SEYMOUR — Bancorp of Southern Indiana and JCB have announced record consolidated net earnings of $6,955,000 for 2020, representing an increase of $1,421,000 or 25.7% over 2019 results.
Earnings per share also increased 25.5% over the prior year to $5.12 per share in 2020.
BSI’s assets totaled $706,613,000, an increase of $115,103,000 or 19.5% over 2019.
Outstanding gross loan balances grew to $503,636,000, an increase of $66,526,000 or 15.2% during 2020. The 2020 loan growth was a significant driver in the 8.0% year-over-year increase in net interest income recorded for the year.
Warren L. Forgey, BSI chairman of the board, delivered a tribute to past Chairman James T. McCoy, who died in August, and honored his more than 47 years of service on JCB’s board of directors. He noted McCoy was the third-longest tenured board member in JCB’s 120-year history.
Forgey also shared during the virtual shareholders meeting that McCoy was honored posthumously and elected as Director Emeritus by the board.
Stockholders re-elected directors Mark A. Dennis, Darren A. Royalty and Brian P. Russell for additional three-year terms.
Marvin S. Veatch, president of BSI and president and CEO of JCB, listed organizational accomplishments during 2020. Investments included the remodeling of the West Hill and Washington Street Banking centers in Columbus as well as the Jackson Park banking center in Seymour. ATMs were updated across JCB’s south-central Indiana Service area, and mortgage banking operations and capabilities were expanded, he said.
JCB also originated 300 Paycheck Protection Program loans to area businesses, totaling $28.4 million, in addition to donating supplies and financial assistance to numerous local organizations to aid relief efforts.
“The JCB team became even stronger while they navigated this pandemic,” Veatch said. “Their resiliency and determination didn’t let COVID-19 get int he way of continuing to deliver exceptional service levels to our existing customers while also developing and cultivating new business relationships throughout the year.”
For more information, visit jcbank.co
