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Calvin B. Taylor Bankshares reported a net income of $2.68 million for 2Q22, a 29.5% increase from 2Q21 and exceeding 1Q22's $2.29 million. Year-to-date net income reached $4.97 million, up 6.5% year-over-year. Loan growth surged by $25 million (5.4%) since March 31, 2022, with net interest income rising 21.2% YoY. The net interest margin improved to 2.82%, along with strong asset growth of 10.3%. However, provisions for loan losses increased 80% over the prior year, highlighting potential credit risks amid economic uncertainty.
Positive
Net income increased 29.5% to $2.68 million in 2Q22 compared to 2Q21.
Loan growth of $25 million (5.4%) since March 31, 2022.
Net interest income showed a strong increase of 21.2% YoY.
Net interest margin improved to 2.82% in 2Q22.
Total assets grew by 10.3% year-over-year, reaching $925.1 million.
Negative
Provision for loan losses increased by 80% compared to the same period last year.
Net interest margin decreased to 2.64% for the six months ended June 30, 2022, down from 2.88% in 2021.
Return on average assets decreased from 1.24% to 1.09% YoY.
BERLIN, MD / ACCESSWIRE / August 15, 2022 / Calvin B. Taylor Bankshares, Inc. (the "Company") (OTCQX:TYCB), parent company of Calvin B. Taylor Bank, today reported net income of $2.68 million for the second quarter ended June 30, 2022 ("2Q22"), as compared to $2.07 million for the second quarter ended June 30, 2021 ("2Q21") and $2.29 million for the first quarter ended March 31, 2022 ("1Q22"). Net income for the six months ended June 30, 2022 was $4.97 million, as compared to $4.67 million for the six months ended June 30, 2021. President and Chief Executive Officer Raymond M. Thompson commented, "Despite rapidly rising interest rates, the Company continued to experience strong loan demand in 2Q22. Earnings during the quarter exceeded forecasts as the Federal Reserve increased the federal funds target rate by 150 basis points since March 2022. It is anticipated that the Federal Reserve will continue to increase interest rates during the second half of 2022, and possibly beyond, until a 2% inflation target is achieved. During 2Q22, the Company's net interest margin increased for the first time since 1Q21 and is on pace to exceed 3% by year-end. Asset quality metrics remain strong as we head toward a possible slowdown in local and regional economic activity over the next 12 months."
Highlights of the company's financial results are noted below and included in the following tables.
Loan growth combined with higher yields on securities and fed funds sold resulted in a $941 thousand, or 17.6%, increase in net interest income in 2Q22 as compared to the previous quarter. Net interest income for the six months ended June 30, 2022 increased $1.28 million, or 12.6%, as compared to the six months ended June 30, 2021.
Organic loan growth continued in 2Q22 with loans increasing by $25.0 million, or 5.4%, since March 31, 2022. Loan growth since December 31, 2021 was $54.5 million, or 12.5%. Annualized loan growth, excluding Paycheck Protection Program ("PPP") loans, was 17.9% since June 30, 2021.
The provision for loan losses increased $150 thousand in 2Q22, as compared to 2Q21, and increased $75 thousand, as compared to 1Q22. Higher provision expense in 2Q22 was primarily attributable to loan growth and not related to loan charge-offs or changes in the credit quality of the loan portfolio.
Organic deposit growth during the previous 12 months resulted in total assets growing by $86.1 million, or 10.3%, since June 30, 2021. Annualized asset growth was 4.6% since December 31, 2021.
Net interest margin was 2.82% in 2Q22, as compared to 2.79% in 2Q21 and 2.50% in 1Q22. Significant deposit and asset growth since 2020 accompanied with ultra-low interest rates has continued downward pressure on net interest margin. Loan growth accompanied by rising interest rates increased net interest margin by 12.8% in 2Q22 as compared to 1Q22.
