TNB ANNOUNCES DIVIDEND AND FIRST-QUARTER 2024 RESULTS

Rhea-AI Summary

Thomasville Bancshares, Inc. (THVB) announces a cash dividend of $1.05 per share and strong first-quarter 2024 results. The company reported a 6% increase in net income, a 24.74% return on average shareholders' equity, and total assets of $1.743 billion. TNB has experienced significant loan growth and maintains a total Regulatory Capital of $155 million, well above the required level. The Annual Meeting of Shareholders is scheduled for May 14th.

Positive

• Thomasville Bancshares, Inc. (THVB) announces a cash dividend of $1.05 per share.
• First-quarter 2024 results show a 6% increase in net income and a 24.74% return on average shareholders' equity.
• Total assets reach $1.743 billion, with significant loan growth and a strong total Regulatory Capital of $155 million.
• The Annual Meeting of Shareholders is set for May 14th at the Main Office located at 301 N. Broad Street.

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• None.

THOMASVILLE, Ga., April 17, 2024 /PRNewswire/ --  Thomasville Bancshares, Inc. (OTC PINK: THVB), the parent company of Thomasville National Bank and TNB Financial Services, has announced earnings for the first quarter ended March 31, 2024. The company also announced its Board of Directors approved a cash dividend of $1.05 per share. The dividend will be paid on July 3, 2024 to shareholders of record as of June 12, 2024.

In announcing the dividend, the Company's Chairman and CEO Stephen H. Cheney stated that "We are pleased that our Bank's strong financial performance allows us to continue our tradition of paying a dividend in July to our shareholders."

Cheney also stated "As we enter our 29^th year we recognize the support of this community, our shareholders and customers have made our Bank extremely successful. We are very pleased to share the earnings of the Company with the people that made it a reality. One of the most important benefits of a locally owned bank is that the earnings remain in the community." Over the past twenty-four years, TNB has returned over $101 million in dividends to local shareholders.

First-Quarter 2024 Results

The Bank reported results for the first three months of 2024. For the period ending March 31, 2024 net income was $9,357,988 a 6% increase over the same period last year, and a 24.74% return on average shareholders' equity. Total assets at quarter end were $1.743 billion, an increase of $178 million over the previous year. The Bank has also experienced strong loan growth. Total loans have increased over $116 million over the last twelve months. In commenting on this growth, the Bank's President Charles H. Hodges, III stated that "Enabled by experienced and empowered bankers, our ability to quickly respond to our customers' needs with a common sense approach continues to separate us from the trends of the banking industry and is enabling us to achieve solid growth while maintaining excellent credit quality."

The Bank's total Regulatory Capital as of March 31, 2024 was $155 million or 9.04% of total assets, well above the 5% capital level considered to be well capitalized by the regulators. "Our capital is strong and increasing." stated Cheney. "A strong capital position is certainly important and is one of our Bank's strengths."

The Annual Meeting of Shareholders will be held on May 14^th at the Main Office located at 301 N. Broad Street.

About Thomasville Bancshares, Inc., and Thomasville National Bank

Thomasville Bancshares, Inc. was founded in 1995 as the holding company for Thomasville National Bank. Today the Bank has total assets of over $1.743 billion. TNB was the #1 ranked bank in Georgia in overall performance (2023 GBA Bank Performance Report) and was recently recognized by American Banker magazine as one of the Top 200 Community Banks in the country, ranked 9^th in the nation based upon three years average return on shareholders' equity. The Bank's trust and investment division, TNB Financial Services, has client assets over $4.5 billion under advisement and provides financial planning, investments, trust, brokerage, and other related financial services. TNBFS has offices located in Georgia, Florida, South Carolina, Illinois, and Ohio. The Company is headquartered in Thomasville, Georgia and has over 800 local shareholders. Thomasville National Bank is Member FDIC and an Equal Housing Lender. For more information, call 229-226-3300, or visit online at www.tnbank.com.

View original content:https://www.prnewswire.com/news-releases/tnb-announces-dividend-and-first-quarter-2024-results-302120174.html

SOURCE Thomasville Bancshares, Inc.

FAQ

What is the cash dividend per share announced by Thomasville Bancshares, Inc. (THVB)?

Thomasville Bancshares, Inc. (THVB) announced a cash dividend of $1.05 per share.

What was the percentage increase in net income for the first quarter of 2024 compared to the same period last year for THVB?

The net income for the first quarter of 2024 was $9,357,988, reflecting a 6% increase over the same period last year for THVB.

What is the total Regulatory Capital as of March 31, 2024 for THVB?

The total Regulatory Capital as of March 31, 2024 for THVB was $155 million, representing 9.04% of total assets.

When is the Annual Meeting of Shareholders scheduled for THVB?

The Annual Meeting of Shareholders for THVB is set for May 14th at the Main Office located at 301 N. Broad Street.