At the annual shareholders meeting of Southern Heritage Bancshares Inc. held May 17, the board of directors declared a cash dividend to be paid to shareholders of record as of May 17, 2012, in the amount of $.30/share. In announcing the dividend, the bank holding company also reported net income for 2011 of $2,214,000 which is a 45 percent improvement over 2010 earnings. Southern Heritage Bank also reported quarterly earnings for the first quarter of 2012 of $695,000, a return on assets of 1.26 percent.

“We are very pleased with the trend in earnings and are proud to announce a 50 percent increase in the dividend over last year,” said Lee Stewart, president and CEO of SHB. “The Bank is now ranked in the top 20 banks in Tennessee. We are well positioned as our local economy begins to turn upward, and we are excited about the future.”

Also at the meeting, Dr. Hays was recognized for 14 years of service on the board of directors. Announcing Dr. Hays’ retirement from the board, Chairman Len Graham made a presentation in recognition of his service as an organizer and founding member of the board of directors.

“Dr. Hays’ major influence in this community has served Southern Heritage Bank extremely well over the past 14 years,” Stewart said.

Dr. Hays is a graduate of Tennessee Wesleyan College and the University of Tennessee Medical units. He served as chief of staff at Cleveland Community Hospital and Chief of Radiology at Cleveland Community, Sweetwater and Athens Hospitals. Dr. Hays is past president of the Cleveland Country Club, a member of the United Way Pillars Club, Habitat for Humanity and the March of Dimes. Dr. Hays and his wife, Beverly, attend Broad Street Methodist Church where they have served on the administrative board.