Calvin B. Taylor Bankshares, Inc. Reports Fourth Quarter and Year End Financial Results for 2024

Rhea-AI Summary

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.

Positive

• Strong loan growth of 9.5% year-over-year
• Significant deposit growth of 10.1% ($75.2 million) in 2024
• Net interest margin expansion to 3.67% in Q4 2024
• 8.5% increase in stockholders' equity
• Q4 2024 net income up 29.6% year-over-year

Negative

• Full-year 2024 net income decreased 3.2% to $13.1 million
• Increase in past due and nonaccrual loans
• Higher noninterest expenses up 8.0% year-over-year
• Increased provision for credit losses of $810,000 in 2024

BERLIN, MD / ACCESS Newswire / March 14, 2025 / 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 fourth quarter 2024 ("4Q24") of $3.5 million, or $1.29 per share compared to net income of $3.7 million, or $1.37 per share for the third quarter of 2024 ("3Q24), and net income of $2.7 million, or $0.99 per share for the fourth quarter of 2023 ("4Q23"). Net income for 2024 was $13.1 million or $4.77 per share, compared to net income for 2023 of $13.5 million, or $4.89 per share.

2024 Fourth Quarter and Year-End Highlights

• Organic Loan Growth - Loans increased in the fourth quarter of 2024 by $36.8 million, or 6.2% when compared to the third quarter of 2024 and increased $54.6 million, or 9.5% when compared to the end of 2023.

• Year-to-date Deposit Growth - Deposits increased $75.2 million, or 10.1% in 2024 when compared to the end of last year. The significant deposit growth in 2024 was a combination of several deposit strategies utilized to grow non-interesting bearing and non-maturity deposits including technology investments and product enhancements.

• Net Interest Margin Expansion - Net interest margin ("NIM") increased to 3.67% for the quarter ended December 31, 2024, when compared to 3.58% at for the third quarter of 2024 and 3.59% for the fourth quarter of 2023. NIM expansion was driven by an improvement in yield on earning assets, primarily due to significant loan growth at higher yields.

• Capital Accretion and Successful Stock Buyback Program - Total stockholders' equity improved by $8.9 million, or 8.5% in 2024 when compared to prior year end. The Company has had a long-standing stock buyback program which in 2024, was able to acquire and retire 28,158 shares. The Company's ending book value in 2024 was $42.01 per share and the ending market value was $48.00 per share.

• CEO Succession - At the end of 2024, President and Chief Executive Officer, Raymond M. Thompson retired after 27 years of service to the Company. M. Dean Lewis, was appointed as his successor after being the Company's Executive Vice President and Chief Financial Officer for the last 11 years. Mr. Lewis becomes the 8 ^th President and Chief Executive Officer of Taylor Bank as it celebrates its 135 ^th year history in 2025.

President and Chief Executive Officer M. Dean Lewis commented, "The success of the Company in 2024 is directly attributable to our team of dedicated and experienced banking professionals. We executed several key strategic initiatives and investments in the last year that resulted in very strong financial performance in 2024 and will position the Company to provide premium products and services to current and future customers. This includes a very successful core system conversion that was completed in the 4th quarter of 2024. We are excited to celebrate the 135th anniversary of the founding of Taylor Bank in 2025 and continue building upon the legacy and tradition that has yielded long term success. In 2025, we will be opening our 3rd branch location on the Eastern Shore of Viriginia, located in Cape Charles, which will be our 12th branch in total. We are excited for the opportunities that lie ahead as we continue our expansion into contiguous markets, while staying true to our core values of being dedicated members of our communities and building longstanding relationships with our customers."

Year to Date Results of Operations

Net income was $13.1 million for the year ended December 31, 2024 as compared to $13.5 million for the year ended December 31, 2022, a decrease of $427 thousand, or 3.2%. A summary of the year to date results of operations are included in the table and comments that follow.

