Marvin S. Veatch, president of Bancorp. of Southern Indiana and president/CEO of JCBank, announced consolidated net earnings of $7,255,000 for 2022.
This resulted in return on average equity and return on average asset measures of 11.22% and 0.93%, respectively. The current year’s earnings resulted in $5.36 per share.
Veatch reported that as of Dec. 31, 2022, BSI’s assets totaled $819.2 million, an increase of $36.2 million, or 4.6%, over 2021, with total year-over-year deposits growing $36.6 million, or 5.6%, during the year. During the course of 2022, total outstanding loan balances grew approximately $107.3 million, a 21.5% increase over the previous year.
Stockholders reelected directors Joseph M. Black Jr., David M. Geis and Susan G. Judd for additional three-year terms.
“Despite the headwinds created in connection with the Federal Reserve raising interest rates throughout the year in an effort to control the high rate of inflation, I am pleased to report to our shareholders the 2022 financial performance of Bancorp. of Southern Indiana continued to be solid,” Veatch said. “As we continue to chart the course, it is our team’s collective mission to make JCBank the bank of choice in the communities we serve.”
Veatch also overviewed several accomplishments and investments made in the organization throughout 2022.
A number of technology-related investments were made to improve overall efficiencies and create additional operational capacity for future growth while also enhancing the customer experience.
Investments in physical facilities were reviewed, including JCBank at Stones Crossing in Greenwood, which began construction in August 2022 and is scheduled to open at the end of April. Property also was purchased in Greensburg with construction beginning soon for JCBank’s first full-service banking center in Decatur County.
Additionally, Veatch announced JCBank purchased property in Bloomington in early 2023 for a future banking center.
Likewise, in early 2023, JCBank acquired Vision Financial Group, an independent brokerage practice offering investment products and services through Raymond James Financial Services Inc.
BSI is a one-bank holding company whose wholly owned subsidiary, JCBank, has been an independent financial firm for 122 years, providing a full range of traditional banking and other relevant services to its customers. JCBank has 11 locations in five southern Indiana counties, including Jackson, where branches are in Brownstown and Seymour.