TAYLOR(CLVN B)BKG BRLN MD - TYCB STOCK NEWS

Calvin B. Taylor Bankshares, Inc. (TYCB) Declares Special Cash Dividend of $0.40 per Share

Calvin B. Taylor Bankshares, Inc. (TYCB) reported a 23.8% increase in net income for the nine months ended September 30, 2023, reaching $10.7 million, with a 11.5% increase in quarterly net income to $4.1 million for the third quarter of 2023. Organic loan growth continued in 2023 with loans growing $42.2 million, or 8.2%, since December 31, 2022. However, deposits decreased by $11.5 million or 1.4% since December 31, 2022, and deposits decreased by $42.0 million or 5.0% in the previous 12 months. On-balance sheet liquidity remained strong at 30.7% of total deposits as of September 30, 2023.

Calvin B. Taylor Bankshares, Inc. declares a regular quarterly cash dividend of $0.34 per share.

Calvin B. Taylor Bankshares reports strong financial performance with net income increasing 33% to $6.6 million for the six months ended June 30, 2023. Net interest income increased by 29.1% to $14.8 million. Organic loan growth of $47.0 million (9.2%) and improvement in net interest margin contributed to higher earnings. However, deposits and total assets decreased by $43.0 million (5.2%) and $38.8 million (4.2%) respectively in the previous 12 months. On-balance sheet liquidity remains strong at 29.0% of total deposits. Noncore funding sources were not utilized.

Calvin B. Taylor Bankshares, Inc. (OTCQX:TYCB) announced a quarterly cash dividend of $0.33 per share, payable on April 17, 2023, to stockholders of record by the close of business on March 31, 2023. The company's President, Raymond M. Thompson, highlighted strong first-quarter earnings driven by a balanced investment portfolio and ongoing loan demand, alongside an interest rate increase by the Federal Reserve. Although economic concerns persist, the Board remains committed to delivering stable returns to shareholders.

Calvin B. Taylor Bankshares, Inc. (OTCQX:TYCB) reported a net income of $11.77 million for 2022, a 24.1% increase from $9.48 million in 2021. Fourth-quarter net income reached $3.09 million, up 44.3% compared to $2.14 million in 4Q21. Total loans increased by $78.2 million, or 18.0%, since December 31, 2021, contributing to overall strong performance. Driven by higher yields from loans and securities, net interest income rose 21.8% year-over-year. The Board declared a total dividend of $1.26 per share, marking an 8.6% increase from 2021. However, a 14.4% decline in noninterest income was noted, impacted by realized losses on debt securities.

Calvin B. Taylor Bankshares, Inc. (OTCQX:TYCB) has declared a quarterly cash dividend of $0.33 per share, payable on January 16, 2023, to stockholders of record as of December 30, 2022. The Board of Directors emphasized their commitment to delivering a consistent return on investment amidst financial market volatility, highlighting that the bank's asset mix has facilitated strong performance in the face of rising interest rates by the Federal Reserve. Established in 1890, Calvin B. Taylor Bank operates 12 locations on the eastern Delmarva Peninsula.