Calvin B. Taylor Bankshares, Inc. Reports Fourth Quarter and Year End Financial Results for 2025
BERLIN, MD / ACCESS Newswire / March 4, 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 fourth quarter 2025 ("4Q25") of $3.6 million, or $1.34 per share compared to net income of $4.2 million, or $1.53 per share for the third quarter of 2025 ("3Q25"), and net income of $3.5 million, or $1.29 per share for the fourth quarter of 2024 ("4Q24"). Net income for 2025 was $15.4 million or $5.66 per share, compared to net income for 2024 of $13.1 million, or $4.82 per share.
2025 Fourth Quarter and Year-End Highlights
Margins and Profitability - The Company reported a net interest margin for the fourth quarter of 2025 of 3.90% for the 4Q25, compared to 3.84% for the 3Q25. For the year ended December 31, 2025, net interest margin was 3.82% when compared to 3.56% for the year ended December 31, 2024. Return on average assets ("ROAA") for the year ended December 31, 2025, was 1.58%, compared to the year ended December 31, 2024, of 1.47%.
Net Interest Income ("NII") - NII for 4Q25 improved $162 thousand or 1.8%, when compared to 3Q25. For the year ended December 31, 2025, NII was $35.5 million and is $5.0 million, or 16.4% higher than year ended December 31, 2024. NII for the quarter and year ended December 31, 2025, was driven higher by increases in average balances and yields on loans.
Deposit and Loan Growth - Deposit growth for the year ended December 31, 2025, of $35.6 million, or 4.4% over December 31, 2024, was the primary funding source for loan growth in 2025 of $31.3 million, or 5.0%. The ability to source low-cost deposits allowed for overall improved profitability metrics.
Capital Returns - Stockholders experienced a 5% annual increase in cash dividends for both 2025 and 2024. Stockholder returns were further enhanced by significant stock repurchase activity, including 62,789 shares, or $3.3 million, repurchased in 2025 and 28,158 shares, or $1.2 million, repurchased in 2024. The Company's current stock repurchase program extends through December 2026 and authorizes the purchase of up to 10% of its outstanding common stock, of which 8.6% remains available for repurchase.
Chief Executive Officer and President M. Dean Lewis commented, "Our team delivered strong full year results, highlighted by a 24.5% increase in earnings per share, balanced loan and deposit growth, and disciplined balance sheet management. Just as importantly, we achieved this financial performance while continuing to make strategic investments in technology, talent, and innovative banking solutions that enhance both customer and employee experience. Fourth-quarter results reflected a stable net interest margin, strong credit quality, and prudent expense control, providing a solid foundation heading into 2026 and positioning the Company for sustainable long-term growth."
Quarterly Results of Operations
Quarterly net income was $3.6 million for 4Q25, as compared to $4.2 million for 3Q25 and $3.5 million for 4Q24. 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 |
| ||||||||||||
| Dec. 31, 2025 |
|
| Dec. 31, 2024 |
|
| Sept. 30, 2025 |
|
|
|
|
| ||||||||
Results of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net interest income |
| $ | 9,399,072 |
|
| $ | 8,308,637 |
|
| $ | 9,236,650 |
|
|
| 13.1 | % |
|
| 1.8 | % |
Provision for credit losses |
|
| 200,000 |
|
|
| 260,000 |
|
|
| 400,000 |
|
|
| - |
|
|
| (50.0 | ) |
Noninterest income |
|
| 895,916 |
|
|
| 1,313,696 |
|
|
| 1,223,011 |
|
|
| (31.8 | ) |
|
| (26.7 | ) |
Noninterest expense |
|
| 5,444,112 |
|
|
| 4,855,354 |
|
|
| 4,697,079 |
|
|
| 12.1 |
|
|
| 15.9 |
|
Income before income taxes |
|
| 4,650,876 |
|
|
| 4,506,979 |
|
|
| 5,362,582 |
|
|
| 3.2 |
|
|
| (13.3 | ) |
Income tax expense |
|
| 1,014,339 |
|
|
| 1,001,000 |
|
|
| 1,193,500 |
|
|
| 1.3 |
|
|
| (15.0 | ) |
Net income |
| $ | 3,636,537 |
|
| $ | 3,505,979 |
|
| $ | 4,169,082 |
|
|
| 3.7 | % |
|
| (12.8 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Yield on earning assets |
