Marvin S. Veatch, President of BSI and President/CEO of JCB, announced consolidated net earnings of $4,319,000 for 2018, representing an increase of $1,032,000, or 31.4%, over 2017 results. Earnings per share also increased 31.4% over the prior year to $3.18 per share in 2018.
Veatch reported that as of December 31, 2018, BSI’s assets totaled $569,673,000, an increase of $56,044,000, or 10.9%, over 2017. Outstanding gross loan balances grew to $420,926,000, an increase of $53,102,000, or 14.4% during 2018. This 2018 loan growth was a significant driver in the 16.6% year-over-year increase in net interest income recorded for the year.
Stockholders also re-elected directors Warren L. Forgey, Marshall E. Royalty and Marvin S. Veatch for additional three-year terms.
President Veatch highlighted numerous accomplishments in 2018 and investments in the organization which included management realignment and the hiring of new team members, various marketing initiatives to increase brand awareness and the expansion of two JCB offices to full-service banking centers, in North Vernon and Bloomington.
Bancorp. of Southern Indiana is a one bank holding company whose wholly-owned subsidiary, JCB, has been an independent financial leader for nearly 119 years, providing a full range of traditional banking and other relevant services to their customers. A $569 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.