Marvin S. Veatch, President of BSI and President/CEO of JCB, announced consolidated net earnings of $3,287,000 for 2017, representing an increase of $75,000, or 2.3%, over the 2016 results. Earnings per share amounted to $2.42 in 2017, an increase of $0.05, or 2.1%, over the prior year.
Vice President/Treasurer Thomas F. Cutter reported that as of December 31, 2017, BSI’s assets totaled $513,629,000, an increase of $16,416,000, or 3.3%, over 2016. Outstanding gross loan balances grew to $367,824,000, an increase of $36,089,000, or 10.9% during 2017. This 2017 loan growth was a significant driver in the $1,484,000, or 11.7%, year-over-year increase in net interest income recorded. This increase, along with a $412,000 increase in other noninterest income, was largely offset by increases in provision for loan losses, other noninterest expense items and income tax expense. Cutter noted the Tax Cuts and Jobs Act tax reform legislation that was signed into law on December 22nd resulted in the recording of an approximate $690,000 one-time tax expense in 2017.
James T. McCoy, Chairman of the Board, thanked board member David L. Bottorff, who retired in January, 2018, after 20 years of service. Stockholders also re-elected directors Mark A. Dennis, James T. McCoy, and Brian P. Russell for additional three-year terms.
President Veatch highlighted various accomplishments in 2017 which included the opening of two JCB offices. In May, JCB opened its Loan and Financial Center in Bloomington and shortly following in July opened the new state-of-the-art banking center located on Central Avenue in Columbus near the Kroger Marketplace.
JCB is an independent financial leader, providing a full range of traditional banking and other relevant services to customers for more than 120 years. A $706 million asset institution, JCB is guided by the core values of Honesty, Encouragement, Accountability, Respect, and Teamwork, which are at the HEART of the organization. With convenient locations and a presence throughout south-central Indiana, JCB is committed to delivering extraordinary service to every customer and community served. For more information, visit www.jcbank.com.