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Calvin B. Taylor Bankshares, Inc. reports community-banking developments as the parent company of Calvin B. Taylor Bank. The bank, founded in 1890, provides loan, deposit, and ancillary banking services through physical and digital channels, with banking locations in Maryland, Delaware, and Virginia on the Delmarva Peninsula.
Recurring company news covers quarterly and annual financial results, loan and deposit activity, balance-sheet management, asset quality, and capital actions such as regular cash dividends and stock repurchases. Updates also include commercial lending expansion in Delaware markets and board-level governance changes at the bank holding company.
Calvin B. Taylor Bankshares, Inc. (OTCQX: TYCB) reported strong first-quarter results for 2021, with net income rising 35.8% to $2.60 million compared to Q1 2020. This marks an 83.6% increase from Q4 2020. The company saw organic asset growth of 5.6%, with total assets reaching $751.4 million. Loans increased 22.9% year-over-year, driven by a rise in SBA PPP loans and strong demand for commercial and residential loans. Noninterest income jumped 122.2% to $1.34 million, boosted by nonrecurring income from bank-owned life insurance. However, net interest margin declined to 3.05% from 3.93% a year prior.
On March 11, 2021, Calvin B. Taylor Bankshares, Inc. (OTCQX: TYCB) announced a quarterly cash dividend of $0.29 per share. The dividend will be paid on April 15, 2021, to stockholders of record as of March 31, 2021. Established in 1890, the bank operates 12 locations across the eastern coastal areas of the Delmarva Peninsula, providing a wide range of banking services through both physical and digital channels.
Calvin B. Taylor Bankshares, Inc. (TYCB) reported its financial results for FY20 and 4Q20. Net income for FY20 fell to $7.27 million ($2.62 per share), down from $8.33 million ($2.99 per share) in FY19. The fourth quarter net income was $1.41 million ($0.51 per share), a decrease compared to $1.71 million in 4Q19. Total assets increased by 29.9% to $711.8 million, driven by a 35.4% rise in deposits. The bank faced higher provisions for loan losses, up 257.4% for FY20, amid ongoing economic uncertainty from COVID-19.
Calvin B. Taylor Bankshares, Inc. (OTCQX: TYCB) has appointed Hale Harrison as Chair of its Board of Directors. With a long history on the board since 1995 and experience in community service, Harrison is poised to enhance the bank's governance. The bank continues its growth and aims to align with industry standards and shareholder expectations. Raymond M. Thompson, CEO, commended Harrison's understanding of community banking and respect among board members. The bank offers various banking services across 12 locations in the Delmarva Peninsula.