JCB releases earnings report during stockholders meeting

JCB recently announced consolidated net earnings of $4,319,000 for 2018, representing a $1,032,000 or 31.4% increase over 2017 results.

Earnings per share amounted to $3.18 in 2018, an increase of 31.4% over 2017 earnings per share, according to a news release from Marvin Veatch, president of Bancorp of Southern Indiana and president and chief executive officer of JCB.

He reported that as of Dec. 31, 2018, BSI’s assets totaled $569,673,000, an increase of $56,044,000 or 10.9% percent over 2017.

Outstanding gross loan balances grew to $420,926,000, an increase of $53,102,00 or 14.4% during 2018. This 2018 loan growth was a significant driver in the 16.6% year-over-year increase in net interest income recorded.

Stockholders also re-elected directors Warren L. Forgey, Marshall E. Royalty and Veatch to three-year terms.

Veatch highlighted numerous accomplishments in 2018 and investments in the organization, which included management realignment and the hiring of new team members, various marketing initiatives to increase brand awareness and the expansion of two JCB offices to full-service banking services in North Vernon and Bloomington.