Calvin B. Taylor Bankshares, Inc. Reports Fourth Quarter and Year End Financial Results for 2023

BERLIN, MD / ACCESSWIRE / April 10, 2024 / Calvin B. Taylor Bankshares, Inc. (the "Company") (OTCQX:TYCB), the holding company of Calvin B. Taylor Bank (the "Bank"), today reported financial results for the fourth quarter and year ended December 31, 2023. Highlights of the Company's financial results are noted below.

  • Net income for the year ended December 31, 2023 was $13.5 million which is a 14.6% increase compared to the previous year.
  • Return on Average Assets increased to 1.52% for the year ended December 31, 2023 as compared to 1.27% for the year ended December 31, 2022, an increase of 19.3%.
  • Return on Average Equity increased to 13.91% for the year ended December 31, 2023 as compared to 11.55% in the prior year, an increase of 20.5%.
  • Net interest margin was 3.59% in the fourth quarter of 2023, as compared to 3.44% in the fourth quarter of 2022 and 3.64% in the previous quarter.
  • Organic loan growth continued in 2023 with loans growing $62.5 million, or 12.2%, since December 31, 2022.
  • Following several years of significant growth, deposits decreased by $65.8 million or 8.1% since December 31, 2022, as significant increases in short term interest rates have encourage certain depositors to invest excess cash into short term government bonds.
  • On-balance sheet liquidity, as measured by cash and unencumbered available for sale debt securities, remains strong as of December 31, 2023 and equaled 24.2% of total deposits.
  • Noncore funding sources including Federal Home Loan Bank borrowings, brokered deposits, and the recently created Federal Reserve Bank Term Funding Program were not utilized in the year ended December 31, 2023.

President and Chief Executive Officer Raymond M. Thompson commented, "Net income increased to $13.5 million in 2023 as compared to $11.8 million in 2022. Loan growth accompanied with higher yields on investment securities resulted in a $4.0 million or 15.2% increase in net interest income. The combined effect of the increase in net income and the decrease in total assets increased Return on Average Assets (ROAA) to 1.52% in 2023, as compared to 1.27% in 2022, and ranked 5th highest among the 24 banks and thrifts headquartered in Maryland in 2023, regardless of asset size. The Company's financial condition remained strong in 2023. Total assets were $853.0 million at December 31, 2023, which was a decrease of $53.0 million as compared to December 31, 2022. The decrease in total assets was directly attributable to a decrease in deposits, which decreased $65.8 million as compared to the prior year. After several years of significant deposit growth, the outflow of deposits was anticipated due to elevated short-term interest rates. While the bank remains highly liquid, deposit outflow reports revealed that rate sensitive deposits moved primarily into short-term bond investments. Despite continued deposit outflow, on-balance sheet liquidity was 24.2% as of December 31, 2023 and the Bank continued to have no need to access other non-core funding sources to meet loan demand and other obligations. We continue to remain highly liquid and well-capitalized, and very well-positioned to meet the loan and deposit needs of our loyal existing, and prospective customers."

Year to Date Results of Operations
Net income was $13.5 million for the year ended December 31, 2023 as compared to $11.8 million for the year ended December 31, 2022, an increase of $1.7 million or 14.6%. A summary of the year to date results of operations are included in the table and comments that follow.

For the Twelve Months Ended % Change
Results of Operations
Dec 31, 2023 Dec 31, 2022 Prior Year
Net interest income
$ 30,415,590 $ 26,403,331 15.2 %
Provision for credit losses
$ 280,000 $ 105,000 166.7 %
Noninterest income
$ 2,817,629 $ 2,876,296 -2.0 %
Noninterest expense
$ 15,631,227 $ 13,709,282 14.0 %
Net income
$ 13,485,992 $ 11,769,345 14.6 %

Yield on earning assets
4.26 % 3.16 % 34.7 %
Cost of interest-bearing deposits
1.12 % 0.30 % 278.0 %
Net interest margin
3.57 % 2.98 % 20.1 %
Return on average assets (annualized)
1.52 % 1.27 % 19.3 %
Return on average equity (annualized)
13.91 % 11.55 % 20.5 %
Efficiency ratio
46.13 % 45.81 % 0.7 %

