Marvin S. Veatch, President of Bancorp. of Southern Indiana (BSI) and President/CEO of JCBank, announced consolidated net earnings of $7,255,000 for 2022 which resulted in Return on Average Equity and Return on Average Asset measures of 11.22% and .93%, respectively. The current year’s earnings resulted in $5.36 per share.
Veatch reported that as of December 31, 2022, BSI’s assets totaled $819.2 million, an increase of $36.2 million, or 4.6%, over 2021, with total year-over-year deposits growing $36.6 million, or 5.6%, during the year. During the course of 2022, total outstanding loan balances grew approximately $107.3 million, a 21.5% increase over the previous year.
Stockholders re-elected directors Joseph M. Black, Jr., David M. Geis, and Susan G. Judd for additional three-year terms.
Veatch overviewed several accomplishments and investments made in the organization throughout 2022. A number of technology-related investments were made to improve overall efficiencies and create additional operational capacity for future growth, while also enhancing the customer experience. Investments in physical facilities were reviewed, including JCBank at Stones Crossing in Greenwood which began construction in August of 2022 and is scheduled to open at the end of April this year. Property was also purchased in Greensburg, Indiana with construction beginning soon for JCBank’s first full-service banking center in Decatur County. Additionally, Veatch announced JCBank purchased property in Bloomington, Indiana in early 2023 for a future banking center. Likewise, in early 2023, JCBank acquired Vision Financial Group, an independent brokerage practice offering investment products and services through Raymond James Financial Services, Inc.
“Despite the headwinds created in connection with the Federal Reserve raising interest rates throughout the year in an effort to control the high rate of inflation, I am pleased to report to our shareholders the 2022 financial performance of Bancorp. of Southern Indiana continued to be solid,” stated Veatch. “As we continue to chart the course, it is our team’s collective mission to make JCBank the ‘bank of choice’ in the communities we serve.”