BERLIN, MD / ACCESS Newswire / August 11, 2026 / 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 2026 (“2Q26”) of $3.7 million, or $1.40 per share compared to net income of $3.8 million, or $1.44 per share for the first quarter of 2026 (“1Q26”), and net income of $3.9 million, or $1.42 per share for the second quarter of 2025 (“2Q25”). Net income for the first half of 2026 was $7.5 million or $2.85 per share, compared to net income for the first half of 2025 of $7.6 million, or $2.79 per share.
Second Quarter and First Half 2026 Highlights
Exceeded $1 Billion in Assets – Total assets surpassed $1.0 billion for the first time in 2026, reflecting continued growth while maintaining strong capital and liquidity positions.
Strong Loan and Deposit Growth – Loans increased $39.0 million, or 5.9% since the end of 2025 reflecting strong organic growth and sustained customer demand. Deposits increased by $22.4 million, or 2.6% during the second quarter of 2026 and were up $27.0 million, or 3.2%, from year-end 2025. Growth in deposits continued to outpace many industry peers and provided a stable funding source for organic loan growth without reliance on wholesale borrowings.
Net Interest Income Growth and Margin Expansion – Net interest margin (“NIM”) increased to 4.05% in 2Q26 from 3.98% in 1Q26 and 3.84% in 2Q25, driven by higher yields on loans and investment securities. While net interest revenue trends remained favorable, earnings growth was impacted by elevated operating expenses.
Solid Asset Quality – Nonperforming loans and net charge-offs remained at low levels, reflecting continued credit discipline and strong asset quality.
Growing Stockholder Value – Continued returning capital to shareholders through stock repurchases and cash dividend growth. Quarterly cash dividends increased 4.1% compared to 2025, while book value per share increased 10.3% year over year.
Chief Executive Officer and President M. Dean Lewis commented, “During the first half of 2026, the Company continued to generate strong core earnings driven by double-digit net interest income growth and continued expansion in net interest margin. Our investment in expanding the retail banking and lending teams has strengthened customer relationships and been a key driver of the strong organic loan and deposit growth experienced during the first half of 2026. This growth also allowed us to surpass $1 billion in assets as of June 30th, a significant milestone for our Company that was achieved ahead of the seasonal balance sheet growth we typically experience during the third quarter. We remain focused on balancing strong financial performance with strategic investments in technology, banking solutions, and our employees, enabling us to meet evolving customer needs while creating long-term value for our stockholders.”
Quarterly Results of Operations
Quarterly net income was $3.7 million for 2Q26, as compared to $3.8 million for 1Q26 and $3.9 million for 2Q25. A summary of the quarterly results of operations are included in the table and comments that follow.
|
For the Three Months Ended |
Prior Year |
Prior Quarter |
||||||||||||||||||
|
Jun. 30, 2026 |
Jun. 30, 2025 |
Mar. 31, 2026 |
Change |
Change |
||||||||||||||||
|
Results of Operations
|
||||||||||||||||||||
|
Net interest income
|
$ |
9,521,285 |
$ |
8,726,865 |
$ |
9,172,477 |
9.1 |
% |
3.8 |
% |
||||||||||
|
Provision for credit losses
|
345,000 |
401,000 |
– |
(14.0 |
) |
100.0 |
||||||||||||||
|
Noninterest income
|
1,062,407 |
959,886 |
557,347 |
10.7 |
90.6 |
|||||||||||||||
|
Noninterest expense
|
5,427,327 |
4,361,189 |
4,752,504 |
24.4 |
14.2 |
|||||||||||||||
|
Income before income taxes
|
4,811,365 |
4,924,562 |
4,977,320 |
(2.3 |
) |
(3.3 |
) |
|||||||||||||
|
Income tax expense
|
1,106,000 |
1,061,500 |
1,139,000 |
4.2 |
(2.9 |
) |
||||||||||||||
|
Net income
|
$ |
3,705,365 |
$ |
3,863,062 |
$ |
3,838,320 |
(4.1 |
)% |
(3.5 |
)% |
||||||||||
|
|
||||||||||||||||||||
|
Yield on earning assets
|
5.20 |
% |
5.01 |
% |
5.12 |
% |
19 |
bp |
