Calvin B. Taylor Bankshares, Inc. Reports Second Quarter and First-Half Financial Results for 2024

Rhea-AI Summary

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.

Positive

• Net interest margin increased to 3.48% in 2Q24.
• Organic loan growth of $9.5 million in 2Q24.
• Total deposits increased by $32.0 million in 2Q24.
• Noninterest-bearing deposits rose by $18.9 million in 2Q24.

Negative

• Net income decreased by 14.2% year-over-year in 2Q24.
• Noninterest income declined by 32.3% year-over-year in 2Q24.
• Efficiency ratio worsened to 50.57% in 2Q24.
• Provision for credit losses increased by 31.0% year-to-date.
• Net interest income decreased by 5.2% in the first half of 2024.

BERLIN, MD / ACCESSWIRE / September 30, 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 second quarter 2024 ("2Q24") of $2.8 million, or $1.03 per share compared to net income of $3.0 million, or $1.08 per share for the first quarter of 2024 ("1Q24), and net income of $3.3 million, or $1.19 per share for the second quarter of 2023 ("2Q23"). Net income for the first-half of 2024 was $5.8 million or $2.11 per share, compared to net income for the first-half of 2023 of $6.6 million, or $2.40 per share.

Second Quarter and First-Half of 2024 Highlights

• Return on Average Assets ("ROAA") - The Company reported ROAA of 1.29% for the second quarter of 2024, compared to 1.38% for the first quarter of 2024 and 1.50% for the second quarter of 2023. The Company remains in the top-quartile of peers of a similar asset size for ROAA.

• Net Interest Margin Expansion - Net interest margin ("NIM") increased to 3.48% for the second quarter of 2024 from 3.36% for the first quarter of 2024. The combination of loan and deposit growth allowed net interest income to increase by 5.1% over the previous quarter. Despite the increase in the cost of interest-bearing deposits by 9 basis points ("bps"), net interest margin expanded as the yield on earning assets improved 18 bps in the second quarter of 2024 when compared to the first quarter of 2024.

• Organic Loan Growth - The Bank experienced loan growth in the second quarter of $9.5 million, or 1.6%, when compared to March 31, 2024 and 5.1% when compared to December 31, 2023.

• Significant Deposit Growth and Stable Low-Cost Funding - Total deposits increased $32.0 million, or 4.3%, when compared to March 31, 2024 and 5.7% when compared to December 31, 2023. The increase in the second quarter when compared to the first quarter was driven by an increase in low-cost noninterest-bearing deposits of $18.9 million, or 8.5%. Interest-bearing deposits increased $13.2 million, or 2.5%, for the same period, primarily from increases in time deposits resulting from featured terms and rates offered to customers.

• Strong Operating Leverage - The reported efficiency ratio for the second quarter was 50.57%, compared to 46.93% for the second quarter of 2024 and 45.21% for the second quarter of 2023. The Company remains in the top-quartile among peers of a similar asset size in regards to maintaining a low efficiency ratio.

"The continued growth in loans and deposits in the 2^nd quarter of 2024 is a testament to the commitment of our team members and has positioned the Company for a successful year. We continue to successfully navigate the current interest rate environment thanks to our strong liquidity position and team of experienced bankers. Beyond financial performance, we are also executing other strategic initiatives including a new branch in Cape Charles, Virginia and conversion to a new core banking system later this year", commented President and Chief Executive Officer Raymond M. Thompson.

Quarterly Results of Operations

Quarterly net income was $2.8 million for 2Q24, as compared to $3.0 million for 1Q24 and $3.3 million for 2Q23 . A summary of the quarterly results of operations are included in the table and comments below.

