Calvin B. Taylor Bankshares, Inc. Reports 2024 Third Quarter and Year to Date Financial Results

Rhea-AI Summary

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.

Positive

• Net interest margin expanded to 3.58% in Q3 2024 from 3.48% in Q2 2024
• Total deposits grew by $56.0 million (7.1%) quarter-over-quarter
• Q3 2024 net income increased 33% from Q2 2024
• Strong efficiency ratio of 46.6% in Q3 2024
• Maintained strong liquidity with cash and unencumbered securities at 32.7% of deposits

Negative

• Q3 2024 net income decreased 9.3% year-over-year
• YTD net income down 11.3% compared to same period in 2023
• Noninterest expense increased 14.1% year-over-year in Q3 2024
• Higher health insurance claims increased employee benefit costs
• Interest expense on deposits increased by $1.1 million year-over-year

BERLIN, MD / ACCESSWIRE / December 26, 2024 / Calvin B. Taylor Bankshares, Inc. (the "Company") (OTCQX:TYCB), the holding company of Calvin B. Taylor Bank (the "Bank"), today reported net income for the third quarter 2024 ("3Q24") of $3.7 million, or $1.37 per share compared to net income of $2.8 million, or $1.03 per share for the second quarter of 2024 ("2Q24), and net income of $4.1 million, or $1.50 per share for the third quarter of 2023 ("3Q23"). Net income for the nine months ended September 30, 2024 was $9.5 million or $3.47 per share, compared to net income for the nine months ended September 30, 2023 of $10.7 million, or $3.90 per share.

2024 Third Quarter and Year to Date Highlights

• Return on Average Assets ("ROAA") - The Company reported ROAA of 1.59% for the third quarter of 2024, compared to 1.29% for the second quarter of 2024 and 1.81% for the third quarter of 2023.

• Net Interest Margin Expansion - Net interest margin ("NIM") increased to 3.58% for the third quarter of 2024 from 3.48% for the second quarter of 2024. The NIM expansion experienced in the third quarter 2024 was primarily the result of an improvement in the average yield of total interest-earning assets of 8 bps coupled with higher average balances in noninterest-bearing deposits which reduced total funding costs by 3 bps.

• Significant Deposit Growth and Stable Low-Cost Funding - Total deposits increased $56.0 million, or 7.1%, when compared to June 30, 2024 and $98.5 million, or 13.2%, when compared to December 31, 2023. The increase in deposits for the third quarter 2024 when compared to the second quarter 2024 was driven by increases in noninterest-bearing deposits of $26.7 million, or 11.1%, and Interest-bearing deposits of $29.3 million, or 5.4%, for the same period. These increases were the result of initiatives to gather low-cost deposits, normal seasonal inflows, and featured terms and rates offered to customers on time deposits.

• Strong Operating Leverage - The reported efficiency ratio for the third quarter of 2024 was 46.6%, compared to 50.6% for the second quarter of 2024 and 41.2% for the third quarter of 2023.

• Core System Conversion Update - The Company has been diligently working on upgrading its core banking system which is scheduled to be finalized in the 4^th quarter this year. This core system upgrade will greatly benefit our customers with additional functions and features while creating operational efficiencies within our branches, digital banking, lending and other supporting functions.

"We are pleased to report strong financial results for the third quarter and year to date thru September," commented President and Chief Executive Officer Raymond M. Thompson. "We continue to make great strides at sourcing low-cost deposits thus adding liquidity to our balance sheet as the local tourism economy enters its offseason. We remain disciplined on our lending opportunities and continue to transition lower-yielding assets for higher yielding assets to improve net interest income and net operating margin. Our core system conversion and new branch in Cape Charles, VA, remain our top priorities and on schedule."

Quarterly Results of Operations

Quarterly net income was $3.7 million for 3Q24, as compared to $2.8 million for 2Q24 and $4.1 million for 3Q23. A summary of the quarterly results of operations are included in the table and comments below.