		For the Year Ended
		December 31,
		2024				2023				Change
Results of Operations
Net interest income		$	30,496,236			$	30,415,590				0.3	%
Provision for credit losses			810,000				280,000				189.3
Noninterest income			3,941,602				2,817,629				39.9
Noninterest expense			16,886,370				15,631,227				8.0
Income before income taxes			16,741,468				17,321,992				(3.4	)
Income tax expense			3,683,000				3,836,000				(4.0	)
Net income		$	13,058,468			$	13,485,992				(3.2	)%
Yield on earning assets			4.83	%			4.26	%			57	bp
Cost of interest-bearing deposits			1.89				1.12				77
Net interest margin			3.62				3.57				5
Return on average assets			1.47				1.52				(5	)
Return on average equity			12.09				13.91				(182	)
Efficiency ratio			48.51	%			46.13	%			238	bp

Net interest income increased $81 thousand, or 0.3% for the year ended December 31, 2024, as compared to the prior year, and was attributable to an increase in interest and fees on loans of $5.0 million, which was almost entirely offset by an increase on interest expense paid on deposits of $4.4 million and a decrease of $423 thousand in revenue from interest-bearing deposits at other banks. Organic loan growth of $54.6 million, or 9.4%, combined with higher yields on loans attributed to the significant increase in interest and fees on loans in 2024. The cost of interest-bearing deposits increased 77 bps in 2024, as compared to the prior year, due to higher deposit rates offered and migration of funds to interest-bearing accounts. Significant organic deposit growth of $75.2 million, or 10.1%, as compared to the prior year, also contributed to higher deposit expense. The Federal Reserve Bank decreased the federal funds rate 100 bps beginning in late September 2024, which decreased yields on certain debt securities and interest-bearing deposits at other banks.

The provision for credit losses of $810 thousand recorded for the year ended December 31, 2024, was the result of significant loan growth during the year, an increase in both past due and nonaccrual loans as compared to the prior year, and downgrades to certain credits. Despite the increase in past due and nonaccrual loans, asset quality remains strong, with loans past due 30 days or more and nonaccrual loans representing 0.63% and 0.17% of total loans at December 31, 2024. The economic indicators and related forecasts utilized in the CECL model have not changed significantly since adoption.

Noninterest income for year ended December 31, 2024, increased by $1.1 million, or 39.9%, as compared to the prior year, due to one-time items which consisted of the following: bank owned life insurance (BOLI) death proceeds of $784 thousand and a gain on disposition of Other Real Estate Owned ("OREO") of $518 thousand. The OREO property sold was a previous branch that was closed in 2023. In addition, the Bank executed a swap loss trade in its debt securities portfolio in both 2024 and 2023, which resulted in a loss of $371 thousand and $652 thousand, respectively. Lower-yielding debt securities were sold at a loss with proceeds reinvested into new securities or fund loans at substantially higher yields to maximize future interest revenue. Excluding these one-time items, non-interest income decreased $348 thousand, or 12.4% when compared to 2023, and relates to increased fraud losses.

Noninterest expense increased by $1.3 million, or 8.0% in 2024, as compared to the prior year, and relates to increases in employee salaries, employee benefits expense, and data processing costs. Higher salaries expense primarily relates to 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 benefit costs. 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.

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

		For the Year Ended December 31,
		2024				2023				Change
Per Share Data
Basic and diluted net income per common share		$	4.77			$	4.89				(2.5	)%
Dividends paid per common share		$	1.40			$	1.41				(0.7	)%
Dividend payout ratio			29.38	%			28.80	%			58	bp
Book value per common share at period end		$	42.01			$	38.34				9.6	%
Book value per common share excluding OCI			44.46				42.43				4.8
Market value at period end		$	48.00			$	44.00				9.1	%
Number of shares repurchased			28,158				5,146				447.2
Repurchase amount		$	1,242,826			$	206,047				503.2	%
Average repurchase price		$	44.14			$	40.04				10.2	%

Quarterly Results of Operations

Quarterly net income was $3.5 million for the fourth quarter ended December 31, 2024 ("4Q24"), as compared to $2.7 million for the fourth quarter ended December 31, 2023 ("4Q23") and $3.7 million for the third quarter ended September 30, 2024 ("3Q24"). A summary of the quarterly results of operations are included in the table and comments that follow.

