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Calvin B. Taylor Bankshares, Inc. (OTCQX:TYCB) reported a net income of $3.71 million for 3Q22, up 38.7% from $2.67 million in 3Q21, driven by a 24% increase in net interest income due to strong loan demand. For the nine months ended September 30, 2022, net income rose 18.3% to $8.68 million. Average deposits grew by 18.3% compared to the prior year. The net interest margin improved to 3.14% from 2.76% in 3Q21. However, the provision for loan losses increased due to loan growth, though credit quality remains strong.
Positive
Net income increased 38.7% to $3.71 million in 3Q22.
Net interest income rose 24% compared to 3Q21.
Dividends per share increased 6.9% to $0.93 for the nine months ended September 30, 2022.
Average deposits grew by 18.3% compared to the same period last year.
Net interest margin improved to 3.14%, from 2.76% in 3Q21.
Negative
Provision for loan losses increased by $150,000 compared to the same period last year.
Average stockholders' equity decreased by 3.1% from 3Q21, leading to lower book value per share.
BERLIN, MD / ACCESSWIRE / November 23, 2022 / Calvin B. Taylor Bankshares, Inc. (the "Company") (OTCQX:TYCB), parent company of Calvin B. Taylor Bank, today reported net income of $3.71 million for the third quarter ended September 30, 2022 ("3Q22"), as compared to $2.67 million for the third quarter ended September 30, 2021 ("3Q21") and $2.68 million for the second quarter ended June 30, 2022 ("2Q22"). Net income for the nine months ended September 30, 2022 was $8.68 million, as compared to $7.34 million for the nine months ended September 30, 2021. President and Chief Executive Officer Raymond M. Thompson commented, "Earnings this quarter exceeded forecast following a strong summer season in our local markets and ongoing tightening of Federal Reserve monetary policy. Strong loan demand combined with an additional 150 basis point increase in the fed funds rate during the quarter resulted in a 24% increase in net interest income as compared to the 3rd quarter last year. The company's asset mix remains well allocated for earnings maximization entering the fourth quarter of 2022 and beyond. While the pace of asset growth has slowed compared to prior years, the company continued to grow organically as evidenced by a 16% increase in average assets in 2022. Credit quality metrics remain strong, however we will remain vigilant and adjust credit underwriting as warranted by economic conditions over the next twelve months." Highlights of the company's financial results are noted below and included in the following tables.
Organic loan growth, excluding Paycheck Protection Program ("PPP") loans, was $59.7 million, or 13.9% since December 31, 2021. Annualized loan growth, excluding PPP loans, was 15.2% since September 30, 2021.
Annualized deposit growth was 3.9% since September 30, 2021 despite industry trends of deposit outflows. Average deposits were 18.3% higher during the 9 months ended September 30, 2022, as compared to the same period last year.
Higher yields on securities and fed funds sold resulted in a $1.4 million, or 24.4%, increase in net interest income in 3Q22 as compared to the previous quarter. Net interest income for the nine months ended September 30, 2022 increased $2.7 million, or 16.8%, as compared to the nine months ended September 30, 2021, due to higher revenue from loans, securities, and fed funds sold.
The provision for loan losses increased $150 thousand for the nine months ended September 30, 2022, as compared to same period last year. Higher provision expense in 2022 was primarily attributable to loan growth and not related to loan charge-offs or changes in the credit quality of the loan portfolio.
Net interest margin increased to 3.14% in 3Q22, as compared to 2.76% in 3Q21 and 2.82% in 2Q22. Loan growth accompanied by rising yields on securities and fed funds sold increased net interest margin by 11.3% in 3Q22 as compared to 2Q22.
Net income growth outpaced average asset growth, which increased Return on Average Assets ("ROA") to 1.56% in 3Q22, as compared to 1.22% 3Q21 and 1.16% in 2Q22.
Dividends per share for the nine months ended September 30, 2022 increased 6.9%, as compared to the same period in 2021.
