SEYMOUR, Ind. – Bancorp. of Southern Indiana (BSI), the parent company of Jackson County Bank (JCBank), reported 2023 consolidated net income of $6,810,000, which was 6.1% lower than recorded in the prior year. Earnings per share amounted to $5.04 per share for 2023 and $5.36 per share for 2022.
BSI’s total assets grew to $953,347,000 as of December 31, 2023, an increase of $134,145,000, or 16.4%, over 2022. Total outstanding gross loan balances grew 23.4% to end 2023 at $749,143,000, while total deposits increased 7.6% to $740,345,000 over that same period.
Noninterest income was positively impacted by the increase in fiduciary (wealth management) income. However, this increase was more than offset by the increase in noninterest expense, highlighted by the 2023 investments made in opening two banking centers in Greenwood and Greensburg.
Marvin S. Veatch, President of BSI and President/CEO of JCBank commented, “Despite the higher interest rate environment that prevailed throughout the year giving rise to higher funding costs, the strong loan growth generated throughout the year led to higher amounts of interest earned on assets. Although earnings were slightly lower for the year, the financial results were in line with our budget expectations.”
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