|
| 5.04 | % |
|
| 5.48 | % |
|
| 4.99 | % |
|
| (44 | )bp |
|
| 5 | bp |
Cost of interest-bearing deposits |
|
| 1.76 |
|
|
| 1.83 |
|
|
| 1.79 |
|
|
| (7 | ) |
|
| (3 | ) |
Net interest margin |
|
| 3.90 |
|
|
| 3.63 |
|
|
| 3.84 |
|
|
| 27 |
|
|
| 6 |
|
Return on average assets |
|
| 1.44 |
|
|
| 1.47 |
|
|
| 1.64 |
|
|
| (3 | ) |
|
| (20 | ) |
Return on average equity |
|
| 11.19 |
|
|
| 12.18 |
|
|
| 13.27 |
|
|
| (99 | ) |
|
| (208 | ) |
Efficiency ratio |
|
| 52.88 | % |
|
| 50.46 | % |
|
| 44.89 | % |
|
| 242 | bp |
|
| 799 | bp |
Net interest income increased $162 thousand, or 1.8% in 4Q25, as compared to 3Q25, due to increases in interest and fees on loans of $135 thousand and interest on investment securities of $81 thousand, partially offset by a decrease in interest income on deposits with other banks of $60 thousand. The higher interest income on loans in 4Q25 was due to a combination of higher average balances in residential real estate loans of $7.8 million, and an improved yield on commercial real estate loans of 5 bps. Net interest income increased $1.1 million, or 13.1% in 4Q25, as compared to 4Q24, primarily due to an increase in average loan balances of $39.5 million coupled with an increase in loan yields by 25 bps. In addition, the average balance on investment securities increased $20.9 million and the average yield on these securities improved 76 bps.
Provision expense for credit losses was $200 thousand for 4Q25, compared to $400 thousand for 3Q25 and $260 for 4Q24. Loans past due 90 days or more decreased to 0.05% of total loans at the end of 4Q25, when compared to 0.15% at the end of 3Q25 and 0.18% at the end of 4Q24. During the 4Q25, the bank reported its first accruing troubled loan modification ("TLM") which consists of one borrower with five loans. These loans consist of both residential and commercial credits with a combined balance of $2.0 million. These loans were granted a six-month interest-only period concession and are current based on the modified terms. The Company continues to monitor these loans carefully. During 4Q25, the Company recorded net charge-offs totaling $21 thousand, compared to $55 thousand for 3Q25 and $31 thousand for 4Q24. The charge-offs in 4Q25 are long-standing credits with minimal balances.
Noninterest income decreased in 4Q25 by $327 thousand, or 26.7%, as compared to 3Q25, and decreased $418 thousand, or 31.8%, as compared to 4Q24. The decrease in 4Q25 when compared to the 3Q25 was primarily due to the sale of an equity investment by the Company that resulted in a gain of $243 thousand in 3Q25. The decrease in 4Q25 when compared to 4Q24 was primarily due to the sale of other real estate owned property that resulted in a gain of $518 thousand in 4Q24. Both gains were nonrecurring transactions and are not related to core operational activities.
Noninterest expense increased by $747 thousand, or 15.9% in 4Q25, as compared to 3Q25. The increase was primarily related to higher salaries and wages of $392 thousand, accelerated donation expenses of $132 thousand and higher professional fees of $102 thousand. Higher salaries and wages in 4Q25 are related to year-end bonuses and additional hiring to support succession planning, reflecting the Company's commitment to strengthening its talent pipeline and organizational depth. The accelerated donation expenses reflect fulfillment of existing pledges to local nonprofits made ahead of new 2026 limitations on donation deductibility under the Big Beautiful Bill. The increase in professional fees reflects additional consulting required to support several ongoing strategic and operational projects.
Noninterest expenses increased in 4Q25 by $589 thousand, or 12.1%, as compared to 4Q24, which related to increases in data processing costs and professional fees related to a core conversion upgrade in late 2024, salaries and wages to remain competitive in the current labor market, and the addition of a new branch in Cape Charles, Virginia which increased overall operating costs.