Quarterly Results of Operations
Loan interest revenue, including fees, increased to $5.31 million in 2Q22, as compared to $4.93 million in 2Q21 and $4.83 million in 1Q22, as the result of continued organic loan growth and higher interest revenue on variable rate loans. Average loan balances increased by 4.3% in 2Q22 compared to 2Q21 and were 8.3% higher compared to 1Q22. Higher loan interest revenue attributable to organic loan growth was partially offset by a decrease in PPP loan interest revenue, including fees. PPP loan interest revenue, including fees, was $148 thousand in 2Q22, as compared to $341 thousand in 2Q21 and $147 thousand in 1Q22. The outstanding balance of PPP loans as of June 30, 2022 was $143 thousand. Loan yields were 4.45% in 2Q22, as compared to 4.31% in 2Q21 and 4.43% in 1Q22.
Net interest income increased to $6.21 million in 2Q22, as compared to $5.13 million in 2Q21 and $5.27 million in 1Q22. Increases in the average balances of loans and debt securities combined with higher market interest rates in 2Q22 resulted in higher net interest income. Deposit costs increased in 2Q22, as compared to 2Q21 and 1Q22, due primarily to higher average balances of interest-bearing deposits and not the result of higher deposit interest rates. Net interest margin increased to 2.82% in 2Q22, as compared to 2.79% in 2Q21 and 2.50% in 1Q22. Growth in interest revenue outpaced the growth in average earning assets during the same period thus increasing net interest margin.
The provision for loan losses was $150 thousand in 2Q22, as compared to $75 thousand recorded in 1Q22, while no provision was recorded in 2Q21. Net charge offs were $17 thousand in 2Q22, $7 thousand in 2Q21 and $21 thousand in 1Q22, and primarily relate to overdraft deposit accounts. Higher provision expense in 2Q22 was primarily attributable to loan growth and not related to loan charge-offs or changes in the credit quality of the loan portfolio. Government economic stimulus payments, PPP loans, foreclosure moratoriums, and increasing residential real estate prices have mitigated charge offs subsequent to the COVID-19 pandemic. However, uncertainty about borrowers' ability to repay absent government stimulus programs and rapid increases in real estate values have prevented a reduction in the allowance for loan losses at this time.
Noninterest income was $895 thousand in 2Q22, as compared to $785 thousand in 2Q21 and $1.04 million in 1Q22. The increase in noninterest income in 2Q22, as compared to 2Q21, is attributable to increases in debit card interchange fees, merchant payment processing fees, and overdraft fees. Noninterest income declined in 2Q22, as compared to 1Q22, due to a $269 thousand decrease in income from death proceeds of bank owned life insurance policies. No income was recognized in 2Q22 related to death proceeds of bank owned life insurance policies. While income from increases in cash surrender value of bank owned life insurance is generally consistent and recurring income, the income from death proceeds is not, and occurs upon the death of an insured employee or former employee. Bank owned life insurance investments are used to recover present and long term costs of employee benefits and compensation.
Noninterest expense increased to $3.37 million in 2Q22, as compared to $3.14 million in 2Q21, which is attributable to an increase in marketing expenses and a decrease in salaries expense deferred for loan origination activities. Significant PPP loan origination activity in 2Q21 resulted in a higher percentage of salaries expense deferred for loan origination activities. The increases in net interest income exceeded the increases in noninterest expense, which caused the efficiency ratio to decrease from 53.15% in 2Q21 to 47.51% in 2Q22. Noninterest expense increased 3.0% in 2Q22, as compared to 1Q22, which was also attributable to higher marketing and salaries expenses.
Net income increased 29.5% to $2.68 million in 2Q22, as compared to $2.07 million in 2Q21, and was primarily attributable to a 21.2% increase in net interest income. Sustained growth in deposits in the last 12 months associated with the COVID-19 pandemic resulted in an increase in average assets of 18.2% in 2Q22, as compared to 2Q21. Net income growth outpaced the growth in average assets, which resulted in the Return on Average Assets ("ROA") increasing from 1.06% 2Q21 to 1.16% in 2Q22. Return on Average Stockholders' Equity ("ROE") increased from 8.55% in 2Q21 to 11.30% in 2Q22 due to a decrease in average equity of 1.9%, as compared to a 29.5% increase in net income. The decrease in average equity is due to an increase in unrealized losses on available for sale debt securities that resulted from a rapid increase in market interest rates in 2022. Dividends declared were $0.30 per share in 2Q22 compared to $0.29 per share in 2Q21. Dividend payout ratios were 30.86% for 2Q22 and 38.71% for 2Q21.
