The annual meeting of TPB Bancorp, the parent company of The Peoples Bank, was held April 25 in the Data/Conference Center in Brownstown.
President Wm. Mark Norman welcomed stockholders present and thanked them for attending. He Norman then addressed the stockholders and reflected on the 2023 calendar year, acknowledging a record-breaking year for The Peoples Bank.
Along with the recording-breaking profit, he mentioned The Peoples Bank earned the 5-Star Award from Indiana Bankers Association for the first time. This award is presented to banks that exhibit exceptional dedication to the association across five key areas: political awareness, issues advocacy, life-long learning, associatiojn volunteerism and utilization of Preferred Service Providers.
Julie Cornett, senior vice president and chief financial officer, recapped the company annual report for 2023.
She noted the assets of the bank at the end of 2023 were $287,019,587 as compared to $274,198,931 at the end of 2022. Net income for the year was $2,447,423 as compared to $1,918,145 in 2012. Earnings per share for 2023 were $4.95 compared to $3.88 in 2022.
The dividends of the company in 2023 totaled $864,986 or $1.75 per share as compared to $790,820.80 or $1.60 per share in 2022.
Bryan Stahl, senior vice president and chief operating officer, reported on the operations of The Peoples Bank from the previous year and also talked about the upcoming projects set for this year to keep The Peoples Bank at the front of the community banking industry.
Stahl touched on a year-long project during 2023 where the bank revamped their checking accounts to make them more appealing to the customers. In 2024, he said cybersecurity will remain one of the primary focuses for The Peoples Bank to keep the customers personal information secure.
Brian Sommers, senior vice president and chief lending officer, reflected on the loan growth from the previous year and lending opportunities to come in 2024. Mr. Sommers mentioned The Peoples Bank had good growth within loans, primarily in the 1-4 family mortgages. He also stated that The Peoples Bank is now offering escrow and PMI on their mortgage loans and expects that to help attract even more customers.
Shareholders re-elected director Norman, Andrew Nehrt and Thomas M. Nolting Sr. to three-year terms to the board of directors of TPB Bancorp.