Quarterly Results of Operations
Loan interest revenue, including fees, increased to $5.49 million in 3Q22, as compared to $5.48 million in 3Q21 and $5.31 million in 2Q22, as the result of continued organic loan growth and higher interest revenue on variable rate loans. Average loan balances increased by 2.4% in 3Q22 compared to 2Q22 and were 8.3% higher compared to 3Q21. 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 $7 thousand in 3Q22, as compared to $852 thousand in 3Q21 and $148 thousand in 2Q22. The outstanding balance of PPP loans as of September 30, 2022 was $5 thousand. Loan yields were 4.45% in 3Q22, as compared to 4.81% in 3Q21 and 4.45% in 2Q22. PPP loan fees recognized in 3Q21 resulted in higher yields on loans during that period.
Net interest income increased to $7.2 million in 3Q22, as compared to $5.8 million in 3Q21 and $6.2 million in 2Q22. Increases in the average balances of loans and debt securities combined with higher yields on fed funds sold and debt securities in 3Q22 resulted in higher net interest income. Deposit costs increased in 3Q22, as compared to 3Q21 and 2Q22, due to deposit rate increases and higher average balances in 3Q22. Interesting-bearing deposit costs increased from 0.17% in 2Q22 to 0.29% in 3Q22. Net interest margin increased to 3.14% in 3Q22, as compared to 2.76% in 3Q21 and 2.82% in 2Q22. 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 $50 thousand in 3Q22, as compared to $150 thousand recorded in 2Q22, while no provision was recorded in 3Q21. Net charge offs were $30 thousand in 3Q22 and $17 thousand in 2Q22, and primarily relate to overdraft deposit accounts and consumer loans. 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 $1.2 million in 3Q22, as compared to $1.0 million in 3Q21 and $895 thousand in 2Q22. The increase in noninterest income in 3Q22, as compared to 3Q21 and 2Q22, is attributable to income from death proceeds of bank owned life insurance policies of $133 thousand recognized in 3Q22. 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 income from debit card interchange and overdraft fees also increased in 3Q22, as compared to 3Q21 and 2Q22.
Noninterest expense increased to $3.40 million in 3Q22, as compared to $3.18 million in 3Q21, which is attributable to an increase in salaries and employee benefits expenses. Other categories of noninterest expense have also increased due to vendor price increases associated with current inflation trends including higher labor costs. The increases in net interest income far exceeded increases in noninterest expense during 3Q22, which caused the efficiency ratio to decrease from 46.81% in 3Q21 to 40.76% in 3Q22. Noninterest expense increased 0.9% in 3Q22, as compared to 2Q22, which was also attributable to higher employee benefits expense. Net interest income increased 15.2% in 3Q22, as compared to 2Q22, also resulting in a decrease in the efficiency ratio from 47.51% in 2Q22 to 40.76% in 3Q22.
Net income increased 38.7% to $3.7 million in 3Q22, as compared to $2.7 million in 3Q21, and was primarily attributable to a 24.4% increase in net interest income and 15.4% increase in noninterest income. Sustained growth in deposits in the last 12 months associated with the COVID-19 pandemic resulted in an increase in average assets of 7.8% in 3Q22, as compared to 3Q21. Net income growth outpaced the growth in average assets, which resulted in the ROA increasing from 1.22% 3Q21 to 1.56% in 3Q22. Return on Average Stockholders' Equity ("ROE") increased from 10.84% in 3Q21 to 15.52% in 3Q22 due to a decrease in average equity of 3.1%, as compared to a 38.7% increase in net income. The decrease in average equity is due to an increase in unrealized losses, net of income taxes, on available for sale debt securities that resulted from a rapid increase in market interest rates in 2022. Dividends declared were $0.33 per share in 3Q22 compared to $0.29 per share in 3Q21, which resulted in dividend payout ratios of 24.6% for 3Q22 and 30.0% for 3Q21. Compared to the prior quarter, net income in 3Q22 increased $1.0 million, or 38.2%, and was due to a 15.2% increase in net interest income and 33.0% increase in noninterest income. ROA increased from 1.16% in 2Q22 to 1.56% in 3Q22 and ROE increased from 11.30% in 2Q22 to 15.52% in 3Q22.