		For the Quarters Ended												% Change
Results of Operations		September 30, 2024				September 30, 2023				June 30, 2024				Prior Year				Prior Quarter
Net interest income		$	8,133,679			$	8,009,970			$	7,201,600				1.5	%			12.9	%
Provision for credit losses			-				(80,000	)			75,000				(100.0	)			(100.0	)
Noninterest income			935,684				905,208				518,945				3.4				80.3
Noninterest expense			4,227,500				3,705,844				3,904,252				14.1				8.3
Net income		$	3,748,363			$	4,133,334			$	2,819,293				(9.3	)%			33.0	%
Yield on earning assets			4.78	%			4.34	%			4.70	%			10.1	%			1.7	%
Cost of interest-bearing deposits			1.92				1.15				1.91				67.0				0.5
Net interest margin			3.58				3.64				3.48				(1.6	)			2.9
Return on average assets (annualized)			1.59				1.81				1.29				(12.2	)			23.3
Return on average equity (annualized)			13.43				16.52				10.52				(18.7	)			27.7
Efficiency ratio			46.60	%			41.18	%			50.57	%			13.2	%			(7.8	)%

Net interest income in 3Q24 increased $932 thousand, or 12.9%, as compared to 2Q24, primarily due to an increase in interest earned on interest-bearing deposits with other banks of $941 thousand, partially offset by higher interest expense on deposits of $150 thousand, both the result of significant seasonal deposit growth and increased liquidity during the quarter. Net interest income in 3Q24 increased $124 thousand, or 1.5%, as compared to 3Q23, due to increases in interest income on loans of $1.2 million and on interest-bearing deposits with other banks of $116 thousand, and almost entirely offset by an increase in deposit interest expense of $1.1 million.

The allowance for credit losses was 0.63% of total loans, which was unchanged compared to 2Q24 and 3Q23. No significant changes in the economic indicators and related forecasts utilized in the CECL model occurred in 3Q24. There was no provision for credit losses recorded for 3Q24, compared to $75 thousand recorded for 2Q24 and a reversal of provision for credit losses of $80 thousand for 3Q23. The decrease in provision for credit losses when compared to 2Q24 was due to a decrease in total loans related to seasonal line of credit repayments. The reversal of provision for credit losses in 3Q23 was the result of a loan recovery recorded during the same period.

Noninterest income increased in 3Q24 by $417 thousand, or 80.3%, as compared to 2Q24, due to the absence of losses experienced in the second quarter related to restructuring certain bank owned life insurance ("BOLI") policies and consumer check fraud. The restructuring of certain BOLI policies in 2Q24 resulted in one-time losses of $171 thousand in 2Q24 as the Company sought to maximize yields on these investments in future periods. Losses from consumer check fraud were reduced by $124 thousand in 3Q24 when compared to 2Q24 and remain a top priority with enhanced monitoring and prevention. Compared to 3Q23, noninterest income increased $30 thousand, or 3.4%, in the current quarter and is primarily attributable to higher income from BOLI policies and the absence of losses realized in 3Q23 from restructuring of the bond portfolio, partially offset by lower fees earned on other banking services.

Current quarter noninterest expense increased by $323 thousand or 8.3%, as compared to 2Q24, and was primarily attributed to an increase in the combined salaries and employee benefits expense of $286 thousand. Higher health insurance claims in the current quarter contributed to $206 thousand of the increase in the combined salaries and employee benefits expense. Noninterest expense increased in 3Q24 by $522 thousand, or 14.1%, as compared to the 3Q23, and was primarily attributed to an increase in the combined salaries and employee benefits expense of $504 thousand. The higher salaries and employee benefits expense in 3Q24 when compared to the linked quarter are the result of compensation and wage adjustments implemented in 2024 based on compensation studies to retain and attract talented employees to remain competitive in the financial industry. Higher health insurance claims in the current quarter contributed to $225 thousand of the increase in the combined salaries and employees benefit expense.

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 September 30, 2024 has 26,078 shares available to be repurchased.

		For the Quarters Ended												% Change
Results of Operations		September 30, 2024				September 30, 2023				June 30, 2024				Prior Year				Prior Quarter
Net income		$	1.37			$	1.50			$	1.03				(8.9	)%			33.0	%
Book value			42.16				35.98				39.81				17.2				5.9
Book value excluding OCI			44.86				41.83				43.84				7.2				2.3
Market value			48.99				42.25				46.00				16.0				6.5
Dividends		$	0.36			$	0.34			$	0.35				5.9				2.9
Dividend payout ratio			26.20	%			22.65	%			34.04	%			15.7	%			(23.0	)%
Number of shares repurchased			14,904				-				204				-				7,205.9
Repurchase amount			658,757				-				8,980				-				7,235.8
Average repurchase price			44.20				-				44.02				-				0.4	%

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.

