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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
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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.
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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.
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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.
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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.
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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 | |||||||||||||
| 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, | Dec. 31, | Sept. 30, | Prior | Prior | ||||||||||||||||
| 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, | Dec. 31, | Sept. 30, | Prior | Prior | ||||||||||||||||
| 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, | Dec. 31, | Sept. 30, | Prior | Prior | ||||||||||||||||
| 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, | Dec. 31, | Sept. 30, | Prior | Prior | ||||||||||||||||
| 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, | Dec. 31, | Sept. 30, | Prior | Prior | ||||||||||||||||
| 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