SEYMOUR — Marvin S. Veatch, president of Bancorp. of Southern Indiana (BSI) and president/CEO of JCBank, announced 2023 consolidated net earnings of $6,810,000 which resulted in Return on Average Equity and Return on Average Asset measures of 10.26% and 0.77%, respectively. The current year’s earnings resulted in $5.04 per share. The results were announced at the company annual meeting.
Veatch reported that total assets for the year increased $134.1 million to $953.3 million as of Dec.31, 2023, an increase of 16.4% over 2022. Total deposits grew $52.1 million year-over-year, or 7.56%. Total outstanding loan balances grew at a double-digit pace of 23.4%, ending the year with approximately $749.1 million in outstanding loan balances.
Shareholders re-elected directors Mark A. Dennis, Darren A. Royalty, and Brian P. Russell for additional three-year terms.
Chairman of the Board, Warren Forgey, stated the importance of succession planning and noted in anticipation of the retirement of two long-term board members, two new board members, Billy L. Bemis and Dr. Eric D. Fish, were elected to the board of directors of Bancorp. of Southern Indiana and JCBank.
Veatch overviewed several accomplishments and investments made in the organization throughout 2023, most notably the construction and opening of two new market full-service banking centers.
The Stones Crossing Banking Center in Johnson County, located at 2871 S. State Road 135, opened on April 28, 2023, along with the Greensburg Banking Center in Decatur County, located at 1035 N. Lincoln St., which opened on Dec. 18, 2023.
Veatch also reported future banking center expansion plans in Bloomington with the company completing a property purchase in early 2023. Veatch also shared the acquisition of Vision Financial Group was also completed in early 2023 and noted the additional investment professionals are knowledgeable and have a proven track record in delivering investment products and services which is central in expanding the bank’s wealth management division, JCB Investment Services.
Veatch also overviewed additional investments in risk management programs and technology-related initiatives including the redesign of the JCBank website, along with upgrades to enhance disaster recovery, cybersecurity, compliance, and fraud detection.
Veatch concluded the meeting by announcing that JCBank had been named a 2024 Best Places to Work in Indiana recipient by the Indiana Chamber of Commerce.
Veatch stated this recognition honors employers that are doing things right and creating cultures that make team members proud to be part of that organization. Veatch commented, “Being a recipient of the prestigious recognition is validation of our continuous efforts to be considered an “Employer of Choice” in Indiana. I am incredibly proud of the entire JCBank team for their hard work and dedication in making JCBank one of the best places to work in Indiana.”