		Dec. 31, 2024				Dec. 31, 2023				Sept. 30, 2024				Prior Year				Prior Quarter
Results of Operations
Net interest income		$	8,308,562			$	7,573,392			$	8,133,679				9.7	%			2.2	%
Provision for credit losses			260,000				(60,000	)			-				533.3				-
Noninterest income			1,315,471				354,582				935,684				271.0				40.6
Noninterest expense			4,817,219				4,549,549				4,227,500				5.9				13.9
Income before income taxes			4,546,814				3,438,425				4,841,863				32.2				(6.1	)
Income tax expense			1,026,000				700,000				1,093,500				46.6				(6.2	)
Net income		$	3,520,814			$	2,738,425			$	3,748,363				53.9	%			(6.1	)%
Yield on earning assets			4.84	%			4.43	%			4.78	%			41	bp			6	bp
Cost of interest-bearing deposits			1.83				1.38				1.92				45				(9	)
Net interest margin			3.67				3.59				3.58				8				9
Return on average assets			1.48				1.25				1.59				23				(11	)
Return on average equity			12.31				10.84				13.43				147				(112	)
Efficiency ratio			50.05	%			53.92	%			46.61	%			(387	)bp			344	bp

Net interest income increased $735 thousand, or 9.7% in 4Q24, as compared to 4Q23, which is attributable to organic loan growth and higher average balances in deposits with other banks, partially offset by an increase in deposit interest expense. The average balance of loans in 4Q24 increased $43.6 million and loan yields increased 39 bps, when compared to 4Q23. The increase in deposit interest expense was primarily due to an increase in the average balances on interest-bearing deposits of $60.7 million, coupled with an increase in the costs of deposits by 45 bps. Net interest income increased $175 thousand, or 2.2% in 4Q24, as compared to the prior quarter, due to higher average balances of loans of $12.0 million, higher yield on investment securities by 29 bps, and lower costs on interest-bearing deposits of 9 bps. The increases were partially offset by lower interest revenue from interest-bearing deposits in other banks which resulted from a decrease in average balances by $8.8 million and a decrease in yield by 80 bps, due to Federal Reserve rate cuts.

The higher provision expense for credit losses of $260 thousand, was the result of new loan growth and higher past due and nonaccrual loans for 4Q24. 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. There was no provision for credit losses recorded in 3Q24, due to a decrease in total loans related to seasonal line of credit repayments. No significant changes in the economic indicators and related forecasts utilized in the CECL model occurred in 4Q24.

Noninterest income increased in 4Q24 by $961 thousand, or 271.0%, as compared to 4Q23, due to a $509 thousand decrease in realized losses on sale of debt securities and a gain on sale of OREO in the amount of $$508 thousand, which relates to the sale of a previous branch that was closed in 2023. These one-time transactions were partially offset by lower merchant payment processing fees, service charges on deposit accounts and BOLI income. Noninterest income increased in 4Q24 by $380 thousand, or 40.6%, as compared to the prior quarter, primarily due to the gain on sale of OREO, partially offset by a decrease in merchant payment processing fees, service charges on deposit accounts and BOLI income.

Noninterest expense increased by $268 thousand, or 5.9% in 4Q24, as compared to 4Q23, and primarily relates to increases in employee salaries, employee benefits expense, and core conversion expenses. 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 claims incurred by the plan were higher in 4Q24, resulting in the increase in employee benefits costs by 5.8%, as compared to 4Q23. The Bank upgraded its core processing system with Jack Henry in November of 2024. This conversion resulted in one-time expenses including overtime, training and consulting. Noninterest expense increased in 4Q24 by $590 thousand, or 14.0%, as compared to the previous quarter, which primarily relates to higher salaries, employee benefits and core conversion expenses. Salaries expense increased $523 thousand, or 28.1%, due to year-end bonuses and contributions to the employee 401K plan based on profit sharing. Employee benefits expense increased $138 thousand, or 20.3%, due to higher claims incurred by the plan in the current quarter.

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, 2024 has25,278 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.

		Dec. 31, 2024				Dec. 31, 2023				Sept. 30, 2024				Prior Year				Prior Quarter
Per Share Data
Basic and diluted net income per common share		$	1.29			$	0.99			$	1.37				29.9	%			(6.1	)%
Dividends paid per common share			0.36				0.40				0.36				(10.0	)			-
Dividend payout ratio			27.88				40.23				26.20				(30.7	)			6.4
Book value per common share at period end			42.01				38.34				42.16				9.6				(0.4	)
Book value per common share excluding OCI			44.46				42.43				44.86				4.8				(0.9	)
Market value at period end		$	48.00			$	44.00			$	48.99				9.1	%			(2.0	)%
Number of shares repurchased			800				192				14,904				608				(14,104	)
Repurchase amount		$	36,089			$	8,024			$	658,757				349.8	%			(94.5	)%
Average repurchase price		$	45.52			$	41.79			$	44.20				8.9	%			3.0	%

Financial Condition

Core deposits, deposit insurance, liquidity and capital remain an area of focus for the Company and the banking industry as a whole. 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) as of December 31, 2024.