Net interest income increased $4.0 million or 15.2% for the year ended December 31, 2023, as compared to prior year, and was attributable to organic loan growth and higher yields on debt securities, federal funds sold and loans. The Federal Reserve Bank increased the federal funds rate an additional 150 bps since December 15, 2022, which has increased yields on debt securities, federal funds sold, and loans. Organic loan growth combined with higher yields increased interest revenue from loans by $5.7 million or 26.6% for the year ended December 31, 2023, as compared to the prior year. Interest revenue from debt securities and federal funds sold increased by $2.6 million or 39.1% for the year ended December 31, 2023, as compared to the prior year. Costs of interest-bearing deposits increased by 82 bps for the year ended December 31, 2023 as compared to the prior year. The Bank increased deposit rates over the last 12 months to remain competitive in local markets and to preserve on-balance sheet liquidity. Deposit interest expense for the year ended December 31, 2023 increased $4.2 million or 265.9%, as compared to the prior year.

On January 1, 2023, the Company adopted the CECL model pursuant to ASU 2016-13. The estimate of expected credit losses considers historical information, current information, and supportable forecasts, including estimates of prepayments. The provision for credit losses of $280 thousand recorded for the year ended December 31, 2023 was primarily the result of growth in the loan portfolio during the same period. The economic indicators and related forecasts utilized in the CECL model have not changed significantly since adoption.

Noninterest income for year ended December 31, 2023 decreased by $59 thousand or 2.0%, as compared to the prior year, due to a decrease in income from bank owned life insurance (BOLI) policies and annuities. BOLI and annuity income decreased $222 thousand or 54.2% in 2023, as compared to 2022. Increases in other sources of noninterest income including gain on transfer of other real estate owned and deposit network placement fees partially offset the decrease in noninterest income associated with BOLI and annuity income.

Noninterest expense increased by $1.9 million or 14.0% in 2023, as compared to the prior year, and relates to increases in employee salaries, employee benefits expenses, data processing costs, and deposit insurance premiums assessed by the FDIC. Higher salaries expense relates to the fulfillment of open positions and higher salaries paid to remain competitive in the current labor market and resulted in a 6.7% increase in salaries expense in 2023, as compared to the prior year. Employee health insurance is a partially self-funded plan and claims incurred by the plan were higher in 2023, resulting in a $636 thousand or 39.0% increase in employee benefits costs in 2023, as compared to 2022. Claims incurred by the plan in the prior year were well below average and resulted in lower expenses during this period. Deposit insurance premiums increased by $146k or 58.8% for the year ended December 31, 2023, as compared to the prior year, and is the result of a change in the assessment of FDIC deposit insurance premiums effective January 1, 2023. The Bank is subject to the FDIC's base assessment rate due to strong capital levels and other regulatory risk measurements. The changes implemented by the FDIC resulted in the increase of the base assessment rate from 3 bps to 5 bps, which is a 66.6% increase.

Per share data and repurchases of stock by the Company for each period is included in the following table.

At or for the Twelve Months Ended % Change
Per Share Data
Dec 31, 2023 Dec 31, 2022 Prior Year
Net income
$ 4.89 $ 4.26 14.7 %
Dividends
$ 1.41 $ 1.26 11.9 %
Dividend payout ratio
28.80 % 29.54 % -2.5 %
Book value
$ 38.34 $ 34.15 12.3 %
Book value excluding OCI
$ 42.43 $ 39.17 8.3 %
Market value
$ 44.00 $ 42.03 4.7 %

Number of shares repurchased
5,146 1,720 199.2 %
Repurchase amount
$ 206,047 $ 62,797 228.1 %
Average repurchase price
$ 40.04 $ 36.51 9.7 %

Quarterly Results of Operations
Quarterly net income was $2.7 million for the fourth quarter ended December 31, 2023 ("4Q23"), as compared to $3.1 million for the fourth quarter ended December 31, 2022 ("4Q22") and $4.1 million for the third quarter ended September 30, 2023 ("3Q23"). A summary of the quarterly results of operations are included in the table and comments that follow.