8 |
bp |
||||||||||
|
Cost of interest-bearing deposits
|
1.74 |
1.80 |
1.72 |
(6 |
) |
2 |
||||||||||||||
|
Net interest margin
|
4.05 |
3.84 |
3.98 |
21 |
7 |
|||||||||||||||
|
Return on average assets
|
1.50 |
1.61 |
1.58 |
(11 |
) |
(8 |
) |
|||||||||||||
|
Return on average equity
|
11.38 |
12.84 |
11.99 |
(146 |
) |
(61 |
) |
|||||||||||||
|
Efficiency ratio
|
50.69 |
% |
45.02 |
% |
47.34 |
% |
567 |
bp |
335 |
bp |
||||||||||
Net interest income increased $349 thousand, or 3.8% in 2Q26, as compared to 1Q26, primarily due to an increase in interest and fee income on loans of $462 thousand. Higher interest income on loans was partially offset by a $43 thousand decline in interest income from investment securities and deposits with other banks, coupled with a $70 thousand increase in interest expense on deposits. The average balance of loans in 2Q26 increased $19.3 million and total loan yields improved 5 bp, when compared to 1Q26. Net interest income increased $794 thousand, or 4.7% in 2Q26, as compared to 2Q25, primarily due to an increase in average loan balances of $49.7 million coupled with a higher average yield of 14 bps.
Provision expense for credit losses increased $345 thousand in 2Q26 when compared to 1Q26 and decreased $56 thousand when compared to 2Q25. The higher provision expense was primarily attributable to significant loan growth in 2Q26 which required an associated increase to the allowance for credit losses to support the expanded loan portfolio. One commercial real estate loan relationship totaling approximately $4.5 million was placed on nonaccrual status during the quarter. The credit is collateral-dependent and individually evaluated. Management believes collateral values remain sufficient and does not currently anticipate a loss. Despite this one relationship, asset quality metrics are stable when compared to prior quarters and continue to compare favorably with historical levels.
Noninterest income increased in 2Q26 by $557 thousand, or 90.6%, as compared to 1Q26, and $103 thousand, or 3.5%, as compared to 2Q25. Compared with 1Q26, noninterest income benefited from a one-time gain of $239 thousand on the sale of equity securities and a smaller realized loss from the repositioning of the available-for-sale securities portfolio. Realized losses on available-for-sale securities occurred in both 2Q26 and 1Q26, but to a lesser degree than in 1Q26, resulting in a favorable variance of $187 thousand. The increase in noninterest income in 2Q26 when compared to 2Q25, was also a result of the one-time gain from the sale of equity securities, partially offset by higher realized losses on available-for-sale securities repositioning. The Company sold a long-held equity investment in another financial institution and redeployed the proceeds toward its stock repurchase program.
Noninterest expense increased $675 thousand, or 14.2%, from 1Q26, primarily reflecting the completion of several periodic professional services engagements, including the annual financial audit, external loan review, and information technology audit. In addition, statement and postage expenses were higher in 2Q26 due to a timing difference in the billing process. Compared with 2Q25, noninterest expense increased $1.1 million, driven primarily by higher salaries, wages, and employee benefits. During the past 12 months, the Company has strengthened its team through strategic additions in several key positions and completed targeted compensation adjustments to remain competitive in attracting and retaining talent. The increase in employee benefits expense has been the result of higher healthcare claims and workforce growth. The professional services and the statement and postage billing previously mentioned also had an impact on the total increase in noninterest expense when compared to 2Q25.
Quarterly per share data, dividend payout ratio, and repurchase of stock by the Company for each period is included in the following table. 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.
