Calvin B. Taylor Bankshares, Inc. Reports Second Quarter 2022 Financial Results
BERLIN, MD / ACCESSWIRE / August 15, 2022 / Calvin B. Taylor Bankshares, Inc. (the "Company") (OTCQX:TYCB), parent company of Calvin B. Taylor Bank, today reported net income of $2.68 million for the second quarter ended June 30, 2022 ("2Q22"), as compared to $2.07 million for the second quarter ended June 30, 2021 ("2Q21") and $2.29 million for the first quarter ended March 31, 2022 ("1Q22"). Net income for the six months ended June 30, 2022 was $4.97 million, as compared to $4.67 million for the six months ended June 30, 2021. President and Chief Executive Officer Raymond M. Thompson commented, "Despite rapidly rising interest rates, the Company continued to experience strong loan demand in 2Q22. Earnings during the quarter exceeded forecasts as the Federal Reserve increased the federal funds target rate by 150 basis points since March 2022. It is anticipated that the Federal Reserve will continue to increase interest rates during the second half of 2022, and possibly beyond, until a 2% inflation target is achieved. During 2Q22, the Company's net interest margin increased for the first time since 1Q21 and is on pace to exceed 3% by year-end. Asset quality metrics remain strong as we head toward a possible slowdown in local and regional economic activity over the next 12 months."
Highlights of the company's financial results are noted below and included in the following tables.
- Loan growth combined with higher yields on securities and fed funds sold resulted in a $941 thousand, or 17.6%, increase in net interest income in 2Q22 as compared to the previous quarter. Net interest income for the six months ended June 30, 2022 increased $1.28 million, or 12.6%, as compared to the six months ended June 30, 2021.
- Organic loan growth continued in 2Q22 with loans increasing by $25.0 million, or 5.4%, since March 31, 2022. Loan growth since December 31, 2021 was $54.5 million, or 12.5%. Annualized loan growth, excluding Paycheck Protection Program ("PPP") loans, was 17.9% since June 30, 2021.
- The provision for loan losses increased $150 thousand in 2Q22, as compared to 2Q21, and increased $75 thousand, as compared to 1Q22. 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.
- Organic deposit growth during the previous 12 months resulted in total assets growing by $86.1 million, or 10.3%, since June 30, 2021. Annualized asset growth was 4.6% since December 31, 2021.
- Net interest margin was 2.82% in 2Q22, as compared to 2.79% in 2Q21 and 2.50% in 1Q22. Significant deposit and asset growth since 2020 accompanied with ultra-low interest rates has continued downward pressure on net interest margin. Loan growth accompanied by rising interest rates increased net interest margin by 12.8% in 2Q22 as compared to 1Q22.
Quarterly Results of Operations
Loan interest revenue, including fees, increased to $5.31 million in 2Q22, as compared to $4.93 million in 2Q21 and $4.83 million in 1Q22, as the result of continued organic loan growth and higher interest revenue on variable rate loans. Average loan balances increased by 4.3% in 2Q22 compared to 2Q21 and were 8.3% higher compared to 1Q22. 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 $148 thousand in 2Q22, as compared to $341 thousand in 2Q21 and $147 thousand in 1Q22. The outstanding balance of PPP loans as of June 30, 2022 was $143 thousand. Loan yields were 4.45% in 2Q22, as compared to 4.31% in 2Q21 and 4.43% in 1Q22.