Year to Date Results of Operations

Net income was $9.5 million for the nine months ended September 30, 2024 as compared to $10.7 million for the nine months ended September 30, 2023, a decrease of $1.2 million, or 11.3%. A summary of the year to date results of operations are included in the table and comments below.

		For the Nine Months Ended
Results of Operations		September 30, 2024				September 30, 2023				% Change
Net interest income		$	22,187,674			$	22,842,198				(2.9	)%
Provision for credit losses			550,000				340,000				61.8
Noninterest income			2,626,131				2,422,565				8.4
Noninterest expense			12,069,151				11,041,196				9.3
Net income		$	9,537,654			$	10,747,567				(11.3	)%
Yield on earning assets			4.67	%			4.20	%			11.1	%
Cost of interest-bearing deposits			1.88				1.03				83.4
Net interest margin			3.47				3.57				(2.6	)
Return on average assets (annualized)			1.42				1.60				(11.3	)
Return on average equity (annualized)			11.72				14.51				(19.2	)
Efficiency ratio			47.92	%			43.46	%			10.3	%

Net interest income decreased $655 thousand, or 2.9%, for the nine months ended September 30, 2024, as compared to same period last year, and was attributable to increases in deposit costs outpacing growth in interest income from earning assets. Deposit costs increased $3.5 million, or 86.3%, over the prior year while interest income increased $2.9 million, or 10.6%, in the same period. Costs of interest-bearing deposits increased 85 bps in the nine months ended September 30, 2024, as compared the same period in the prior year. Organic loan growth combined with higher yields enhanced interest income from loans by $3.8 million, or 19.2%, for the nine months ended September 30, 2024, as compared to nine months ended September 30, 2023. Loan yields have increased 45 bps in the previous 12 months due to higher interest rates on new loan originations. Average loan balances increased $39.5 million, or 7.1%, since September 30, 2023 and the growth was primarily funded by decreases in debt securities and growth in deposits, in the same period. Interest income from debt securities and fed funds sold decreased by $957 thousand, in the same period, as the result of lower balances in debt securities and the Federal Reserve rate cut of 50bps on September 18, 2024.

The allowance for credit losses was 0.63% of total loans as of September 30, 2024, which is relatively unchanged compared to September 30, 2023. The provision for credit losses recorded in the nine months ended September 30, 2024 of $550 thousand was related to growth in the loan portfolio during the same period and not the result of loan charge-offs. No significant changes in the economic indicators and related forecasts utilized in the CECL model occurred in 2024. The provision for credit losses of $340 thousand recorded in the nine months ended September 30, 2023 was related to growth in the loan portfolio during the same period and not the result of loan charge-offs.

Noninterest income for the nine months ended September 30, 2024 increased by $204 thousand, or 8.4%, as compared to the nine months ended September 30, 2023, primarily due to a $728 thousand increase in income from BOLI. Nonrecurring income of $784 thousand was recognized in the first quarter of 2024 related to death proceeds from BOLI. Other sources of noninterest income decreased compared to the prior year partially offsetting the increase in BOLI income and included losses from the disposition of debt securities of $228 thousand and losses from check fraud of $110 thousand. Restructuring of the debt securities portfolio in 2024 resulted in the sale of lower-yielding debt securities at a loss so proceeds could be reinvested into new securities or fund loans at substantially higher yields to maximize future interest revenue.

Noninterest expense for the nine months ended September 30, 2024 increased $1.0 million, or 9.3% as compared to the same period in 2023, and is the result of a $665 thousand, or 14.3%, increase in employee salaries expense and $145 thousand, or 9.8% increase in employee benefits. Higher salaries expense relates to the fulfillment of open positions and compensation wage adjustments paid during 2024 to remain competitive in the current labor market. Employee health insurance is provided through a partially self-funded plan and year to date claims incurred by the plan were higher in 2024, which had the most significant impact on employee benefits. Additionally, employment taxes on a higher wage base resulting from the wage adjustments and fulfillment of open positions was a contributing factor in higher employee benefits expense. Other operating costs increased by $151 thousand, or 9.4%, which primarily relate to increases in professional fees and charitable donations.

