 2017, non-interest expense totaled $20,000,000, an increase of $229,000, or 1%, compared with the quarter ended September 30, 2017, and an increase of $645,000, or 3%, compared with the fourth quarter of 2016.
*Quarter Ended* *Quarter Ended* *Quarter Ended*
*Non-interest Expense* *12/31/2017* *9/30/2017* *12/31/2016*
*(dollars in thousands)*
Salaries and Employee Benefits $ 12,168 $ 11,570 $ 11,604
Occupancy, Furniture and Equipment Expense 2,452 2,372 2,229
FDIC Premiums 242 241 111
Data Processing Fees 1,154 1,067 1,079
Professional Fees 550 551 797
Advertising and Promotion 820 1,315 797
Intangible Amortization 217 230 262
Other Operating Expenses 2,397 2,425 2,476
*Total Non-interest Expense* $ 20,000 $ 19,771 $ 19,355
Salaries and benefits increased $598,000, or 5%, during the quarter ended December 31, 2017 compared with the third quarter of 2017 and increased $564,000, or 5%, compared with the fourth quarter of 2016. The increase in salaries and benefits during the fourth quarter of 2017 compared with the third quarter of 2017 was primarily attributable to higher levels employee benefit costs. The increase in salaries and benefits during the fourth quarter of 2017 compared with the fourth quarter of 2016 was primarily attributable to an increased number of full-time equivalent employees and higher level health insurance costs.
Advertising and promotion declined $495,000, or 38%, during the quarter ended December 31, 2017 compared with the third quarter of 2017 and increased $23,000 or 3%, compared with the fourth quarter of 2016. The primary driver of the decrease in advertising and promotion during the fourth quarter compared with the third quarter of 2017 was the recognition of a contribution expense of $773,000 related to the donation of a former branch facility to a municipality in one of the Company's market areas during the third quarter of 2017.
During the quarter ended December 31, 2017, the Company recorded a provision for income tax expense of $777,000 compared with a provision for income tax expense of $3,511,000 during the third quarter of 2017 and $3,826,000 in the fourth quarter of 2016. The fourth quarter of 2017 income tax provision was positively impacted by the revaluation of the Company's deferred tax assets and deferred tax liabilities related to federal tax reform legislation enacted during the fourth quarter of 2017. The revaluation resulted in a net tax benefit of $2,284,000 during the fourth quarter of 2017.
About German American
German American Bancorp, Inc., is a NASDAQ-traded (symbol: GABC) bank holding company based in Jasper, Indiana. German American, through its banking subsidiary German American Bancorp, operates 53 banking offices in 19 contiguous southern Indiana counties and one northern Kentucky county. The Company also owns an investment brokerage subsidiary (German American Investment Services, Inc.) and a full line property and casualty insurance agency (German American Insurance, Inc.).
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that, by their nature, forward-looking statements are based on assumptions and are subject to risks, uncertainties, and other factors. Actual results and experience could differ materially from the anticipated results or other expectations expressed or implied by these forward-looking statements as a result of a number of factors, including but not limited to, those discussed in this press release. Factors that could cause actual experience to differ from the expectations expressed or implied in this press release include the unknown future direction of interest rates and the timing and magnitude of any changes in interest rates; changes in competitive conditions; the introduction, withdrawal, success and timing of asset/liability management strategies or of mergers and acquisitions and other business initiatives and strategies; changes in customer borrowing, repayment, investment and deposit practices; changes in fiscal, monetary and tax policies; changes in financial and capital markets; potential deterioration in general economic conditions, either nationally or locally, resulting in, among other things, credit quality deterioration; capital management activities, including possible future sales of new securities, or possible repurchases or redemptions by the Company of outstanding debt or equity securities; risks of expansion through acquisitions and mergers, such as unexpected credit quality problems of the acquired loans or other assets, unexpected attrition of the customer base of the acquired institution or branches, and difficulties in integration of the acquired operations; factors driving impairment charges on investments; the impact, extent and timing of technological changes; potential cyber-attacks, information security breaches and other criminal activities; litigation liabilities, including