NAVIGATING THE NEW NORMAL - BIPPUS STATE CORPORATION ANNUAL SUMMARY - Bippus State Bank
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NAVIGATING
THE NEW
NORMAL
BIPPUS STATE CORPORATION
ANNUAL SUMMARY
DIRECTORS OFFICERS MANAGERS
RYAN M. WARNER RYAN M. WARNER DANIELLE L. SHAW
Chairman Chief Executive Officer Branch Manager | Huntington
Bippus State Corporation 150 Hauenstein Road, Huntington IN
ERIC D. FAWCETT
1303 S. Jefferson Street, Huntington IN
President
CHRIS A. STEPHAN 260.356.8900
Vice Chairman DAVID J. CUNNINGHAM CPA MBA
Owner Chief Financial Officer ANNETTE Y. AYRES
Stephan DRP, Inc. Branch Manager | North Manchester
DANIELLE L. SHAW
106 West Street, North Manchester IN
Board Secretary
MATTHEW M. WILCOX 260.982.6200
Senior Vice President
Owner
Apollo Caster, Inc. ANNETTE M. CURTON MATHEW J. QUICKERY
Senior Vice President Branch Manager | Roanoke
JULI M. JOHNSON Compliance Officer 577 Geiger Drive, Suite A, Roanoke IN
President 260.672.2265
ADAM E. FUSSELMAN
Parkview Huntington Hospital
Senior Vice President
PATTI J. BUSTOS
RYAN L. JOHNSON WILLIAM A. WINTER Branch Manager | Warren
Owner Senior Vice President 1104 Huntington Avenue, Warren IN
Johnson Petroleum, Inc. 260.375.2265
STACY L. WILEY
Controller
JOSEPH K. WILEY
Operations Manager
Attorney BSB INVESTMENTS
Bowers, Brewer, Garrett & Wiley CHRISTOPHER T. SAYLOR 150 Hauenstein Road, Huntington IN
Information Security Officer 260.356.9794
JEFFREY S. MIZE 877.653.8900
KENDALL A. GREEN
CEO
Senior Credit Analyst
Ag Plus, Inc.
KARI J. GISH
ERIC D. FAWCETT Loan Officer
President
SANDY H. HACKER
The Bippus State Bank
Loan Officer
ANDREW D. RENSBERGER
Loan Officer
RYAN D. CARROLL
Mortgage Loan Officer
ELIZABETH A. MCCLELLAN
Mortgage Loan Officer
Whoever imagined wearing a mask into a bank
would be welcomed? Oh. Hello, 2020.
DEAR SHAREHOLDER:
2020 was the year the COVID-19 pandemic We were able to assist small businesses that
caused our lives to be turned upside down. were harmed by the COVID-19 pandemic by
Masks and social distancing were our new daily providing Paycheck Protection Program funding
routines. Our lives seemed to change every day through the Small Business Administration. The
and our challenge was to navigate how we best bank funded just over $16.5 million dollars to
live our lives in a safe manner. The bank had to 222 small businesses.
adapt to new ways of providing our products and
services to our customers, while trying to keep Our in-house loan portfolio continues to grow
employees safe. Lobby closures, employees with delinquencies at an all-time low. A strong,
working from home for extended periods and growing loan portfolio is directly contributable to
COVID outbreaks within our facilities were the bottom line of the bank. Developing strong
challenges we faced throughout 2020. However, relationships within the markets we serve allows
with challenges come opportunities to improve us to continue to grow the loan portfolio and
how we operate as a bank and community reinvest in these markets.
resource. Our mobile deposit and Internet
banking delivery channels saw increased use as Going forward the bank needs to continue
customers found new ways to bank while our finding ways to remain relevant. The old saying
lobbies were closed, and we implemented E-sign goes, “if you are not growing you are dying” and
as a part of our delivery channels for customer I find that saying to be very true. Management
signatures on loan and deposit documents. is continually looking for new markets to serve
as a strategy to grow the bank. We cannot be
complacent with status quo.
Overall, as uncertain as 2020 was, I am proud to
say Bippus State Bank is better positioned to Community banking continues to be a viable
succeed going into the future. industry as proven by how smaller community
banks stepped up to serve its communities during
this pandemic. Part of our mission statement is
For the second year in a row the bank set record “The Bippus State Bank is committed to remaining
earnings in 2020 of $5,538,000 compared an independent bank.” That is just what we plan
to $3,639,000 in 2019. Total Assets reached to do going into the future. We want to be “THE”
$220,160,000 in 2020 compared to $189,902,000 bank for every citizen in each of the communities
in 2019. Total Deposits reached $194,353,000 in we serve.
2020 compared to $168,162,000 in 2019.
On a final note, all of this is possible because of
Non-interest income was also higher in 2020 our employees who are second to none in their
as our 1-4 Family Secondary Market programs commitment, dedication, and professionalism. I
continue to produce at very high levels. We cannot express to you how much I appreciate
ended the year with $189,784,379 in our everything they did for the bank and our
serviced loan portfolio, an increase of nearly 47 customers in 2020 during a very stressful time.
percent from the prior year. Gains on sales of Thank you for supporting The Bippus State Bank,
mortgages and loan fees generated $3,900,000 and I wish each of you a safe and healthy 2021.
of non-interest income in 2020, an increase of
$2,779,000 from the previous year.