Year to Date Results of Operations
Loan interest revenue, including fees, was $10.1 million for the six months ended June 30, 2022, as compared to $9.89 million for the six months ended June 30, 2021, which is the result of continued organic loan growth and higher interest revenue on variable rate loans. Loan interest revenue, including fees, increased despite a $504 thousand decrease in PPP loan interest revenue, including fees, for the six months ended June 30, 2022, as compared to same period last year.
Net interest income increased to $11.5 million for the six months ended June 30, 2022, as compared to $10.2 million for the six months ended June 30, 2021. Increases in the average balances of loans and debt securities combined with higher market interest rates in 2022 resulted in higher net interest income. Deposit costs increased in the 6 months ended June 30, 2022, as compared the same period in 2021, due primarily to higher average balances of interest-bearing deposits and not the result of higher deposit interest rates. Net interest margin decreased to 2.64% for the six months ended June 30, 2022, as compared to 2.88% for the six months ended June 30, 2021. Average deposits for the six months ended June 30, 2022 increased by $156.4 million, or 23.8%, when compared to the same period in 2021, and was the primary reason for the lower net interest margin.
Provision for loan losses was $225 thousand for the six months ended June 30, 2022, as compared to $125 thousand for the six months ended June 30, 2021. Net charge offs were $39 thousand in six months ended June 30, 2022, which primarily relate to overdraft deposit accounts, as compared to net charge offs of $13 thousand in the same period in 2021. Higher provision expense in the six months ended June 30, 2022 was primarily attributable to loan growth and not related to loan charge-offs or changes in the credit quality of the loan portfolio. Government economic stimulus payments, PPP loans, foreclosure moratoriums, and increasing residential real estate prices have mitigated charge offs subsequent to the COVID-19 pandemic. However, uncertainty about borrowers' ability to repay absent government stimulus programs and rapid increases in real estate values have prevented a reduction in the allowance for loan losses at this time.
Noninterest income decreased by $195 thousand to $1.93 million for the six months ended June 30, 2022, as compared to $2.13 million for the six months ended June 30, 2021, due to a $343 thousand decrease in income from death proceeds of bank owned life insurance policies. While income from the increase in cash surrender value of bank owned life insurance is generally consistent and recurring income, the income from death proceeds is not, and occurs upon the death of an insured employee or former employee. Bank owned life insurance investments recover present and long-term costs of employee benefits and compensation. Increases in debit card interchange fees, merchant payment processing fees, and overdraft fees partially offset the decrease from bank owned life insurance.
Noninterest expense increased from $6.18 million for the six months ended June 30, 2021 to $6.65 million for the six months ended June 30, 2022, and was primarily attributable to an increase in marketing expenses and a decrease in salaries expense deferred for loan origination activities. Significant PPP loan origination activity in the six months ended June 30, 2021 resulted in a higher percentage of salaries expense deferred for loan origination activities. A decrease in employee benefits costs of $251 thousand, or 29.6%, partially offset the increases in noninterest expense related to marketing and loan origination activities. Increases in net interest income exceeded the increases in noninterest expense, which caused the efficiency ratio to decrease from 50.38% for the six months ended June 30, 2021 to 49.56% for the six months ended June 30, 2022.
Net income increased from $4.67 million for the six months ended June 30, 2021 to $4.97 million for the six months ended June 30, 2022 and was primarily attributable to a 12.6% increase in net interest income. Sustained growth in deposits in the last 12 months associated with the COVID-19 pandemic resulted in an increase in average assets of 21.2% for the six months ended June 30, 2022, as compared to the same period in 2021. Net income growth outpaced the growth in average assets, which resulted in the ROA decreasing from 1.24% for the six months ended June 30, 2021 to 1.09% for the same period in 2022. ROE increased from 9.69% for the six months ended June 30, 2021 to 10.27% for the six months ended June 30, 2022 due to an increase in average equity of 0.5%, as compared to a 6.5% increase in net income. Dividends declared were $0.60 per share in six months ended June 30, 2022 compared to $0.58 per share for the same period in 2021. Dividend payout ratios were 33.3% for the six months ended June 30, 2022 and 34.4% for the six months ended June 30, 2021.