	For the Quarters Ended									% Change
Results of Operations	June 30, 2024			June 30, 2023			March 31, 2024			Prior Year			Prior Quarter
Net interest income	$	7,201,600		$	7,415,953		$	6,852,395			-2.9	%		5.1	%
Provision for credit losses	$	75,000		$	240,000		$	475,000			-68.8	%		-84.2	%
Noninterest income	$	518,945		$	766,845		$	1,173,420			-32.3	%		-55.8	%
Noninterest expense	$	3,904,252		$	3,725,401		$	3,939,317			4.8	%		-0.9	%
Net income	$	2,819,293		$	3,285,897		$	2,969,998			-14.2	%		-5.1	%
Yield on earning assets		4.70	%		4.20	%		4.52	%		11.9	%		4.0	%
Cost of interest-bearing deposits		1.91	%		1.05	%		1.82	%		81.9	%		4.9	%
Net interest margin		3.48	%		3.55	%		3.36	%		-2.0	%		3.6	%
Return on average assets (annualized)		1.29	%		1.50	%		1.38	%		-14.0	%		-6.5	%
Return on average equity (annualized)		10.52	%		13.24	%		11.22	%		-20.5	%		-6.2	%
Efficiency ratio		50.57	%		45.21	%		46.93	%		11.9	%		7.8	%

Net interest income in 2Q24 decreased $214 thousand, or 2.9%, as compared to 2Q23, which was primarily attributable to an increase in deposit costs of $1.2 million, or 85.0%. Costs of interest-bearing deposits increased 86 bps in 2Q24 as compared 2Q23. The increase in deposit costs was offset by a $1.2 million, or 17.6%, increase in interest revenue from loans, as loan yields increased 46 bps and average loan balances increased 7.4%. Compared to the prior quarter, net interest income increased in 2Q24 by $349 thousand, or 5.1%. Organic loan growth of $9.5 million and a 17 bps increase in loan yields resulted in an increase in loan revenue of $462 thousand, or 6.1% in 2Q24, as compared to the prior quarter. Deposit costs increased at a slower pace in 2Q24 and were 9 bps higher than the prior quarter.

The allowance for credit losses was 0.63% of total loans as of 2Q24, which is relatively unchanged compared to 2Q23 and 1Q24. No significant changes in the economic indicators and related forecasts utilized in the CECL model occurred in 2Q24. The provision for credit losses recorded in 2Q24 and 2Q23 of $75 thousand and $240 thousand, respectively, were related to growth in the loan portfolio during the same period. The provision for credit losses of $475 thousand recorded in 1Q24 was primarily the result of aging of the loan portfolio and increases in lines of credit related to seasonal borrowings and was not related to loan charge-offs.

Noninterest income decreased in 2Q24 by $248 thousand, or 32.3%, as compared to 2Q23, primarily due to a $179 thousand, or 126.3%, decrease in bank owned life insurance ("BOLI") income. During 2Q24, certain BOLI policies were exchanged for new policies with substantially higher yields to maximize future BOLI income. A loss of $170 thousand was recognized upon the exchange of these BOLI policies for charges levied by the previous insurance carrier. In addition, noninterest income decreased by $129 thousand when compared to 2Q23, due to increased customer check fraud losses related to a settlement with another financial institution over fraudulent check claims. Compared to 1Q24, noninterest income decreased $654 thousand, or 55.8%, in the current quarter and is attributable to a $1.0 million decrease in income from BOLI policies, partially offset by the absence of losses realized on investment securities sold.

Current quarter noninterest expense increased by $179 thousand or 4.8%, as compared to 2Q23, and was a result of an increase in salaries and employee benefits expenses of $114 thousand. Noninterest expense decreased in 2Q24 by $35 thousand, or 0.9%, as compared to the previous quarter, which primarily relates to annual state bank examinations assessments recorded in 1Q24 of $73 thousand.

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 June 30, 2024 has 40,982 shares available to be repurchased. 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.