For the Quarters Ended % Change
Results of Operations
Dec 31, 2023 Dec 31, 2022 Sept 30, 2023 Prior Year Prior Quarter
Net interest income
$ 7,573,392 $ 7,757,754 $ 8,009,970 -2.4 % -5.5 %
Provision for credit losses
$ -60,000 $ -170,000 $ -80,000 -64.7 % -25.0 %
Noninterest income
$ 354,582 $ 182,713 $ 1,063,019 94.1 % -60.3 %
Noninterest expense
$ 4,549,549 $ 4,089,661 $ 3,863,655 11.2 % 23.2 %
Net income
$ 2,738,425 $ 3,089,306 $ 4,133,334 -11.4 % -33.7 %

Yield on earning assets
4.43 % 3.77 % 4.34 % 17.5 % 2.1 %
Cost of interest-bearing deposits
1.38 % 0.55 % 1.15 % 150.9 % 20.0 %
Net interest margin
3.59 % 3.44 % 3.64 % 4.4 % -1.4 %
Return on average assets (annualized)
1.25 % 1.33 % 1.81 % -6.0 % -30.9 %
Return on average equity (annualized)
10.84 % 13.31 % 16.52 % -18.6 % -34.4 %
Efficiency ratio
53.92 % 47.57 % 41.09 % 13.4 % 31.2 %

Net interest income decreased $185 thousand or 2.4% in 4Q23, as compared to 4Q22, which is attributable to higher deposit interest expense. The Federal Reserve Bank increased the federal funds rate an additional 150 bps since December 15, 2022, which has increased the cost of interest-bearing deposits from 0.55% in 4Q22 to 1.38% in 4Q23. The Bank increased deposit rates over the last 12 months to remain competitive in local markets and to preserve on-balance sheet liquidity. Increases in interest revenue from loans and investments in 4Q23, as compared to 4Q22, partially offset the higher deposit interest expense. Net interest income decreased $437 thousand or 5.5% in 4Q23, as compared to the prior quarter, due to seasonal decreases in noninterest bearing deposits and migration of other deposits into higher yielding money market and CD products. Yields on earning-assets increased to 4.43% in 4Q23, as compared to 3.77% in 4Q22, and 4.34% in the prior quarter.

On January 1, 2023 the Company adopted the current expected credit losses ("CECL") model pursuant to ASU 2016-13. The estimate of expected credit losses considers historical information, current information, and supportable forecasts, including estimates of prepayments. The negative provision for credit losses of $60 thousand recorded in 4Q23 was primarily the result of improvement in loan risk ratings within the loan portfolio. No significant changes in the economic indicators and related forecasts utilized in the CECL model occurred in 4Q23. The negative provision for credit losses of $170 thousand in 4Q22 and $80 thousand in 3Q23 was the result of recoveries of loans previously charged off.

Noninterest income increased in 4Q23 by $172 thousand or 94.1%, as compared to 4Q22, due to a $148 thousand decrease in realized losses on sale of debt securities. Realized losses were $509 thousand in 4Q23 and $657 thousand in 4Q22 related to the sale of lower-yielding debt securities at a loss with proceeds reinvested into new securities or fund loans at substantially higher yields to maximize future interest revenue. Noninterest income decreased in 4Q23 by $538 thousand or 60.3%, as compared to the prior quarter, due to an increase of $425 thousand in realized losses on sale of debt securities and a decrease in gain on the transfer of other real estate owned by $92 thousand.