Financial Condition
Total assets were $925.1 million as of June 30, 2022, as compared to $839.0 million as of June 30, 2021 and $904.5 million as of December 31, 2021. Significant asset growth was primarily the result of customer behavior changes and government economic stimulus programs related to the COVID-19 pandemic, which resulted in a significant increase in customer deposits. Deposits totaled $827.3 million as of June 30, 2022, as compared to $739.8 million as of June 30, 2021 and $803.2 million as of December 31, 2021. Total loans as of June 30, 2022 were $489.4 million, as compared to $457.3 million as of June 30, 2021, which represents growth of $32.0 million, or 7.0% in the last twelve months. Loan growth, excluding PPP loans, was $74.1 million, or 17.9%, since June 30, 2021 and is the result of strong commercial and residential real estate loan demand in our markets. Repayments of PPP loans resulted in a $42.1 million decrease in PPP loans since June 30, 2021, which relate to ongoing repayments by the Small Business Administration as customers receive forgiveness of their PPP loans. Loans increased $54.5 million, or 12.5% since December 31, 2021, which is the result of $60.4 million of continued organic loan growth and a $5.9 million decrease in PPP loans. PPP loans, net of unamortized loan fees, were $143 thousand as of June 30, 2022, as compared to $42.3 million as of June 30, 2021 and $6.0 million as of December 31, 2021. The loans to deposits ratio as of June 30, 2022 was 59.2%, as compared to 61.8% as of June 30, 2021 and 54.1% as of December 31, 2021.
Nonaccrual loans and loans past due 30 days or more totaled $956 thousand as of June 30, 2022, as compared to $1.17 million as of June 30, 2021 and $2.10 million as of December 31, 2021. A temporary loan payment deferral program was established in the 2nd quarter of 2020 in response to the COVID-19 pandemic. Past due loans that also received temporary payment deferral were $521 thousand as of June 30, 2022 and $459 thousand as of June 30, 2021 and December 31, 2021.
Average assets grew by 21.2% to $914.0 million for the six months ended June 30, 2022, as compared to $754.3 million for the six months ended June 30, 2021. Significant average asset growth was primarily the result of customer behavior changes and government economic stimulus programs related to the COVID-19 pandemic, which resulted in a significant increase in average deposits. Average deposits increased 23.8% for the six months ended June 30, 2022, as compared to same period in 2021, while average loans grew $10.7 million, or 2.4%, to $460.4 million for the six months ended June 30, 2022, as compared to $449.8 million for the six months ended June 30, 2021. Growth in average loans occurred despite a decrease of $35.4 million in the average balance of PPP loans for the 6 months ended June 30, 2022, as compared to the same period in 2021. The average balance of other loan categories increased $46.1 million as commercial and residential real estate loan demand continued. The average loans to average deposits ratio decreased to 56.6% for the six months ended June 30, 2022, as compared to 68.5% for the same period in 2021, and relates to significant growth in average deposits associated with the COVID-19 pandemic.
