BANCORP. OF SOUTHERN INDIANA ANNOUNCES 2023 PERFORMANCEAT ANNUAL STOCKHOLDER MEETING
SEYMOUR, Ind. — 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.
Veatch reported that total assets for the year increased $134.1 million to $953.3 million as of
December 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.
President Veatch overviewed several exciting 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 South SR 135, opened on April 28, 2023, along with the Greensburg Banking Center in
Decatur County, located at 1035 North Lincoln Street, which opened on December 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.
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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.”