|
|
For the Three Months Ended |
Prior Year |
Prior Quarter |
|||||||||||||||||
|
|
Jun. 30, 2026 |
Jun. 30, 2025 |
Mar. 31, 2026 |
Change |
Change |
|||||||||||||||
|
Per Share Data
|
||||||||||||||||||||
|
Basic and diluted net income per common share
|
$ |
1.40 |
$ |
1.42 |
$ |
1.44 |
(1.4 |
)% |
(2.8 |
)% |
||||||||||
|
Dividends paid per common share
|
0.38 |
0.37 |
0.38 |
2.7 |
– |
|||||||||||||||
|
Market value at period end
|
55.00 |
55.00 |
57.50 |
– |
(4.3 |
) |
||||||||||||||
|
Book value per common share at period end
|
49.81 |
45.17 |
48.93 |
10.3 |
1.8 |
|||||||||||||||
|
Book value per common share excluding OCI
|
51.92 |
47.84 |
50.95 |
8.5 |
1.9 |
|||||||||||||||
|
|
||||||||||||||||||||
|
Dividend payout ratio
|
27.04 |
% |
26.08 |
% |
26.36 |
% |
96 |
bp |
68 |
bp |
||||||||||
|
|
||||||||||||||||||||
|
Number of shares repurchased
|
1,000 |
119 |
25,892 |
740.3 |
% |
(96.1 |
)% |
|||||||||||||
|
Repurchase amount
|
$ |
53,000 |
$ |
5,968 |
$ |
1,347,507 |
788.1 |
(96.1 |
) |
|||||||||||
|
Average repurchase price
|
$ |
53.00 |
$ |
50.15 |
$ |
52.04 |
5.7 |
% |
1.8 |
% |
||||||||||
Year to Date Results of Operations
Net income was $7.5 million for the six months ended June 30, 2026, as compared to $7.6 million for the six months ended June 30, 2025, a decrease of $44 thousand, or less than 1%. A summary of the year-to-date results of operations are included in the table and comments below.
|
For the Six Months Ended |
||||||||||||
|
Jun. 30, 2026 |
Jun. 30, 2025 |
Change |
||||||||||
|
Results of Operations
|
||||||||||||
|
Net interest income
|
$ |
18,693,761 |
$ |
16,863,367 |
10.9 |
% |
||||||
|
Provision for credit losses
|
345,000 |
800,000 |
(56.9 |
) |
||||||||
|
Noninterest income
|
1,619,752 |
2,897,443 |
(44.1 |
) |
||||||||
|
Noninterest expense
|
10,179,834 |
9,127,036 |
11.5 |
|||||||||
|
Income before income taxes
|
9,788,679 |
9,833,774 |
(0.5 |
) |
||||||||
|
Income tax expense
|
2,245,000 |
2,246,500 |
(0.1 |
) |
||||||||
|
Net income
|
$ |
7,543,679 |
$ |
7,587,274 |
(0.6 |
) |
||||||
|
|
||||||||||||
|
Yield on earning assets
|
5.16 |
% |
4.93 |
% |
23 |
bp |
||||||
|
Cost of interest-bearing deposits
|
1.73 |
1.80 |
(7 |
) |
||||||||
|
Net interest margin
|
4.02 |
3.76 |
26 |
|||||||||
|
Return on average assets
|
1.54 |
1.63 |
(9 |
) |
||||||||
|
Return on average equity
|
11.68 |
12.90 |
(122 |
) |
||||||||
|
Efficiency ratio
|
49.07 |
% |
49.11 |
% |
(4 |
)bp |
||||||
Net interest income increased $1.8 million, or 10.9%, for the six months ended June 30, 2026, as compared to same period last year, and was attributable to increases in interest income from loans and investment securities, partially offset by a decrease in interest income on deposits with other banks and higher interest expense on deposits. The average balance of loans in 2026 increased $45.2 million and total loan yields improved 18 bps, when compared to 2025. Although the average balance of investment securities decreased $5.0 million, yields improved by 45 bps, when compared to the prior year. Interest income on deposits with other banks decreased $298 thousand, or 25.0% in 2026 driven by both a $5.3 million reduction in average balances and a 72 bps reduction in yield following Federal Reserve rate cuts late in 2025. Deposit costs increased $96 thousand, or 1.8%, in the first six months of 2026, reflecting growth in average interest-bearing deposits, led by a $22.6 million increase in money market accounts, and a 3 bps increase in rates paid.
The allowance for credit losses was 0.79% of total loans as of June 30, 2026, compared to 0.73% as of June 30, 2025. The provision for credit losses recorded in the six months ended June 30, 2026, of $345 thousand was primarily the result of organic loan growth. Asset quality has remained strong with only isolated non-accrual loans and troubled loan modifications, neither of which indicate broader credit or economic concerns within the broader loan portfolio.
