JCB earnings grow 2.9 percent in 2016

Earnings at JCB in 2016 grew $96,000 or 2.9 percent to $3.356 million from 2015, while earnings per share was $2.49, an increase of 7 cents from the previous year.

President and CEO David M. Geis made those announcements during the annual stockholders meeting April 17 in Seymour.

Geis, who also is president of JCB’s holding company, Bancorp of Southern Indiana, retired April 30.

Marvin Veatch, chief operating officer and Geis’ replacement, gave a report about 2016’s performance.

He said Bancorp of Southern Indiana’s assets totaled $497,775,000 at the end of 2016 and outstanding gross loan balances grew to $332,297,000 at the end of 2016.

That was an increase of $23,549,000, or 7.6 percent from the end of 2015 and was a significant driver in the $1,051,000 year-over-year increase in net interest income recorded in 2016, he said.

This increase, along with a $95,000 increase in other non-interest income, was partially offset by an increase in provision for loan losses and other non-interest expense items, Veatch said.

James T. McCoy, chairman of the board, said some organizational changes are coming besides Veatch’s replacement of Geis.

Those changes include the retirements of long-term board members who had reached mandatory retirement age for their service this past: James A. Johnson and John D. Britton. Their positions have been filled by Marshall E. Royalty and Brian P. Russell.

It also was reported that David L. Bottorff will retire from the board in 2018, and his seat will be filled by Geis’ continuing service on the board.

Susan G. Judd and Joseph M. Black Jr. were all re-elected for board terms. In his new role as president/CEO, Veatch also will join Bancorp of Southern Indiana’s and JCB’s boards of directors.

In other news related to the bank’s investments, senior vice president Susan Haskett provided updates on the expansion in the Bloomington market with a loan and financial planning office scheduled to open in May.

She also announced that one of JCB’s three full-service banking centers in Columbus at Clover Center will close July 8 and will reopen July 10 on Central Avenue near Kroger Marketplace. New investor services, a drive-through and customer-focused how-to sessions will be offered at that location along with expanded hours.

Bancorp of Southern Indiana is a one-bank holding company formed Oct. 15, 1982, in Seymour. JCB was founded May 1, 1900.