TNB ANNOUNCES EARNINGS AND STOCK REPURCHASE PLAN

THOMASVILLE, Ga., Jan. 24, 2024 /PRNewswire/ -- Thomasville Bancshares, Inc. (OTC PINK: THVB), the parent company of Thomasville National Bank and TNB Financial Services, has announced earnings and operating results for the year ended December 31, 2023. The company also announced that its board of directors has authorized the company to repurchase up to $5 million of its outstanding common stock.

Full Year 2023 Highlights

• Net income increased 30% to $33.5 million, or $5.20 per share, resulting in a 2.14% ROA and a 23.9% ROE.
• Total assets increased $109 million to $1.65 billion.
• Loans grew 12% to $1.42 billion, and deposits grew 7% to $1.43 billion, with over 3,600 new deposit accounts opened.
• Loan loss reserve was 2.42% which is extremely conservative compared to our peers.
• Credit quality remained strong with a non-performing assets ratio of .05% at year end.
• Tier 1 common equity capital ratio was 10.74% at year end.
• TNB Financial (Trust & Investment Subsidiary) had an outstanding year with assets under management of over $4.1 billion generating over $16 million in fee income.
• Increased dividend for the 23^rd consecutive year.

Stephen Cheney, Chairman and CEO, said, "We are obviously very proud of the Bank's performance in 2023. Propelled by strong growth, especially in loans, coupled with our excellent operating efficiency, we achieved record earnings. It is important to note that the rates we charge our customers on loans are actually lower than our peers, while the rates we pay on deposits are higher. This creates a win-win and makes our earnings sustainable. We also benefited from our long-standing discipline of keeping our bond portfolio very short (average life less than one year). This helped avoid the significant losses in the bond portfolio that negatively impacted most banks."

Bank President, Bert Hodges stated, "Our resilient culture that empowers our bankers to be creative thinkers has become extremely unique in our industry. This continues to set us apart and has led to superior credit quality, solid customer loyalty, and excellent opportunities for growth. The talent, pride and competitive spirit of our bankers makes us more confident than ever about the future of TNB."

The authorized stock repurchase plan which will occur over the next twelve months, will be made in accordance with applicable securities and other federal and state laws and may be made from time to time in the open market or in privately negotiated transactions. The amount and timing of the repurchase will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares.

In commenting on the common stock repurchase plan, Stephen Cheney, CEO stated "We continue to see a substantial opportunity for value creation in our Company over the long term. The strength of our business model, balance sheet and cash flow enable us to continue investing for the long term, while also opportunistically buying back stock through our repurchase plan."

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 $1.65 billion. TNB was named to the list 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 9^th in the nation based upon three years average return on shareholders' equity. The Bank's trust and investment division, TNB Financial Services, now has client assets over $4.2 billion under advisement and provides financial planning, investments, trust, brokerage, and other related financial services. TNB Financial Services has offices located in Georgia, Florida, South Carolina, and Illinois. 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.

SOURCE Thomasville Bancshares, Inc.