Noninterest expense increased by $460 thousand or 11.2% in 4Q23, as compared to 4Q22, and relates to increases in employee salaries, employee benefits expenses, and FDIC deposit insurance premiums. Higher salaries expense relates to the fulfillment of open positions and higher salaries paid to remain competitive in the current labor market and resulted in a 5.0% increase in salaries expense in 4Q23, as compared to 4Q22. Employee health insurance is provided through a partially self-funded plan and claims incurred by the plan were higher in 4Q23, resulting in the increase in employee benefits costs by 21.9%, as compared to 4Q22. Deposit insurance premiums increased by $26k or 39.0% in 4Q23, as compared to the same period last year, and is the result of a change in the FDIC assessment calculation effective January 1, 2023. Noninterest expense increased in 4Q23 by $857 thousand or 23.2%, as compared to the previous quarter, which primarily relates to higher salaries and employee benefits expenses. Employee benefits expense increased $319 thousand, or 69.9%, due to higher claims incurred by the plan in the current quarter. Salaries expense increased $475 thousand, or 30.0%, due to yearend bonuses and contributions to the employee 401K plan based on profit sharing.

Quarterly per share data and repurchases of stock by the Company for each period is included in the following table. The stock repurchase plan previously adopted by the Board of Directors remains in place and as of December 31, 2023 has 53,436 shares available for repurchase. The amount and timing of future stock repurchases will depend upon several factors including regulatory capital requirements, market value of the Company's stock, general market and economic conditions, liquidity, and other relevant considerations, as determined by the Company.

At or for the Quarters Ended % Change
Per Share Data
Dec 31, 2023 Dec 31, 2022 Sept 30, 2023 Prior Year Prior Quarter
Net income
$ 0.99 $ 1.12 $ 1.50 -11.2 % -33.7 %
Dividends
$ 0.40 $ 0.33 $ 0.34 21.2 % 17.6 %
Dividend payout ratio
40.23 % 29.47 % 22.65 % 36.5 % 77.6 %
Book value
$ 38.34 $ 34.15 $ 35.98 12.3 % 6.6 %
Book value excluding OCI
$ 42.43 $ 39.17 $ 41.83 8.3 % 1.4 %
Market value
$ 44.00 $ 42.03 $ 42.25 4.7 % 4.1 %

Number of shares repurchased
192 320 -
Repurchase amount
$ 8,024 $ 12,160 $ -
Average repurchase price
$ 41.79 $ 38.00 $ -

Financial Condition
Disruption in the banking industry earlier this year has highlighted the importance of deposit insurance, core deposits, liquidity and capital. The Company relies mostly on core deposits, as defined by bank regulators, which are gathered from customers in local markets. The Company and the Bank remain well capitalized according to regulatory capital standards and exceed the threshold to be well capitalized (Community Bank Leverage Ratio) by 46% as of December 31, 2023. The Company's financial condition at quarter end is summarized in the table and comments that follow.

At or for the Quarters Ended % Change
Financial Condition
Dec 31, 2023 Dec 31, 2022 Sept 30, 2023 Prior Year Prior Quarter
Assets
$ 852,975,713 $ 905,940,143 $ 899,714,244 -5.8 % -5.2 %
Cash + unencumbered debt securities
$ 179,787,929 $ 290,164,668 $ 244,545,021 -38.0 % -26.5 %
Loans
$ 575,483,217 $ 513,025,696 $ 555,192,827 12.2 % 3.7 %
Deposits
$ 743,215,077 $ 809,008,459 $ 797,524,704 -8.1 % -6.8 %
Interest-bearing deposits
$ 507,863,159 $ 543,202,520 $ 523,634,274 -6.5 % -3.0 %
Stockholders' equity
$ 105,577,205 $ 94,224,247 $ 99,105,109 12.0 % 6.5 %
Common stock - shares outstanding
2,753,894 2,759,040 2,754,086 -0.2 % 0.0 %
Stockholders' equity / assets
12.38 % 10.40 % 11.02 % 19.0 % 12.3 %