Net interest income increased to $6.21 million in 2Q22, as compared to $5.13 million in 2Q21 and $5.27 million in 1Q22. Increases in the average balances of loans and debt securities combined with higher market interest rates in 2Q22 resulted in higher net interest income. Deposit costs increased in 2Q22, as compared to 2Q21 and 1Q22, due primarily to higher average balances of interest-bearing deposits and not the result of higher deposit interest rates. Net interest margin increased to 2.82% in 2Q22, as compared to 2.79% in 2Q21 and 2.50% in 1Q22. 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 $150 thousand in 2Q22, as compared to $75 thousand recorded in 1Q22, while no provision was recorded in 2Q21. Net charge offs were $17 thousand in 2Q22, $7 thousand in 2Q21 and $21 thousand in 1Q22, and primarily relate to overdraft deposit accounts. 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 $895 thousand in 2Q22, as compared to $785 thousand in 2Q21 and $1.04 million in 1Q22. The increase in noninterest income in 2Q22, as compared to 2Q21, is attributable to increases in debit card interchange fees, merchant payment processing fees, and overdraft fees. Noninterest income declined in 2Q22, as compared to 1Q22, due to a $269 thousand decrease in income from death proceeds of bank owned life insurance policies. No income was recognized in 2Q22 related to death proceeds of bank owned life insurance policies. 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 expense increased to $3.37 million in 2Q22, as compared to $3.14 million in 2Q21, which is attributable to an increase in marketing expenses and a decrease in salaries expense deferred for loan origination activities. Significant PPP loan origination activity in 2Q21 resulted in a higher percentage of salaries expense deferred for loan origination activities. The increases in net interest income exceeded the increases in noninterest expense, which caused the efficiency ratio to decrease from 53.15% in 2Q21 to 47.51% in 2Q22. Noninterest expense increased 3.0% in 2Q22, as compared to 1Q22, which was also attributable to higher marketing and salaries expenses.
Net income increased 29.5% to $2.68 million in 2Q22, as compared to $2.07 million in 2Q21, and was primarily attributable to a 21.2% 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 18.2% in 2Q22, as compared to 2Q21. Net income growth outpaced the growth in average assets, which resulted in the Return on Average Assets ("ROA") increasing from 1.06% 2Q21 to 1.16% in 2Q22. Return on Average Stockholders' Equity ("ROE") increased from 8.55% in 2Q21 to 11.30% in 2Q22 due to a decrease in average equity of 1.9%, as compared to a 29.5% increase in net income. The decrease in average equity is due to an increase in unrealized losses on available for sale debt securities that resulted from a rapid increase in market interest rates in 2022. Dividends declared were $0.30 per share in 2Q22 compared to $0.29 per share in 2Q21. Dividend payout ratios were 30.86% for 2Q22 and 38.71% for 2Q21.
Year to Date Results of Operations
Loan interest revenue, including fees, was $10.1 million for the six months ended June 30, 2022, as compared to $9.89 million for the six months ended June 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 $504 thousand decrease in PPP loan interest revenue, including fees, for the six months ended June 30, 2022, as compared to same period last year.
Net interest income increased to $11.5 million for the six months ended June 30, 2022, as compared to $10.2 million for the six months ended June 30, 2021. Increases in the average balances of loans and debt securities combined with higher market interest rates in 2022 resulted in higher net interest income. Deposit costs increased in the 6 months ended June 30, 2022, as compared the same period in 2021, due primarily to higher average balances of interest-bearing deposits and not the result of higher deposit interest rates. Net interest margin decreased to 2.64% for the six months ended June 30, 2022, as compared to 2.88% for the six months ended June 30, 2021. Average deposits for the six months ended June 30, 2022 increased by $156.4 million, or 23.8%, when compared to the same period in 2021, and was the primary reason for the lower net interest margin.
Provision for loan losses was $225 thousand for the six months ended June 30, 2022, as compared to $125 thousand for the six months ended June 30, 2021. Net charge offs were $39 thousand in six months ended June 30, 2022, which primarily relate to overdraft deposit accounts, as compared to net charge offs of $13 thousand in the same period in 2021. Higher provision expense in the six months ended June 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 decreased by $195 thousand to $1.93 million for the six months ended June 30, 2022, as compared to $2.13 million for the six months ended June 30, 2021, due to a $343 thousand decrease in income from death proceeds of bank owned life insurance policies. 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 partially offset the decrease from bank owned life insurance.
Noninterest expense increased from $6.18 million for the six months ended June 30, 2021 to $6.65 million for the six months ended June 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 six months ended June 30, 2021 resulted in a higher percentage of salaries expense deferred for loan origination activities. A decrease in employee benefits costs of $251 thousand, or 29.6%, 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 50.38% for the six months ended June 30, 2021 to 49.56% for the six months ended June 30, 2022.
