BERLIN, MD / ACCESS Newswire / June 4, 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 first quarter 2025 ("1Q25") of $3.7 million, or $1.36 per share compared to net income of $3.5 million, or $1.29 per share for the fourth quarter of 2024 ("4Q24"), and net income of $3.0 million, or $1.08 per share for the first quarter of 2024 ("1Q24").
First Quarter 2025 Highlights
Organic Loan Growth - Loans increased in 1Q25 by $13.2 million, or 2.1% when compared to the fourth quarter of 2024 and increased $47.6 million, or 8.0% when compared to 1Q24.
Continued Deposit Growth - Total deposits increased $6.4 million, or less than 1% when compared to 4Q24 and increased $71.1 million, or 9.4% when compared to 1Q24.
Net Interest Margin Expansion - Net interest margin ("NIM") increased to 3.73% for 1Q25, when compared to 3.67% for 4Q24 and 3.36% for 1Q24. NIM expansion was driven by an improvement in yield on earning assets including loans and investment securities.
Higher Return on Average Assets ("ROAA") - The ROAA for 1Q25 was 1.62%, compared to 1.48% for 4Q24 and 1.38% for 1Q24. The ROAA this quarter was significantly impacted by the sale of excess land adjacent to an existing bank branch which resulted in a gain of $1.9 million. The proceeds received from the sale were reinvested in a tax-deferred exchange into a new branch located in Cape Charles, Virginia, which opened on May 5th, 2025.
Improved Credit Quality - Credit quality, specifically loans past due 30 days or more, improved to 0.29% of total loans at the end of 1Q25, when compared to 0.63% for at the end of both 4Q24 and 1Q24. The Company's credit team continues to actively manage past due loans to enhance collection efforts.
Chief Executive Officer and President, M. Dean Lewis commented, "We continue to see positive results from execution of our strategic initiatives including the enhancement of digital banking products and services, continued expansion of deposit market share on the Eastern Shore of Virginia, and proactive management of the balance sheet in the current interest rate and economic environment. We have a dedicated team of experienced banking professionals who continue to deliver exceptional customer service and superior operating efficiency. Our focus on growing core deposits is resulting in profitable asset growth and expansion of our net interest margin each quarter." CEO Lewis also noted, "Throughout this year we will celebrate the 135th anniversary of the founding of Taylor Bank and last month we celebrated the opening of our 12th branch, located in Cape Charles, Virginia. While our bank continues to grow and the banking industry continues to change, we remain committed to the core principles that have guided us to success for 135 years."
Quarterly Results of Operations
Quarterly net income was $3.7 million for 1Q25, as compared to $3.5 million for 4Q24 and $3.0 million for 1Q24. A summary of the quarterly results of operations are included in the table and comments that follow.
|
|
March 31, 2025 |
|
|
March 31, 2024 |
|
|
December 31, 2024 |
|
|
Prior Year |
|
|
Prior Quarter |
|
|||||
Results of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest income |
|
$ |
8,136,502 |
|
|
$ |
6,852,395 |
|
|
$ |
8,308,562 |
|
|
|
18.7 |
% |
|
|
(2.1 |
)% |
Provision for credit losses |
|
|
399,000 |
|
|
|
475,000 |
|
|
|
260,000 |
|
|
|
(16.0 |
) |
|
|
53.5 |
|
Noninterest income |
|
|
1,908,390 |
|
|
|
1,173,420 |
|
|
|
1,315,471 |
|
|
|
62.6 |
|
|
|
45.1 |
|
Noninterest expense |
|
|
4,736,681 |
|
|
|
3,939,317 |
|
|
|
4,817,219 |
|
|
|
20.2 |
|
|
|
(1.7 |
) |
Income before income taxes |
|
|
4,909,211 |
|
|
|
3,611,498 |
|
|
|
4,546,814 |
|
|
|
35.9 |
|
|
|
8.0 |
|
Income tax expense |
|
|
1,185,000 |
|
|
|
641,500 |
|
|
|
1,026,000 |
|
|
|
84.7 |
|
|
|
15.5 |
|
Net income |
|
$ |
3,724,211 |
|
|
$ |
2,969,998 |
|
|
$ |
3,520,814 |
|
|
|
23.3 |
% |
|
|
5.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on earning assets |
|
|
4.92 |
% |
|
|
4.52 |
% |
|
|
4.84 |
% |
|
|
40 |
bp |
|
|
8 |
bp |
Cost of interest-bearing deposits |
|
|
1.81 |
|
|
|
1.82 |
|
|
|
1.83 |
|
|
|
(1 |
) |
|
|
(2 |
) |
Net interest margin |
|
|
3.73 |
|
|
|
3.36 |
|
|
|
3.67 |
|
|
|
37 |
|
|
|
6 |
|