Noninterest income for the six months ended June 30, 2026, decreased by $1.3 million, or 44.1%, as compared to the six months ended June 30, 2025, primarily due to the sale of excess land adjacent to bank property in 2025, which resulted in a gain of $1.9 million. Excluding this one-time sale of property, noninterest income increased $659 thousand when compared to the six months ended June 30, 2025. The sale in 2025 allowed the Company to reinvest and leverage the proceeds to improve overall operating performance in 2026. Compared with 2025, noninterest income benefited from a one-time gain of $239 thousand on the sale of equity securities and a smaller realized loss from the repositioning of the available-for-sale securities portfolio. Realized losses on available-for-sale securities occurred in both 2026 and 2025, but to a lesser degree than in 2025, resulting in a favorable variance of $328 thousand.
Noninterest expense for the six months ended June 30, 2026, increased $1.1 million, or 11.5% as compared to the same period in 2025, primarily within salary and wages of $625 thousand and employee benefits of $410 thousand. During the past 12 months, the Company has strengthened its team through strategic additions in several key positions and completed targeted compensation adjustments to remain competitive in attracting and retaining talent. The increase in employee benefits expense has been the result of higher healthcare claims and workforce growth. Other operating costs decreased by $165 thousand, which related to prefunded donations and sponsorships completed at the end of 2025 as well as reductions in deposit and fraud losses due to strategic investments in improved detection and monitoring software.
Per share data and repurchases of stock by the Company for each period are included in the following table.
|
For the Six Months Ended |
||||||||||||
|
Jun. 30, 2026 |
Jun. 30, 2025 |
Change |
||||||||||
|
Per Share Data
|
||||||||||||
|
Basic and diluted net income per common share
|
$ |
2.85 |
$ |
2.79 |
2.2 |
% |
||||||
|
Dividends paid per common share
|
0.76 |
0.73 |
4.1 |
|||||||||
|
Market value at period end
|
55.00 |
55.00 |
– |
|||||||||
|
Book value per common share at period end
|
49.81 |
45.17 |
10.3 |
|||||||||
|
Book value per common share excluding OCI
|
51.92 |
47.84 |
8.5 |
|||||||||
|
|
||||||||||||
|
Dividend payout ratio
|
26.70 |
% |
26.21 |
% |
49 |
bp |
||||||
|
|
||||||||||||
|
Number of shares repurchased
|
26,892 |
3,860 |
596.7 |
% |
||||||||
|
Repurchase amount
|
$ |
1,400,507 |
$ |
189,277 |
639.9 |
|||||||
|
Average repurchase price
|
$ |
52.08 |
$ |
49.77 |
4.6 |
% |
||||||
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 June 30, 2026.
The Company’s financial condition at quarter end is summarized in the table and comments that follow
|
For the Three Months Ended |
Prior Year |
Prior Quarter |
||||||||||||||||||
|
Jun. 30, 2026 |
Jun. 30, 2025 |
Mar. 31, 2026 |
Change |
Change |
||||||||||||||||
|
Financial Condition
|
||||||||||||||||||||
|
Assets
|
$ |
1,020,289,521 |
$ |
968,447,227 |
$ |
994,487,122 |
5.4 |
% |
2.6 |
% |
||||||||||
|
Cash and unencumbered debt securities
|
248,693,233 |
254,574,943 |
236,829,989 |
(2.3 |
) |
5.0 |
||||||||||||||
|
Loans
|
700,380,739 |
645,435,644 |
690,500,563 |
8.5 |
1.4 |
|||||||||||||||
|
Deposits
|
880,995,723 |
841,657,576 |
858,603,408 |
4.7 |
2.6 |
|||||||||||||||
|
Interest-bearing deposits
|
634,603,070 |
591,756,470 |
631,341,705 |
7.2 |
0.5 |
|||||||||||||||
|
Stockholders’ equity
|
$ |
131,456,630 |
$ |
122,940,229 |
$ |
129,033,855 |
6.9 |
% |
1.9 |
% |
||||||||||
|
|
||||||||||||||||||||
|
Common stock outstanding
|