		At or for the Quarters Ended											% Change
Per Share Data		June 30, 2024				June 30, 2023				March 31, 2024			Prior Year				Prior Quarter
Net income		$	1.03			$	1.19			$	1.08			-13.8	%		-4.9	%
Dividends		$	0.35			$	0.34			$	0.34			2.9	%		2.9	%
Dividend payout ratio			34.04	%			28.50	%			31.53	%		19.4	%		8.0	%
Book value		$	39.81			$	35.98			$	38.89			10.6	%		2.4	%
Book value excluding OCI		$	43.84			$	40.67			$	43.16			7.8	%		1.6	%
Market value		$	46.00			$	42.00			$	45.00			9.5	%		2.2	%
Number of shares repurchased			204				4,954				12,250			-95.9	%		-98.3	%
Repurchase amount		$	8,980			$	198,023			$	539,000			-95.5	%		-98.3	%
Average repurchase price		$	44.02			$	39.97			$	44.00			10.1	%		0.0	%

Year to Date Results of Operations

Net income was $5.8 million for the six months ended June 30, 2024 as compared to $6.6 million for the six months ended June 30, 2023, a decrease of $825 thousand, or 12.5%. A summary of the year to date results of operations are included in the table and comments below.

		For the Six Months Ended								% Change
Results of Operations		June 30, 2024				June 30, 2023				Prior Year
Net interest income		$	14,053,995			$	14,832,228				-5.2	%
Provision for credit losses		$	550,000			$	420,000				31.0	%
Noninterest income		$	1,690,447			$	1,517,357				11.4	%
Noninterest expense		$	7,841,651			$	7,335,352				6.9	%
Net income		$	5,789,291			$	6,614,233				-12.5	%
Yield on earning assets			4.61	%			4.13				11.6	%
Cost of interest-bearing deposits			1.87	%			0.97				93.3	%
Net interest margin			3.54	%			3.53				0.3	%
Return on average assets (annualized)			1.34	%			1.49				-10.1	%
Return on average equity (annualized)			10.87	%			13.50				-19.5	%
Efficiency ratio			48.67	%			44.71				8.9	%

Net interest income decreased $778 thousand, or 5.2%, for the six months ended June 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 $2.4 million, or 93.4%, over the prior year while interest income increased $1.6 million, or 9.1%, in the same period. Costs of interest-bearing deposits increased 86 bps in the six months ended June 30, 2024, as compared the same period in the prior year. Organic loan growth combined with higher yields enhanced interest income from loans by $2.6 million, or 20.4%, for the six months ended June 30, 2024, as compared to six months ended June 30, 2023. Loan yields have increased 46 bps in the previous 12 months due to higher interest rates on new loan originations. Loan balances increased $45.1 million, or 8.0%, since June 30, 2023 and the growth was primarily funded by decreases in debt securities and fed funds sold which decreased by $29.7 million, or 11.0%, in the same period. Interest income from debt securities and fed funds sold decreased by $1.1 million, in the same period, as the result of lower balances.

The allowance for credit losses was 0.63% of total loans as of June 30, 2024, which is relatively unchanged compared to June 30, 2023. The provision for credit losses recorded in the six months ended June 30, 2024 of $550 thousand was primarily 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 $420 thousand recorded in the six months ended June 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 six months ended June 30, 2024 increased by $173 thousand, or 11.4%, as compared to the six months ended June 30, 2023, primarily due to a $636 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 $311 thousand and losses from check fraud of $83 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 six months ended June 30, 2024 increased $506 thousand, or 6.9% as compared to the same period in 2023, and is primarily the result of a $386 thousand, or 12.6%, increase in employee salaries expense. Higher salaries expense relates to the fulfillment of open positions and higher salaries paid to remain competitive in the current labor market. Other operating costs increased by $108 thousand, or 10.1%, which relate to increases in professional fees and charitable donations. Employee health insurance is provided through a partially self-funded plan and year to date claims incurred by the plan were lower in 2024, resulting in the decrease in year to date employee benefits costs by $80 thousand, or 7.7%.

