SEYMOUR — Bancorp of Southern Indiana, holding company for its wholly owned subsidiary JCB, announced consolidated net earnings of $3.356 million for 2016, representing a 2.9 percent increase from the previous year.
Earnings per share were $2.47 in 2016, an increase of 7 cents over the prior year, said David M. Geis, president of Bancorp of Southern Indiana, who presided over his final annual stockholders meeting before retiring.
Bancorp of Southern Indiana’s assets totaled $497.775 million at year-end 2016, said Marvin S. Veatch, CEO and president of JCB. Outstanding gross loan balances grew to $332.297 million in 2016, an increase of $23.549 million or 7.6 percent, and was a significant driver in the $1.051 million year-over-year increase in net interest income recorded in 2016.
James T. McCoy, board chairman, congratulated Geis on his retirement and Veatch on his succession to the president and CEO role, also thanking two long-term board members who had reached mandatory retirement age for their service last year, James A. Johnson and John D. Britton.
Their positions have been filled by Marshall E. Royalty and Brian P. Russell.
In 2018, another board member, David L. Bottorff, will retire, and his role will be filled by Geis’ continuing service on the boards. Geis, Susan G. Judd and Joseph M. Black Jr. all were re-elected for board terms. Veatch also will join Bancorp of Southern Indiana and JCB’s board of directors.
During the stockholder meeting, Senior Vice President Susan Haskett announced a loan and financial planning office is scheduled to open in May. Also, one of JCB’s three full-service banking centers in Columbus, Clover Center, will close July 8 and will re-open on Central Avenue near Kroger Marketplace on July 10.
In addition to new services at the Columbus location, including investor services, a drive-through and expanded hours are planned, Haskett said.