The Company's financial condition at quarter end is summarized in the table and comments that follow.

		Dec. 31, 2024				Dec. 31, 2023				Sept. 30, 2024				Prior Year				Prior Quarter
Financial Condition
Assets		$	936,931,577			$	852,975,713			$	960,036,763				9.8	%			(2.4	)%
Cash and unencumbered debt securities			243,387,978				179,787,929				274,770,147				35.4				(11.4	)
Loans			630,104,443				575,483,217				593,282,065				9.5				6.2
Deposits			818,397,805				743,215,077				841,681,720				10.1				(2.8	)
Interest-bearing deposits			573,512,049				507,863,159				573,014,618				12.9				0.1
Stockholders' equity		$	114,509,982			$	105,577,205			$	114,938,427				8.5	%			(0.4	)%
Common stock outstanding			2,725,736				2,753,894				2,726,536				(28,158	)			(800.0	)
Stockholders' equity / assets			12.22	%			12.38	%			11.97	%			(16	)bp			25	bp
Average assets		$	946,210,995			$	876,869,845			$	943,588,541				7.9	%			0.3	%
Average loans			604,996,135				565,320,886				596,968,941				7.0				1.3
Average deposits			827,996,566				767,230,899				823,712,553				7.9				0.5
Average stockholders' equity		$	113,466,125			$	101,049,309			$	111,652,193				12.3	%			1.6	%
Average stockholders' equity / assets			12.11	%			11.52	%			11.83	%			59	bp			28	bp
Tier 1 capital to average assets (leverage ratio)			13.19	%			13.14	%			12.86	%			5	bp			33	bp

The Company experienced significant growth in core deposits in 2024 due to a combination of strategies utilized to grow non-interesting bearing and non-maturity deposits including technology investments and product enhancements. The Company's deposits increased by $75.2 million, or 10.1% in the previous 12 months, which resulted in total assets increasing by $83.9 million, or 9.8% since December 31, 2023. 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. 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, 2024, the Bank had deposit accounts with balances in excess of $250,000 totaling $214.2 million, which represents 26.2% of total deposits, as compared to $187.4 million or 25.2% as of December 31, 2023 and $233.2 million or 27.7% of total deposits as of September 30, 2024. The Company did not experience any significant outflow of uninsured deposits during the year ended December 31, 2024. 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. In recent years the banking industry has experienced a surge in usage of the IntraFi Network by existing and new customers, due to the additional insurance protection and the higher rates paid on these deposits. Reciprocal deposits from the IntraFi Network were $116.4 million as of December 31, 2024, as compared to $102.4 million and $122.2 millionas of December 31, 2023 and September 30, 2024, respectively.

On-balance sheet liquidity, as measured by cash and unencumbered available for sale debt securities, remains strong as of December 31, 2024 and equaled 29.7% of total deposits. Selected liquidity metrics are summarized in the table below.

		Dec. 31, 2024				Dec. 31, 2023				Sept. 30, 2024				Prior Year				Prior Quarter
Liquidity
Cash and unencumbered debt securities / total deposits			29.74	%			24.19	%			32.65	%			555	bp			(291	)bp
Debt securities pledged / total debt securities			12.00				12.68				12.22				(68	)			(22	)
Loans / deposits			76.99				77.43				70.49				(44	)			650
Average loans / average deposits			73.07				73.68				72.47				(61	)			60
Noninterest-bearing deposits / total deposits			29.92				31.69				31.92				(177	)			(200	)
Non-maturity deposits / total deposits			54.27				56.80				52.70				(252	)			157
Time deposits / total deposits			15.80	%			11.51	%			15.38	%			429	bp			43	bp

Noncore funding sources are available to the Bank but are intended for contingency funding needs and not to pursue growth. As of December 31, 2024, the Bank has the ability to borrow up to $221.7 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

