Marvin S. Veatch, President of BSI and President/CEO of JCB, announced consolidated net earnings of $5,534,000 for 2019, representing an increase of $1,215,000, or 28.1%, over 2018 results. Earnings per share also increased 28.3% over the prior year to $4.08 per share in 2019.
Veatch reported that as of December 31, 2019, BSI’s assets totaled $591,510,000, an increase of $21,837,000, or 3.8%, over 2018. Outstanding gross loan balances grew to $437,110,000, an increase of $16,184,000, or 3.8% during 2019. This 2019 loan growth was a significant driver in the 8.5% year-over-year increase in net interest income recorded for the year.
Veatch noted the succession of the Chairman of the Board from James T. McCoy to Warren L. Forgey. He thanked Past Chairman McCoy for his leadership over the past 14 years as BSI and JCB board chairman and welcomed McCoy’s continued guidance as an active board member. Veatch said that he is looking forward to working with Forgey as the new Chairman and utilizing his experience and diverse business background to provide continued support of the JCB mission.
Stockholders also re-elected directors Joseph M. Black, Jr., David M. Geis, and Susan G. Judd for additional three-year terms.
JCB’s numerous accomplishments and investments in the organization in 2019 included adding three new members to the senior leadership team, renegotiating vendor contracts to gain significant operational efficiencies, and expanding the North Vernon and Bloomington offices to full-service JCB banking centers. JCB also upgraded its technology offerings to customers, providing improvements to Business Online Banking, enhanced fraud prevention measures, account integration with QuickBooks and Quicken, and the addition of digital wallet applications (Apple Pay, Google Pay, and Samsung Pay).
Bancorp. of Southern Indiana is a one bank holding company whose wholly-owned subsidiary, JCB, has been an independent financial leader for more than 119 years, providing a full range of traditional banking and other relevant services to their customers. A $592 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 throughout south central Indiana, JCB is committed to helping its customers and communities fulfill dreams and achieve goals. For more information, visit www.jcbank.com.