Year to Date Results of Operations
Loan interest revenue, including fees, was $15.6 million for the nine months ended September 30, 2022, as compared to $15.4 million for the nine months ended September 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 $1.3 million decrease in PPP loan interest revenue, including fees, for the nine months ended September 30, 2022, as compared to same period last year.
Net interest income increased to $18.6 million for the nine months ended September 30, 2022, as compared to $16.0 million for the nine months ended September 30, 2021. Increases in the average balances of loans, debt securities and fed funds sold combined with higher yields on those asset classes resulted in higher net interest income. Deposit costs increased $273 thousand in the nine months ended September 30, 2022, as compared the same period in 2021, due primarily to higher average balances of interest-bearing deposits and to a lesser extent increases in deposit rates. Net interest margins for the nine months ended September 30, 2022 and September 30, 2021 were relatively the same at 2.82% and 2.84%, respectively. Average deposits for the nine months ended September 30, 2022 increased by $127.3 million, or 18.3%,when compared to the same period in 2021. Net interest income increased by a similar percentage of 16.8% during the same period thus causing the net interest margin to be relatively unchanged.
Provision for loan losses was $275 thousand for the nine months ended September 30, 2022, as compared to $125 thousand for the nine months ended September 30, 2021. Net charge offs were $68 thousand in nine months ended September 30, 2022, which primarily relate to overdraft deposit accounts and consumer loans, as compared to net recoveries of $49 thousand in the same period in 2021. The net recovery in 2021 was the result of nonaccrual interest paid of $75 thousand recognized upon full collection of the outstanding loan principal. Higher provision expense in the nine months ended September 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 of $3.1 million for the nine months ended September 30, 2022, was relatively unchanged compared to the same period in 2021. Noninterest income from death proceeds of bank owned life insurance policies decreased by $210 thousand in the nine months ended September 30, 2022, compared to the same period in 2021. 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 fully offset the decrease in noninterest income associated with bank owned life insurance death proceeds.
Noninterest expense increased 7.4% from $9.4 million for the nine months ended September 30, 2021 to $10.0 million for the nine months ended September 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 nine months ended September 30, 2021 resulted in a higher percentage of salaries expense deferred for loan origination activities. A decrease in employee benefits costs of $208 thousand, or 17.3%, 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 49.1% for the nine months ended September 30, 2021 to 46.2% for the nine months ended September 30, 2022.
Net income increased 18.3% to $8.7 million for the nine months ended September 30, 2022, as compared to $7.3 million for the nine months ended September 30, 2021, and was primarily attributable to a 16.8% 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 16.3% for the nine months ended September 30, 2022, as compared to the same period in 2021. Net income growth slightly outpaced the growth in average assets, which resulted in the ROA increasing to 1.25% for the nine months ended September 30, 2022, as compared to 1.23% for the same period in 2021. ROE increased from 10.1% in the nine months ended September 30, 2021 to 12.0% in the nine months ended September 30, 2022 due to a decrease in average equity of 0.7%, as compared to an 18.3% increase in net income. The decrease in average equity is due to an increase in unrealized losses, net of incomes taxes, on available for sale debt securities that resulted from a rapid increase in market interest rates in 2022. Dividends declared were $0.93 per share in nine months ended September 30, 2022 compared to $0.87 per share for the same period in 2021, an increase of 6.9%. Dividend payout ratios were 29.6% for the nine months ended September 30, 2022 and 32.8% for the nine months ended September 30, 2021.
Financial Condition
Total assets were $932.6 million as of September 30, 2022, an increase of 2.0%, as compared to total assets of $914.0 million as of September 30, 2021. Asset growth has recently slowed compared to growth experienced during and immediately after the COVID-19 pandemic. Growth during the COVID-19 pandemic was primarily the result of customer behavior changes and government economic stimulus programs, which resulted in a significant increase in customer deposits and total assets. Rapid increases in market interest rates increased unrealized losses, net of income taxes, on available for sale debt securities since September 30, 2021 by $15.2 million, which reduced total assets.