Return on average assets |
|
|
1.62 |
|
|
|
1.38 |
|
|
|
1.48 |
|
|
|
24 |
|
|
|
14 |
|
Return on average equity |
|
|
12.96 |
|
|
|
11.22 |
|
|
|
12.31 |
|
|
|
174 |
|
|
|
65 |
|
Efficiency ratio |
|
|
43.83 |
% |
|
|
46.93 |
% |
|
|
50.05 |
% |
|
|
(310 |
)bp |
|
|
(622 |
)bp |
Net interest income decreased $172 thousand, or 2.1% in 1Q25, as compared to 4Q24, due to less interest income on deposits with other banks of $626 thousand, partially offset by an increase in interest and fees on loans of $301 thousand, interest on investment securities of $101 thousand and a lower interest expense on deposits of $51 thousand. The lower interest income on deposits with other banks was the direct result of lower average balances in 1Q25, primarily due to loan growth funding and decreases in seasonal deposits. The average balance of loans in 1Q25 increased $28.5 million and total loan yields improved 6 bps, when compared to 4Q24. Similarly, the average balance of investment securities in 1Q25 increased $1.4 million and yields improved 25 bps, when compared to 4Q24. The decrease in deposit interest expense was primarily due to lower rates paid on average interest-bearing deposits of 2 bps. Net interest income increased $1.3 million, or 18.7% in 1Q25, as compared to 1Q24, primarily due to an increase in average loan balances of $51.5 million coupled with a higher average yield of 35 bps. In addition, the average yield on investment securities improved by 68 bps and the average balance on deposits with other banks increased $23.7 million, which combined provided $377 thousand of additional interest income in 1Q25.
Provision expense for credit losses increased $139 thousand in 1Q25 and was primarily the result of new loan growth and the aging of the legacy loan portfolio when compared to 4Q24. Overall, credit quality metrics remained stable since 4Q24 with an improvement in loans past due 30 days or more to 0.29% of total loans in 1Q25 compared to 0.63% for both 4Q24 and 1Q24. The decrease in provision for credit losses of $76 thousand recorded in 1Q25 when compared to 1Q24 was primarily the result of significant loan growth last year. No significant changes in the economic indicators and related forecasts used in the CECL model occurred in 1Q25.
Noninterest income increased in 1Q25 by $593 thousand, or 45.1%, as compared to 4Q24, and $735 thousand, or 62.6%, as compared to 1Q24. The increase in 1Q25 when compared to both 4Q24 and 1Q24, was due to the sale of excess land adjacent to bank property which resulted in a gain of $1.9 million, partially offset by a realized loss of $761 thousand on the sale of certain investment securities. The sale of investment securities resulted in $14.0 million of net proceeds from securities yielding an average of 1.62%. The proceeds were reinvested into $12.2 million of various debt securities with an average yield of 4.73%. The earn back on this debt security swap loss is estimated to be 1.9 years.
Noninterest expense decreased by $81 thousand, or 1.7% in 1Q25, as compared to 4Q24, and primarily relates to higher employee salaries and benefits expense in 4Q24. Higher salaries expense in 4Q24 relates to yearend bonuses, 401K profit sharing contributions, and one-time conversion expenses. The Bank upgraded its core processing system with Jack Henry during 4Q24 which resulted in one-time expenses including overtime, training, and consulting. Employee health insurance is provided through a partially self-funded plan and claims incurred by the plan were higher in 1Q25 resulting in higher benefits expense. Lower compensation and benefits expense was partially offset by higher expenses related to data processing and donations. Noninterest expense increased in 1Q25 by $797 thousand, or 20.2%, as compared to 1Q24, which primarily relates to higher salaries, employee benefits, data processing and donations. Salaries expense increased $239 thousand, or 14.2%, due to compensation adjustments made to remain competitive in the current labor market and additional staff for a new branch. Employee benefits expense increased $164 thousand, or 34.3%, due to higher health insurance claims incurred by the plan in the current quarter compared to 1Q24.