Elevated interest rates, economic uncertainty and other factors have had minimal impact on current loan demand as compared to loan demand experienced in previous years. Loan growth of $54.6 million, or 9.5% in the previous 12 months was the result of strong demand for local real estate including construction loans. Growth in the loan portfolio over the last 12 months along with variable rate loans within the portfolio have expanded the yields on average loans from 5.08% in 4Q23 to 5.47% in 4Q24. Loan yields increased 9 bps in 4Q24 as compared to 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 December 31, 2024. Past due loans have increased to 0.63% of total loans as of December 31, 2024, as compared to 0.45% as of December 31, 2023 and decreased from 0.64% as of September 30, 2024. Past due loans as of December 31, 2024 primarily consist of loans secured by residential real estate with balances less than $300 thousand and are well secured. The allowance for credit losses increased from 0.56% of total loans as of December 31, 2023 to 0.62% of total loans as of December 31, 2024, which related to increases in past due and nonaccrual loans, as well as downgrades of certain credits.

Selected asset quality metrics are summarized in the table below.

		Dec. 31, 2024				Dec. 31, 2023				Sept. 30, 2024				Prior Year				Prior Quarter
Asset Quality Data
Allowance for credit losses / total loans			0.62	%			0.56	%			0.63	%			6	bp			(1	)bp
Net charge-offs (recoveries) / average loans			0.01				0.01				(0.01	)			-				2
Loans past due 30 days or more / total loans			0.63				0.45				0.64				18				(1	)
Non-accrual loans / total loans			0.17	%			0.04	%			0.05	%			13	bp			12	bp

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.
Consolidated Balance Sheets

		(unaudited)								(unaudited)
		Dec. 31,				Dec. 31,				Sept. 30,
		2024				2023				2024
ASSETS
Cash and due from banks		$	5,780,779			$	8,645,851			$	10,822,481
Federal funds sold and interest bearing deposits			74,169,942				32,112,570				120,208,887
Cash and cash equivalents			79,950,721				40,758,421				131,031,368
Investment securities available for sale (at fair value)			159,645,861				155,031,208				161,959,717
Investment securities held to maturity (at amortized cost)			26,075,849				40,363,590				34,025,737
Equity securities, at fair value			748,833				748,833				748,833
Restricted securities			616,300				652,400				616,300
Loans held for investment			630,104,443				575,483,217				593,282,065
Less: allowance for credit losses			(3,909,921	)			(3,224,796	)			(3,741,353	)
Loans, net			626,194,522				572,258,421				589,540,712
Accrued interest receivable			2,724,206				2,457,017				2,216,661
Prepaid expenses			670,623				849,418				427,381
Other real estate owned, net			-				388,712				392,206
Premises and equipment, net			12,895,314				12,421,191				12,996,731
Computer software, net			142,306				156,557				138,482
Deferred income taxes, net			3,421,606				3,628,386				2,379,786
Bank owned life insurance and annuities			22,238,791				22,037,539				22,071,866
Other assets			1,606,645				1,224,020				1,490,983
Total assets		$	936,931,577			$	852,975,713			$	960,036,763
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing deposits		$	244,885,756			$	235,351,918			$	268,667,102
Interest-bearing deposits			573,512,049				507,863,159				573,014,618
Total deposits			818,397,805				743,215,077				841,681,720
Accrued interest payable			691,374				377,442				728,709
Dividends payable			-				1,101,582				-
Accrued expenses			1,011,503				826,259				563,237
Deferred compensation and supplemental retirement benefits			1,341,748				958,785				1,223,129
Allowance for credit losses on off-balance sheet credit exposures			574,247				477,347				513,347
Other liabilities			404,918				442,016				388,194
Total liabilities			822,421,595				747,398,508				845,098,336
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock, par value $1 per share; authorized 10,000,000			2,725,736				2,753,894				2,726,536
Additional paid in capital			909,513				2,136,555				945,109
Retained earnings			121,173,185				111,951,675				118,633,925
Accumulated other comprehensive loss, net of deferred income tax			(10,298,452	)			(11,264,919	)			(7,367,143	)
Total stockholders' equity			114,509,982				105,577,205				114,938,427
Total liabilities and stockholders' equity		$	936,931,577			$	852,975,713			$	960,036,763
Period-end common shares outstanding			2,725,736				2,753,894				2,726,536
Book value per common share		$	42.01			$	38.34			$	42.16