Average assets
$ 876,869,845 $ 931,189,952 $ 914,671,398 -5.8 % -4.1 %
Average loans
$ 565,320,886 $ 498,911,981 $ 557,482,431 13.3 % 1.4 %
Average deposits
$ 767,230,899 $ 833,783,683 $ 808,860,861 -8.0 % -5.1 %
Average stockholders' equity
$ 101,049,309 $ 92,830,965 $ 100,064,043 8.9 % 1.0 %
Average stockholders' equity / average assets 11.52 % 9.97 % 10.94 % 15.6 % 5.3 %
Tier 1 capital to average assets (leverage ratio) 13.14 % 11.42 % 12.42 % 15.1 % 5.8 %

Following several years of significant growth, deposits decreased by $65.8 million or 8.1% in the previous 12 months, which resulted in total assets decreasing by $53.0 million or 5.8% since December 31, 2022. Significant increases in short term interest rates have encourage certain depositors to invest excess cash into short term government bonds resulting in a decrease in deposits. The Bank operates with a high level of core deposits, defined by banking regulators as checking, money market, and savings accounts plus any time deposits less than $250,000. Bank failures earlier this year have increased the focus on concentrations of uninsured deposits. All deposit accounts with a balance in excess of the FDIC insurance limit of $250,000 are disclosed on quarterly regulatory reports filed with bank regulators. As of December 31, 2023, the Bank had deposit accounts with balances in excess of $250,000 totaling $187.4 million, which represents 25.2% of total deposits, as compared to $258.9 million or 32.0% as of December 31, 2022 and $236.4 million or 29.6% of total deposits as of September 30, 2023. The Company did not experience any significant outflow of uninsured deposits during the year ended December 31, 2023. The Bank is a member of the IntraFi Network which enables large depositors access to multi-million dollar FDIC insurance for funds placed into the network and provides an equal amount of reciprocal deposits under FDIC insurance limits to the bank. Recent events in the banking industry led to an increase in usage of the IntraFi Network by existing and new customers. Reciprocal deposits from the IntraFi Network were $102.4 million as of December 31, 2023, as compared to $82.8 million and $94.4 million as of December 31, 2022 and September 30, 2023, respectively.

On-balance sheet liquidity, as measured by cash and unencumbered available for sale debt securities, remains strong as of December 31, 2023 and equaled 24.2% of total deposits. Selected liquidity metrics are summarized in the table below.


At or for the Quarters Ended % Change
Liquidity
Dec 31, 2023 Dec 31, 2022 Sept 30, 2023 Prior Year Prior Quarter
Cash + unencumbered debt securities / deposits
24.19 % 35.87 % 30.66 % -32.6 % -21.1 %
Debt securities pledged / total debt securities
12.68 % 11.28 % 11.59 % 12.4 % 9.4 %
Loans / deposits
77.43 % 63.41 % 69.61 % 22.1 % 11.2 %
Average loans / average deposits
73.68 % 59.84 % 68.92 % 23.1 % 6.9 %
Core deposits / total assets
86.86 % 88.99 % 88.45 % -2.4 % -1.8 %
Deposits > $250,000 / total deposits
25.22 % 32.01 % 29.64 % -21.2 % -14.9 %

Noncore funding sources are available to the Bank but are intended for contingency funding needs and not to pursue growth. As of December 31, 2023, the Bank has the ability to borrow up to $205.4 million from the Federal Home Loan Bank ("FHLB") that would require pledging of loans and/or debt securities as collateral. Debt securities currently pledged are collateral for public deposits.

Loans and Asset Quality

Increasing interest rates, economic uncertainty and other factors are influencing current loan demand as compared to demand experienced in previous years. Loan growth of $62.5 million or 12.2% in the previous 12 months was the result of strong demand for local real estate and borrowers seeking to lock in lower interest rates as the Federal Reserve engaged in aggressive interest rate increases. Growth in the loan portfolio during the rising interest rate environment over the last 12 months along with variable rate loans within the portfolio has expanded the yield on loans from 4.61% in 4Q22 to 5.08% in 4Q23. Loan yields increased 15 bps in 4Q23 as compared to 3Q23.