2,639,125 |
2,721,876 |
2,637,055 |
(3.0 |
)% |
0.1 |
% |
|||||||||||||
|
Stockholders’ equity / assets
|
12.88 |
% |
12.69 |
% |
12.97 |
% |
19 |
bp |
(9 |
)bp |
||||||||||
|
|
||||||||||||||||||||
|
Average assets
|
$ |
992,624,512 |
$ |
954,686,841 |
$ |
984,499,030 |
4.0 |
% |
0.8 |
% |
||||||||||
|
Average loans
|
697,313,116 |
643,082,312 |
678,054,672 |
8.4 |
2.8 |
|||||||||||||||
|
Average deposits
|
856,367,644 |
830,206,285 |
849,116,489 |
3.2 |
0.9 |
|||||||||||||||
|
Average stockholders’ equity
|
$ |
130,618,076 |
$ |
120,687,564 |
$ |
129,777,843 |
8.2 |
0.6 |
||||||||||||
|
|
||||||||||||||||||||
|
Average stockholders’ equity / assets
|
12.80 |
% |
12.46 |
% |
13.05 |
% |
34 |
bp |
(25 |
)bp |
||||||||||
|
Tier 1 capital to average assets (leverage ratio)
|
13.81 |
% |
13.64 |
% |
13.65 |
% |
17 |
bp |
16 |
bp |
||||||||||
Deposits increased $27.0 million, or 3.2%, from 4Q25 and increased $39.3 million, or 4.7%, from 2Q25. The Company usually experiences seasonal deposit inflows during the second quarter due to the local tourism-based economy. The Company’s deposits increased by $22.4 million, or 2.6% when compared to 1Q26. 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 2Q26, the Bank had deposit accounts with balances in excess of $250,000 totaling $204.5 million, which represents 23.2% of total deposits, as compared to $197.8 million or 23.0% as of 1Q26 and $207.8 million or 24.7% of total deposits as of 2Q25. The Bank is a member of the IntraFi Network which enables large depositors’ 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 $159.3 million as of 2Q26, as compared to $157.0 million and $131.2 million as of 1Q26 and 2Q25, respectively.
On-balance sheet liquidity, as measured by cash and unencumbered available for sale debt securities, remains strong as of 2Q26 and equaled 28.2% of total deposits. Selected liquidity metrics are summarized in the table below.
|
For the Three Months Ended |
Prior Year |
Prior Quarter |
||||||||||||||||||
|
Jun. 30, 2026 |
Jun. 30, 2025 |
Mar. 31, 2026 |
Change |
Change |
||||||||||||||||
|
Liquidity
|
||||||||||||||||||||
|
Cash and unencumbered debt securities / total deposits
|
28.23 |
% |
30.25 |
% |
27.58 |
% |
(202 |
)bp |
65 |
bp |
||||||||||
|
Debt securities pledged / total debt securities
|
12.32 |
10.54 |
10.47 |
178 |
185 |
|||||||||||||||
|
Loans / deposits
|
79.50 |
76.69 |
80.42 |
281 |
(92 |
) |
||||||||||||||
|
Average loans / average deposits
|
81.43 |
77.46 |
79.85 |
397 |
158 |
|||||||||||||||
|
Noninterest-bearing deposits / total deposits
|
27.97 |
29.69 |
26.47 |
(172 |
) |
150 |
||||||||||||||
|
Non-maturity deposits / total deposits
|
54.47 |
54.55 |
56.21 |
(8 |
) |
(174 |
) |
|||||||||||||
|
Time deposits / total deposits
|
17.56 |
% |
15.76 |
% |
17.32 |
% |
180 |
bp |
24 |
bp |
||||||||||
Noncore funding sources are available to the Bank but are intended for contingency funding needs and not to pursue growth. As of 2Q26, the Bank can borrow up to $282.1 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
Funding of previously committed construction loans, localized demand for commercial and residential real estate loans, and seasonal borrowings during 2Q26 resulted in continued organic loan growth with loans increasing $39.0 million, or 5.9%, since 4Q25. Loan growth of $54.9 million, or 8.5%, over the past twelve months reflected continued demand for commercial and residential real estate financing. Loan growth and the repricing of existing loans at current market rates contributed to an increase in the yield on loans from 5.65% in 2Q25 to 5.79% in 2Q26. Loan yields increased by 5 bp in 2Q26 as compared to 1Q26.
