Bank reports higher income

Tribune staff reports

TPB Bancorp, parent company of The Peoples Bank, is reporting higher net income and earnings per share.

The results were reported at the company’s annual meeting April 13 in the Data/Conference Center in Brownstown.

The meeting was opened by Chairman Donald L. Norman.

President Mark Norman discussed the financial picture. He said that, although interest rates remained low, an increase in deposits and investments helped with profitability. He said assets grew by 5.9 percent, and the bank has grown by 56.66 percent over the past five years in assets.

The growth has occurred because of the bank’s reputation for safety and stability, changes in ownership of other area institutions and the consistency of personnel and the “neighbors and friends” attitude of the staff, he said.

Mark Norman also talked about the completion of the Data/Conference Center, which houses the IT and electronic banking departments.

Robert M. Branaman, executive vice president and chief financial officer, gave a recap of 2014. He reported assets at the end of 2014 were $188,017,413, compared to $177,609,711 at the end of 2013.

Net income for 2014 was $1,641,523, compared with $1,475,601 in 2013. The earnings per share for 2014 were $3.32, an increase from $2.99 a year earlier. Dividends totaled $592,893.60 or $1.20 per share in 2014.

Thomas M. Nolting, Donald Norman and Mark Norman were re-elected to three-year terms to the board of directors, which met after the meeting.

During that meeting, officers of TPB Bancorp were re-elected. They are Donald Norman, chairman; Mark Norman, president; Branaman, secretary/treasurer; and Deborah A. Roll, recording secretary.

Reappointed as officers of The Peoples Bank were Mark Norman, president and chief executive officer; Branaman, executive vice president and CFO; M. Randall Butler, vice president/comptroller; Brian L. Sommers, vice president/senior loan officer/security officer; Clyde Smith, vice president; Bryan Stahl, vice president/manager IT systems/assistant operations officer; Roll, vice president/administrative assistant/board recording secretary; Julie Cornett, vice president/auditor/head compliance officer; Janice A. Teipen, assistant vice president; Rachelle Myers, assistant vice president/manager customer relations; and Michelle M. Taulman, assistant vice president/loan officer/branch manager Seymour offices.

It also was announced that Will Spray has been promoted to assistant vice president/assistant trust officer/assistant security officer/credit analysis officer.