JCB reports net earnings of $5.5 million

Staff Reports

Bancorp. of Southern Indiana recently announced consolidated net earnings of $5,534,000 for 2019, representing an increase of $1,215,000, or 28.1%, over 2018 results.

Earnings per share also increased 28.3% over the prior year to $4.08 per share in 2019, according to a news release from the Seymour-based firm.

Marvin Veatch, president of BSI and president/chief executive officer of JCB, reported that as of Dec. 31, 2019, BSI’s assets totaled $591,510,000, an increase of $21,837,000, or 3.8%, over 2018.

Outstanding gross loan balances grew to $437,110,000, an increase of $16,184,000, or 3.8%, during 2019. This 2019 loan growth was a significant driver in the 8.5% year-over-year increase in net interest income recorded for the year.

Veatch also discussed the succession of the chairman of the board from James McCoy to Warren Forgey.

McCoy served the past 14 years as BSI and JCB board chairman and will continue his guidance as a board member, Veatch said.

Veatch said Forgey will be utilizing his experience and diverse business background to provide continued support of the JCB mission.

Stockholders also re-elected directors Joseph Black Jr., David Geis and Susan Judd for three-year terms.

During 2019, JCB added three people to the senior leadership team, renegotiated vendor contracts to gain significant operational efficiencies and expanded the North Vernon and Bloomington offices to full-service banking centers, Veatch reported.

JCB also upgraded its technology offerings to customers, providing improvements to its business online banking, enhanced fraud prevention measures, account integration with QuickBooks and Quicken and the addition of digital wallet applications (Apple Pay, Google Pay and Samsung Pay).

BSI is a one-bank holding company whose wholly owned subsidiary, JCB, has been in existence for nearly 120 years.