related costs, expenses, settlements and judgments, or the outcome of matters before regulatory agencies, whether pending or commencing in the future; actions of the Federal Reserve Board; changes in accounting principles and interpretations; potential increases of federal deposit insurance premium expense, and possible future special assessments of FDIC premiums, either industry wide or specific to the Company’s banking subsidiary; actions of the regulatory authorities under the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Federal Deposit Insurance Act and other possible legislative and regulatory actions and reforms; the continued availability of earnings and excess capital sufficient for the lawful and prudent declaration and payment of cash dividends; and other risk factors expressly identified in the Company’s filings with the United States Securities and Exchange Commission. Such statements reflect our views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements. It is intended that these forward-looking statements speak only as of the date they are made. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
*GERMAN AMERICAN BANCORP, INC.*
*(unaudited, dollars in thousands except per share data)*
*Consolidated Balance Sheets*
*December 31, 2017* September 30, 2017 December 31, 2016
Cash and Due from Banks *$* *58,233* $ 44,804 $ 48,467
Short-term Investments *12,126* 9,758 16,349
Interest-bearing Time Deposits with Banks *—* — —
Investment Securities *740,994* 741,710 709,786
Loans Held-for-Sale *6,719* 8,484 15,273
Loans, Net of Unearned Income *2,141,638* 2,086,325 1,989,955
Allowance for Loan Losses *(15,694* *)* (15,321 ) (14,808 )
Net Loans *2,125,944* 2,071,004 1,975,147
Stock in FHLB and Other Restricted Stock *13,048* 13,048 13,048
Premises and Equipment *54,246* 51,355 48,230
Goodwill and Other Intangible Assets *56,160* 56,378 56,893
Other Assets *76,890* 76,348 72,801
* TOTAL ASSETS* *$* *3,144,360* $ 3,072,889 $ 2,955,994
Non-interest-bearing Demand Deposits *$* *606,134* $ 589,315 $ 571,989
Interest-bearing Demand, Savings, and Money Market Accounts *1,490,033* 1,454,073 1,399,381
Time Deposits *387,885* 381,184 378,181
Total Deposits *2,484,052* 2,424,572 2,349,551
Borrowings *275,216* 261,941 258,114
Other Liabilities *20,521* 25,751 18,062
* TOTAL LIABILITIES* *2,779,789* 2,712,264 2,625,727
*SHAREHOLDERS' EQUITY* *364,571* 360,625 330,267
* TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY* *$* *3,144,360* $ 3,072,889 $ 2,955,994
*END OF PERIOD SHARES OUTSTANDING ^(1)* *22,934,403* 22,930,017 22,904,157
*TANGIBLE BOOK VALUE PER SHARE ^(1) (2)* *$* *13.45* $ 13.27 $ 11.94
^(1) As Adjusted for the 3 for 2 Stock Split distributed on April 21, 2017.
^(2) Tangible Book Value per Share is defined as Total Shareholders' Equity less Goodwill and Other Intangible Assets divided by End of Period Shares Outstanding.
*GERMAN AMERICAN BANCORP, INC.*
*(unaudited, dollars in thousands except per share data)*
*Consolidated Statements of Income*
*Three Months Ended* *Year Ended*
2017* September 30,
2017 December 31,
2016 *December 31,
2017* December 31,
Interest and Fees on Loans *$* *23,699* $ 23,182 $ 22,557 *$* *91,745* $ 86,202
Interest on Short-term Investments and Time Deposits *34* 46 12 *134* 74
Interest and Dividends on Investment Securities *4,877* 4,758 4,532 *19,151* 17,089
* TOTAL INTEREST INCOME* *28,610* 27,986 27,101 *111,030* 103,365
Interest on Deposits *2,066* 1,959 1,383 *7,094* 5,187
Interest on Borrowings *1,090* 1,110 829 *4,027* 3,274
* TOTAL INTEREST EXPENSE* *3,156* 3,069 2,212 *11,121* 8,461
* NET INTEREST INCOME* *25,454* 24,917 24,889 *99,909* 94,904
Provision for Loan Losses *650* 250 — *1,750* 1,200
* NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES* *24,804* 24,667 24,889 *98,159* 93,704
Net Gain on Sales of Loans *682* 952 752 *3,280* 3,359
Net Gain on Securities *21* 575 553 *596* 1,979
Other Non-interest Income *6,891* 6,748 7,052 *27,978* 26,675
* TOTAL NON-INTEREST INCOME* *7,594* 8,275 8,357 *31,854* 32,013
Salaries and Benefits *12,168* 11,570 11,604 *46,642* 43,961
Other Non-interest Expenses *7,832* 8,201 7,751 *31,161* 32,626
* TOTAL NON-INTEREST EXPENSE* *20,000* 19,771 19,355 *77,803* 76,587
Income before Income Taxes *12,398* 13,171 13,891 *52,210* 49,130
Income Tax Expense *777* 3,511 3,826 *11,534* 13,946
*NET INCOME* *$* *11,621* $ 9,660 $ 10,065 *$* *40,676* $ 35,184
*BASIC EARNINGS PER SHARE ^(1)* *$* *0.51* $ 0.42 $ 0.44 *$* *1.77* $ 1.57
*DILUTED EARNINGS PER SHARE ^(1)* *$* *0.51* $ 0.42 $ 0.44 *$* *1.77* $ 1.57
*WEIGHTED AVERAGE SHARES OUTSTANDING ^(1)* *22,930,666* 22,929,864 22,887,567 *22,924,726* 22,389,137
*DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING ^(1)* *22,930,666* 22,929,864 22,887,567 *22,924,726* 22,391,115
^(1 ^) As Adjusted for the 3 for 2 Stock Split distributed on April 21, 2017.