Eric D. Fawcett
President | The Bippus State Bank
BIPPUS STATE CORPORATION
CONSOLIDATED BALANCE SHEETS IN THOUSANDS
ASSETS 31 DEC. 2020 31 DEC. 2019
Cash and due from depository institutions $ 8,630 $ 9,455
Available For Sale (AFS) securities 27,847 26,057
Allowance for unrealized gain (loss) on AFS securities 861 138
Loans and leases, net of unearned income 173,439 144,789
Allowance for loan and lease losses (1,481) (1,397)
Net bank premises and fixed assets 3,149 3,468
Other assets 7,715 7,392
TOTAL ASSETS 220,160 189,902
LIABILITIES
Non-interest bearing deposits 36,389 28,556
Interest bearing deposits 151,204 131,621
Federal funds purchased 0 0
Repurchase agreements 3,489 1,679
Federal Home Loan Bank advances 1,000 4,500
Other liabilities 2,271 1,806
TOTAL LIABILITIES 194,353 168,162
EQUITY CAPITAL
Common stock 1,627 1,627
Retained earnings 25,715 22,164
Treasury stock (2,396) (2,189)
Net unrealized gain (loss) on AFS securities 861 138
TOTAL EQUITY CAPITAL 25,807 21,740
TOTAL LIABILITIES AND CAPITAL $ 220,160 $ 189,902
BIPPUS STATE CORPORATION
CONSOLIDATED INCOME STATEMENTS IN THOUSANDS
INTEREST INCOME 31 DEC. 2020 31 DEC. 2019
Interest on loans $ 8,248 $ 7,478
Interest on securities 566 706
Other interest income 3 22
TOTAL INTEREST INCOME 8,817 8,206
INTEREST EXPENSE
Interest on deposits 556 767
Other interest expense 59 108
TOTAL INTEREST EXPENSE 615 875
NET INTEREST INCOME 8,202 7,331
PROVISION for LOAN and LEASE LOSSES 908 167
NON-INTEREST INCOME
Service charges on deposit accounts 282 321
Loan servicing fees & gain on loan sales 3,900 1,121
Other non-interest income 726 613
Realized gain (loss) on AFS securities 53 (10)
TOTAL NON-INTEREST INCOME 4,961 2,045
NON-INTEREST EXPENSE
Salaries and employee benefits 3,594 2,878
Occupancy expenses 936 579
Depreciation and amortization 391 358
Other operating expense 1,796 1,755
TOTAL NON-INTEREST EXPENSE 6,717 5,570
NET INCOME $ 5,538 $ 3,639BIPPUS STATE CORPORATION
CONSOLIDATED CHANGES IN EQUITY CAPITAL IN THOUSANDS
Unrealized
Gain (Loss) Total
Common Retained Treasury on AFS Equity
Stock Earnings Stock Securities Capital
BALANCE: 31 DEC. 2019 $1,627 $22,164 ($2,189) 138 $21,740
2020 Net Income 5,538 5,538
Change in unrealized gain (loss) on AFS securities 724 724
Treasury stock transactions (207) (207)
ESOP Loan 46 46
Distributions paid to shareholders (2,034) (2,034)
BALANCE: 31 DEC. 2020 $1,627 $25,714 ($2,396) 862 $25,807
BIPPUS STATE CORPORATION
CHANGES IN ALLOWANCE for LOAN & LEASE LOSSES IN THOUSANDS
31 DEC. 2020 31 DEC. 2019
Previous year-end balance $ 1,397 $ 1,348
Recoveries 97 25
Less charge-offs (921) (143)
Provision for loan and lease losses 908 167
CURRENT YEAR-END BALANCE $ 1,481 $ 1,397
BIPPUS STATE CORPORATION
PAST DUE & NON-ACCRUAL LOANS IN THOUSANDS
31 DEC. 2020 31 DEC. 2019
PAST DUE 90 DAYS OR MORE AND ACCRUING
Real estate loans $ 0 $ 0
Commercial and industrial loans 0 0
Consumer loans 0 0
TOTAL $ 0 $ 0
NON-ACCRUAL
Real estate loans $ 138 $ 211
Commercial and industrial loans 236 684
Consumer and other loans 470 0
TOTAL $ 844 $ 895
This statement has not been reviewed or confirmed for accuracy
or relevance by the Federal Deposit Insurance Corporation.CONNECTIONS
It’s our privilege to serve and support
the ongoing initiatives of many community
based organizations doing good work — a
tradition that began with our founders and
one that we proudly carry forward. Here is
a partial list of organizations we were able
to assist in 2020:
American Cancer Society Love INC of Huntington County
Bippus Fire Department Manchester Alive
Blessings in a Backpack Manchester Jr/Sr HS
Dan Quayle Center & Museum National Wild Turkey Foundation
FFA New Life Ministries
Grow Wabash County North Manchester Public Library
Habitat for Humanity NWTF Flint Springs Chapter
HARTA Parkview Huntington Family YMCA
Historic Forks of the Wabash Parkview Huntington Hospital Foundation
HNHS Post Prom Riley’s Children Foundation
HNHS Show Choir Roanoke Beautification
Honeywell Foundation Roanoke Fireworks
Huntington County 4-H Association Roanoke Tractor Pullers Association
Huntington County Baseball Rolling into Roanoke
Huntington County Baseball Inc Saint Joseph Church
Huntington County Community Foundation United Way of Huntington County
Huntington County Council on Aging Viking Pride
Huntington County Fireworks Warren Area Chamber of Commerce
Huntington County Humane Society Warren Fireworks
Huntington North High School Warren Food Pantry
Huntington Police Athletic Club West Central Neighborhood Foundation
Huntington University Whitetails Unlimited
Junior Achievement Whitley County 4-H Foundation
Lagro Canal Foundation Youth Services BureauMISSION
The Bippus State Bank is committed to
remaining an independent bank while
providing premium financial products
and services to the communities
that we serve. Further, we are
committed to promoting
economic growth and
stability within these
communities.
Please remember that we offer secure online and mobile
banking options to help you stay safe while
at home or on the go.©2021 BIPPUS STATE CORPORATION, BIPPUS STATE BANK.
MEMBER FDIC. EQUAL HOUSING LENDER
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