Bancorp. of Southern Indiana, parent company of Seymour-based JCBank, reported consolidated net income of $8,876,000 for 2021, representing an increase of $1,921,000, or 27.6%, over 2020.
Earnings per share also increased 27.7% over the prior year to $6.54 per share in 2021, according to a news release from the bank.
Marvin Veatch, president of BSI and president and chief executive officer of JCBank, said this is the third straight year for BSI to achieve record earnings.
“I am extremely proud of the entire JCBank team for achieving another extraordinary year and remain optimistic about the future of JCBank and community banking as a whole,” he said. “BSI board of directors and JCBank management continue to execute on various strategic initiatives and make the necessary investments in our company to position BSI for future growth.”
BSI’s total assets were $782,984,000 as of Dec. 31, an increase of $76,371,000, or 10.8%, over 2020.
Total deposits increased by $79,222,000, or 13.8%, to $651,651,000 for 2021.
Outstanding gross loan balances saw a slight decrease of 0.8% to end the 2021 year at $499,768,000. Contributing to this slight year-over-year decrease was the repayment of $17,800,000 in Paycheck Protection Program loans during 2021.
Giving a boost to overall net income was a $1,569,000 increase in net interest income, predominately related to lower interest expense in addition to the improvement in asset quality that resulted in $0 being recorded in 2021 for provision for loan loss expense.
Total noninterest income, which was fueled once again by mortgage banking income as well as the increase in fiduciary income generated by the brokerage and trust areas, amounted to $12,300,000, an improvement of $404,000, or 3.4%, over the prior year.
Return on average equity rose to 13.10%, as compared to 11.16% posted in 2020. Likewise, return on average assets also advanced to 1.20% in 2021 versus 1.05% reported in the prior year.
BSI is a one-bank holding company whose wholly owned subsidiary, JCBank, has been in business for 122 years, providing a full range of traditional banking and other relevant services to its customers. Locations throughout south central Indiana include Seymour and Brownstown.