Deposits have increased 3.9% to $839.6 million as of September 30, 2022, as compared to $807.9 million as of September 30, 2021. The $31.7 million increase in deposits during this period relate entirely to increases in interest-bearing deposit accounts. Seasonal deposit increases associated with the summer tourism season were strong during 3Q22, but decreases in temporary large dollar deposits resulted in a modest increase in deposits of $12.2 million since June 30, 2022.
Total loans as of September 30, 2022 were $488.5 million, as compared to $445.8 million as of September 30, 2021, which represents growth of $42.7 million, or 9.6% in the last twelve months. Loan growth, excluding PPP loans, was $64.4 million, or 15.2%, since September 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 $21.7 million decrease in PPP loans since September 30, 2021, which relate to ongoing repayments by the Small Business Administration as customers receive forgiveness of their PPP loans. Loans increased $56.7 million, or 12.3% since December 31, 2021, which is the result of $59.7 million of continued organic loan growth and a $6.0 million decrease in PPP loans. PPP loans, net of unamortized loan fees, were $5 thousand as of September 30, 2022, as compared to $21.7 million as of September 30, 2021 and $6.0 million as of December 31, 2021. The loans to deposits ratio as of September 30, 2022 was 58.2%, as compared to 55.2% as of September 30, 2021 and 54.1% as of December 31, 2021.
Nonaccrual loans and loans past due 30 days or more totaled $1.3 million as of September 30, 2022, as compared to $1.7 million as of September 30, 2021 and $2.1 million as of December 31, 2021. All nonaccrual loans and loans past due 30 days or more as of September 30, 2022 were loans secured by residential mortgages. The allowance for loan losses was $2.2 million as of September 30, 2022 and represents 0.45% of total loans.
Average assets grew by 16.3% to $925.3 million for the nine months ended September 30, 2022, as compared to $795.9 million for the nine months ended September 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 18.3% for the nine months ended September 30, 2022, as compared to same period in 2021. Average loans grew $19.6 million, or 4.4%, to $470.3 million for the nine months ended September 30, 2022, as compared to $450.7 million for the nine months ended September 30, 2021. Growth in average loans occurred despite a decrease of $34.4 million in the average balance of PPP loans for the nine months ended September 30, 2022, as compared to the same period in 2021. The average balance of other loan categories increased $54.0 million as commercial and residential real estate loan demand continued. The average loans to average deposits ratio decreased to 57.1% for the nine months ended September 30, 2022, as compared to 64.7% 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
Nine Months Ended
September 30,
%
September 30,
%
Results of Operations
2022
2021
Change
2022
2021
Change
Net interest income
$
7,158,425
$
5,756,531
24.4
%
$
18,645,577
$
15,959,097
16.8
%
Provision for loan losses
$
50,000
$
-
$
275,000
$
125,000
120.0
%
Noninterest income
$
1,190,606
$
1,031,696
15.4
%
$
3,125,551
$
3,161,227
-1.1
%
Noninterest expense
$
3,403,017
$
3,178,125
7.1
%
$
10,051,589
$
9,362,405
7.4
%
Net income
$
3,708,014
$
2,672,602
38.7
%
$
8,680,039
$
7,339,919
18.3
%
Net income per share
$
1.34
$
0.97
39.0
%
$
3.14
$
2.65
18.6
%
Dividend per share