Net income increased from $4.67 million for the six months ended June 30, 2021 to $4.97 million for the six months ended June 30, 2022 and was primarily attributable to a 12.6% 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 21.2% for the six months ended June 30, 2022, as compared to the same period in 2021. Net income growth outpaced the growth in average assets, which resulted in the ROA decreasing from 1.24% for the six months ended June 30, 2021 to 1.09% for the same period in 2022. ROE increased from 9.69% for the six months ended June 30, 2021 to 10.27% for the six months ended June 30, 2022 due to an increase in average equity of 0.5%, as compared to a 6.5% increase in net income. Dividends declared were $0.60 per share in six months ended June 30, 2022 compared to $0.58 per share for the same period in 2021. Dividend payout ratios were 33.3% for the six months ended June 30, 2022 and 34.4% for the six months ended June 30, 2021.
Financial Condition
Total assets were $925.1 million as of June 30, 2022, as compared to $839.0 million as of June 30, 2021 and $904.5 million as of December 31, 2021. Significant 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 customer deposits. Deposits totaled $827.3 million as of June 30, 2022, as compared to $739.8 million as of June 30, 2021 and $803.2 million as of December 31, 2021. Total loans as of June 30, 2022 were $489.4 million, as compared to $457.3 million as of June 30, 2021, which represents growth of $32.0 million, or 7.0% in the last twelve months. Loan growth, excluding PPP loans, was $74.1 million, or 17.9%, since June 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 $42.1 million decrease in PPP loans since June 30, 2021, which relate to ongoing repayments by the Small Business Administration as customers receive forgiveness of their PPP loans. Loans increased $54.5 million, or 12.5% since December 31, 2021, which is the result of $60.4 million of continued organic loan growth and a $5.9 million decrease in PPP loans. PPP loans, net of unamortized loan fees, were $143 thousand as of June 30, 2022, as compared to $42.3 million as of June 30, 2021 and $6.0 million as of December 31, 2021. The loans to deposits ratio as of June 30, 2022 was 59.2%, as compared to 61.8% as of June 30, 2021 and 54.1% as of December 31, 2021.
Nonaccrual loans and loans past due 30 days or more totaled $956 thousand as of June 30, 2022, as compared to $1.17 million as of June 30, 2021 and $2.10 million as of December 31, 2021. A temporary loan payment deferral program was established in the 2nd quarter of 2020 in response to the COVID-19 pandemic. Past due loans that also received temporary payment deferral were $521 thousand as of June 30, 2022 and $459 thousand as of June 30, 2021 and December 31, 2021.
Average assets grew by 21.2% to $914.0 million for the six months ended June 30, 2022, as compared to $754.3 million for the six months ended June 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 23.8% for the six months ended June 30, 2022, as compared to same period in 2021, while average loans grew $10.7 million, or 2.4%, to $460.4 million for the six months ended June 30, 2022, as compared to $449.8 million for the six months ended June 30, 2021. Growth in average loans occurred despite a decrease of $35.4 million in the average balance of PPP loans for the 6 months ended June 30, 2022, as compared to the same period in 2021. The average balance of other loan categories increased $46.1 million as commercial and residential real estate loan demand continued. The average loans to average deposits ratio decreased to 56.6% for the six months ended June 30, 2022, as compared to 68.5% 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 | Six Months Ended | |||||||||||||||||
