APRIL 28, 2025 GERMAN AMERICAN BANCORP, INC. (GABC) REPORTS FIRST QUARTER 2025 EARNINGS; CLOSES ON HEARTLAND MERGER Jasper, Indiana: German American Bancorp, Inc. (Nasdaq: GABC) reported first quarter earnings of $10.5 million, or $0.30 per share. The first quarter earnings included the results of Heartland BancCorp ("Heartland"), the parent company of Heartland Bank, which was acquired by German American on February 1, 2025. The first quarter of 2025 included one-time merger and acquisition costs of $5.9 million and "Day 2" provision under the current expected credit loss ("CECL") model for Heartland of $16.2 million (total impact of $16.8 million on an after-tax basis). As a result, quarterly earnings declined by approximately $12.7 million, or 62% on a per share basis, from 2024 fourth quarter earnings of $23.2 million, or $0.78 per share. On an adjusted basis, net income for first quarter 2025 was $27.3 million, or $0.79 per share, compared to $23.4 million, or $0.79 per share, for fourth quarter 2024.1 While first quarter 2025 operating performance compared to linked fourth quarter 2024 was impacted significantly by one-time merger costs, the quarter was also highlighted by net interest margin expansion, strong organic commercial real estate loan growth, strong organic non-interest bearing demand deposit growth, strong credit metrics and controlled operating expenses. The net interest margin for the first quarter 2025 of 3.96% reflects a 42 basis point expansion over linked fourth quarter 2024 margin of 3.54%. Accretion of loan discounts on acquired loans contributed 24 basis points of that expansion. The continued improvement in the net interest margin, excluding the accretion, was primarily attributable to higher earning asset yields driven by loan growth, repricing of loans, and improved yields on the securities portfolio. Total end of period assets for the Company totaled $8.42 billion at March 31, 2025, representing an increase of $2.12 billion over December 31, 2024 total assets, with March 31, 2025 loans increasing by $1.52 billion on a linked quarter basis, driven mostly by the Heartland acquisition. The overall loan portfolio at March 31, 2025 remains stable and diversified. Loan growth, excluding acquired loans, reflected 4% organic growth from March 31, 2024 to March 31, 2025, and reflected 4% organic growth on a linked quarter basis when excluding seasonal agricultural line reductions. The first quarter 2025 provision for credit losses of $15.3 million included the Heartland acquisition related Day 2 CECL provision of $16.2 million. The Company’s loan portfolio, post-acquisition, reflects strong credit metrics, as non-performing assets were 0.22% of period end assets and non-performing loans totaled 0.33% of period end loans. Net charge offs were only 4 basis points of average loans for the first quarter 2025. End of period deposits at March 31, 2025 increased by $1.77 billion when compared with December 31, 2024, largely as a result of the Heartland acquisition. Excluding acquisition-related deposits, total deposits were relatively stable on a linked quarter basis, which was positive given the seasonal run-off of public funds in the first quarter. Another positive trend was the $21 million increase, or 6% on an annualized basis, NEWS RELEASE For additional information, contact: D. Neil Dauby, Chairman and Chief Executive Officer Bradley M Rust, President and Chief Financial Officer (812) 482-1314 1 of 20 1 Adjusted net income and adjusted earnings per share are non-GAAP financial measures that management believes are useful in evaluating the financial results of the Company. See Use of Non-GAAP Financial Measures contained in this release.

