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Overview of Taylor Calvin B Bankshares Inc (TYCB)
Taylor Calvin B Bankshares Inc operates as the holding company for Calvin B. Taylor Banking Company, a financial institution that has served communities since 1890. With a deep-rooted legacy in community banking, the company provides a robust suite of traditional banking services that include checking, money market, savings, and certificate of deposit products. Its comprehensive offerings also extend to specialized consumer loans for automobiles, mortgages for home purchases and improvements, as well as commercial loans designed for a wide range of business purposes. Embedded within its daily operations are secure digital and mobile banking solutions that meet modern consumer needs.
Core Banking Services and Business Model
The company caters to a diverse customer base—ranging from individual account holders to small-to-medium enterprises, local associations, and governmental entities. Its business model is built on trusted relationships and community presence, ensuring accessibility through multiple branches along the Eastern coast. Core deposit products such as checking and savings accounts form the backbone of its funding, which in turn support a growing, well-managed loan portfolio. Additionally, the bank offers debit cards and ATM services to enhance customer convenience and cater to the evolving digital banking landscape.
Operational Excellence and Industry Position
With a strong emphasis on operational discipline, Taylor Calvin B Bankshares Inc has established an enduring competitive position within regional financial markets. The bank leverages traditional products while integrating digital capabilities, thereby striking a balance between historical institutional trust and modern banking efficiency. Its adherence to robust regulatory standards—including the adoption of the current expected credit loss (CECL) model—demonstrates its commitment to maintaining asset quality and managing credit risk effectively.
Community Focus and Local Engagement
A defining feature of the company is its commitment to local communities. Operating through a network of banking locations along the Delmarva Peninsula, the bank has cultivated strong local relationships and continues to support community initiatives and charitable contributions. This community-focused approach not only enhances customer loyalty but also reinforces its reputation as a dependable regional bank.
Digital Banking and Service Innovation
Recognizing the transformation in financial services, Taylor Calvin B Bankshares Inc has supplemented its traditional banking offerings with modern digital products. Its online, mobile, and phone banking services provide clients with easy and secure access to their accounts, thereby aligning with the contemporary demand for convenience and efficiency in financial transactions. By combining the strengths of a long-established brick-and-mortar presence with innovative digital solutions, the company is well-equipped to serve the evolving needs of its clientele.
Expertise and Financial Discipline
Underpinning its operations is a disciplined approach to risk management, liquidity, and capital adequacy. The bank’s strong focus on core deposits and its effective management of its loan portfolio, through well-established underwriting standards and the continuous monitoring of credit quality, underscore its expert handling of financial risks. These aspects, coupled with a commitment to transparency and regulatory compliance, reinforce the institution's credibility and longstanding reputation as a reliable financial partner.
Summary
Taylor Calvin B Bankshares Inc (TYCB) represents a blend of traditional community banking values and modern financial innovation. Its diverse product portfolio, comprehensive service offerings, and strong community relationships position it as a trusted provider of essential banking services. This extensive approach, combined with strategic digital integration and prudent risk management, forms the cornerstone of its operational success and enduring market presence.
Calvin B. Taylor Bankshares (OTCQX:TYCB) has announced a quarterly cash dividend increase to $0.37 per share for Q1 2025, representing a 2.8% increase from the previous quarter and a 5.7% rise year-over-year. The dividend will be paid on May 1, 2025, to stockholders of record as of April 21, 2025.
CEO M. Dean Lewis highlighted the company's commitment to providing stable returns to stockholders despite market volatility. He noted that successful growth in loans and deposits during 2024 has positioned the bank with a strong balance sheet and ample liquidity for executing strategic priorities aimed at maximizing earnings and stockholder value.
Calvin B. Taylor Bankshares (OTCQX:TYCB) reported Q4 2024 net income of $3.5 million ($1.29 per share), compared to $3.7 million in Q3 2024 and $2.7 million in Q4 2023. Full-year 2024 net income was $13.1 million ($4.77 per share), slightly down from $13.5 million in 2023.
Key highlights include:
- Loans grew 6.2% in Q4 2024 and 9.5% year-over-year
- Deposits increased 10.1% ($75.2 million) in 2024
- Net interest margin expanded to 3.67% in Q4 2024
- Total stockholders' equity improved by $8.9 million (8.5%) in 2024
- Book value reached $42.01 per share with market value at $48.00
The bank completed a successful core system conversion in Q4 2024 and plans to open its 12th branch in Cape Charles, Virginia in 2025. M. Dean Lewis succeeded Raymond M. Thompson as CEO, marking the bank's 135th anniversary year.
Calvin B. Taylor Bankshares (OTCQX:TYCB) has announced a quarterly cash dividend of $0.36 per share for Q4 2024. The dividend will be paid on February 6, 2025 to stockholders of record as of the close of business on January 27, 2025. The announcement comes from the company's Board of Directors, which declared this regular quarterly payment to shareholders.