Results of Operations | June 30, 2022 | June 30, 2021 | % Change | June 30, 2022 | June 30, 2021 | % Change | ||||||||||||
Net interest income | $ | 6,214,192 | $ | 5,126,373 | 21.2% | $ | 11,487,152 | $ | 10,202,566 | 12.6% | ||||||||
Provision for loan losses | $ | 150,000 | $ | - | - | $ | 225,000 | $ | 125,000 | 80.0% | ||||||||
Noninterest income | $ | 895,147 | $ | 784,970 | 14.0% | $ | 1,934,945 | $ | 2,129,531 | -9.1% | ||||||||
Noninterest expense | $ | 3,374,190 | $ | 3,143,954 | 7.3% | $ | 6,648,572 | $ | 6,184,280 | 7.5% | ||||||||
Net income | $ | 2,683,149 | $ | 2,071,889 | 29.5% | $ | 4,972,025 | $ | 4,667,317 | 6.5% | ||||||||
Net income per share | $ | 0.97 | $ | 0.75 | 29.7% | $ | 1.80 | $ | 1.69 | 6.8% | ||||||||
Dividend per share | $ | 0.30 | $ | 0.29 | 3.4% | $ | 0.60 | $ | 0.58 | 3.4% | ||||||||
Dividend payout ratio | 30.86% | 38.71% | 33.31% | 34.37% | ||||||||||||||
Average assets | $ | 928,587,785 | $ | 785,538,419 | 18.2% | $ | 913,914,725 | $ | 754,304,697 | 21.2% | ||||||||
Average loans | $ | 478,700,843 | $ | 459,147,814 | 4.3% | $ | 460,443,082 | $ | 449,765,481 | 2.4% | ||||||||
Average deposits | $ | 828,997,376 | $ | 687,038,885 | 20.7% | $ | 812,867,722 | $ | 656,476,604 | 23.8% | ||||||||
Average loans to average deposits | 57.74% | 66.83% | 56.64% | 68.51% | ||||||||||||||
Average stockholders' equity | $ | 95,015,319 | $ | 96,904,908 | -1.9% | $ | 96,809,134 | $ | 96,344,665 | 0.5% | ||||||||
Average stockholders' equity to average assets | 10.23% | 12.34% | 10.59% | 12.77% | ||||||||||||||
Ratios | ||||||||||||||||||
Net interest margin | 2.82% | 2.79% | 2.64% | 2.88% | ||||||||||||||
Return on average assets | 1.16% | 1.06% | 1.09% | 1.24% | ||||||||||||||
Return on average stockholders' equity | 11.30% | 8.55% | 10.27% | 9.69% | ||||||||||||||
Efficiency ratio | 47.51% | 53.15% | 49.56% | 50.38% | ||||||||||||||
Stock Repurchased | ||||||||||||||||||
Number of shares | 1,400 | - | - | 1,400 | 7,480 | -81.3% | ||||||||||||
Repurchase amount | $ | 50,637 | $ | - | - | $ | 50,637 | $ | 253,572 | -80.0% | ||||||||
Average price per share | $ | 36.17 | $ | - | - | $ | 36.17 | $ | 33.90 | 6.7% | ||||||||
Financial Condition | June 30, 2022 | June 30, 2021 | % Change | June 30, 2022 | December 31, 2021 | % Change | ||||||||||||
Assets | $ | 925,148,023 | $ | 839,010,222 | 10.3% | $ | 925,148,023 | $ | 904,478,786 | 2.3% | ||||||||
Loans | $ | 489,366,784 | $ | 457,348,554 | 7.0% | $ | 489,366,784 | $ | 434,866,477 | 12.5% | ||||||||
Deposits | $ | 827,322,204 | $ | 739,844,239 | 11.8% | $ | 827,322,204 | $ | 803,245,622 | 3.0% | ||||||||
Stockholders' equity | $ | 94,007,233 | $ | 97,124,149 | -3.2% | $ | 94,007,233 | $ | 99,088,916 | -5.1% | ||||||||
Common stock - shares outstanding | 2,759,360 | 2,765,452 | -0.2% | 2,759,360 | 2,760,760 | -0.1% | ||||||||||||
Book value per share | $ | 34.07 | $ | 35.12 | -3.0% | $ | 34.07 | $ | 35.89 | -5.1% | ||||||||
Loans to deposits | 59.15% | 61.82% | 59.15% | 54.14% | ||||||||||||||
Equity to assets | 10.16% | 11.58% | 10.16% | 10.96% | ||||||||||||||
Calvin B. Taylor Bankshares, Inc. and Subsidiary
Consolidated Balance Sheets
| (unaudited) | (unaudited) | |||||||||||
Assets | June 30, 2022 | December 31, 2021 | June 30, 2021 | |||||||||