Loan performance has remained strong over the past 12 months as local economic conditions have remained stable. Credit quality remained strong during the quarter despite a prolonged period of elevated interest rates. The only significant change in 2Q26 when compared to both 1Q26 and 2Q25, was the result of one commercial real estate relationship totaling approximately $4.5 million placed on nonaccrual status during the quarter. The credit is collateral-dependent and individually evaluated. Management believes collateral values remain sufficient and does not currently anticipate a loss. Despite this one relationship, asset quality metrics are stable when compared to prior periods and continue to compare favorably with historical levels. Selected asset quality metrics are summarized in the table below.
|
For the Three Months Ended |
Prior Year |
Prior Quarter |
||||||||||||||||||
|
Jun. 30, 2026 |
Jun. 30, 2025 |
Mar. 31, 2026 |
Change |
Change |
||||||||||||||||
|
Asset Quality Data
|
||||||||||||||||||||
|
Allowance for credit losses / total loans
|
0.79 |
% |
0.73 |
% |
0.75 |
% |
6 |
bp |
4 |
bp |
||||||||||
|
Net charge-offs (recoveries) / average loans
|
– |
0.01 |
– |
(1 |
) |
– |
||||||||||||||
|
Loans past due 90 days or more / total loans
|
0.05 |
0.08 |
0.04 |
(3 |
) |
1 |
||||||||||||||
|
Non-accrual loans / total loans
|
0.20 |
0.16 |
0.17 |
4 |
3 |
|||||||||||||||
|
Accruing troubled loan modifications (“TLMs”) / total loans
|
0.26 |
% |
0.23 |
% |
0.26 |
% |
3 |
bp |
-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) |
|||||||||||
|
June 30 |
December 31, |
June 30 |
||||||||||
|
2026 |
2025 |
2025 |
||||||||||
|
ASSETS
|
||||||||||||
|
Cash and due from banks
|
$ |
7,562,636 |
$ |
5,740,137 |
$ |
7,246,837 |
||||||
|
Federal funds sold and interest bearing deposits
|
70,728,710 |
61,119,244 |
61,964,700 |
|||||||||
|
Cash and cash equivalents
|
78,291,346 |
66,859,381 |
69,211,537 |
|||||||||
|
|
||||||||||||
|
Investment securities available for sale (at fair value)
|
181,090,092 |
198,822,246 |
185,121,262 |
|||||||||
|
Investment securities held to maturity (at amortized cost)
|
13,244,373 |
13,166,812 |
22,081,458 |
|||||||||
|
Equity securities, at fair value
|
364,442 |
552,133 |
748,833 |
|||||||||
|
Restricted securities
|
711,500 |
675,800 |
675,000 |
|||||||||
|
|
||||||||||||
|
Loans held for investment
|
700,380,739 |
661,363,200 |
645,435,644 |
|||||||||
|
Less: allowance for credit losses
|
(5,511,173 |
) |
(4,998,223 |
) |
(4,698,433 |
) |
||||||
|
Loans, net
|
694,869,566 |
656,364,977 |
640,737,211 |
|||||||||
|
|
||||||||||||
|
Accrued interest receivable
|
3,131,730 |
3,183,246 |
3,014,318 |
|||||||||
|
Prepaid expenses
|
753,440 |
744,624 |
379,387 |
|||||||||
|
Premises and equipment, net
|
16,242,051 |
16,485,407 |
16,258,409 |
|||||||||
|
Computer software, net
|
124,441 |
144,000 |
102,174 |
|||||||||
|
Deferred income taxes, net
|
1,588,197 |
1,294,479 |
1,963,254 |
|||||||||
|
Bank owned life insurance and annuities
|
29,020,774 |
28,499,211 |
27,657,716 |
|||||||||
|
Other assets
|
857,569 |
483,938 |
496,668 |
|||||||||
|
Total assets
|
$ |
1,020,289,521 |
$ |
