David M. Geis, presiding over his last annual stockholders’ meeting as President of Bancorp. of Southern Indiana and as President/CEO of JCB before retiring at the end of April, announced consolidated net earnings of $3,356,000 for 2016, representing an increase of $96,000, or 2.9%, from last year’s $3,260,000. Earnings per share amounted to $2.47 in 2016, an increase of $0.07, or 2.9%, over the prior year.
Chief Operating Officer and incoming President/CEO of JCB Marvin S. Veatch reported on 2016’s performance. BSI’s assets totaled $497,775,000 at year-end 2016. Outstanding gross loan balances grew to $332,297,000 at the end of 2016, an increase of $23,549,000, or 7.6%, and was a significant driver in the $1,051,000 year-over-year increase in net interest income recorded in 2016. This increase, along with a $95,000 increase in other noninterest income, was partially offset by an increase in provision for loan losses and other noninterest expense items.
James T. McCoy, Chairman of the Board, noted some important organizational changes coming to fruition. In addition to congratulating both Geis on his retirement and Veatch on his long-planned succession to the President and CEO role, McCoy thanked two long-term board members who had reached mandatory retirement age for their service in the last year: James A. Johnson and John D. Britton. As announced last year, their positions have been filled by Marshall E. Royalty and Brian P. Russell. In 2018 another board member, David L. Bottorff, will retire. His role will in effect be filled by Dave Geis’ continuing service on the boards. Geis, Susan G. Judd and Joseph M. Black Jr. were all re-elected for board terms. In his new role as President/CEO, Veatch will also join BSI’s and JCB’s boards of directors.
In other exciting news related to facilities’ investments, Chief Administrative Officer and SVP Susan Haskett provided updates on expansion in the Bloomington market with a loan and financial planning office scheduled to open in May. She also announced that one of JCB’s three full-service banking centers in Columbus, Clover Center, will close on July 8, and will re-open on Central Avenue near Kroger Marketplace on July 10. In addition to new services planned for that location, such as Investor Services, a drive thru and customer-focused how-to sessions, Haskett shared that the hours there will be expanded to better serve JCB customers.
Bancorp. of Southern Indiana is a one bank holding company whose wholly-owned subsidiary, JCB, has been an independent financial leader for nearly 117 years, providing a full range of traditional banking and other relevant services to their customers. A $497 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 nine convenient locations in four Southern Indiana counties, JCB is committed to helping its customers and communities fulfill dreams and achieve goals. For more information, visit www.jcbank.com.