Cash and cash equivalents | ||||||||||||
Cash and due from banks | $ | 13,386,781 | $ | 9,931,724 | $ | 17,240,944 | ||||||
Federal funds sold and interest bearing deposits | 186,286,793 | 280,331,067 | 221,200,232 | |||||||||
Total cash and cash equivalents | 199,673,574 | 290,262,791 | 238,441,176 | |||||||||
Time deposits in other financial institutions | 2,225,908 | 3,478,221 | 6,981,022 | |||||||||
Debt securities available for sale, at fair value | 161,270,781 | 128,654,564 | 99,345,642 | |||||||||
Debt securities held to maturity, at amortized cost | 33,425,407 | 13,967,244 | 3,509,644 | |||||||||
Equity securities, at cost | 1,213,333 | 1,103,833 | 1,103,733 | |||||||||
Loans | 489,366,784 | 434,866,477 | 457,348,554 | |||||||||
Less: allowance for loan losses | (2,185,136 | ) | (1,998,728 | ) | (1,948,398 | ) | ||||||
Net loans | 487,181,648 | 432,867,749 | 455,400,156 | |||||||||
Accrued interest receivable | 1,807,064 | 1,701,446 | 2,077,867 | |||||||||
Prepaid expenses | 351,709 | 645,725 | 601,955 | |||||||||
Other real estate owned | - | - | - | |||||||||
Premises and equipment, net | 12,856,649 | 12,904,446 | 12,672,886 | |||||||||
Computer software | 285,541 | 342,148 | 350,877 | |||||||||
Deferred income taxes | 2,907,321 | - | - | |||||||||
Bank owned life insurance and annuities | 21,643,955 | 18,223,348 | 17,940,582 | |||||||||
Other assets | 305,133 | 327,271 | 584,682 | |||||||||
Total assets | $ | 925,148,023 | $ | 904,478,786 | $ | 839,010,222 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||
Deposits | ||||||||||||
Non-interest bearing | $ | 291,101,093 | $ | 283,096,833 | $ | 284,870,586 | ||||||
Interest bearing | 536,221,111 | 520,148,789 | 454,973,653 | |||||||||
Total deposits | 827,322,204 | 803,245,622 | 739,844,239 | |||||||||
Accrued interest payable | 32,796 | 26,029 | 26,483 | |||||||||
Dividends payable | 827,928 | 800,620 | 801,981 | |||||||||
Securities purchase payable | 2,024,064 | - | - | |||||||||
Accrued expenses | 198,779 | 623,132 | 156,095 | |||||||||
Non-qualified deferred compensation | 581,285 | 645,716 | 553,488 | |||||||||
Deferred income taxes | - | 6,759 | 447,841 | |||||||||
Other liabilities | 153,734 | 41,992 | 55,946 | |||||||||
Total liabilities | 831,140,790 | 805,389,870 | 741,886,073 | |||||||||
Stockholders' equity | ||||||||||||
Common stock, par value $1 per share; | ||||||||||||
authorized 10,000,000 shares; issued and outstanding | 2,759,360 | 2,760,760 | 2,765,452 | |||||||||
Additional paid-in capital | 2,349,296 | 2,398,533 | 2,562,103 | |||||||||
Retained earnings | 97,986,856 | 94,670,987 | 91,460,155 | |||||||||
Accumulated other comprehensive income (loss), net of tax | (9,088,279 | ) | (741,364 | ) | 336,439 | |||||||
Total stockholders' equity | 94,007,233 | 99,088,916 | 97,124,149 | |||||||||
Total liabilities and stockholders' equity | $ | 925,148,023 | $ | 904,478,786 | $ | 839,010,222 | ||||||
Calvin B. Taylor Bankshares, Inc. and Subsidiary
Consolidated Statements of Comprehensive Income (unaudited)
| For the three months ended | For the six months ended | |||||||||||||||
| June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||
Interest revenue | ||||||||||||||||
Loans, including fees | $ | 5,306,083 | $ | 4,930,082 | $ | 10,135,504 | $ | 9,887,836 | ||||||||
U. S. Treasury and government agency debt securities | 212,047 | 69,005 | 353,454 | 126,233 | ||||||||||||
Mortgage-backed debt securities | 375,766 | 172,651 | 703,371 | 289,423 | ||||||||||||
