SEYMOUR — JCB has announced consolidated net earnings of $5,534,000 for 2019, representing an increase of $1,215,000 or 28.1%, over 2018 results.
Earnings per share also increased 28.3% over the prior year to $4.08 per share in 2019.
Marvin S. Veatch, president of Bancorp of Southern Indiana and President and CEO of JCB, said as of Dec. 31, BSI’s assets totaled $591,510,000 an increase of $21,837,000 or 3.8% over 2018. Outstanding gross loan balances grew to $437,110,000 an increase of $16,184,000 or 3.8% during 2019. The 2019 loan growth was a significant driver in the 8.5% year-over-year increase in net interest income recorded for the year.
Warren L. Forgey assumed chairman of the board duties from James T. McCoy, who had served as chairman for 14 years and continues as a board member. Stockholders also re-elected directors Joseph M. Black Jr., David M. Geis and Susan G. Judd for additional three-year terms.
JCB also added three new members of the senior leadership team, renegotiated vendor contracts to gain operational efficiencies and expanded the North Vernon and Bloomington offices to full-service JCB banking centers in 2019.
Bancorp of Southern Indiana is a one bank holding company whose wholly-owned subsidiary, JCB, has offices in southern Indiana, including Columbus, Bedford, Bloomington, Brownstown, North Vernon and Seymour.
