The parent company of Thomasville National Bank, Thomasville Bancshares Inc. (OTC Pink: THVB), and TNB Financial Services announced the financial results for the fiscal quarter ended on September 30, 2024, on Monday. The numbers seemed to have impressed investors, and that was apparent in the momentum gained by the Thomasville Bancshares stock.
Key Numbers
Thomasville Bancshares reported net income to the tune of $9386870 for the quarter, which worked out to a rise of 11% from the net income of $8,467,575 in the prior year quarter. The net income in the year till date stood at $28,950,864, and that reflected a year-on-year rise of 11% from the net income of $26,162,967 in the corresponding period in 2023.
Further Information
The earnings per basic share in the year till date were $4.53, while the earnings per diluted share were $4.36. The average return on assets for the year till date was 2.21%, and the average return on tangible equity was recorded at 24.21%.
The total assets with Thomasville Bancshares went up by $241 million on a year-on-year basis to hit $1.816 billion. Loans also grew by 11% year on year by $150 million to stand at $1.514 billion. Additionally, the deposits with the bank also went up by 16%, or $220 million, year on year to hit $1.573 billion.
Management Comment
Stephen H. Cheney, Chairman and CEO, said, “We are pleased to report our strong financial performance for the third quarter ended September 30, 2024. We believe that our bank is well positioned to continue this strong performance through the remainder of 2024 and beyond.”
