The board of directors declared a cash dividend in the amount of 40 cents per share was to be paid to shareholders of record as of the date of the meeting.
Len Graham, chairman of the board, addressed the shareholders with glowing reports of each department in the bank. He also pledged that the board of directors and management will continue to keep strong emphasis on Enterprise Risk Management.
“We are very pleased with the continued trend in earnings and are proud to announce a 33 percent increase in the dividend over last year,” Lee Stewart, president and CEO of Southern Heritage Bank, said during the announcement.
Stewart gave a report on the continued strong condition of the bank and the strategic priorities for 2013.
“From a capital perspective, we are well positioned and getting stronger,” Stewart said.
Steve Ledbetter, executive vice president and COO, reported on the financial performance for 2012 and first quarter 2013.
Profit for the bank in 2012 was reported at $2.757 million, and profit for the first quarter is $792,000.
“We completed 2012 with total assets of $241 million and capital exceeds $31 million,” Ledbetter said. “I am most appreciative to our employees because we are now (as of March 31, 2013) ranked No. 3 out of 182 banks in Tennessee when measured for overall performance and strength. In addition, we recently received the Bauer highest rating of five stars as well as being ranked in the top 15th percentile by Seifried & Brew, LLC, a community banking risk management firm.”
Included in the annual meeting was the election of the company’s board of directors. The directors elected to serve another term were Charlie Burns, Roger Jenne, Larry McDaniel and Lee Stewart.
“We are proud to be your locally owned community bank and financial partner,” Stewart said as he closed out the meeting. “I thank our shareholders and customers for your support and thank our employees for the ‘Expect A Difference’ service they provide daily. Our employees are truly an inspiration to me, and I am thankful to be a part of their team.”
Southern Heritage Bank is locally owned by 800 shareholders in Bradley County. For more information or to inquire about becoming a shareholder or a customer, contact Stewart at 303-1720 or visit southernheritagebank.com.