The Board of Directors of Thomasville Bancshares, Inc., the holding company of Thomasville National Bank and TNB Financial Services have declared a cash dividend and have set the date for the annual meeting of shareholders. A cash dividend of $.50 per share will be paid on July 2, 2020 to all shareholders of record as of June 15, 2020.
In announcing the dividend, the Company’s Chairman and CEO Stephen H. Cheney stated that “During this challenging time, we are pleased the strength of our Bank allows us to continue our tradition of paying a dividend in July to our shareholders.”
Cheney also stated “Over the last 25 years 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-one years, TNB has paid $56 million in dividends to local shareholders.
The annual meeting of shareholders, normally held in May, was postponed due to the Governor’s state of emergency orders. The annual meeting has been rescheduled for July 15, 2020. Shareholders will receive their annual meeting materials by mail on June 25, 2020. More details about the meeting will be announced at a later date.
The Bank also reported results for the first three months of 2020. For the period ending March 31, 2020 net income was $4,855,136, a 6% increase over the same period last year, and a 21.4% return on average shareholders’ equity. Total assets at quarter end were $1.002 billion, an increase of $46 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 “Our ability to quickly respond to our customers’ loan needs with a common sense approach continues to separate us from the trends of the banking industry and is enabling us to achieve solid loan growth and maintain excellent credit quality.”
The Bank’s total Regulatory Capital as of March 31, 2020 was $93 million or 9.32% 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.”
Thomasville Bancshares, Inc. was founded in 1995 as the holding company for Thomasville National Bank. Today the Bank has total assets of over $1.002 billion. TNB was named one of Georgia’s Top Ranked Banks in each of the last three years in the Georgia Bank Performance Report and was recently recognized by American Banker magazine as one of the Top 200 Community Banks in the country, ranked 4th in the nation based upon three years average return on shareholders’ equity. The Bank’s investment division, TNB Financial Services, now has client assets over $2.6 billion under advisement and provides financial planning, investments, trust, brokerage and other related financial services. They now have offices located in Georgia, Florida, South Carolina, Texas and Illinois. The Company is headquartered in Thomasville, Georgia and has over 800 local shareholders.