Thomasville Bancshares Boosts Annual Dividend 15%, Announces $1.25 Per Share Payout | THVB Stock News from

Thomasville Bancshares Announces Dividend Hike and Share Repurchase Program

Company Raises Annual Dividend by 15% to $1.25 Per Share

Repurchase Authorization of Up to $25 Million in Shares

Thomasville Bancshares, Inc. (THVB), the parent company of Thomasville National Bank, announced today a 15% increase in its annual dividend to $1.25 per share, payable on March 24, 2023, to shareholders of record as of March 10, 2023.

The Board of Directors also authorized a share repurchase program of up to $25 million, which will be executed through open market transactions or privately negotiated transactions.

President and CEO Kevin C. Lane stated, "We are pleased to announce this increase in our annual dividend, which reflects our strong financial performance and commitment to returning capital to our shareholders. The share repurchase program demonstrates our confidence in the Company's future and our commitment to enhancing shareholder value."

Company Financial Highlights

Thomasville Bancshares reported strong financial results for the fourth quarter and full year 2022. Net income for the fourth quarter was $5.2 million, an increase of 10.3% compared to the same period in 2021. For the full year, net income was $19.8 million, a 12.6% increase over 2021.

Total assets increased by 6.1% to $1.1 billion as of December 31, 2022, driven by growth in loans and deposits. Loans and leases grew by 7.6% to $793.4 million, while deposits increased by 5.2% to $927.3 million.

Outlook for 2023

Thomasville Bancshares expects continued growth in 2023, supported by its strong local market presence and focus on customer service. The Company anticipates modest loan growth, driven by commercial and residential lending, and an increase in net interest margin.

Kevin C. Lane added, "We are optimistic about the Company's future and believe that our strong financial position, experienced management team, and commitment to serving our customers will enable us to continue delivering value to our shareholders."

Conclusion

Thomasville Bancshares' dividend hike and share repurchase program are positive developments for shareholders, demonstrating the Company's strong financial performance and commitment to enhancing shareholder value. The Company's solid financial foundation and optimistic outlook for 2023 position it well for continued success.