Bancorp. of Southern Indiana (BSI), parent company of Jackson County Bank (JCB) reported consolidated net income of $6,955,000 for 2020, representing an increase of $1,421,000, or 25.7%, over 2019. Earnings per share also increased 25.5% over the prior year to $5.12 per share in 2020.
Marvin S. Veatch, President of BSI and President/CEO of JCB stated, “Against the backdrop of the COVID-19 pandemic, I am pleased to report another year of record earnings. This was an extraordinary year that brought both challenges and opportunities, and I am extremely proud of the entire JCB team and their ability to adapt to support our customers and communities during these unprecedented times.”
BSI’s total assets were $706,613,000 as of December 31, 2020, an increase of $115,103,000, or 19.5%, over 2019. Outstanding gross loan balances increased $66,526,000 to end the 2020 year at $503,636,000, an increase of 15.2%.
Total deposits increased by $110,284,000, or 23.9%, to $572,429,000 for 2020. Total noninterest income, which was fueled by the tremendous increase in mortgage banking income as well as the increase in fiduciary income generated by the brokerage and trust areas, amounted to $11,896,000, an improvement of $3,882,000, or 48.4%, over the prior year.
Return on Average Equity advanced to 11.16%, as compared to the 9.86% posted in 2019. Likewise, Return on Average Assets also rose to 1.05% in 2020 versus the 0.94% reported in the prior year.
Bancorp. of Southern Indiana is a one bank holding company whose wholly owned subsidiary, JCB, has been 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.