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

		For the Six Months Ended						% Change
Per Share Data		June 30, 2024			June 30, 2023			Prior Year
Net income		$	2.11		$	2.40			-12.1	%
Dividends		$	0.69		$	0.67			3.0	%
Dividend payout ratio			32.75	%		27.92	%		17.3	%
Book value		$	39.81		$	35.98			10.6	%
Book value excluding OCI		$	43.84		$	40.67			7.8	%
Market value		$	46.00		$	42.00			9.5	%
Number of shares repurchased			12,454			5,768			115.9	%
Repurchase amount		$	547,980		$	230,176			138.1	%
Average repurchase price		$	44.00		$	39.91			10.3	%

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 June 30, 2024 the Tier 1 capital of the Company exceeded the threshold to be considered well-capitalized (Community Bank Leverage Ratio) by $41.5 million, or 51.2%. 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	June 30, 2024			June 30, 2023			March 31, 2024			Prior Year			Prior Quarter
Assets	$	897,946,213		$	886,325,009		$	863,532,850			1.3	%		4.0	%
Cash + unencumbered debt securities	$	200,647,575		$	227,516,876		$	175,767,554			-11.8	%		14.2	%
Loans	$	605,110,398		$	560,033,006		$	595,584,914			8.0	%		1.6	%
Deposits	$	785,686,008		$	784,337,394		$	753,643,370			0.2	%		4.3	%
Interest-bearing deposits	$	543,758,089		$	523,380,027		$	530,575,289			3.9	%		2.5	%
Stockholders' equity	$	109,126,423		$	99,083,210		$	106,633,373			10.1	%		2.3	%
Common stock - shares outstanding		2,741,440			2,754,086			2,741,644			-0.5	%		0.0	%
Stockholders' equity / assets		12.15	%		11.18	%		12.35	%		8.7	%		-1.6	%
Average assets	$	873,915,113		$	877,431,152		$	859,259,071			-0.4	%		1.7	%
Average loans	$	601,943,532		$	560,255,486		$	585,898,042			7.4	%		2.7	%
Average deposits	$	758,176,927		$	773,425,984		$	745,377,620			-2.0	%		1.7	%
Average stockholders' equity	$	107,183,698		$	99,251,206		$	105,838,839			8.0	%		1.3	%
Average stockholders' equity / average assets		12.26	%		11.31	%		12.32	%		8.4	%		-0.4	%
Tier 1 capital to average assets (leverage ratio)		13.61	%		12.63	%		13.63	%		7.8	%		-0.1	%

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 six months ended June 30, 2024, deposits increased by $42.5 million, or 5.7%, consisting of $39.2 million in time deposits and $6.6 million in noninterest-bearing deposits, partially offset by a decrease in savings accounts. 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 June 30, 2024, the Bank had deposit accounts with balances in excess of $250 thousand totaling $190.0 million which represents 24.2% of total deposits. 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. 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 36.3% to $127.9 million as of June 30, 2024, as compared to $93.8 million as of June 30, 2023.

On-balance sheet liquidity, as measured by cash and unencumbered available for sale debt securities, remains strong as of June 30, 2024 and equaled 25.5% of total deposits. Selected liquidity metrics are summarized in the table below.

	At or for the Quarters Ended									% Change
Liquidity	June 30, 2024			June 30, 2023			March 31, 2024			Prior Year			Prior Quarter
Cash + unencumbered debt securities / deposits		25.54	%		29.01	%		23.32	%		-12.0	%		9.5	%
Debt securities pledged / total debt securities		13.15	%		11.57	%		11.45	%		13.7	%		14.8	%
Loans / deposits		77.02	%		71.40	%		79.03	%		7.9	%		-2.5	%
Average loans / average deposits		79.39	%		72.44	%		78.60	%		9.6	%		1.0	%
Core deposits / total assets		87.11	%		88.27	%		86.99	%		-1.3	%		0.1	%
Deposits > $250,000 / total deposits		24.18	%		28.30	%		23.02	%		-14.5	%		5.0	%

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 June 30, 2024, the Bank has the ability to borrow up to $195.3 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 six months ended June 30, 2024 resulted in continued organic loan growth with loans increasing $29.6 million, or 5.1%, since December 31, 2023. Loan growth of $45.1 million, or 8.0%, 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 4.89% in 2Q23 to 5.35% in 2Q24.

