Bippus State Corporation, the holding company for The Bippus State Bank, reported record net income of $3.7 million, or $7.73 per share for the twelve months ended December 31, 2019, an increase of $427 thousand (13.05%), from the twelve months ended December 31, 2018. For the twelve months ended December 31, 2019, the return on average assets (ROA) for the bank was 2.04% and return on average equity (ROE) was 18.54%, compared to the twelve months ended December 31, 2018 ROA of 1.93% and ROE of 18.78%.
For the quarter ended December 31, 2019, the Bank’s net income totaled $1.02 million, or $3.18 per share, an increase of $220 thousand (27.36%), from the quarter ended December 31, 2018.
The Bippus State Bank is proud to announce a record earnings year. The 2019 annual record earnings were driven by net interest income, increasing 10.16%, and non-interest income, increasing 6.35%. “The increase in net interest income is attributable to a strategy of growing 1-4 Family Real Estate, Commercial/Agricultural loan portfolios and core deposits from the markets we serve. In addition, the bank actively manages the mix of its assets and liabilities, asset yields and funding costs to lessen the impact to the net interest margin. The increase in non-interest income benefited from continued expansion of mortgage banking and retail banking services,” said Eric Fawcett, President. “Additionally, we are excited to celebrate our 109th year of community banking in 2020. We have had the sincere honor of serving our customers and communities for over a century. As we continue to grow, we are committed to service and excellence for the long term,” Fawcett added.
Bippus State Corporation is headquartered at 150 Hauenstein Road, Huntington, Indiana. The company offers a full array of banking and investment services to its customers through its main office in Huntington and four full-service Indiana offices in Huntington, Roanoke, North Manchester and Warren.