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

		For the Nine Months Ended
Per Share Data		September 30, 2024				September 30, 2023				% Change
Net income		$	3.47			$	3.90				(10.8	)%
Dividends		$	1.06			$	1.01				5.0
Dividend payout ratio			39.41	%			25.89	%			17.4	%
Book value			42.16				35.98				17.2
Book value excluding OCI			44.86				41.83				7.2
Market value			48.99				42.25				16.0
Number of shares repurchased			27,358				4,954				452.2
Repurchase amount		$	1,218,804			$	198,023				515.5	%
Average repurchase price		$	44.55			$	39.97				11.5	%

Financial Condition

The Company relies predominately 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 as of September 30, 2024 the Tier 1 capital of the Company exceeded the threshold to be considered well-capitalized (Community Bank Leverage Ratio) by $37.4 million, or 42.9%. The Company's financial condition at quarter end is summarized in the table and comments below.

		At or for the Quarters Ended												% Change
Financial Condition		September 30, 2024				September 30, 2023				June 30, 2024				Prior Year				Prior Quarter
Assets		$	960,036,763			$	899,714,244			$	897,946,213				6.7	%			6.9	%
Cash + unencumbered debt securities			274,770,147				243,307,165				200,647,575				12.9				36.9
Loans			593,282,065				555,192,827				605,110,398				6.9				(2.0	)
Deposits			841,681,720				797,524,704				785,686,008				5.5				7.1
Interest-bearing deposits			573,014,618				523,634,274				543,758,089				9.4				5.4
Stockholders' equity		$	114,938,427			$	99,105,109			$	109,126,423				16.0	%			5.3	%
Common stock - shares outstanding			2,726,536				2,754,086				2,741,440				(1.0	)			(0.5	)
Stockholders' equity / assets			11.97	%			11.02	%			12.15	%			8.6	%			(1.5	)%
Average assets		$	943,588,541			$	914,671,398			$	873,915,113				3.2	%			8.0	%
Average loans			596,968,941				557,482,431				601,943,532				7.1				(0.8	)
Average deposits			823,712,553				808,860,861				758,176,927				1.8				8.6
Average stockholders' equity		$	111,652,193			$	100,064,043			$	107,183,698				11.6	%			4.2	%
Average stockholders' equity / average assets			11.83	%			10.94	%			12.26	%			8.2	%			(3.5	)%
Tier 1 capital to average assets (leverage ratio)			12.86	%			12.42	%			13.61	%			3.5	%			(5.5	)%

Short term interest rates have remained elevated in the last 12 months which encouraged certain depositors to invest excess cash into short term government bonds or other high-yield investments. The Company has been able to offset the outflow of these deposits by growing core deposits and has not relied on brokered deposits or short-term borrowings for funding. During the nine months ended September 30, 2024, deposits increased by $98.5 million, or 13.2%, consisting of $42.0 million in time deposits, $41.1 million in noninterest-bearing deposits, $14.4 million in ICS deposits, and $9.9 million in money market deposits, partially offset by a decrease in savings accounts of $8.6 million. The Bank operates with a high level of core deposits. Core deposits are defined by banking regulators as checking, money market, and savings accounts plus any time deposits less than $250 thousand. All deposit accounts with a balance in excess of the FDIC insurance limit of $250 thousand are disclosed on quarterly regulatory reports filed with bank regulators. As of September 30, 2024, the Bank had deposit accounts with balances in excess of $250 thousand totaling $233.2 million which represents 27.7% of total deposits. The Bank is a member of the IntraFi Network which enables large depositor's access to multimillion-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 both commercial and consumer customers. Reciprocal deposits from the IntraFi Network increased by 29.5% to $122.2 million as of September 30, 2024, as compared to $94.4 million as of September 30, 2023.

On-balance sheet liquidity, as measured by cash and unencumbered available for sale debt securities, remains strong as of September 30, 2024 and equaled 32.7% of total deposits. Selected liquidity metrics are summarized in the table below.

		At or for the Quarters Ended												% Change
Liquidity		September 30, 2024				September 30, 2023				June 30, 2024				Prior Year				Prior Quarter
Cash + unencumbered debt securities / deposits			32.65	%			30.51	%			25.54	%			7.0	%			27.8	%
Debt securities pledged / total debt securities			12.22	%			11.59	%			13.15	%			5.4	%			(7.1	)%
Loans / deposits			70.49	%			69.61	%			77.02	%			1.3	%			(8.5	)%
Average loans / average deposits			72.47	%			68.92	%			79.39	%			5.2	%			(8.7	)%
Core deposits / total assets			86.63	%			88.45	%			87.11	%			(2.1	)%			(0.6	)%
Deposits > $250,000 / total deposits			27.71	%			29.64	%			24.18	%			(6.5	)%			14.6	%

Noncore funding sources including Federal Home Loan Bank ("FHLB") borrowings and brokered deposits are readily available to the Bank but are intended for contingency funding needs only and not to pursue growth. As of September 30, 2024, the Bank has the ability to borrow up to $207.2 million from the FHLB that would require pledging of loans and/or debt securities as collateral. Debt securities currently pledged are related to FHLB Letters of Credit used to collateralize public deposits.