Calvin B. Taylor Bankshares (OTCQX:TYCB) reported Q3 2024 net income of $3.7 million ($1.37 per share), compared to $2.8 million ($1.03 per share) in Q2 2024 and $4.1 million ($1.50 per share) in Q3 2023. Key highlights include:
- Net interest margin expanded to 3.58% in Q3 2024 from 3.48% in Q2 2024
- Total deposits increased $56.0 million (7.1%) compared to June 2024
- Strong efficiency ratio of 46.6% in Q3 2024
- Return on Average Assets of 1.59% for Q3 2024
Year-to-date net income through September 2024 was $9.5 million ($3.47 per share), compared to $10.7 million ($3.90 per share) for the same period in 2023. The company maintains strong capitalization with Tier 1 capital exceeding well-capitalized threshold by $37.4 million.
Calvin B. Taylor Bankshares, Inc. (OTCQX:TYCB), the parent company of Calvin B. Taylor Bank, has announced an increase in its quarterly cash dividend. The Board of Directors has declared a regular quarterly cash dividend of $0.36 per share for the third quarter of 2024, representing a $0.01 increase compared to the previous quarter. This dividend will be payable on October 31, 2024 to stockholders of record as of the close of business on October 21, 2024. The increase in dividend demonstrates the company's commitment to delivering value to its shareholders and may indicate confidence in its financial performance.
Calvin B. Taylor Bankshares, holding company of Calvin B. Taylor Bank, announced its financial results for the second quarter and first half of 2024. The company reported a 2Q24 net income of $2.8 million or $1.03 per share, down from $3.0 million or $1.08 per share in 1Q24, and $3.3 million or $1.19 per share in 2Q23. For the first half of 2024, net income was $5.8 million or $2.11 per share, compared to $6.6 million or $2.40 per share for the same period in 2023.
Key highlights include a ROAA of 1.29% for 2Q24, a net interest margin of 3.48%, and organic loan growth of $9.5 million in 2Q24. Total deposits increased by $32.0 million, with noninterest-bearing deposits rising by $18.9 million.
Net interest income decreased by 2.9% year-over-year but increased by 5.1% from the prior quarter. Noninterest income fell by 32.3% year-over-year, mainly due to a decrease in bank-owned life insurance income. Noninterest expenses rose by 4.8% year-over-year. The efficiency ratio for 2Q24 was 50.57%, and the allowance for credit losses remained stable at 0.63% of total loans.
Calvin B. Taylor Bankshares, Inc. (OTCQX:TYCB), parent company of Calvin B. Taylor Bank, has announced two key appointments. Philip O'Neil has been named Executive Vice President and Chief Financial Officer of the Bank, while Adam James has been promoted to Senior Vice President and Senior Credit Officer.
O'Neil, a Certified Public Accountant and Frostburg State University graduate, previously served as EVP and Chief Accounting Officer for Shore United Bank. He will succeed M. Dean Lewis, who will become President and CEO of Taylor Bank on January 1st, 2025, following Raymond M. Thompson's retirement.
James, who joined the Bank in 2017, has been instrumental in the bank's expansion on the Eastern Shore of Virginia. In his new role, he will oversee the Loan Operations and Credit Administration departments.
These appointments are seen as strategic moves to support the bank's continued growth and operations.
Taylor Bank has announced plans to open a new full-service branch in Cape Charles, Virginia, marking its 13th office and third full-service branch in Virginia since 2017. The branch, located at 645 Mason Avenue, is expected to open in 2025. It will offer a range of personal and business banking services, featuring modern amenities such as teller pods, a tech station, and drive-up lanes. Shannon Satterwhite and Lisa Lewis will serve as the branch's Lending and Business Development Officer and Branch Manager, respectively.
Since entering the Virginia market in 2017, Taylor Bank has actively supported local communities, contributing over $300,000 in donations. In the past year alone, the bank has donated more than $5,000 to various causes in Northampton County. This expansion reflects Taylor Bank's commitment to serving and supporting local communities, a tradition dating back to its founding in 1890.
Calvin B. Taylor Bankshares (OTCQX:TYCB), the parent company of Calvin B. Taylor Bank, has announced a quarterly cash dividend of $0.35 per share for Q2 2024. This dividend will be payable on August 8, 2024 to stockholders of record as of the close of business on July 29, 2024. The announcement demonstrates the company's commitment to providing regular returns to its shareholders, which may be viewed positively by investors seeking stable income from their investments.
Douglas A. Motley has been elected to the Board of Directors of Calvin B. Taylor Bankshares and its subsidiary, Calvin B. Taylor Bank. Motley, a seasoned real estate investor and entrepreneur, has overseen more than $500 million in capital investments over his 20-year career. He also has a background in corporate strategy and finance from his time at MBNA America Bank. Motley is active in various charitable and professional organizations and currently holds key roles in several Delaware-based housing and finance committees. Taylor Bank's CEO, Raymond M. Thompson, expressed confidence that Motley's extensive experience will enhance the bank's market presence and shareholder value, particularly in Sussex County, Delaware.
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