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 March 31, 2025, the plan has 21,537 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.
|
|
March 31, 2025 |
|
|
March 31, 2024 |
|
|
December 31, 2024 |
|
|
Prior Year |
|
|
Prior Quarter |
|
|||||
Per Share Data |
|
|
|
|
|
|
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|
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|
|||||
Basic and diluted net income per common share |
|
$ |
1.36 |
|
|
$ |
1.08 |
|
|
$ |
1.29 |
|
|
|
26.0 |
% |
|
|
5.8 |
% |
Dividends paid per common share |
|
|
0.36 |
|
|
|
0.34 |
|
|
|
0.36 |
|
|
|
5.9 |
|
|
|
- |
|
Dividend payout ratio |
|
|
26.36 |
|
|
|
31.53 |
|
|
|
27.88 |
|
|
|
(16.4 |
) |
|
|
(5.5 |
) |
Book value per common share at period end |
|
|
43.88 |
|
|
|
38.89 |
|
|
|
42.01 |
|
|
|
12.8 |
|
|
|
4.5 |
|
Book value per common share excluding OCI |
|
|
46.73 |
|
|
|
43.16 |
|
|
|
45.79 |
|
|
|
8.3 |
|
|
|
2.0 |
|
Market value at period end |
|
$ |
47.01 |
|
|
$ |
45.00 |
|
|
$ |
48.00 |
|
|
|
4.5 |
% |
|
|
(2.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares repurchased |
|
|
3,741 |
|
|
|
12,250 |
|
|
|
800 |
|
|
|
(8,509 |
) |
|
|
2,941 |
|
Repurchase amount |
|
$ |
183,309 |
|
|
$ |
539,000 |
|
|
$ |
36,089 |
|
|
|
(66.0 |
)% |
|
|
407.9 |
% |
Average repurchase price |
|
$ |
49.00 |
|
|
$ |
44.00 |
|
|
$ |
45.52 |
|
|
|
11.4 |
% |
|
|
7.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Condition
Core deposits, deposit insurance, liquidity and capital remain an area of focus for the Company and the entire banking industry. 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 March 31, 2025. The Company's financial condition at quarter end is summarized in the table and comments that follow.
|
March 31, 2025 |
|
|
March 31, 2024 |
|
|
December 31, 2024 |
|
|
Prior Year |
|
|
Prior Quarter |
|
||||||
Financial Condition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Assets |
|
$ |
948,831,131 |
|
|
$ |
863,532,850 |
|
|
$ |
936,931,577 |
|
|
|
9.9 |
% |
|
|
1.3 |
% |
Cash and unencumbered debt securities |
|
|
242,304,088 |
|
|
|
175,767,554 |
|
|
|
243,387,978 |
|
|
|
37.9 |
|
|
|
(0.4 |
) |
Loans |
|
|
643,683,222 |
|
|
|
595,584,914 |
|
|
|
630,104,443 |
|
|
|
8.1 |
|
|
|
2.2 |
|
Deposits |
|
|
824,748,066 |
|
|
|
753,643,370 |
|
|
|
818,397,805 |
|
|
|
9.4 |
|
|
|
0.8 |
|
Interest-bearing deposits |
|
|
588,940,579 |
|
|
|
530,575,289 |
|
|
|
573,512,049 |
|
|
|
11.0 |
|
|
|
2.7 |
|
Stockholders' equity |
|
$ |
119,613,303 |
|
|
$ |
106,633,373 |
|
|
$ |
114,509,982 |
|
|
|
12.2 |
% |
|
|
4.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock outstanding |
|
|
2,725,736 |
|
|
|
2,741,644 |
|
|
|
2,725,736 |
|
|
|
(15,908 |
) |
|
|
- |
|
Stockholders' equity / assets |
|
|
12.61 |
% |
|
|
12.35 |
% |
|
|
12.22 |
% |
|
|
26 |
bp |
|
|
38 |
bp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
$ |
933,476,103 |
|
|
$ |
859,259,071 |
|
|
$ |
946,210,995 |
|
|
|
8.6 |
% |
|
|
(1.3 |
)% |
Average loans |
|
|
633,436,485 |
|
|
|
585,898,042 |
|
|
|
604,996,135 |
|
|
|
8.1 |
|
|
|
4.7 |
|
Average deposits |
|
|
812,946,602 |
|
|
|
745,377,620 |
|
|
|
827,996,566 |
|
|
|
9.1 |
|
|
|
(1.8 |
) |
Average stockholders' equity |
|
$ |
116,522,796 |
|
|
$ |
105,838,839 |
|
|
$ |
113,466,125 |
|
|
|
10.1 |
% |
|
|
2.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average stockholders' equity / assets |
|
|
12.28 |
% |
|
|
12.32 |
% |
|
|
12.11 |
% |
|
|
(4 |
)bp |
|
|
17 |
bp |
Tier 1 capital to average assets (leverage ratio) |
|
|
13.64 |
% |
|
|
13.63 |
% |
|
|
13.19 |
% |
|
|
1 |
bp |
|
|
45 |
bp |
The Company's deposits increased by $6.4 million, or less than 1% when compared to the 4Q24. The Company usually experiences seasonal deposit outflow during the first quarter due to the off-season of the local tourism based economy. The ability to grow deposits in the first quarter is a positive trend and reflects core deposit gathering initiatives to reduce dependency on seasonal deposits. The Company's deposits increased by $71.1 million, or 9.4% when compared to 1Q24. 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 1Q25, the Bank had deposit accounts with balances in excess of $250,000 totaling $198.2 million, which represents 24.0% of total deposits, as compared to $214.2 million or 26.2% as of 4Q24 and $173.5 million or 23.0% of total deposits as of 1Q24. The Bank is a member of the IntraFi Network which enables large depositor's access to multimillion-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 added insurance protection and the higher rates paid on these deposits. Reciprocal deposits from the IntraFi Network were $130.1 million as of 1Q25, as compared to $116.4 million and $130.6 million as of 4Q24 and 1Q24, respectively.
