JCB announces 2017 performance during annual stockholder meeting

The president of Bancorp of Southern Indiana and the president and CEO of JCB recently announced consolidated net earnings of $3,287,000 for 2017, a 2.3 percent increase compared to 2016.

Earnings per share amounted to $2.42, an increase of 2.1 percent over 2016, according to a news release from JCB President and CEO Marvin Veatch.

Vice President and Treasurer Thomas F. Cutter reported that as of Dec. 31, 2017, BSI’s assets totaled $513,629,000, an increase of 3.3 percent over 2016.

Outstanding gross loan balances grew to $367,824,000, an increase of 10.9 percent during 2017. This 2017 loan growth was a significant driver in the 11.7 percent year-over-year increase in net interest income recorded.

This increase, along with a $412,000 increase in other noninterest income, was largely offset by increases in provision for loan losses, other noninterest expense items and income tax expense.

Cutter said the Tax Cuts and Jobs Act tax reform legislation, signed into law Dec. 22 by President Donald Trump, resulted in the recording of an approximate $690,000 one-time tax expense in 2017.

Board Chairman James T. McCoy thanked board member David L. Bottorff, who retired in January 2018 after 20 years of service. Stockholders re-elected directors Mark A. Dennis, James T. McCoy and Brian P. Russell to three-year terms.

Veatch highlighted various accomplishments in 2017, including the opening of a loan and finance center in May in Bloomington and the opening of a state-of-the-art banking center in July on Central Avenue in Columbus.