Bancorp. of Southern Indiana, parent company of Jackson County Bank, reported consolidated net income of $6,955,000 for 2020, representing an increase of $1,421,000, or 25.7%, over 2019.
Earnings per share also increased 25.5% over the prior year to $5.12 per share in 2020.
“Against the backdrop of the COVID-19 pandemic, I am pleased to report another year of record earnings,” said Marvin Veatch, president of BSI and president/chief executive officer of JCB.
BSI’s total assets were $706,613,000 as of Dec. 31, an increase of $115,103,000, or 19.5%, over 2019. Outstanding gross loan balances increased $66,526,000 to end the 2020 year at $503,636,000, an increase of 15.2%.
Total deposits increased by $110,284,000, or 23.9%, to $572,429,000 for 2020. Total noninterest income, which was fueled by the tremendous increase in mortgage banking income as well as the increase in fiduciary income generated by the brokerage and trust areas, amounted to $11,896,000, an improvement of $3,882,000, or 48.4%, over the prior year.
Return on average equity advanced to 11.16%, as compared to the 9.86% posted in 2019, and return on average assets also rose to 1.05% in 2020 versus the 0.94% reported in the prior year.