Thomasville Bancshares, Inc. Announces Second Quarter 2024 Results

Rhea-AI Summary

Thomasville Bancshares, Inc. (OTC PINK: THVB) reported strong financial results for Q2 2024. Net income increased 15% to $10,206,006, while year-to-date net income rose 10% to $19,563,994. Earnings per share for the first six months were $3.10. The company achieved impressive YTD returns, with a 2.28% Return on Average Assets and a 25.06% Return on Average Tangible Equity.

Total assets grew to $1.765 billion, up $185 million year-over-year. Loans increased by 10.3% to $1.472 billion. The company's regulatory capital stood at $166 million, representing 9.51% of assets. TNB Financial, the company's trust and investment services provider, now manages over $4 billion in client assets.

Positive

• Net income increased 15% year-over-year to $10,206,006 in Q2 2024
• Year-to-date net income rose 10% to $19,563,994
• Earnings per share for the first six months were $3.10
• Return on Average Assets of 2.28% and Return on Average Tangible Equity of 25.06%
• Total assets grew by $185 million to $1.765 billion year-over-year
• Loans increased by 10.3% to $1.472 billion year-over-year
• Regulatory capital at $166 million, representing 9.51% of assets
• TNB Financial now manages over $4 billion in client assets

Negative

• None.

THOMASVILLE, Ga., July 25, 2024 (GLOBE NEWSWIRE) -- Thomasville Bancshares, Inc. (OTC PINK: THVB), the parent company of Thomasville National Bank and TNB Financial Services, today announced financial results for the quarter ended June 30, 2024.

Second Quarter 2024 Highlights

• Net Income for the quarter of $10,206,006 compared to $8,846,207 for the same period last year, an increase of 15%.
  
  
• YTD Net Income of $19,563,994 compared to $17,695,392 for the same period in 2023, an increase of 10%.
  
  
• Earnings per share for the first six months were $3.10.
  
  
• YTD Return on Average Assets of 2.28% and Return on Average Tangible Equity of 25.06%.
  
  
• Total Assets of $1.765 billion, an increase of $185 million over the same period in 2023.
  
  
• Loans grew $137 million to $1.472 billion, a 10.3% increase year-over-year.
  
  
• Regulatory Capital was $166 million or 9.51% of assets.
  
  
• TNB Financial, provider of trust and investment services, now has client assets over $4 billion.
  

Stephen H. Cheney, Chairman and CEO, said, “We are pleased to report our strong financial performance for the second quarter ended June 30, 2024. We believe that our Bank is well positioned to continue this strong performance in the second half of 2024 and beyond.”

Charles H. Hodges III, President, commented on the loan growth, “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 allowing us to achieve solid growth while maintaining excellent credit quality.”

The Bank’s regulatory capital as of June 30, 2024, was $166 million or 9.51% of total assets, well above the 5% capital level considered to be well capitalized by regulators. “Our capital is strong and increasing.” stated Cheney. “A strong capital position is certainly important and is one of our Bank’s strengths.”

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 $1.765 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 7^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 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.

FAQ

What was Thomasville Bancshares' (THVB) net income for Q2 2024?

Thomasville Bancshares (THVB) reported a net income of $10,206,006 for Q2 2024, representing a 15% increase compared to the same period last year.

How much did THVB's loans grow in Q2 2024 compared to the previous year?

THVB's loans grew by $137 million to $1.472 billion, representing a 10.3% increase year-over-year.

What was Thomasville Bancshares' (THVB) earnings per share for the first half of 2024?

Thomasville Bancshares (THVB) reported earnings per share of $3.10 for the first six months of 2024.

What was THVB's regulatory capital as of June 30, 2024?

THVB's regulatory capital as of June 30, 2024, was $166 million, representing 9.51% of total assets.