On-balance sheet liquidity, as measured by cash and unencumbered available for sale debt securities, remains strong as of 1Q25 and equaled 29.4% of total deposits. Selected liquidity metrics are summarized in the table below.
|
March 31, 2025 |
|
|
March 31, 2024 |
|
|
December 31, 2024 |
|
|
Prior Year |
|
|
Prior Quarter |
|
||||||
Liquidity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and unencumbered debt securities / total deposits |
|
|
29.38 |
% |
|
|
23.32 |
% |
|
|
29.74 |
% |
|
|
606 |
bp |
|
|
(36 |
)bp |
Debt securities pledged / total debt securities |
|
|
11.23 |
|
|
|
11.45 |
|
|
|
12.00 |
|
|
|
(22 |
) |
|
|
(77 |
) |
Loans / deposits |
|
|
78.05 |
|
|
|
79.03 |
|
|
|
76.99 |
|
|
|
(98 |
) |
|
|
105 |
|
Average loans / average deposits |
|
|
77.92 |
|
|
|
78.60 |
|
|
|
73.07 |
|
|
|
(68 |
) |
|
|
485 |
|
Noninterest-bearing deposits / total deposits |
|
|
28.59 |
|
|
|
29.60 |
|
|
|
29.92 |
|
|
|
(101 |
) |
|
|
(133 |
) |
Non-maturity deposits / total deposits |
|
|
55.33 |
|
|
|
55.39 |
|
|
|
54.27 |
|
|
|
(6 |
) |
|
|
106 |
|
Time deposits / total deposits |
|
|
16.08 |
% |
|
|
14.99 |
% |
|
|
15.80 |
% |
|
|
109 |
bp |
|
|
27 |
bp |
Noncore funding sources are available to the Bank but are intended for contingency funding needs and not to pursue growth. As of March 31, 2025, the Bank can borrow up to $215.9 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
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 1Q25 resulted in continued organic loan growth with loans increasing $13.6 million, or 2.2%, since December 31, 2024. Loan growth of $48.1 million, or 8.1%, 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 5.18% in 1Q24 to 5.53% in 1Q25. Loan yields increased 6 bps in 1Q25 as compared to 4Q24.
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 1Q25. Past due loans have decreased and were 0.29% of total loans as of 1Q25, as compared to 0.63% for both 4Q24 and 1Q24. Selected asset quality metrics are summarized in the table below.
