Marvin S. Veatch, President of BSI and President/CEO of JCBank, announced consolidated net earnings of $8,876,000 for 2021, representing an increase of $1,921,000, or 27.6%, compared to the prior year. BSI posted 2021 Return on Average Equity and Return on Average Asset measures of 13.10% and 1.20%, respectively. Earnings per share also increased 27.6% over the prior year to $6.54 per share in 2021.
Veatch reported that as of December 31, 2021, BSI’s assets totaled $783.0 million, an increase of $76.4 million, or 10.8%, over 2020, with total year-over-year deposits growing $79.2 million, or 13.8% during the year. Total wealth management, which provides trust and brokerage services, ended 2021 with a combined $673.7 million in assets under management, an increase of $121.6 million or 22.0%.
Stockholders re-elected directors Warren L. Forgey, Marshall E. Royalty, and Marvin S. Veatch for additional three-year terms.
Veatch also overviewed a number of accomplishments and investments made in the organization throughout 2021. Notable achievements included the expansion in the Bloomington market with the opening of a new location at 2421 South Walnut Street, the acquisition of property at the corner of State Road 135 and Stones Crossing in Greenwood for a new banking center to be constructed in Johnson County, and the purchase of property in Greensburg for a new future Decatur County banking center. In addition, a redesign of the bank’s deposit product suite was completed which simplified and streamlined current deposit product offerings while also allowing for additional future offerings. Veatch also provided information on the brand refresh that occurred, from JCB to JCBank and explained the refresh was to strategically associate JCBank to the financial services industry along with the tagline of “Banking – Investments – Trust.”