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Calvin B. Taylor Bankshares, Inc. Reports Second Quarter and First-Half Financial Results for 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 2nd 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

###

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.



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