Calvin B. Taylor Bancshares, Inc.
Consolidated Statements of Income

		For the Three Months Ended								For the Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
INTEREST INCOME
Interest and fees on loans		$	8,397,083			$	7,239,123			$	32,086,462			$	27,114,755
Interest on investment securities:
U.S. Treasury and government agency debt securities			539,460				587,415				2,063,548				2,044,864
Mortgage-backed debt securities			734,198				675,263				2,571,871				2,649,416
State and municipal debt securities			98,391				107,243				395,491				433,221
Interest on federal funds sold and interest-bearing deposits			1,175,801				743,919				3,594,387				4,017,830
Time deposits in other financial institutions			-				-				-				2,701
Total interest income			10,944,933				9,352,963				40,711,759				36,262,787
INTEREST EXPENSE
Interest on deposits			2,636,371				1,779,571				10,215,523				5,847,197
Total interest expense			2,636,371				1,779,571				10,215,523				5,847,197
NET INTEREST INCOME			8,308,562				7,573,392				30,496,236				30,415,590
Provision for credit losses			260,000				(60,000	)			810,000				280,000
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES			8,048,562				7,633,392				29,686,236				30,135,590
NONINTEREST INCOME
Debit card interchange fees, net			204,866				186,077				777,312				764,563
Nonsufficient funds and overdraft fees, net			200,603				159,913				753,338				632,027
Merchant payment processing, net			80,829				95,640				397,361				459,027
Service charges on deposit accounts, net			36,127				55,118				206,099				270,524
Income from bank owned life insurance annuities			168,261				189,455				510,799				587,758
Income from bank owned life insurance death proceeds			-				-				783,787				-
Dividends			58,196				55,353				104,976				86,754
Loss on disposition of investment securities			-				(508,974	)			(370,919	)			(651,654	)
Gain on disposition of fixed assets			25				-				25				-
Gain on disposition of other real estate owned			517,827				9,243				517,827				110,334
Other noninterest income			48,737				112,757				260,997				558,296
Total noninterest income			1,315,471				354,582				3,941,602				2,817,629
NONINTEREST EXPENSE
Salaries and wages			2,382,995				2,055,955				7,703,241				6,711,310
Employee benefits			821,082				776,181				2,457,273				2,266,882
Occupancy expense			291,889				270,475				1,110,816				1,048,227
Furniture and equipment expense			190,600				183,014				793,589				778,912
Data processing			487,219				263,994				1,224,694				989,710
Marketing			130,153				120,652				608,038				584,846
Directors' fees			73,300				74,150				288,850				298,075
Telecommunication services			72,540				66,163				278,138				263,643
FDIC insurance premium expense			103,693				91,612				399,524				394,292
Other noninterest expenses			263,748				647,353				2,022,207				2,295,330
Total noninterest expense			4,817,219				4,549,549				16,886,370				15,631,227
Income before income taxes			4,546,814				3,438,425				16,741,468				17,321,992
Income tax expense			1,026,000				700,000				3,683,000				3,836,000
NET INCOME		$	3,520,814			$	2,738,425			$	13,058,468			$	13,485,992
Basic and diluted net income per common share		$	1.29			$	0.99			$	4.77			$	4.89
Net income		$	1.29			$	0.99			$	4.77			$	4.89

###

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 full-service banking locations and 1 loan production office within the eastern coastal area of the Delmarva Peninsula including Worcester County and Wicomico County, Maryland, Sussex County, Delaware and Accomack County, Virginia.

Contact
Philip O'Neil, Executive Vice President and Chief Financial Officer
410‑641‑1700, taylorbank.com

SOURCE: Calvin B. Taylor Bankshares, Inc.

View the original press release on ACCESS Newswire

FAQ

What was TYCB's net income for Q4 2024 compared to Q4 2023?

TYCB's Q4 2024 net income was $3.5 million ($1.29 per share), up from $2.7 million ($0.99 per share) in Q4 2023.

How much did TYCB's deposits grow in 2024?

TYCB's deposits increased by $75.2 million, representing a 10.1% growth in 2024.

What was TYCB's loan growth in Q4 2024?

Loans increased by $36.8 million (6.2%) in Q4 2024 compared to Q3 2024.

How many shares did TYCB repurchase in 2024?

TYCB acquired and retired 28,158 shares through its stock buyback program in 2024.

What is TYCB's expansion plan for 2025?

TYCB plans to open its 3rd Eastern Shore of Virginia branch in Cape Charles, which will be its 12th branch overall.