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 June 30, 2024. Past due loans were 0.42% of total loans as of June 30, 2024, as compared to 0.63% of total loans as of March 31, 2024 and 0.36% as of June 30, 2023. Past due loans as of June 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	June 30 , 2024			June 30, 2023			March 31, 2024			Prior Year			Prior Quarter
Allowance for credit losses / total loans		0.63	%		0.62	%		0.63	%		1.9	%		-0.3	%
Net charge-offs (recoveries) / average loans		0.00	%		0.00	%		0.00	%		9.0	%		-36.6	%
Loans past due 30 days or more / total loans		0.42	%		0.36	%		0.63	%		16.3	%		-33.5	%
Non-accrual loans / total loans		0.04	%		0.02	%		0.04	%		121.8	%		-4.3	%

Financial Statements
Consolidated balance sheets at quarter end and consolidated income statements for the quarters ended are presented below.

Calvin B. Taylor Bankshares, Inc. and Subsidiary
Consolidated Balance Sheets

		(unaudited)								(unaudited)
		June 30, 2024				Dec 31, 2023				June 30 2023
Assets
Cash and cash equivalents
Cash and due from banks		$	11,757,025			$	8,645,851			$	15,206,326
Federal funds sold and interest bearing deposits			60,982,212				32,112,570				67,496,444
Total cash and cash equivalents			72,739,237				40,758,421				82,702,770
Debt securities available for sale, at fair value			145,150,699				155,031,208				161,063,300
Debt securities held to maturity, at amortized cost			34,968,272				40,363,590				42,251,189
Equity securities, at cost			748,833				748,833				748,833
Restricted stock, at cost			616,300				652,400				470,700
Loans			605,110,398				575,483,217				560,033,006
Less: allowance for credit losses			(3,806,167	)			(3,224,796	)			(3,455,605	)
Net loans			601,304,231				572,258,421				556,577,401
Accrued interest receivable			2,512,574				2,457,017				2,129,743
Prepaid expenses			412,384				849,418				627,958
Other real estate owned			392,206				388,712				-
Premises and equipment, net			13,043,428				12,421,191				12,849,028
Computer software, net			157,583				156,557				191,121
Deferred income taxes, net			3,562,664				3,628,386				4,377,596
Bank owned life insurance and annuities			21,808,885				22,037,539				21,678,519
Other assets			528,917				1,224,020				656,851
Total assets		$	897,946,213			$	852,975,713			$	886,325,009
Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing		$	241,927,919			$	235,351,918			$	260,957,367
Interest-bearing			543,758,089				507,863,159				523,380,027
Total deposits			785,686,008				743,215,077				784,337,394
Accrued interest payable			860,714				377,442				150,096
Dividends payable			-				1,101,582				936,389
Accrued expenses			363,375				826,258				197,290
Non-qualified deferred compensation			1,092,637				958,785				819,692
Allowance for credit losses on off-balance sheet credit exposures			405,347				477,347				370,325
Other liabilities			411,709				442,016				430,613
Total liabilities			788,819,790				747,398,508				787,241,799
Stockholders' equity
Common stock, par value $1 per share;
authorized 10,000,000 shares; issued and outstanding			2,741,440				2,753,894				2,754,086
Additional paid-in capital			1,601,029				2,136,555				2,144,387
Retained earnings			115,845,066				111,951,675				107,117,886
Accumulated other comprehensive loss, net of tax			(11,061,112	)			(11,264,919	)			(12,933,149	)
Total stockholders' equity			109,126,423				105,577,205				99,083,210
Total liabilities and stockholders' equity		$	897,946,213			$	852,975,713			$	886,325,009

