Staff Reports
SEYMOUR — Bancorp of Southern Indiana (BSI), parent company of JCB, has announced a split of its common shares in the ratio of three shares for each one share.
Marvin S. Veatch, vice president and treasurer, said with the gradual increase in the company’s market price over several years, the company deemed it time to split the stock, which is expected to benefit stockholders.
In addition, the company reported earnings of $3.26 million for 2015, representing a decrease of $491,000, or 13.1 percent from last year’s $3.751 million. This was primarily attributed to continuing net interest income compression and a year-over-year change in provision expense.
BSI’s assets totaled $494.9 million at year-end 2015, with total deposits increasing about $18.1 million on a year-over-year-basis, while net loans increased about $13.5 million during the same time frame.
Earnings per share amounted to $7.21 compared with $8.29, respectively, a decrease of $1.08 per share. Return on average equity was 7.14 percent for 2015 vs. 8.78 percent for 2014.
During the annual stockholder meeting, the company announced John D. Britton and James A. Johnson will retire from directorship of BSI and JCB effective January, 2017.
In addition, stockholders re-elected directors David L. Bottorff, John D. Britton and Warren L. Forgey and elected Marshall E. Royalty for the first time, all for three-year terms.
BSI Chairman of the Board James T. McCoy also announced at the meeting that JCB President and CEO” David M. Geis will retire in April, 2017 after nearly 36 years leading JCB. Leadership of BSI and JCB will go to Veatch, and effective immediately, Veatch will hold the position of chief operating officer, responsible for day-to-day operations.
Veatch has served JCB as senior vice president and chief financial officer for 14 years. He also serves as secretary of the JCB board of directors. He will relinquish his title and responsibilities as chief financial officer once a new CFO is hired and a formal search for the replacement is underway.