Calvin B. Taylor Bankshares, Inc. & Subsidiary
Financial Highlights
Three Months Ended
Six Months Ended
Results of Operations
June 30, 2022
June 30, 2021
% Change
June 30, 2022
June 30, 2021
% Change
Net interest income
$
6,214,192
$
5,126,373
21.2%
$
11,487,152
$
10,202,566
12.6%
Provision for loan losses
$
150,000
$
-
-
$
225,000
$
125,000
80.0%
Noninterest income
$
895,147
$
784,970
14.0%
$
1,934,945
$
2,129,531
-9.1%
Noninterest expense
$
3,374,190
$
3,143,954
7.3%
$
6,648,572
$
6,184,280
7.5%
Net income
$
2,683,149
$
2,071,889
29.5%
$
4,972,025
$
4,667,317
6.5%
Net income per share
$
0.97
$
0.75
29.7%
$
1.80
$
1.69
6.8%
Dividend per share
$
0.30
$
0.29
3.4%
$
0.60
$
0.58
3.4%
Dividend payout ratio
30.86%
38.71%
33.31%
34.37%
Average assets
$
928,587,785
$
785,538,419
18.2%
$
913,914,725
$
754,304,697
21.2%
Average loans
$
478,700,843
$
459,147,814
4.3%
$
460,443,082
$
449,765,481
2.4%
Average deposits
$
828,997,376
$
687,038,885
20.7%
$
812,867,722
$
656,476,604
23.8%
Average loans to average deposits
57.74%
66.83%
56.64%
68.51%
Average stockholders' equity
$
95,015,319
$
96,904,908
-1.9%
$
96,809,134
$
96,344,665
0.5%
Average stockholders' equity to average assets
10.23%
12.34%
10.59%
12.77%
Ratios
Net interest margin
2.82%
2.79%
2.64%
2.88%
Return on average assets
1.16%
1.06%
1.09%
1.24%
Return on average stockholders' equity
11.30%
8.55%
10.27%
9.69%
Efficiency ratio
47.51%
53.15%
49.56%
50.38%
Stock Repurchased
Number of shares
1,400
-
-
1,400
7,480
-81.3%
Repurchase amount
$
50,637
$
-
-
$
50,637
$
253,572
-80.0%
Average price per share
$
36.17
$
-
-
$
36.17
$
33.90
6.7%
Financial Condition
June 30, 2022
June 30, 2021
% Change
June 30, 2022
December 31, 2021
% Change
Assets
$
925,148,023
$
839,010,222
10.3%
$
925,148,023
$
904,478,786
2.3%
Loans
$
489,366,784
$
457,348,554
7.0%
$
489,366,784
$
434,866,477
12.5%
Deposits
$
827,322,204
$
739,844,239
11.8%
$
827,322,204
$
803,245,622
3.0%
Stockholders' equity
$
94,007,233
$
97,124,149
-3.2%
$
94,007,233
$
99,088,916
-5.1%
Common stock - shares outstanding
2,759,360
2,765,452
-0.2%
2,759,360
2,760,760
-0.1%
Book value per share
$
34.07
$
35.12
-3.0%
$
34.07
$
35.89
-5.1%
Loans to deposits
59.15%
61.82%
59.15%
54.14%
Equity to assets
10.16%
11.58%
10.16%
10.96%
Calvin B. Taylor Bankshares, Inc. and Subsidiary
Consolidated Balance Sheets
(unaudited)
(unaudited)
Assets
June 30, 2022
December 31, 2021
June 30, 2021
Cash and cash equivalents
Cash and due from banks
$
13,386,781
$
9,931,724
$
17,240,944
Federal funds sold and interest bearing deposits
186,286,793
280,331,067
221,200,232
Total cash and cash equivalents
199,673,574
290,262,791
238,441,176
Time deposits in other financial institutions
2,225,908
3,478,221
6,981,022
Debt securities available for sale, at fair value
161,270,781
128,654,564
99,345,642
Debt securities held to maturity, at amortized cost
33,425,407
13,967,244
3,509,644
Equity securities, at cost
1,213,333
1,103,833
1,103,733
Loans
489,366,784
434,866,477
457,348,554
Less: allowance for loan losses
(2,185,136
)
(1,998,728
)
(1,948,398
)
Net loans
487,181,648
432,867,749
455,400,156
Accrued interest receivable
1,807,064
1,701,446
2,077,867
Prepaid expenses
351,709
645,725
601,955
Other real estate owned
-
-
-
Premises and equipment, net
12,856,649
12,904,446
12,672,886
Computer software
285,541
342,148
350,877
Deferred income taxes
2,907,321
-
-
Bank owned life insurance and annuities
21,643,955
18,223,348
17,940,582
Other assets
305,133
327,271
584,682
Total assets
$
925,148,023
$
904,478,786
$
839,010,222
Liabilities and Stockholders' Equity
Deposits
Non-interest bearing
$
291,101,093
$
283,096,833
$
284,870,586
Interest bearing
536,221,111
520,148,789
454,973,653
Total deposits
827,322,204
803,245,622
739,844,239
Accrued interest payable
32,796
26,029
26,483
Dividends payable
