The annual meeting of TPB Bancorp, the parent company of The Peoples Bank, was held April 12 in the data/conference center of The Peoples Bank in Brownstown.
President Wm. Mark Norman called the meeting to order and discussed the 2020 calendar year for The Peoples Bank. Due to the COVID-19 pandemic, the meeting was delayed in 2020, and no shareholders were present for that meeting.
Robert M. Branaman, retired executive vice president and chief financial officer, recapped the company annual report for 2020.
The assets of the bank at the end of 2020 were $245,020,489 as compared to $203,639,371 at the end of 2019, which was an increase of 20.32%. Net income for 2020 was $1,177,735 as compared to $1,847,195 in 2019. Earnings per share for 2020 were $2.38, compared to $3.74 in 2019.
The dividends of the company in 2020 totaled $716,521.85 or $1.45 per share as compared to $716,500.10 or $1.45 per share in 2019. Norman also said recent stock sales had been $47.25 per share.
Stockholders re-elected directors Norman, Thomas Nolting Sr. and Andrew Nehrt to three-year terms to the board of directors.
Norman and Bryan S. Stahl, chief operating officer, gave a report on operations of the bank for the past year.
After adjournment, a board of directors meeting was held and the following were re-elected to TPB Bancorp as officers for the holding company: Jeffrey A. Nierman, chairman of the board; Norman, president; Branaman, corporate secretary/treasurer; and Deborah A. Roll, recording secretary.
The following were reappointed as officers of The Peoples Bank: Norman, president, chief executive officer and trust officer; Julie L. Cornett, senior vice president and chief financial officer; Brian L. Sommers, senior vice president, chief loan officer and security officer; Stahl, senior vice president, chief operating officer and IT manager; Roll, vice president, administrative assistant, board recording secretary and human resources manager; Michelle M. Taulman, vice president branch operations; William L. Spray, vice president, trust officer, credit analysis officer and assistant security officer; Brenda G. Hughes, vice president, mortgage loan officer; Jared Stahl, assistant vice president and agricultural loan officer; Stephanie Hall, assistant vice president, branch manager Crothersville, loan officer; Jamie Grinstead, assistant vice president/IT systems, administrator, data center operations; and Darla Kelley, assistant vice president and compliance officer for the Community Reinvestment Act.