Loans and Asset Quality

Higher interest rates, economic uncertainty and other factors have impacted current loan demand as compared to demand experienced in the previous 12 months. Conversely, funding of previously committed construction loans, localized demand for commercial real estate loans, and seasonal borrowings during the nine months ended September 30, 2024 resulted in continued organic loan growth with loans increasing $17.8 million, or 3.1%, since December 31, 2023. Loan growth of $38.1 million, or 6.9%, in the previous 12 months was the result of strong demand for local real estate and construction of both residential and commercial properties. Growth in the loan portfolio during the rising interest rate environment over the last 12 months along with variable rate loans within the portfolio have expanded the yield on loans from 4.93% in 3Q23 to 5.38% in 3Q24.

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 September 30, 2024. Past due loans were 0.64% of total loans as of September 30, 2024, as compared to 0.42% of total loans as of June 30, 2024 and 0.49% as of September 30, 2023. Past due loans as of September 30, 2024 primarily consist of loans secured by residential real estate with balances less than $300 thousand and are well secured. Selected asset quality metrics are summarized in the table below.

		At or for the Quarters Ended												% Change
Asset Quality		September 30, 2024				September 30, 2023				June 30, 2024				Prior Year				Prior Quarter
Allowance for credit losses / total loans			0.63	%			0.63	%			0.63	%			0.5	%			0.3	%
Net charge-offs (recoveries) / average loans			(0.01	)%			(0.01	)%			-	%			(22.6	)%			(289.3	)%
Loans past due 30 days or more / total loans			0.64	%			0.49	%			0.42	%			31.4	%			52.8	%
Non-accrual loans / total loans			0.05	%			0.04	%			0.04	%			19.3	%			44.4	%

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)								(unaudited)
		September 30, 2024				Dec 31, 2023				September 30, 2023
Assets
Cash and cash equivalents
Cash and due from banks		$	10,822,481			$	8,645,851			$	10,541,773
Federal funds sold and interest-bearing deposits			120,208,887				32,112,570				87,769,625
Total cash and cash equivalents			131,031,368				40,758,421				98,311,398
Debt securities available for sale, at fair value			161,959,717				155,031,208				161,582,511
Debt securities held to maturity, at amortized cost			34,025,737				40,363,590				42,306,978
Equity securities, at cost			748,833				748,833				748,833
Restricted stock, at cost			616,300				652,400				651,500
Loans			593,282,065				575,483,217				555,192,827
Less: allowance for credit losses			(3,741,353	)			(3,224,796	)			(3,482,333	)
Net loans			589,540,712				572,258,421				551,710,494
Accrued interest receivable			2,216,661				2,457,017				2,181,704
Prepaid expenses			427,381				849,418				604,998
Other real estate owned			392,206				388,712				294,467
Premises and equipment, net			12,996,731				12,421,191				12,882,400
Computer software, net			138,482				156,557				175,755
Deferred income taxes, net			2,379,786				3,628,386				5,219,164
Bank owned life insurance and annuities			22,071,866				22,037,539				21,849,420
Other assets			1,490,983				1,224,020				1,194,622
Total assets		$	960,036,763			$	852,975,713			$	899,714,244
Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing		$	268,667,102			$	235,351,918			$	273,890,430
Interest-bearing			573,014,618				507,863,159				523,634,274
Total deposits			841,681,720				743,215,077				797,524,704
Accrued interest payable			728,709				377,442				238,651
Dividends payable			-				1,101,582				936,389
Accrued expenses			563,237				826,259				226,962
Non-qualified deferred compensation			1,223,129				958,785				881,667
Allowance for credit losses on off-balance sheet credit exposures			513,347				477,347				-
Other liabilities			388,194				442,016				800,762
Total liabilities			845,098,336				747,398,508				800,609,135
Stockholders' equity
Common stock, par value $1 per share;
authorized 10,000,000 shares; issued and outstanding			2,726,536				2,753,894				2,754,086
Additional paid-in capital			945,109				2,136,555				2,144,387
Retained earnings			118,633,925				111,951,675				110,314,830
Accumulated other comprehensive loss, net of tax			(7,367,143	)			(11,264,919	)			(16,108,194	)
Total stockholders' equity			114,938,427				105,577,205				99,105,109
Total liabilities and stockholders' equity		$	960,036,763			$	852,975,713			$	899,714,244