Loan performance has remained strong over the past 12 months as local economic conditions have remained stable. Inflation and higher interest rates have not resulted in a deterioration of credit quality as of December 31, 2023. Past due loans have remained stable and were 0.45% of total loans as of December 31, 2023, as compared to 0.46% as of December 31, 2022 and 0.49% as of September 30, 2023. The allowance for credit losses increased from 0.51% of total loans as of December 31, 2022 to 0.56% of total loans as of December 31, 2023, which related to adoption of the CECL model pursuant to ASU 2016-13 on January 1, 2023. The adoption of the CECL model resulted in an increase in the allowance for credit losses of $826 thousand. Selected asset quality metrics are summarized in the table below.

At or for the Quarters Ended % Change
Asset Quality
Dec 31, 2023 Dec 31, 2022 Sept 30, 2023 Prior Year Prior Quarter
Allowance for credit losses / total loans
0.56 % 0.51 % 0.63 % 9.5 % -10.7 %
Net charge-offs (recoveries) / average loans
0.01 % -0.12 % -0.01 % -105.0 % -166.5 %
Loans past due 30 days or more / total loans
0.45 % 0.46 % 0.49 % -0.7 % -7.3 %
Non-accrual loans / total loans
0.04 % 0.02 % 0.04 % 117.9 % -6.0 %

Financial Statements
Consolidated balance sheets at period end and consolidated statements of income for the periods ended are presented below.

Calvin B. Taylor Bankshares, Inc. and Subsidiary
Consolidated Balance Sheets

(unaudited)
Dec 31,
2023
Dec 31,
2022
Sept 30,
2023
Assets
Cash and cash equivalents
Cash and due from banks
$ 8,645,851 $ 9,060,252 $ 10,541,773
Federal funds sold and interest bearing deposits
32,112,570 133,316,028 87,769,625
Total cash and cash equivalents
40,758,421 142,376,280 98,311,398
Time deposits in other financial institutions
- 1,225,953 -
Debt securities available for sale, at fair value
155,031,208 167,934,059 161,582,511
Debt securities held to maturity, at amortized cost
40,363,590 39,110,156 42,306,978
Equity securities, at cost
748,833 748,833 748,833
Restricted stock, at cost
652,400 469,500 651,500
Loans
575,483,217 513,025,696 555,192,827
Less: allowance for credit losses
(3,224,796 ) (2,624,369 ) (3,482,333 )
Net loans
572,258,421 510,401,327 551,710,494
Accrued interest receivable
2,457,017 2,036,468 2,181,704
Debt securities sold receivable
- 1,789,635 -
Prepaid expenses
849,418 730,891 604,998
Other real estate owned
388,712 - 294,467
Premises and equipment, net
12,421,191 12,751,025 12,882,400
Computer software, net
156,557 238,009 175,755
Deferred income taxes, net
3,628,386 4,467,476 5,219,164
Bank owned life insurance and annuities
22,037,539 21,398,096 21,849,420
Other assets
1,224,020 262,435 1,194,622
Total assets
$ 852,975,713 $ 905,940,143 $ 899,714,244

Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing
$ 235,351,918 $ 265,805,939 $ 273,890,430
Interest-bearing
507,863,159 543,202,520 523,634,274
Total deposits
743,215,077 809,008,459 797,524,704
Accrued interest payable
377,442 75,438 238,651
Dividends payable
1,101,582 910,483 936,389
Accrued expenses
826,258 703,052 226,962
Non-qualified deferred compensation
958,785 654,674 881,667
Other liabilities
919,364 363,790 800,762
Total liabilities
747,398,508 811,715,896 800,609,135
Stockholders' equity
Common stock, par value $1 per share;
authorized 10,000,000 shares; issued and outstanding
2,753,894 2,759,040 2,754,086
Additional paid-in capital
2,136,555 2,337,456 2,144,387
Retained earnings
111,951,675 102,963,224 110,314,830
Accumulated other comprehensive loss, net of tax
(11,264,919 ) (13,835,473 ) (16,108,194 )
Total stockholders' equity
105,577,205 94,224,247 99,105,109
Total liabilities and stockholders' equity
$ 852,975,713 $ 905,940,143 $ 899,714,244