$
0.33
$
0.29
13.8
%
$
0.93
$
0.87
6.9
%
Dividend payout ratio
24.56
%
30.00
%
29.57
%
32.78
%
Average assets
$
947,954,951
$
878,975,119
7.8
%
$
925,261,467
$
795,861,504
16.3
%
Average loans
$
490,127,223
$
452,592,856
8.3
%
$
470,337,796
$
450,707,939
4.4
%
Average deposits
$
847,367,488
$
778,277,360
8.9
%
$
824,367,644
$
697,076,856
18.3
%
Average loans to average deposits
57.84
%
58.15
%
57.05
%
64.66
%
Average stockholders' equity
$
95,536,708
$
98,620,147
-3.1
%
$
96,384,992
$
97,103,159
-0.7
%
Average stockholders' equity to average assets
10.08
%
11.22
%
10.42
%
12.20
%
Ratios
Net interest margin
3.14
%
2.76
%
2.82
%
2.84
%
Return on average assets
1.56
%
1.22
%
1.25
%
1.23
%
Return on average stockholders' equity
15.52
%
10.84
%
12.01
%
10.08
%
Efficiency ratio
40.76
%
46.81
%
46.19
%
49.11
%
Stock Repurchased
Number of shares
-
288
0.0
%
1,400
7,768
-82.0
%
Repurchase amount
$
-
$
10,008
0.0
%
$
50,637
$
263,580
-80.8
%
Average price per share
-
$
34.75
0.0
%
$
36.17
$
33.93
6.6
%
September 30,
September 30,
%
September 30,
December 31,
%
Financial Condition
2022
2021
Change
2022
2021
Change
Assets
$
932,633,236
$
914,014,070
2.0
%
$
932,633,236
$
904,478,786
3.1
%
Loans
$
488,548,319
$
445,837,961
9.6
%
$
488,548,319
$
434,866,477
12.3
%
Deposits
$
839,553,890
$
807,902,713
3.9
%
$
839,553,890
$
803,245,622
4.5
%
Stockholders' equity
$
90,828,716
$
98,753,483
-8.0
%
$
90,828,716
$
99,088,916
-8.3
%
Common stock - shares outstanding
2,759,360
2,765,164
-0.2
%
2,759,360
2,760,760
-0.1
%
Book value per share
$
32.92
$
35.71
-7.8
%
$
32.92
$
35.89
-8.3
%
Loans to deposits
58.19
%
55.18
%
58.19
%
54.14
%
Equity to assets
9.74
%
10.80
%
9.74
%
10.96
%
Calvin B. Taylor Bankshares, Inc. and Subsidiary Consolidated Balance Sheets
(unaudited)
(unaudited)
September 30,
December 31,
September 30,
2022
2021
2021
Assets
Cash and cash equivalents
Cash and due from banks
$
10,274,435
$
9,931,724
$
16,926,370
Federal funds sold and interest bearing deposits
186,358,548
280,331,067
285,246,313
Total cash and cash equivalents
196,632,983
290,262,791
302,172,683
Time deposits in other financial institutions
1,726,929
3,478,221
5,479,633
Debt securities available for sale, at fair value
168,803,379
128,654,564
124,857,941
Debt securities held to maturity, at amortized cost
35,410,939
13,967,244
3,003,102
Equity securities, at cost
1,215,833
1,103,833
1,103,733
Loans
488,548,319
434,866,477
445,837,961
Less: allowance for loan losses
(2,205,383
)
(1,998,728
)
(2,010,014
)
Net loans
486,342,936
432,867,749
443,827,947
Accrued interest receivable
1,660,109
1,701,446
1,760,744
Prepaid expenses
436,997
645,725
571,414
Other real estate owned
-
-
-
Premises and equipment, net
12,848,920
12,904,446
12,509,904
Computer software
276,546
342,148
361,781
Deferred income taxes
5,013,425
-
-
Bank owned life insurance and annuities
21,244,217
18,223,348
18,094,883
Other assets
1,020,023
327,271
270,305
Total assets
$
932,633,236
$
904,478,786
$
914,014,070
Liabilities and Stockholders' Equity
Deposits
Non-interest bearing
$
306,074,106
$
283,096,833
$
306,704,120
Interest bearing
533,479,784
520,148,789
501,198,593
Total deposits
839,553,890
803,245,622
807,902,713
Accrued interest payable
48,040
26,029
26,830
Dividends payable
910,589
800,620
801,898
Securities purchase payable
-
-
5,331,629
Accrued expenses
244,502
623,132
170,805
Non-qualified deferred compensation
614,217
645,716
613,558
Deferred income taxes
-
6,759
369,778
Other liabilities
