The mission of Thomasville Bancshares, Inc. is to operate a strong, profitable business while serving the banking and investing needs of our community. Our goal is to protect our customers’ deposits, preserve and enhance their investments, meet their credit needs and promote economic development in our community. We strive to generate strong and consistent returns on our shareholders’ investment by employing the best bankers and providing an environment that encourages them to make decisions and solve problems. We intend to be Georgia’s most successful financial institution as measured by long-term shareholder return.
Thomasville Bancshares, Inc., a Georgia company, was established in March 1995 to act as the holding company of Thomasville National Bank. The Bank opened its doors in October 1995 and currently operates two full-service banking offices in Thomasville, Georgia. In September 2010, the Bank opened a full-service division in St. Simons Island, Georgia under the name St. Simons Bank & Trust. In April 2020, the Bank opened a full-service division in Tallahassee, Florida under the name Tallahassee National Bank.
In 2021, Thomasville National Bank was ranked 4th nationally in American Banker magazine’s Top 200 Community Banks based on three-year average return on average equity.
TABLE OF CONTENTS
LETTER TO SHAREHOLDERS 7
FINANCIAL HIGHLIGHTS 12
INCOME STATEMENTS 17
OVERALL RESULT 18
STATEMENTS OF EQUITY 19
CASH FLOW STATEMENTS 20
BOARD OF DIRECTORS AND OFFICERS 21
The Bank’s Trust & Investment division, TNB Financial Services, was established as an operating subsidiary in September 2001 as a Georgian company with trust powers. In July 2002, Thomasville Bancshares acquired Joseph Parker & Company, Inc., a Georgian corporation and federally registered investment advisory firm located in Thomasville. In March 2004, the two investment entities merged and are now a division of Thomasville National Bank.
In 2010, TNBFS expanded its geographic footprint through a “zero cost” (revenue share) acquisition in College Station, Texas. Subsequent acquisitions were made in Illinois, Ohio, South Carolina and Georgia.
Today, TNBFS has assets under review (trust, brokerage, custody and investment management) totaling $3.9 billion, generating annual revenues of $15 million.
Although we never had a defined expansion strategy,
we’ve been fortunate to partner with talented and passionate bankers and investment professionals in other dynamic markets that enhance the
TNB team and offers both product and market diversification. Today, TNB
Financial, St. Simons Bank & Trust and Tallahassee National Bank are all thriving, generating strong profits in 2021 and enabling our business
great opportunity for continued growth in the future.
At TNB, we believe our unique culture drives exceptional performance. Since
A CULTURE OF EMPOWERMENT
FROM LEFT TO RIGHT:
HOLLIE W. LLOYD / EXECUTIVE VICE PRESIDENT, CFO JOEL W. BARRETT / PRESIDENT – TNBFS
CHARLES H. HODGES, III / PRESIDENT
the way we make loans, to our work environment, we believe that every
team member must be empowered to help the customer.
STEPHEN H. CHENEY / PRESIDENT, CEO
PHILLIP H. DAVIS, Jr. / SENIOR VICE PRESIDENT – TNBFS HANK A. STONE / EXECUTIVE VICE PRESIDENT
TO OUR SHAREHOLDERS, CUSTOMERS AND FRIENDS
After dealing with the unexpected challenges of 2020, we all hoped things would return to normal in 2021, but many of the same issues persisted. Covid continued to impact our lives, both personally and professionally, interest rates remained at historic lows and unprecedented government stimulus measures presented an economy that was very difficult to navigate. Fortunately, our local economy remained strong and our talented TNB bankers – operating within our unique culture – once again delivered outstanding results for our shareholders.
In order to consistently outperform our competitors, we must be willing to act and think differently. Most other banks today have identical processes and procedures and are therefore basically indistinguishable. At TNB, we don’t fit that mold. We empower our bankers at all levels to make decisions using their best judgment to deliver exceptional customer service. Our loan officers make lending decisions using their local knowledge and common sense. We are more determined than ever to avoid unnecessary bureaucracy in our activities. This is our “culture”. It’s unique and that’s what makes us successful!
Below is a summary of our financial performance in 2021:
WE DO THINGS DIFFERENTLY
At TNB, we don’t fit into a mould. We empower our bankers at all levels to make decisions and exercise good judgment to deliver exceptional customer service. Our loan officers always make lending decisions using their local knowledge and common sense. We are more determined than ever to avoid unnecessary bureaucracy in our activities.
Net income for the year increased 19% to $23.1 million ($3.74 per share) compared to $19.4 million ($3.14 per share) in 2020. The performance of average assets were 1.72% and return on equity was 21.11%. Historically low interest rates continued to negatively impact our net interest margin – our largest source of revenue. Fortunately, the combination of significant loan and deposit growth, the absence of loan losses and excellent operational efficiency allowed us to overcome the margin squeeze and post a strong increase in profits. We also generated record revenues and profits from both our mortgage division and TNB Financial, our trust and investment subsidiary.
The year 2021 has been a period of extraordinary growth for our Bank and for most of the banking sector. Our total assets at year-end were $1.46 billion, compared to $1.23 billion
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