TAYLOR(CLVN B)BKG BRLN MD - TYCB STOCK NEWS

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.

Calvin B. Taylor Bankshares, Inc. (TYCB) announced the opening of a Loan Production Office (LPO) in Salisbury, Maryland, to cater to commercial lending needs. The move reflects the company's commitment to serving the community and fostering growth. The LPO, situated at 1408 South Salisbury Boulevard, boasts a local lending and business development team, operating by appointment only. President and CEO Raymond M. Thompson expressed enthusiasm about expanding Taylor Bank's presence in Wicomico County and building partnerships for community advancement.

Calvin B. Taylor Bankshares, Inc. (TYCB) has announced an increase in their quarterly cash dividend to $0.35 per share for the first quarter of 2024, marking a $0.01 increase compared to the prior quarter. The dividend is payable on May 2, 2024, to stockholders of record as of April 22, 2024. The company's President and CEO, Raymond M. Thompson, highlighted the strong earnings performance in the 1st quarter of 2024 and emphasized the stable liquidity, asset quality, and capital metrics. The decision to raise the dividend showcases the Board's commitment to providing a consistent and sustainable return on investment for stockholders.

Calvin B. Taylor Bankshares, Inc. (TYCB) reported strong financial results for the year ended December 31, 2023, with net income of $13.5 million, a 14.6% increase from the previous year. Return on Average Assets and Equity also improved significantly. Despite a decrease in deposits, the company's financial condition remained robust, with a focus on core deposits and liquidity.

Calvin B. Taylor Bankshares, Inc. announced the retirement of President and CEO Raymond M. Thompson, effective December 31, 2024, after 27 years of service. M. Dean Lewis, the current Executive Vice President and CFO, will succeed Mr. Thompson, effective January 1, 2025. Mr. Lewis has a strong financial background and has been with the company since 2012. The Board of Directors expressed gratitude to Mr. Thompson and looks forward to a successful leadership transition in 2024.