987,276,254 |
$ |
968,447,227 |
||||||
|
|
||||||||||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||
|
Noninterest-bearing deposits
|
$ |
246,392,653 |
$ |
234,602,011 |
$ |
249,901,106 |
||||||
|
Interest-bearing deposits
|
634,603,070 |
619,431,016 |
591,756,470 |
|||||||||
|
Total deposits
|
880,995,723 |
854,033,027 |
841,657,576 |
|||||||||
|
|
||||||||||||
|
Accrued interest payable
|
739,491 |
675,335 |
679,741 |
|||||||||
|
Accrued expenses
|
1,969,681 |
1,492,517 |
734,343 |
|||||||||
|
Deferred compensation and supplemental retirement benefits
|
1,714,198 |
1,552,531 |
1,390,308 |
|||||||||
|
Allowance for credit losses on off-balance sheet credit exposures
|
555,247 |
767,247 |
543,247 |
|||||||||
|
Other liabilities
|
2,858,551 |
477,253 |
501,783 |
|||||||||
|
Total liabilities
|
888,832,891 |
858,997,910 |
845,506,998 |
|||||||||
|
|
||||||||||||
|
COMMITMENTS AND CONTINGENCIES
|
||||||||||||
|
|
||||||||||||
|
STOCKHOLDERS’ EQUITY
|
||||||||||||
|
|
||||||||||||
|
Common stock, par value $1 per share; authorized 10,000,000
|
2,639,125 |
2,662,947 |
2,721,876 |
|||||||||
|
Additional paid in capital
|
919,305 |
2,288,047 |
722,203 |
|||||||||
|
Retained earnings
|
133,476,738 |
127,947,058 |
126,771,768 |
|||||||||
|
Accumulated other comprehensive loss, net of deferred income tax
|
(5,578,538 |
) |
(4,619,708 |
) |
(7,275,618 |
) |
||||||
|
Total stockholders’ equity
|
131,456,630 |
128,278,344 |
122,940,229 |
|||||||||
|
Total liabilities and stockholders’ equity
|
$ |
1,020,289,521 |
$ |
987,276,254 |
$ |
968,447,227 |
||||||
|
|
||||||||||||
|
Period-end common shares outstanding
|
2,639,125 |
2,662,947 |
2,721,876 |
|||||||||
|
Book value per common share
|
$ |
49.81 |
$ |
48.17 |
45.17 |
|||||||
Calvin B. Taylor Bancshares, Inc.
Consolidated Statements of Income
|
|
For the Three Months Ended |
For the Six Months Ended |
||||||||||||||
|
June 30, |
June 30, |
|||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
|||||||||||||
|
INTEREST INCOME
|
||||||||||||||||
|
Interest and fees on loans
|
$ |
10,064,041 |
$ |
9,115,397 |
$ |
19,666,455 |
$ |
17,813,710 |
||||||||
|
Interest on investment securities:
|
||||||||||||||||
|
U.S. Treasury and government agency debt securities
|
805,107 |
728,485 |
1,583,042 |
1,360,596 |
||||||||||||
|
Mortgage-backed debt securities
|
839,700 |
800,897 |
1,740,842 |
1,545,363 |
||||||||||||
|
State and municipal debt securities
|
66,395 |
87,619 |
137,919 |
184,544 |
||||||||||||
|
Interest on federal funds sold and interest-bearing deposits
|
445,710 |
642,948 |
895,095 |
1,192,849 |
||||||||||||
|
Total interest income
|
12,220,953 |
11,375,346 |
24,023,353 |
22,097,062 |
||||||||||||
|
|
||||||||||||||||
|
INTEREST EXPENSE
|
||||||||||||||||
|
Interest on deposits
|
2,699,668 |
2,648,481 |
5,329,592 |
5,233,695 |
||||||||||||
|
Total interest expense
|
2,699,668 |
2,648,481 |
5,329,592 |
5,233,695 |
||||||||||||
|
|
||||||||||||||||
|
NET INTEREST INCOME
|
9,521,285 |
8,726,865 |
18,693,761 |
16,863,367 |
||||||||||||
|
Provision for credit losses
|
345,000 |
401,000 |
345,000 |
800,000 |
||||||||||||
|
|
||||||||||||||||
|
NET INTEREST INCOME AFTER PROVISION