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

		(unaudited)								(unaudited)
		For the three months ended								For the six months ended
		June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Interest income
Loans, including fees		$	8,027,931			$	6,827,943			$	15,593,842			$	12,956,401
U. S. Treasury and government agency debt securities			501,044				489,059				1,030,138				954,753
Mortgage-backed debt securities			592,664				648,532				1,168,988				1,302,703
State and municipal debt securities			93,843				110,216				198,819				217,804
Federal funds sold and interest-bearing deposits			520,455				709,782				956,757				1,931,296
Total interest income			9,735,937				8,785,532				18,948,544				17,362,957
Interest expense
Deposits			2,534,337				1,369,579				4,894,549				2,530,729
Net interest income			7,201,600				7,415,953				14,053,995				14,832,228
Provision for credit losses			(75,000)				(240,000)				(550,000)				(420,000)
Net interest income after provision for credit losses			7,126,600				7,175,953				13,503,995				14,412,228
Noninterest income
Debit card interchange fees, net			191,360				187,057				372,307				381,683
Nonsufficient funds and overdraft fees, net			185,908				160,328				356,136				321,883
Merchant payment processing, net			104,103				91,849				161,965				152,153
Service charges on deposit accounts, net			55,373				75,875				112,026				156,700
Income (loss) from bank owned life insurance and annuities			(37,335)				141,830				135,251				283,095
Income (loss) from bank owned life insurance death proceeds			(8,787)				-				783,787				-
Dividends			23,459				15,699				35,530				23,221
Loss on disposition of debt securities			-				(57,591)				(368,821)				(58,286)
Loss from fraud and overages/shortages			(134,964)				(5,957)				(136,882)				(53,389)
Miscellaneous			139,828				157,755				239,148				310,297
Total noninterest income			518,945				766,845				1,690,447				1,517,357
Noninterest expenses
Salaries			1,779,140				1,574,653				3,460,283				3,074,014
Employee benefits			476,713				567,283				953,909				1,033,902
Occupancy			271,334				265,276				546,594				518,741
Furniture and equipment			202,773				179,075				402,045				385,706
Data processing			249,450				229,873				494,195				477,554
Marketing			151,977				174,606				344,800				304,991
Directors fees			76,700				71,425				138,600				149,575
Telecommunication services			69,857				66,989				138,399				130,946
Deposit insurance premiums			93,865				89,569				190,369				195,440
Other operating			532,443				506,652				1,172,457				1,064,483
Total noninterest expenses			3,904,252				3,725,401				7,841,651				7,335,352
Income before income taxes			3,741,293				4,217,397				7,352,791				8,594,233
Income taxes			922,000				931,500				1,563,500				1,980,000
Net income		$	2,819,293			$	3,285,897			$	5,789,291			$	6,614,233
Earnings per common share - basic and diluted		$	1.03			$	1.19			$	2.11			$	2.40

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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 Calvin B. Taylor Bankshares' net income for 2Q24?

Calvin B. Taylor Bankshares reported a net income of $2.8 million or $1.03 per share for 2Q24.

How did Calvin B. Taylor Bankshares' net interest margin perform in 2Q24?

The net interest margin increased to 3.48% in 2Q24.

What was the organic loan growth for Calvin B. Taylor Bankshares in 2Q24?

The company experienced an organic loan growth of $9.5 million in 2Q24.

How did Calvin B. Taylor Bankshares' noninterest income change in 2Q24?

Noninterest income decreased by 32.3% year-over-year in 2Q24.

What was the efficiency ratio for Calvin B. Taylor Bankshares in 2Q24?

The efficiency ratio for 2Q24 was 50.57%.