in non-interest bearing demand deposit accounts at March 31, 2025 (excluding acquisition-related deposits), compared to fourth quarter 2024, which accounts represented 27% of total deposits at March 31, 2025. Heartland’s deposit portfolio composition did not result in any significant changes to the newly-merged entity’s composition. Non-interest income increased $726,000, or 5%, for the quarter ended March 31, 2025 when compared to the quarter ended December 31, 2024 and was predominately driven by the Heartland acquisition. Non-interest expense for the first quarter of 2025 increased $16.9 million, or 47%, over linked fourth quarter 2024, of which $5.9 million resulted from acquisition-related expenses in connection with the Heartland transaction and the remaining increase was primarily attributable to the costs associated with Heartland’s operations during the first quarter of 2025. The Heartland-related expenses are expected to be reduced going forward, as the operations of Heartland are fully integrated into German American. Operating expenses, excluding one-time acquisition-related expenses, were relatively stable from fourth quarter 2024 to first quarter 2025. The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.29 per share, which will be payable on May 20, 2025 to shareholders of record as of May 10, 2025. In February 2025, German American was ranked second in the nation on the prestigious Forbes America’s Best Banks 20252 list. D. Neil Dauby, German American’s Chairman & CEO stated, “We believe this ranking acknowledges our strong financial focus and stability, as well as our unwavering commitment to excellence for our employees, customers, communities and shareholders.” Dauby also stated, “We are extremely pleased to deliver yet another solid quarter of operating performance as German American continues to position itself for continued profitability and growth with the closing of the Heartland merger early in the first quarter of 2025. While the first quarter results were impacted by the significant acquisition-related expenses and CECL Day 2 provision for credit losses in connection with the completion of the Heartland merger, we were pleased with the level of incremental quarter-over-quarter growth. A smooth conversion of bank operating systems took place shortly after the conclusion of first quarter 2025, with very little disruption to employees and customers. Thanks to the dedicated efforts of our relationship-focused team of professionals, we are confident that our strong community presence, healthy financial condition and disciplined approach to growth will continue to drive future profitability and long- term shareholder value. We remain excited and committed to the vitality and future growth of our Indiana, Kentucky and Ohio communities.” NEWS RELEASE For additional information, contact: D. Neil Dauby, Chairman and Chief Executive Officer Bradley M Rust, President and Chief Financial Officer (812) 482-1314 2 of 20 2 ©2025 Forbes Media LLC. All rights reserved. Used under license.

Balance Sheet Highlights On February 1, 2025, German American Bancorp, Inc. completed its acquisition of Heartland through the merger of Heartland with and into the Company. Immediately following completion of the Heartland holding company merger, Heartland’s subsidiary bank, Heartland Bank, was merged with and into the Company’s subsidiary bank, German American Bank. Heartland, headquartered in Whitehall, Ohio, operated 20 retail banking offices located in Columbus, Ohio and Greater Cincinnati. As of the closing of the transaction, Heartland had total assets of approximately $1.94 billion, total loans of approximately $1.58 billion, and total deposits of approximately $1.73 billion. The Company issued approximately 7.74 million shares of its common stock, and paid approximately $23.1 million in cash, in exchange for all of the issued and outstanding shares of common stock of Heartland and in cancellation of all options to acquire Heartland common stock outstanding as of the effective time of the merger. Total assets for the Company totaled $8.420 billion at March 31, 2025, representing an increase of $2.124 billion compared with December 31, 2024 and an increase of $2.308 billion compared with March 31, 2024. The increase in total assets at March 31, 2025 compared with year-end 2024 and March 31, 2024 was in large part attributable to the Heartland acquisition, with continued organic loan growth also contributing to the increase when compared to March 31, 2024. March 31, 2025 total loans increased $1.522 billion compared with December 31, 2024 and increased $1.676 billion compared with March 31, 2024. The increase in total loans at March 31, 2025 compared with