|
||||||||||||||||
|
FOR CREDIT LOSSES
|
9,176,285 |
8,325,865 |
18,348,761 |
16,063,367 |
||||||||||||
|
|
||||||||||||||||
|
NONINTEREST INCOME
|
||||||||||||||||
|
Debit card interchange fees, net
|
220,792 |
256,034 |
436,477 |
423,599 |
||||||||||||
|
Nonsufficient funds and overdraft fees, net
|
195,721 |
174,142 |
403,302 |
354,960 |
||||||||||||
|
Merchant payment processing, net
|
67,813 |
76,863 |
123,844 |
140,572 |
||||||||||||
|
Service charges on deposit accounts, net
|
43,769 |
42,492 |
88,183 |
85,072 |
||||||||||||
|
Income from bank owned life insurance annuities
|
297,685 |
257,592 |
524,277 |
421,599 |
||||||||||||
|
Dividends
|
24,737 |
22,272 |
37,168 |
33,271 |
||||||||||||
|
Loss on disposition of investment securities
|
(122,993 |
) |
– |
(432,602 |
) |
(760,933 |
) |
|||||||||
|
Gain on disposition of equity securities
|
239,409 |
– |
239,409 |
– |
||||||||||||
|
Gain on disposition of fixed assets
|
– |
7,484 |
650 |
1,937,437 |
||||||||||||
|
Other noninterest income
|
95,474 |
123,007 |
199,044 |
261,866 |
||||||||||||
|
Total noninterest income
|
1,062,407 |
959,886 |
1,619,752 |
2,897,443 |
||||||||||||
|
|
||||||||||||||||
|
NONINTEREST EXPENSE
|
||||||||||||||||
|
Salaries and wages
|
2,276,587 |
1,977,121 |
4,522,014 |
3,896,803 |
||||||||||||
|
Employee benefits
|
822,101 |
444,893 |
1,496,009 |
1,085,773 |
||||||||||||
|
Occupancy expense
|
359,023 |
294,028 |
681,358 |
599,419 |
||||||||||||
|
Furniture and equipment expense
|
236,230 |
214,021 |
452,997 |
416,486 |
||||||||||||
|
Data processing
|
566,404 |
477,997 |
1,079,881 |
961,999 |
||||||||||||
|
Marketing
|
87,819 |
135,169 |
133,602 |
239,168 |
||||||||||||
|
Directors’ fees
|
99,348 |
97,300 |
195,048 |
190,600 |
||||||||||||
|
Telecommunication services
|
65,504 |
70,096 |
129,424 |
138,251 |
||||||||||||
|
FDIC insurance premium expense
|
106,350 |
100,901 |
215,308 |
203,767 |
||||||||||||
|
Professional fees
|
258,623 |
144,179 |
327,105 |
282,644 |
||||||||||||
|
Other noninterest expenses
|
549,338 |
405,484 |
947,088 |
1,112,126 |
||||||||||||
|
Total noninterest expense
|
5,427,327 |
4,361,189 |
10,179,834 |
9,127,036 |
||||||||||||
|
|
||||||||||||||||
|
Income before income taxes
|
4,811,365 |
4,924,562 |
9,788,679 |
9,833,774 |
||||||||||||
|
Income tax expense
|
1,106,000 |
1,061,500 |
2,245,000 |
2,246,500 |
||||||||||||
|
|
||||||||||||||||
|
NET INCOME
|
$ |
3,705,365 |
$ |
3,863,062 |
$ |
7,543,679 |
$ |
7,587,274 |
||||||||
|
|
||||||||||||||||
|
|
||||||||||||||||
|
Basic and diluted net income per common share
|
$ |
1.40 |
$ |
1.42 |
$ |
2.85 |
$ |
2.79 |
||||||||
###
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 operates twelve full-service banking offices and two loan production office across the Delmarva Peninsula, serving communities in Maryland, Virginia, and Delaware through both physical and digital banking channels.
Contact
Philip O’Neil, Chief Financial Officer and Executive Vice President
410‑641‑1700, taylorbank.com
SOURCE: Calvin B. Taylor Bankshares, Inc.
View the original press release on ACCESS Newswire
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