*GERMAN AMERICAN BANCORP, INC.*
*(unaudited, dollars in thousands except per share data)*
*Three Months Ended* *Year Ended*
*December 31,* September 30, December 31, *December 31,* December 31,
*2017* 2017 2016 *2017* 2016
*EARNINGS PERFORMANCE RATIOS*
Annualized Return on Average Assets *1.51**%* 1.27% 1.36% *1.35**%* 1.24%
Annualized Return on Average Equity *12.83**%* 10.78% 11.90% *11.59**%* 10.94%
Net Interest Margin *3.71**%* 3.70% 3.77% *3.76**%* 3.75%
Efficiency Ratio ^(1) *58.23**%* 57.34% 56.15% *56.83**%* 58.25%
Net Overhead Expense to Average Earning Assets ^(2) *1.73**%* 1.63% 1.59% *1.64**%* 1.68%
*ASSET QUALITY RATIOS*
Annualized Net Charge-offs to Average Loans *0.05**%* 0.05% 0.07% *0.04**%* 0.04%
Allowance for Loan Losses to Period End Loans *0.73**%* 0.73% 0.74%
Non-performing Assets to Period End Assets *0.38**%* 0.33% 0.14%
Non-performing Loans to Period End Loans *0.55**%* 0.46% 0.19%
Loans 30-89 Days Past Due to Period End Loans *0.32**%* 0.48% 0.36%
*SELECTED BALANCE SHEET & OTHER FINANCIAL DATA*
Average Assets *$* *3,078,875* $ 3,033,055 $ 2,970,408 *$* *3,002,695* $ 2,841,096
Average Earning Assets *$* *2,866,359* $ 2,820,750 $ 2,762,340 *$* *2,794,107* $ 2,650,003
Average Total Loans *$* *2,100,432* $ 2,058,453 $ 2,004,983 *$* *2,036,717* $ 1,904,779
Average Demand Deposits *$* *598,107* $ 572,204 $ 559,597 *$* *572,356* $ 513,199
Average Interest Bearing Liabilities *$* *2,091,693* $ 2,077,218 $ 2,041,583 *$* *2,056,105* $ 1,979,176
Average Equity *$* *362,356* $ 358,299 $ 338,270 *$* *350,913* $ 321,520
Period End Non-performing Assets ^(3) *$* *11,864* $ 10,219 $ 4,037
Period End Non-performing Loans ^(4) *$* *11,810* $ 9,651 $ 3,795
Period End Loans 30-89 Days Past Due ^(5) *$* *6,865* $ 10,089 $ 7,109
Tax Equivalent Net Interest Income *$* *26,751* $ 26,207 $ 26,116 *$* *105,057* $ 99,470
Net Charge-offs during Period *$* *277* $ 249 $ 346 *$* *864* $ 830
^(1 ^) Efficiency Ratio is defined as Non-interest Expense divided by the sum of Net Interest Income, on a tax equivalent basis, and Non-interest Income.
^(2 ^) Net Overhead Expense is defined as Total Non-interest Expense less Total Non-interest Income.
^(3 ^) Non-performing assets are defined as Non-accrual Loans, Loans Past Due 90 days or more, Restructured Loans, and Other Real Estate Owned.
^(4 ^) Non-performing loans are defined as Non-accrual Loans, Loans Past Due 90 days or more, and Restructured Loans.
^(5 ^) Loans 30-89 days past due and still accruing. For additional information, contact:
*Mark A Schroeder, *Chairman & Chief Executive Officer of German American Bancorp, Inc.
*Bradley M Rust, *Executive Vice President/CFO of German American Bancorp, Inc.
(812) 482-1314 Reported by GlobeNewswire 1 hour ago.
BOSTON (AP) — A state agency that oversees health insurance for public employees said Thursday it would reconsider its decision to limit offerings for hundreds of thousands of state workers and retirees, following harsh criticism of the move from labor unions and legislative leaders. The Group Insurance Commission said it would vote next week to […]
Reported by Seattle Times 5 days ago.