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

		(unaudited)								(unaudited)
		For the three months ended								For the nine months ended
		September 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
Interest income
Loans, including fees		$	8,095,537			$	6,919,231			$	23,689,379			$	19,875,632
U. S. Treasury and government agency debt securities			493,950				502,696				1,524,088				1,457,449
Mortgage-backed debt securities			668,685				671,450				1,837,673				1,974,153
State and municipal debt securities			98,281				108,174				297,100				325,978
Federal funds sold and interest-bearing deposits			1,461,829				1,345,316				2,418,586				3,276,612
Total interest income			10,818,282				9,546,867				29,766,826				26,909,824
Interest expense
Deposits			2,684,603				1,536,897				7,579,152				4,067,626
Net interest income			8,133,679				8,009,970				22,187,674				22,842,198
Provision for credit losses			-				(80,000	)			550,000				340,000
Net interest income after provision for credit losses			8,133,679				8,089,970				21,637,674				22,502,198
Noninterest income
Debit card interchange fees, net			200,139				196,803				572,446				578,486
Nonsufficient funds and overdraft fees, net			196,599				150,231				552,735				472,114
Merchant payment processing, net			154,567				208,811				316,532				360,964
Service charges on deposit accounts, net			57,946				42,845				169,972				199,545
Income (loss) from bank owned life insurance and annuities			207,287				115,208				342,538				398,303
Income (loss) from bank owned life insurance death proceeds			-				-				783,787				-
Dividends			11,250				8,180				46,780				31,401
Loss on disposition of debt securities			(2,098	)			(84,394	)			(370,919	)			(142,680	)
Loss from fraud and overages/shortages			(11,158	)			15,331				(148,040	)			(38,058	)
Gain on transfer of other real estate owned			0				101,091				0				101,091
Miscellaneous			121,152				151,102				360,300				461,399
Total noninterest income			935,684				905,208				2,626,131				2,422,565
Noninterest expenses
Salaries			1,859,963				1,581,341				5,320,246				4,655,355
Employee benefits			682,282				456,799				1,636,191				1,490,701
Occupancy			272,333				259,011				818,927				777,752
Furniture and equipment			200,944				210,192				602,989				595,898
Data processing			243,280				248,162				737,475				725,716
Marketing			133,085				159,203				477,885				464,194
Directors fees			76,950				74,350				215,550				223,925
Telecommunication services			67,199				66,534				205,598				197,480
Deposit insurance premiums			105,462				107,240				295,831				302,680
Other operating			586,002				543,012				1,758,459				1,607,495
Total noninterest expenses			4,227,500				3,705,844				12,069,151				11,041,196
Income before income taxes			4,841,863				5,289,334				12,194,654				13,883,567
Income taxes			1,093,500				1,156,000				2,657,000				3,136,000
Net income		$	3,748,363			$	4,133,334			$	9,537,654			$	10,747,567
Earnings per common share - basic and diluted		$	1.37			$	1.50			$	3.47			$	3.90

###

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 12 banking locations on the Delmarva Peninsula including Worcester County, Maryland, Wicomico 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.

View the original press release on accesswire.com

FAQ

What was TYCB's earnings per share for Q3 2024?

Calvin B. Taylor Bankshares reported earnings of $1.37 per share for Q3 2024.

How much did TYCB's deposits grow in Q3 2024?

Total deposits increased by $56.0 million, or 7.1%, compared to June 30, 2024.

What was TYCB's net interest margin in Q3 2024?

The net interest margin was 3.58% for Q3 2024, an increase from 3.48% in Q2 2024.

How much did TYCB's year-to-date net income decrease in 2024?

Year-to-date net income through September 2024 decreased by 11.3% to $9.5 million compared to $10.7 million in the same period of 2023.

What was TYCB's efficiency ratio in Q3 2024?

The efficiency ratio for Q3 2024 was 46.6%, improved from 50.6% in Q2 2024.