year-end 2024 was largely due to the acquisition of Heartland. The increase at March 31, 2025 compared with March 31, 2024 was also largely due to the acquisition of Heartland and to a lesser extent organic loan growth from throughout the Company's existing market areas. Excluding loans acquired through the Heartland acquisition, total loans increased $16.8 million, or approximately 2% on an annualized basis, at March 31, 2025 compared with December 31, 2024 and $171.1 million, or 4%, compared with March 31, 2024. Commercial and industrial loans declined approximately $11.0 million, or 7% on an annualized basis, during the first quarter of 2025 compared with year-end 2024, commercial real estate loans increased $54.7 million, or 10% on an annualized basis, while agricultural loans seasonally declined $22.4 million, or 21% on an annualized basis. During the first quarter of 2025 compared with year-end 2024, retail loans declined $4.5 million, or 2% on an annualized basis. The composition of the loan portfolio has remained relatively stable and diversified over the past several years. The addition of the Heartland loan portfolio resulted in only modest changes to the overall portfolio composition, most notably in the residential mortgage loan segment. The portfolio is most heavily weighted in commercial real estate loans at 54% of the portfolio, followed by commercial and industrial loans at 14% of the portfolio, residential mortgage loans at 14% of the portfolio (up from 9% at year-end 2024), agricultural loans at 8% of the portfolio, and home equity loans at 7% of the portfolio. The Company’s commercial lending is extended to various industries, including multi-family housing and lodging, agribusiness and manufacturing, as well as health care, wholesale, and retail services. NEWS RELEASE For additional information, contact: D. Neil Dauby, Chairman and Chief Executive Officer Bradley M Rust, President and Chief Financial Officer (812) 482-1314 3 of 20

End of Period Loan Balances 3/31/2025 12/31/2024 3/31/2024 (dollars in thousands) Commercial & Industrial Loans $ 812,073 $ 671,038 $ 646,162 Commercial Real Estate Loans 3,055,074 2,224,872 2,148,808 Agricultural Loans 455,678 431,037 400,733 Consumer Loans 543,897 448,872 421,980 Residential Mortgage Loans 788,222 357,448 361,236 $ 5,654,944 $ 4,133,267 $ 3,978,919 The Company’s allowance for credit losses totaled $75.2 million at March 31, 2025 compared to $44.4 million at year-end 2024 and $43.8 million at March 31, 2024. The allowance for credit losses represented 1.33% of period-end loans at March 31, 2025, 1.08% at year-end 2024 and 1.10% of period-end loans at March 31, 2024. At March 31, 2025, the Company changed its estimate methodology for the allowance for credit losses from the static pool to the discounted cash flow method which resulted in minimal impact to the allowance. The Company added $32.1 million to the allowance for credit losses in conjunction with the closing of the Heartland acquisition on February 1, 2025, related to the Heartland loan portfolio. Of the increase in the allowance for credit losses for the Heartland portfolio, $16.2 million was recorded through the provision for credit losses on "Day 2" under the CECL model. Under the CECL model, certain acquired loans continue to carry a fair value discount as well as an allowance for credit losses. As of March 31, 2025, the Company held net discounts on acquired loans of $64.3 million, which included $61.8 million related to the Heartland loan portfolio. Non-performing assets totaled $18.6 million at March 31, 2025, $11.1 million at year-end 2024, and $10.0 million at March 31, 2024. Non-performing assets represented 0.22% of total assets at March 31, 2025, 0.18% at year-end 2024 and 0.16% at March 31, 2024. Non-performing loans represented 0.33% of total loans at March 31, 2025, 0.27% at year-end 2024 and 0.25% at March 31, 2024. The increase in non- performing assets was primarily attributable to the Heartland acquisition. As of March 31, 2025, non- performing assets from the Heartland acquisition totaled approximately $5.4 million. NEWS RELEASE For additional information, contact: D. Neil Dauby, Chairman and Chief Executive Officer Bradley M Rust, President and Chief Financial Officer (812) 482-1314 4 of 20