Calvin B. Taylor Bankshares, Inc. and Subsidiary
Consolidated Statements of Income

(unaudited)
For the twelve months ended For the three months ended
Dec 31, 2023 Dec 31, 2022 Dec 31, 2023 Dec 31, 2022
Interest income
Loans, including fees
$ 27,114,755 $ 21,423,142 $ 7,239,123 $ 5,797,668
U. S. Treasury and government agency debt securities
2,044,864 1,041,598 587,415 397,198
Mortgage-backed debt securities
2,649,416 1,826,957 675,263 636,438
State and municipal debt securities
433,221 412,724 107,243 105,325
Federal funds sold and interest-bearing deposits
4,017,830 3,262,234 743,919 1,567,249
Time deposits in other financial institutions
2,701 34,842 - 6,185
Total interest income
36,262,787 28,001,497 9,352,963 8,510,063
Interest expense
Deposits
5,847,197 1,598,166 1,779,571 752,309
Net interest income
30,415,590 26,403,331 7,573,392 7,757,754
Provision for credit losses
280,000 105,000 (60,000 ) (170,000 )
Net interest income after provision for credit losses
30,135,590 26,298,331 7,633,392 7,927,754
Noninterest income

Debit card interchange fees, net

764,563 748,159 186,077 177,174

Nonsufficient funds and overdraft fees, net

632,027 572,073 159,913 148,307

Merchant payment processing, net

459,027 490,013 95,640 93,613

Service charges on deposit accounts, net

270,524 340,081 55,118 80,388

Income from bank owned life insurance and annuities

587,758 399,518 189,455 155,216

Income from bank owned life insurance death proceeds

- 410,684 - 1,755

Dividends

86,754 64,879 55,353 47,552

Loss on disposition of debt securities

(651,654 ) (649,515 ) (508,974 ) (657,178 )

Gain on disposition of other real estate owned

110,334 - 9,243 -

Loss on disposition of fixed assets

- (20,541 ) - (20,601 )
Miscellaneous
558,296 520,945 112,757 91,814
Total noninterest income
2,817,629 2,876,296 354,582 182,713
Noninterest expenses
Salaries
6,711,310 6,289,401 2,055,955 1,958,714
Employee benefits
2,266,882 1,631,081 776,181 636,891
Occupancy
1,048,227 1,022,060 270,475 313,742
Furniture and equipment
778,912 802,919 183,014 144,668
Data processing
989,710 855,900 263,994 241,435
Marketing
584,846 460,015 120,652 85,356
Directors fees
298,075 312,350 74,150 74,550
Telecommunication services
263,643 316,534 66,163 86,207
Deposit insurance premiums
394,292 248,288 91,612 65,910
Other operating
2,295,330 1,770,734 647,353 482,188
Total noninterest expenses
15,631,227 13,709,282 4,549,549 4,089,661
Income before income taxes
17,321,992 15,465,345 3,438,425 4,020,806
Income taxes
3,836,000 3,696,000 700,000 931,500
Net income
$ 13.485.992 $ 11,769,345 $ 2,738,425 $ 3,089,306

Earnings per common share - basic and diluted
$ 4.89 $ 4.26 $ 0.99 $ 1.12

###

About Calvin B. Taylor Banking Company
Calvin B. Taylor Banking Company, the bank subsidiary of Calvin B. Taylor Bankshares, Inc. (OTCQX:TYCB), founded in 1890, offers a wide range of loan, deposit, and ancillary banking services through both physical and digital delivery channels. The Company has 11 banking locations within the eastern coastal area of the Delmarva Peninsula including Worcester County, Maryland, Sussex County, Delaware and Accomack County, Virginia.

Contact
M. Dean Lewis, Executive Vice President and Chief Financial Officer
410-641-1700, taylorbank.com

SOURCE: Calvin B. Taylor Bankshares, Inc.



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