State and municipal debt securities | 108,387 | 47,506 | 188,023 | 98,509 | ||||||||||||
Federal funds sold and interest bearing deposits | 438,001 | 53,200 | 533,491 | 89,132 | ||||||||||||
Time deposits in other financial institutions | 8,935 | 40,630 | 21,096 | 85,304 | ||||||||||||
Total interest revenue | 6,449,219 | 5,313,074 | 11,934,939 | 10,576,437 | ||||||||||||
Interest expense | ||||||||||||||||
Deposits | 235,027 | 186,701 | 447,787 | 373,871 | ||||||||||||
Net interest income | 6,214,192 | 5,126,373 | 11,487,152 | 10,202,566 | ||||||||||||
Provision for loan losses | 150,000 | - | 225,000 | 125,000 | ||||||||||||
Net interest income after provision for loan losses | 6,064,192 | 5,126,373 | 11,262,152 | 10,077,566 | ||||||||||||
Noninterest income | ||||||||||||||||
Debit card and ATM | 364,865 | 358,110 | 710,524 | 674,226 | ||||||||||||
Service charges on deposit accounts | 244,067 | 177,268 | 459,520 | 356,355 | ||||||||||||
Merchant payment processing | 106,242 | 58,739 | 162,559 | 72,256 | ||||||||||||
Income from bank owned life insurance and annuities | 73,113 | 99,825 | 146,392 | 185,758 | ||||||||||||
Income from bank owned life insurance death proceeds | 3,463 | - | 275,574 | 618,463 | ||||||||||||
Dividends | 9,262 | 10,124 | 12,572 | 14,719 | ||||||||||||
Gain (loss) on disposition of debt securities | - | (3,652 | ) | 645 | 56,801 | |||||||||||
Gain (loss) on disposition of fixed assets | 60 | (2,583 | ) | 60 | (7,514 | ) | ||||||||||
Gain on equity securities, at cost | 7,018 | - | 7,018 | - | ||||||||||||
Miscellaneous | 87,057 | 87,139 | 160,081 | 158,467 | ||||||||||||
Total noninterest income | 895,147 | 784,970 | 1,934,945 | 2,129,531 | ||||||||||||
Noninterest expenses | ||||||||||||||||
Salaries | 1,521,750 | 1,371,866 | 2,880,990 | 2,620,823 | ||||||||||||
Employee benefits | 259,400 | 449,571 | 597,727 | 848,836 | ||||||||||||
Occupancy | 238,279 | 222,492 | 479,039 | 449,860 | ||||||||||||
Furniture and equipment | 222,544 | 197,159 | 443,337 | 400,844 | ||||||||||||
Data processing | 190,427 | 193,382 | 404,412 | 359,497 | ||||||||||||
ATM and debit card | 148,821 | 129,836 | 289,944 | 242,086 | ||||||||||||
Marketing | 188,997 | 85,331 | 275,533 | 120,945 | ||||||||||||
Directors fees | 77,150 | 86,100 | 157,300 | 161,200 | ||||||||||||
Telecommunication services | 76,896 | 81,541 | 163,559 | 163,686 | ||||||||||||
Deposit insurance premiums | 60,336 | 43,774 | 119,879 | 93,669 | ||||||||||||
Other operating | 389,590 | 282,902 | 836,852 | 722,834 | ||||||||||||
Total noninterest expenses | 3,374,190 | 3,143,954 | 6,648,572 | 6,184,280 | ||||||||||||
Income before income taxes | 3,585,149 | 2,767,389 | 6,548,525 | 6,022,817 | ||||||||||||
Income taxes | 902,000 | 695,500 | 1,576,500 | 1,355,500 | ||||||||||||
Net income | 2,683,149 | 2,071,889 | 4,972,025 | 4,667,317 | ||||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||
Unrealized gains (losses) on available for sale debt securities | ||||||||||||||||
arising during the period, net of tax | (2,330,417 | ) | 118,499 | (8,346,915 | ) | (470,764 | ) | |||||||||
Comprehensive income (loss) | $ | 352,732 | $ | 2,190,388 | $ | (3,374,890 | ) | $ | 4,196,553 | |||||||
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
SOURCE: Calvin B. Taylor Bankshares, Inc.
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https://www.accesswire.com/712169/Calvin-B-Taylor-Bankshares-Inc-Reports-Second-Quarter-2022-Financial-Results
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