· *Idaho wants to allow insurers to offer plans that do not meet regulations laid out by the Affordable Care Act, or Obamacare.*
· *Experts say the legality of the move is questionable.*
· *Also unclear is whether the Department of Health and Human Services, which has helped undermine Obamacare under President Donald Trump, will step in to prevent the move.*
--------------------A new health insurance proposal in Idaho is set to test the Trump administration's commitment to allow states to modify — or flat-out ignore — the Affordable Care Act's rules and regulations.
Amid Congress' failure to repeal and replace the ACA, or Obamacare, the Department of Health and Human Services under President Donald Trump has worked unilaterally to undermine many of the law's key elements. The administration has argued the changes are designed to enhance consumer choice and bring down costs.
But a new waiver request from Idaho proposes to go beyond undermining the law and simply ignoring it. It would allow insurers to sell healthcare coverage in the state's marketplace that does not meet Obamacare's requirements to qualify for the exchanges.
It would require that insurers offer some plans that are ACA compliant. But "state-based" plans would not need to meet certain requirements of the law, such as care for 10 basic medical needs that all ACA-compliant plans must cover.
Experts say the "state-based" plans could revert back to pre-ACA rules that allowed insurers charge more for people with a preexisting condition.
"In the Wild West, Idaho is allowing insurers to: Impose preexisting condition exclusions for people who were uninsured. Charge higher premiums for sick people. Exclude certain benefits," tweeted Larry Levitt, senior vice president at the Kaiser Family Foundation, a nonpartisan health policy group.
The legality of the move is questionable and could embroil the state in a lengthy court battle.
"I don’t see how this is reconciled with the basic ACA requirements," Scott Harrington, a healthcare management professor at the University of Pennsylvania, told The Wall Street Journal.
It's unclear whether new HHS leadership will challenge the proposed changes. HHS is required to step in and enforce ACA rules if a state does not or can't comply with them, and the department already does so in four states.
Newly confirmed HHS Secretary Alex Azar, whom the Senate confirmed to the position on Wednesday, has a big decision to make, Levitt said.
"If a state is not enforcing the ACA’s insurance rules, the federal government is supposed to step in and do it," he tweeted. "Idaho could be an early challenge for the new HHS Secretary."
But enforcement of the health law would run counter to the actions of the healthcare regulatory structure under Trump in his first year. The HHS and Centers for Medicare and Medicaid Services undertook a series of changes in 2017 that many health policy experts said were targeted at dismantling the ACA.
Tom Price, the previous HHS secretary, laid out a 10-step plan to undermine the law. Price resigned after reports surfaced regarding his overuse of government-funded air travel.
Premiums for a benchmark silver plan in the ACA marketplace for 2018 increased by 37%, more than the year prior, and many insurers cited meddling from Washington as a key reason for the increases.
*SEE ALSO: Steven Mnuchin is trying to fix 'the first serious economic misstep by the Trump administration'*
Join the conversation about this story »
NOW WATCH: This congressman wants to target the USPS to help stop the opioid crisis Reported by Business Insider 5 days ago.
(Reuters) - A lawsuit challenging the U.S. federal government's approval of work requirements for Medicaid recipients in Kentucky could rein in the power of the Trump administration to reshape the health insurance program for the poor, legal experts said.
Reported by Reuters 5 days ago.
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Priced at just $195 for a single user version, ($295 for efile version) this ACA forms filing software saves employers time and money by processing forms, in-house. To learn more about ez1095 ACA software, customers can visit http://www.halfpricesoft.com/aca-1095/aca-1095-software.asp
Founded in 2003, Halfpricesoft.com has established itself as a leader in meeting the software needs of small businesses around the world with its payroll software, employee attendance tracking software, check printing software, W2 software, 1099 software and barcode generating software. It continues to grow with its philosophy that small business owners need affordable, user friendly, super simple, and totally risk-free software. Reported by PRWeb 4 days ago.
[India], January 30 (ANI-Newsvoir): India's first and most significant standard of talent delight, the People Capital Index, has awarded Apollo Munich Health Insurance for being one of India's top
Reported by Sify 3 hours ago.
· *Awarded at the year’s biggest HR leadership summit, Leading From Behind, in Mumbai*
· *India’s first People Capital Index* recognizes 50 best companies out of 180 for exemplary talent nurturing
· *PCI can become a gold standard for talent development*: *Venkataram Arabolu*, Managing Director - BSI Group India
India’s first and most significant standard of talent delight, the *People Capital Index*, has awarded *Apollo Munich Health Insurance *for being one of India’s top 50 with a high degree of employee satisfaction about its talent development efforts and programs. This was announced at the prestigious HR leadership summit, Leading From Behind, where the 50 companies that ranked high as per the findings of the People Capital Index, were felicitated. Apollo Munich received the PCI award in the presence of the Who’s Who of Corporate and HR leaders along with industry professionals and practitioners.