433,282
41,992
43,376
Total liabilities
841,804,520
805,389,870
815,260,587
Stockholders' equity
Common stock, par value $1 per share;
authorized 10,000,000 shares; issued and outstanding
2,759,360
2,760,760
2,765,164
Additional paid-in capital
2,349,297
2,398,533
2,552,383
Retained earnings
100,784,401
94,670,987
93,330,860
Accumulated other comprehensive income (loss), net of tax
(15,064,342
)
(741,364
)
105,076
Total stockholders' equity
90,828,716
99,088,916
98,753,483
Total liabilities and stockholders' equity
$
932,633,236
$
904,478,786
$
914,014,070
Calvin B. Taylor Bankshares, Inc. and Subsidiary Consolidated Statements of Comprehensive Income (unaudited)
For the three months ended
For the nine months ended
Sept 30, 2022
Sept 30, 2021
Sept 30, 2022
Sept 30, 2021
Interest revenue
Loans, including fees
$
5,489,970
$
5,484,703
$
15,625,474
$
15,372,539
U. S. Treasury and government agency debt securities
290,946
82,775
644,400
209,008
Mortgage-backed debt securities
487,148
220,186
1,190,519
509,609
State and municipal debt securities
119,376
48,488
307,399
146,997
Federal funds sold and interest bearing deposits
1,161,494
89,139
1,694,985
178,271
Time deposits in other financial institutions
7,561
29,736
28,657
115,040
Total interest revenue
7,556,495
5,955,027
19,491,434
16,531,464
Interest expense
Deposits
398,070
198,496
845,857
572,367
Net interest income
7,158,425
5,756,531
18,645,577
15,959,097
Provision for loan losses
50,000
-
275,000
125,000
Net interest income after provision for loan losses
7,108,425
5,756,531
18,370,577
15,834,097
Noninterest income
Debit card and ATM
380,426
368,898
1,090,950
1,043,124
Service charges on deposit accounts
248,371
198,770
707,891
555,125
Merchant payment processing
233,975
292,276
396,534
364,532
Income from bank owned life insurance and annuities
97,910
97,270
244,302
283,028
Income from bank owned life insurance death proceeds
133,355
-
408,929
618,463
Dividends
4,755
3,247
17,327
17,966
Gain (loss) on disposition of debt securities
-
(476
)
645
56,325
Gain (loss) on disposition of fixed assets
-
(3,175
)
60
(10,689
)
Gain on equity securities, at cost
-
-
7,018
-
Miscellaneous
91,814
74,886
251,895
233,353
Total noninterest income
1,190,606
1,031,696
3,125,551
3,161,227
Noninterest expenses
Salaries
1,449,697
1,361,965
4,330,687
3,982,788
Employee benefits
396,463
353,056
994,190
1,201,892
Occupancy
229,279
237,596
708,318
687,456
Furniture and equipment
214,914
188,562
658,251
589,406
Data processing
210,053
189,970
614,465
549,467
ATM and debit card
185,333
146,410
475,277
388,496
Marketing
99,126
77,327
374,659
198,272
Directors fees
80,500
82,350
237,800
243,550
Telecommunication services
66,768
82,867
230,327
246,553
Deposit insurance premiums
62,499
63,337
182,378
157,006
Other operating
408,385
394,685
1,245,237
1,117,519
Total noninterest expenses
3,403,017
3,178,125
10,051,589
9,362,405
Income before income taxes
4,896,014
3,610,102
11,444,539
9,632,919
Income taxes
1,188,000
937,500
2,764,500
2,293,000
Net income
3,708,014
2,672,602
8,680,039
7,339,919
Other comprehensive income loss, net of tax
Unrealized gains (losses) on available for sale debt securities
arising during the period, net of tax
(5,976,063
)
(231,363
)
(14,322,978
)
(702,127
)
Comprehensive income (loss)
$
(2,268,049
)
$
2,441,239
$
(5,642,939
)
$
6,637,792
Earnings per common share - basic and diluted
$
1.34
$
0.97
$
3.14
$
2.65
###
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