|
March 31, 2025 |
|
|
March 31, 2024 |
|
|
December 31, 2024 |
|
|
Prior Year |
|
|
Prior Quarter |
|
||||||
Asset Quality Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Allowance for credit losses / total loans |
|
|
0.67 |
% |
|
|
0.63 |
% |
|
|
0.62 |
% |
|
|
4 |
bp |
|
|
5 |
bp |
Net charge-offs (recoveries) / average loans |
|
|
- |
|
|
|
- |
|
|
|
0.01 |
|
|
|
- |
|
|
|
(1 |
) |
Loans past due 30 days or more / total loans |
|
|
0.29 |
|
|
|
0.63 |
|
|
|
0.63 |
|
|
|
(34 |
) |
|
|
(34 |
) |
Non-accrual loans / total loans |
|
|
0.16 |
% |
|
|
0.04 |
% |
|
|
0.17 |
% |
|
|
12 |
bp |
|
|
(2 |
)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) |
|
|||
|
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
|||
|
|
2025 |
|
|
2024 |
|
|
2024 |
|
|||
ASSETS |
|
|
|
|
|
|
|
|
|
|||
Cash and due from banks |
|
$ |
5,853,106 |
|
|
$ |
5,780,779 |
|
|
$ |
7,366,058 |
|
Federal funds sold and interest bearing deposits |
|
|
63,983,546 |
|
|
|
74,169,942 |
|
|
|
40,553,105 |
|
Cash and cash equivalents |
|
|
69,836,652 |
|
|
|
79,950,721 |
|
|
|
47,919,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities available for sale (at fair value) |
|
|
169,242,941 |
|
|
|
159,645,861 |
|
|
|
142,554,068 |
|
Investment securities held to maturity (at amortized cost) |
|
|
25,036,162 |
|
|
|
26,075,849 |
|
|
|
35,914,837 |
|
Equity securities, at fair value |
|
|
748,833 |
|
|
|
748,833 |
|
|
|
748,833 |
|
Restricted securities |
|
|
675,000 |
|
|
|
616,300 |
|
|
|
615,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for investment |
|
|
643,683,222 |
|
|
|
630,104,443 |
|
|
|
595,584,914 |
|
Less: allowance for credit losses |
|
|
(4,290,182 |
) |
|
|
(3,909,921 |
) |
|
|
(3,757,190 |
) |
Loans, net |
|
|
639,393,040 |
|
|
|
626,194,522 |
|
|
|
591,827,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest receivable |
|
|
2,596,332 |
|
|
|
2,724,206 |
|
|
|
2,311,763 |
|
Prepaid expenses |
|
|
593,106 |
|
|
|
670,623 |
|
|
|
681,583 |
|
Other real estate owned, net |
|
|
- |
|
|
|
- |
|
|
|
390,871 |
|
Premises and equipment, net |
|
|
12,819,144 |
|
|
|
12,895,314 |
|
|
|
12,813,767 |
|
Computer software, net |
|
|
124,393 |
|
|
|
142,306 |
|
|
|
149,946 |
|
Deferred income taxes, net |
|
|
2,122,779 |
|
|
|
3,421,606 |
|
|
|
3,756,851 |
|
Bank owned life insurance and annuities |
|
|
22,401,461 |
|
|
|
22,238,791 |
|
|
|
21,847,978 |
|
Other assets |
|
|
3,241,288 |
|
|
|
1,606,645 |
|
|
|
2,000,166 |
|
Total assets |
|
$ |
948,831,131 |
|
|
$ |
936,931,577 |
|
|
$ |
863,532,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
$ |
235,807,487 |
|
|
$ |
244,885,756 |
|
|
$ |
223,068,081 |
|
Interest-bearing deposits |
|
|
588,940,579 |
|
|
|
573,512,049 |
|
|
|
530,575,289 |
|
Total deposits |
|
|
824,748,066 |
|
|
|
818,397,805 |
|
|
|
753,643,370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest payable |
|
|
693,571 |
|
|
|
691,374 |
|
|
|
697,154 |
|
Accrued expenses |
|
|
887,847 |
|
|
|
1,011,503 |
|
|
|
677,730 |
|
Deferred compensation and supplemental retirement benefits |
|
|
1,397,495 |
|
|
|
1,341,748 |
|
|
|
1,036,868 |
|
Allowance for credit losses on off-balance sheet credit exposures |
|
|
563,247 |
|
|
|
574,247 |
|
|
|
395,347 |
|
Other liabilities |
|
|
927,602 |
|
|
|
404,918 |
|
|
|
449,008 |
|
Total liabilities |
|
|
829,217,828 |
|
|
|
822,421,595 |
|
|
|
756,899,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value $1 per share; authorized 10,000,000 |
|
|
2,721,995 |
|
|
|
2,725,736 |
|
|
|
2,741,644 |
|
Additional paid in capital |
|
|
728,112 |
|
|
|
909,513 |
|
|
|
1,609,805 |
|
Retained earnings |
|
|
123,915,843 |
|
|
|
121,173,185 |
|
|
|
113,985,348 |
|
Accumulated other comprehensive loss, net of deferred income tax |
|
|
(7,752,647 |
) |
|
|
(10,298,452 |
) |
|
|
(11,703,424 |
) |
Total stockholders' equity |
|
|
119,613,303 |
|
|
|
114,509,982 |
|
|
|
106,633,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
948,831,131 |
|
|
$ |
936,931,577 |
|
|
$ |
863,532,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end common shares outstanding |
|
|
2,725,736 |
|
|
|
2,725,736 |
|
|
|
2,741,644 |
|
Book value per common share |
|
$ |
43.88 |
|
|
$ |
42.01 |
|
|
$ |
38.89 |
|
Calvin B. Taylor Bancshares, Inc.