*One of India’s Best 50 on Talent Satisfaction by PCI*
The *People Capital Index Report *for companies in India is the first significant and deep dive into employee perception of how well their organizations are working on developing their people capital. *Jombay*, one of India’s fastest growing talent assessment and development companies, conducted extensive anonymous surveys of mid-managers in different organizations via social and online media and internal company referrals to obtain their inputs.
For a company to qualify for evaluation per the norms of India’s People Capital Index, a minimum of 30 of its mid-management level employees should have taken the anonymous online survey. By that yardstick, 180 Indian companies had qualified to be in the PCI race; of these, 50 were felicitated. PCI released a list of the Top 50 PCI score companies in alphabetical order without a ranking. So the HR policies, programs and initiatives for talent development at Apollo Munich have been acknowledged as being among the best across Indian enterprise.
The *British Standards Institution* (*BSI*), the world’s most experienced Standards Body and founding member of ISO, has been the standards & audit partner for PCI.
*Venkataram Arabolu, Managing Director - BSI Group India Pvt Ltd.*, said, “After carefully evaluating the process, scoring and methodology of Jombay's People Capital Index, we believe that this benchmarking index, has a lot of potential to become a global standard for talent development. PCI follows a highly transparent process as it runs anonymous surveys independently, making it difficult to get influenced results. We at BSI feel that PCI will serve as a yardstick for the Learning and Development fraternity. It will create and give them a concrete measure to evaluate their existing practices and be future-ready.”
*Suruchi Wagh, Co-founder and CPO of Jombay,* said, “We are delighted to have given Indian enterprise its first People Capital Index. It is the first survey on ‘*people*’ in India that provides a deep-dive on the human capital development efforts of an organization. Apollo Munich Health Insurance, which is amongst the best 50 Indian companies on PCI, is not only powering talent development, but also setting an example with great takeaways for the entire HR fraternity in India. The HR team at Apollo Munich should be very proud indeed. The People Capital Index also has many findings, takeaways and insights which, coming as they do from employee feedback, will help and guide HR practitioners a great deal in people development and thereby also combat attrition. We are confident that the PCI will become the People Development gold standard for all companies and HR professionals across Indian enterprise.”
*Dr. Sriharsha Achar, CPO, Apollo Munich*
*Dr. Sriharsha Achar, Chief People Officer, **Apollo Munich Health Insurance *said, “Employees and Customers have always been at the focal point of whatever we do at Apollo Munich. It is a matter of pride and satisfaction that our employees have expressed great satisfaction with our HR policies and initiatives that are aimed at empowering them and enable them do their best every day. Our employees are our most precious asset, and this high rank on India’s first People Capital Index is the most satisfying vindication of both, our HR policies and the focus and support of our top leadership for the growth and development of our employees.”
*Some key insights and takeaways from the People Capital Index*:
The PCI reveals the areas the best 50 companies have scored over the rest. Key differentiator: Enabler of employees, supporter of professional development genuinely caring for the employees. Not merely conducting the talent development initiatives because it is protocol. Apollo Munich, which is amongst the Top 50 Indian companies on PCI, is not only powering talent development, but also setting an example with great takeaways for the entire HR fraternity in India.
The PCI also throws light on the key *gaps* in human capital development efforts that corporate India needs to work on, like the need to align L&D interventions to business and make them more relevant; the lack of ready-to-implement tips and relevance which hence serve as the biggest challenge in creating adoption and impact; the need to change metrics tracking learning; the low degree of alignment of corporate India’s human capital development agenda to that of what employees want and the learning area domain gaps like developing leadership skills.
Need-gap areas like these lead to the lessons for companies that have not scored highly on the Index. Areas here include the need to sync learning content with business relevance, to make learning real time, all the time, and more.
At a time when the People Agenda has invariably featured amongst the top 3 priorities of most CEOs, the People Capital Index has provided several takeaways and insights to help HR heads in their quest for talent retention through talent engagement and delight.
*About Apollo Munich Health Insurance Company*
Apollo Munich offers innovative and award-winning health, personal accident and travel insurance plans, with state-of-the art infrastructure and uncomplicated services, delivered by engaged employees. It is a joint venture between the Apollo Hospitals Group, Asia’s largest healthcare group, and Munich Health, Munich Re’s health business segment, which offers global health insurance and reinsurance excellence.
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