827,928
800,620
801,981
Securities purchase payable
2,024,064
-
-
Accrued expenses
198,779
623,132
156,095
Non-qualified deferred compensation
581,285
645,716
553,488
Deferred income taxes
-
6,759
447,841
Other liabilities
153,734
41,992
55,946
Total liabilities
831,140,790
805,389,870
741,886,073
Stockholders' equity
Common stock, par value $1 per share;
authorized 10,000,000 shares; issued and outstanding
2,759,360
2,760,760
2,765,452
Additional paid-in capital
2,349,296
2,398,533
2,562,103
Retained earnings
97,986,856
94,670,987
91,460,155
Accumulated other comprehensive income (loss), net of tax
(9,088,279
)
(741,364
)
336,439
Total stockholders' equity
94,007,233
99,088,916
97,124,149
Total liabilities and stockholders' equity
$
925,148,023
$
904,478,786
$
839,010,222
Calvin B. Taylor Bankshares, Inc. and Subsidiary
Consolidated Statements of Comprehensive Income (unaudited)
For the three months ended
For the six months ended
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021
Interest revenue
Loans, including fees
$
5,306,083
$
4,930,082
$
10,135,504
$
9,887,836
U. S. Treasury and government agency debt securities
212,047
69,005
353,454
126,233
Mortgage-backed debt securities
375,766
172,651
703,371
289,423
State and municipal debt securities
108,387
47,506
188,023
98,509
Federal funds sold and interest bearing deposits
438,001
53,200
533,491
89,132
Time deposits in other financial institutions
8,935
40,630
21,096
85,304
Total interest revenue
6,449,219
5,313,074
11,934,939
10,576,437
Interest expense
Deposits
235,027
186,701
447,787
373,871
Net interest income
6,214,192
5,126,373
11,487,152
10,202,566
Provision for loan losses
150,000
-
225,000
125,000
Net interest income after provision for loan losses
6,064,192
5,126,373
11,262,152
10,077,566
Noninterest income
Debit card and ATM
364,865
358,110
710,524
674,226
Service charges on deposit accounts
244,067
177,268
459,520
356,355
Merchant payment processing
106,242
58,739
162,559
72,256
Income from bank owned life insurance and annuities
73,113
99,825
146,392
185,758
Income from bank owned life insurance death proceeds
3,463
-
275,574
618,463
Dividends
9,262
10,124
12,572
14,719
Gain (loss) on disposition of debt securities
-
(3,652
)
645
56,801
Gain (loss) on disposition of fixed assets
60
(2,583
)
60
(7,514
)
Gain on equity securities, at cost
7,018
-
7,018
-
Miscellaneous
87,057
87,139
160,081
158,467
Total noninterest income
895,147
784,970
1,934,945
2,129,531
Noninterest expenses
Salaries
1,521,750
1,371,866
2,880,990
2,620,823
Employee benefits
259,400
449,571
597,727
848,836
Occupancy
238,279
222,492
479,039
449,860
Furniture and equipment
222,544
197,159
443,337
400,844
Data processing
190,427
193,382
404,412
359,497
ATM and debit card
148,821
129,836
289,944
242,086
Marketing
188,997
85,331
275,533
120,945
Directors fees
77,150
86,100
157,300
161,200
Telecommunication services
76,896
81,541
163,559
163,686
Deposit insurance premiums
60,336
43,774
119,879
93,669
Other operating
389,590
282,902
836,852
722,834
Total noninterest expenses
3,374,190
3,143,954
6,648,572
6,184,280
Income before income taxes
3,585,149
2,767,389
6,548,525
6,022,817
Income taxes
902,000
695,500
1,576,500
1,355,500
Net income
2,683,149
2,071,889
4,972,025
4,667,317
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on available for sale debt securities
arising during the period, net of tax
(2,330,417
)
118,499
(8,346,915
)
(470,764
)
Comprehensive income (loss)
$
352,732
$
2,190,388
$
(3,374,890
)
$
4,196,553
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 within the eastern coastal area of the Delmarva Peninsula including Worcester County, Maryland, Sussex County, Delaware and Accomack County, Virginia.
Contact M. Dean Lewis, Senior Vice President and Chief Financial Officer 410-641-1700, taylorbank.com
