(Seymour, Indiana – March 8, 2024) Bancorp. of Southern Indiana (BSI), parent company of Jackson County Bank (JCBank), reported 2023 consolidated net income of $6,810,000, which was 6.1% lower than recorded in the prior year. Earnings per share amounted to $5.04 per share and $5.36 per share for 2023 and 2022, respectively.

BSI’s total assets grew to $953,347,000 as of December 31, 2023, an increase of $134,145,000, or 16.4%, over 2022. Total outstanding gross loan balances grew 23.4% to end 2023 at $749,143,000, while total deposits increased 7.6% to $740,345,000 over that same time period. Noninterest income was positively impacted by the increase in fiduciary (wealth management) income. However, this increase was more than offset by the increase in noninterest expense, highlighted by the 2023 investments made in opening two banking centers in Greenwood and Greensburg.

Marvin S. Veatch, President of BSI and President/CEO of JCBank commented, “Despite the higher interest rate environment that prevailed throughout the year giving rise to higher funding costs, the strong loan growth generated throughout the year led to higher amounts of interest earned on assets. This higher interest income ultimately more than offset the increase in the interest paid on those funding sources, resulting in higher overall net interest income for 2023. BSI and JCBank continue to make investments in facilities, human capital, technology, and software systems to support our ongoing growth. Although earnings were slightly lower for the year, the financial results were in line with our budget expectations.”

Return on Average Equity was 10.26%, as compared to 11.22% posted in 2022. Additionally, Return on Average Assets was 0.77% in 2023 versus 0.93% reported in the prior year.