Non-performing Assets (dollars in thousands) 3/31/2025 12/31/2024 3/31/2024 Non-Accrual Loans $ 17,858 $ 10,934 $ 9,898 Past Due Loans (90 days or more) 714 188 85 Total Non-Performing Loans 18,572 11,122 9,983 Other Real Estate 48 — — Total Non-Performing Assets $ 18,620 $ 11,122 $ 9,983 March 31, 2025 total deposits increased $1.769 billion compared to year-end 2024 and increased $1.879 billion compared with March 31, 2024. The increase in total deposits at March 31, 2025 compared with both year-end 2024 and March 31, 2024 was largely attributable to the Heartland acquisition. As of March 31, 2025, deposits from the Heartland acquisition totaled $1.755 billion. Excluding the deposits related to the acquisition, total deposits were relatively stable with an increase of $13.4 million, or 1% on an annualized basis, at March 31, 2025 compared with year-end 2024 and an increase of $123.1 million, or 2%, compared with March 31, 2024. The addition of the Heartland deposit portfolio did not result in significant changes to the overall deposit portfolio composition. Notably, non-interest bearing deposits have remained relatively stable as a percent of total deposits with March 31, 2025 non-interest deposits totaling 27% of total deposits while non-interest deposits totaled 26% at year-end 2024 and 28% at March 31, 2024. End of Period Deposit Balances 3/31/2025 12/31/2024 3/31/2024 (dollars in thousands) Non-interest-bearing Demand Deposits $ 1,889,673 $ 1,399,270 $ 1,463,933 IB Demand, Savings, and MMDA Accounts 3,788,889 3,013,204 2,918,459 Time Deposits < $100,000 443,285 327,080 328,804 Time Deposits > $100,000 976,038 589,521 508,151 $ 7,097,885 $ 5,329,075 $ 5,219,347 At March 31, 2025, the capital levels for the Company and its subsidiary bank, German American Bank (the “Bank”), remained well in excess of the minimum amounts needed for capital adequacy purposes and the Bank’s capital levels met the necessary requirements to be considered well-capitalized. NEWS RELEASE For additional information, contact: D. Neil Dauby, Chairman and Chief Executive Officer Bradley M Rust, President and Chief Financial Officer (812) 482-1314 5 of 20

3/31/2025 Ratio 12/31/2024 Ratio 3/31/2024 Ratio Total Capital (to Risk Weighted Assets) Consolidated 15.23 % 17.15 % 16.57 % Bank 13.69 % 15.02 % 14.53 % Tier 1 (Core) Capital (to Risk Weighted Assets) Consolidated 13.26 % 15.72 % 14.97 % Bank 12.56 % 14.23 % 13.73 % Common Tier 1 (CET 1) Capital Ratio (to Risk Weighted Assets) Consolidated 12.73 % 15.02 % 14.27 % Bank 12.56 % 14.23 % 13.73 % Tier 1 Capital (to Average Assets) Consolidated 11.80 % 12.28 % 12.01 % Bank 11.16 % 11.12 % 11.02 % Results of Operations Highlights – Quarter ended March 31, 2025 Net income for the quarter ended March 31, 2025 totaled $10,517,000, or $0.30 per share, a decline of 62% on a per share basis compared with the fourth quarter 2024 net income of $23,211,000, or $0.78 per share, and a decline of 53% on a per share basis compared with the first quarter 2024 net income of $19,022,000, or $0.64 per share. The change in net income during the first quarter of 2025, compared with both the fourth quarter of 2024 and the first quarter of 2024, was largely impacted by acquisition-related expenses for the Heartland transaction that closed on February 1, 2025. The first quarter of 2025 results of operations included acquisition-related expenses of $5,932,000 ($4,620,000, on an after tax basis) and also included Day 2 provision for credit losses under the CECL model of $16,200,000 ($12,150,000, on an after tax basis). The fourth quarter of 2024 results of operations included acquisition-related expenses of approximately $198,000 ($154,000, on an after tax basis). On an adjusted basis, net income for first quarter 2025 was $27,287,000 or $0.79 per share, compared to $23,365,000, or $0.79 per share, for fourth quarter 2024. Adjusted net income and adjusted earnings per share are non-GAAP financial measures. Refer to “Use of Non-GAAP Financial Measures” contained in this release for additional information including a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. NEWS RELEASE For additional information, contact: D. Neil Dauby, Chairman and Chief Executive Officer Bradley M Rust, President and Chief Financial Officer (812) 482-1314 6 of 20

Summary Average Balance Sheet (Tax-equivalent basis / dollars in thousands) Quarter Ended Quarter Ended Quarter Ended March 31, 2025 December 31, 2024 March 31, 2024 Principal Balance Income/ Expense Yield/ Rate Principal Balance Income/ Expense Yield/ Rate Principal Balance Income/ Expense Yield/ Rate Assets Federal Funds Sold and Other Short-term Investments $ 200,538 $ 2,216 4.48 % $ 238,883 $ 2,792 4.65 % $ 22,903 $ 299 5.25 % Securities 1,586,106 13,392 3.38 % 1,545,772 12,579 3.26 % 1,595,700 11,537 2.89 % Loans and Leases 5,135,859 81,927 6.46 % 4,094,333 62,356 6.06 % 3,972,232 58,067 5.88 % Total Interest Earning Assets $ 6,922,503 $ 97,535 5.70 % $ 5,878,988 $ 77,727 5.27 % $ 5,590,835 $ 69,903 5.02 % Liabilities Demand Deposit Accounts $ 1,669,722 $ 1,422,400 $ 1,426,239 IB Demand, Savings, and MMDA Accounts $ 3,489,996 $ 15,308 1.78 % $ 3,058,257 $ 13,638 1.77 % $ 2,969,755 $ 12,823 1.74 % Time Deposits 1,270,137 11,720 3.74 % 911,613 9,235 4.03 % 806,976 8,166 4.07 % FHLB Advances and Other Borrowings 216,613 2,616 4.90 % 214,915 2,650 4.91 % 196,348 2,275 4.66 % Total Interest-Bearing Liabilities $ 4,976,746 $ 29,644 2.42 % $ 4,184,785 $ 25,523 2.43 % $ 3,973,079 $ 23,264 2.36 % Cost of Funds 1.74 % 1.73 % 1.67 % Net Interest Income, Tax-Equivalent Basis* $ 67,891 $ 52,204 $ 46,639 Net Interest Margin 3.96 % 3.54 % 3.35 % ___________________________________________ * Represents a non-GAAP financial measure. Refer to “Use of Non-GAAP Financial Measures” contained in this release for additional information including a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. During the first quarter of 2025, net interest income, on a non tax-equivalent basis, totaled $66,572,000, an increase of $15,540,000, or 30%, compared to the fourth quarter of 2024 net interest income of $51,032,000 and an increase of $21,578,000, or 48%, compared to the first quarter of 2024 net interest income of $44,994,000. The increase in net interest income during the first quarter of 2025 compared with both the fourth quarter of 2024 and the first quarter of 2024 was primarily attributable to a higher level of earning assets driven by the Heartland acquisition and expansion of the Company's net interest margin. The tax equivalent net interest margin for the quarter ended March 31, 2025 was 3.96% compared with 3.54% in the fourth quarter of 2024 and 3.35% in the first quarter of 2024. The Company's net interest margin and net interest income in all periods presented have been impacted by accretion of loan discounts on acquired loans. Accretion of discounts on acquired loans totaled $4,192,000 during the first quarter of 2025, $617,000 during the fourth quarter of 2024 and $360,000 during the first quarter of 2024. Accretion of loan discounts on acquired loans contributed approximately 24 basis points to the net interest margin in NEWS RELEASE For additional information, contact: D. Neil Dauby, Chairman and Chief Executive Officer Bradley M Rust, President and Chief Financial Officer (812) 482-1314 7 of 20

the first quarter of 2025, 4 basis points in the fourth quarter of 2024 and 3 basis points in the first quarter of 2024. The continued improvement in the net interest margin, excluding the accretion of discount on acquired loans, during the first quarter of 2025 compared with both the fourth quarter of 2024 and first quarter 2024 was largely driven by an improved yield on earning assets and a lower cost of deposits (excluding Heartland's deposit base). The lower cost of deposits was driven by the Federal Reserve's lowering of the Federal Funds rates over the last several months of 2024 and the Company's ability to correspondingly lower deposit costs. During the quarter ended March 31, 2025, the Company recorded a provision for credit losses of $15,300,000 compared with a provision for credit losses of $625,000 in the fourth quarter of 2024 and a provision for credit losses of $900,000 during the first quarter of 2024. During the first quarter of 2025, the provision for credit losses included $16,200,000 for the Day 2 CECL addition to the allowance for credit loss related to the Heartland acquisition. Net charge-offs totaled $486,000, or 4 basis points on an annualized basis, of average loans outstanding during the first quarter of 2025 compared with $313,000, or 3 basis points on an annualized basis, of average loans during the fourth quarter of 2024 and $911,000, or 9 basis points, of average loans during the first quarter of 2024. During the quarter ended March 31, 2025, non-interest income totaled $14,840,000, an increase of $726,000, or 5%, compared with the fourth quarter of 2024 and a decline of $982,000, or 6%, compared with the first quarter of 2024. The increase in non-interest income during the first quarter of 2025 compared with the fourth quarter of 2024 was predominantly driven by the Heartland acquisition. The decline in the first quarter of 2025 compared to the same period of 2024 was the result of the sale of the German American Insurance ("GAI") assets during the second quarter of 2024. On an adjusted basis, non-interest income for first quarter 2025 was $14,840,000 compared to $12,898,000 for first quarter 2024. Adjusted non-interest income is a non-GAAP financial measure. Refer to “Use of Non-GAAP Financial Measures” contained in this release for additional information including a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. NEWS RELEASE For additional information, contact: D. Neil Dauby, Chairman and Chief Executive Officer Bradley M Rust, President and Chief Financial Officer (812) 482-1314 8 of 20