Consolidated Statements of Income
|
|
For the Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
INTEREST INCOME |
|
|
|
|
|
|
||
Interest and fees on loans |
|
$ |
8,698,313 |
|
|
$ |
7,565,911 |
|
Interest on investment securities: |
|
|
|
|
|
|
|
|
U.S. Treasury and government agency debt securities |
|
|
632,111 |
|
|
|
529,094 |
|
Mortgage-backed debt securities |
|
|
744,466 |
|
|
|
576,324 |
|
State and municipal debt securities |
|
|
96,925 |
|
|
|
104,976 |
|
Interest on federal funds sold and interest-bearing deposits |
|
|
549,901 |
|
|
|
436,302 |
|
Total interest income |
|
|
10,721,716 |
|
|
|
9,212,607 |
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
2,585,214 |
|
|
|
2,360,212 |
|
Total interest expense |
|
|
2,585,214 |
|
|
|
2,360,212 |
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME |
|
|
8,136,502 |
|
|
|
6,852,395 |
|
Provision for credit losses |
|
|
399,000 |
|
|
|
475,000 |
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER PROVISION |
|
|
|
|
|
|
|
|
FOR CREDIT LOSSES |
|
|
7,737,502 |
|
|
|
6,377,395 |
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
Debit card interchange fees, net |
|
|
167,566 |
|
|
|
180,947 |
|
Nonsufficient funds and overdraft fees, net |
|
|
180,818 |
|
|
|
170,228 |
|
Merchant payment processing, net |
|
|
63,709 |
|
|
|
57,862 |
|
Service charges on deposit accounts, net |
|
|
42,580 |
|
|
|
56,653 |
|
Income from bank owned life insurance annuities |
|
|
164,007 |
|
|
|
172,586 |
|
Income from bank owned life insurance death proceeds |
|
|
- |
|
|
|
792,574 |
|
Dividends |
|
|
10,999 |
|
|
|
12,071 |
|
Loss on disposition of investment securities |
|
|
(760,933 |
) |
|
|
(368,821 |
) |
Gain on disposition of fixed assets |
|
|
1,929,954 |
|
|
|
- |
|
Other noninterest income |
|
|
109,690 |
|
|
|
99,320 |
|
Total noninterest income |
|
|
1,908,390 |
|
|
|
1,173,420 |
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
Salaries and wages |
|
|
1,919,681 |
|
|
|
1,681,143 |
|
Employee benefits |
|
|
640,880 |
|
|
|
477,196 |
|
Occupancy expense |
|
|
305,391 |
|
|
|
275,260 |
|
Furniture and equipment expense |
|
|
202,465 |
|
|
|
199,272 |
|
Data processing |
|
|
484,002 |
|
|
|
244,745 |
|
Marketing |
|
|
103,998 |
|
|
|
192,823 |
|
Directors' fees |
|
|
93,300 |
|
|
|
61,900 |
|
Telecommunication services |
|
|
68,156 |
|
|
|
68,542 |
|
FDIC insurance premium expense |
|
|
102,866 |
|
|
|
96,504 |
|
Professional fees |
|
|
138,465 |
|
|
|
108,014 |
|
Other noninterest expenses |
|
|
677,477 |
|
|
|
533,918 |
|
Total noninterest expense |
|
|
4,736,681 |
|
|
|
3,939,317 |
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
4,909,211 |
|
|
|
3,611,498 |
|
Income tax expense |
|
|
1,185,000 |
|
|
|
641,500 |
|
|
|
|
|
|
|
|
|
|
NET INCOME |
|
$ |
3,724,211 |
|
|
$ |
2,969,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net income per common share |
|
$ |
1.36 |
|
|
$ |
1.08 |
|
Net income |
|
$ |
1.36 |
|
|
$ |
1.08 |
|
###
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 twelve full-service banking locations and one loan production office within the eastern coastal area of the Delmarva Peninsula including Worcester County and Wicomico County, Maryland, Accomack County and Northampton County, Virginia and Sussex County, Delaware.
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