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 |
| ||||||||||||
| Dec. 31, 2025 |
|
| Dec. 31, 2024 |
|
| Sept. 30, 2025 |
|
|
|
|
| ||||||||
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Basic and diluted net income per common share |
| $ | 1.34 |
|
| $ | 1.29 |
|
| $ | 1.53 |
|
|
| 4.5 | % |
|
| (12.2 | )% |
Dividends paid per common share |
|
| 0.37 |
|
|
| 0.36 |
|
|
| 0.37 |
|
|
| 2.8 |
|
|
| - |
|
Market value at period end |
|
| 54.50 |
|
|
| 48.00 |
|
|
| 56.00 |
|
|
| 13.5 |
|
|
| (2.7 | ) |
Book value per common share at period end |
|
| 48.17 |
|
|
| 42.01 |
|
|
| 47.06 |
|
|
| 14.7 |
|
|
| 2.4 |
|
Book value per common share excluding OCI |
|
| 49.91 |
|
|
| 45.79 |
|
|
| 48.94 |
|
|
| 9.0 |
|
|
| 2.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Dividend payout ratio |
|
| 27.59 | % |
|
| 28.00 | % |
|
| 24.16 | % |
|
| (40 | )bp |
|
| 343 | bp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Number of shares repurchased |
|
| 51,429 |
|
|
| 800 |
|
|
| 7,500 |
|
|
| 6,328.6 | % |
|
| 585.7 | % |
Repurchase amount |
| $ | 2,687,781 |
|
| $ | 36,036 |
|
| $ | 394,275 |
|
|
| 7,358.6 |
|
|
| 581.7 |
|
Average repurchase price |
| $ | 52.26 |
|
| $ | 45.04 |
|
| $ | 52.57 |
|
|
| 16.0 | % |
|
| (0.6 | )% |
Year to Date Results of Operations
Net income was $15.4 million for the year ended December 31, 2025, as compared to $13.1 million for the year ended December 31, 2024, an increase of $2.3 million, or 17.9%. A summary of the year-to-date results of operations are included in the table and comments below.
| For the Twelve Months Ended |
| ||||||||||
| Dec. 31, 2025 |
|
| Dec. 31, 2024 |
|
| Change |
| ||||
Results of Operations |
|
|
|
|
|
|
|
|
| |||
Net interest income |
| $ | 35,499,098 |
|
| $ | 30,496,313 |
|
|
| 16.4 | % |
Provision for credit losses |
|
| 1,400,000 |
|
|
| 810,000 |
|
|
| 72.8 |
|
Noninterest income |
|
| 4,992,170 |
|
|
| 3,939,829 |
|
|
| 26.7 |
|
Noninterest expense |
|
| 19,244,029 |
|
|
| 16,924,502 |
|
|
| 13.7 |
|
Income before income taxes |
|
| 19,847,239 |
|
|
| 16,701,640 |
|
|
| 18.8 |
|
Income tax expense |
|
| 4,454,339 |
|
|
| 3,658,000 |
|
|
| 21.8 |
|
Net income |
| $ | 15,392,900 |
|
| $ | 13,043,640 |
|
|
| 18.0 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Yield on earning assets |
|
| 4.97 | % |
|
| 4.75 | % |
|
| 22.0 | bp |
Cost of interest-bearing deposits |
|
| 1.79 |
|
|
| 1.89 |
|
|
| (10.0 | ) |
Net interest margin |
|
| 3.82 |
|
|
| 3.56 |
|
|
| 26.0 |
|
Return on average assets |
|
| 1.58 |
|
|
| 1.46 |
|
|
| 11.7 |
|
Return on average equity |
|
| 12.54 |
|
|
| 12.01 |
|
|
| 52.7 |
|
Efficiency ratio |
|
| 46.64 | % |
|
| 48.62 | % |
|
| (197.9 | )bp |
Net interest income increased $5.0 million, or 16.4%, for the year ended December 31, 2025, as compared to the prior year, and was attributable to increases in interest income from loans and investment securities, partially offset by higher interest expense on deposits and lower interest income on deposits with other banks. The average balance of loans in 2025 increased $52.7 million and total loan yields improved 22 bps, when compared to 2024.
In addition, the average balance of investment securities increased $18.9 million, and yields improved 64 bps, when compared to the prior year. Deposit costs increased $516 thousand, or 5.1%, in 2025, the result of growth in average interest-bearing deposits of $60.2 million and partially offset by a 10 bps reduction in rates paid on interest-bearing deposits.
The provision for credit losses of $1.4 million recorded for the year ended December 31, 2025, was the result of significant loan growth and strengthened assessments of credit metrics and risk grading as well as refined changes to the qualitative factors in the CECL model in 2025. Enhanced credit and work out strategies resulted in total net-charge offs for 2025 of $65 thousand, compared to net-recoveries of $83 thousand for 2024. The allowance for credit losses was 0.76% of total loans as of December 31, 2025, compared to 0.62% as of December 31, 2024.
Noninterest income for year ended December 31, 2025, increased by $940 thousand, or 23.9%, as compared to the year ended December 31, 2024, primarily due to the sale of excess land adjacent to bank property in 2025, which resulted in a gain of $1.9 million. The increase related to the gain on sale was partially offset by lower net BOLI income by $336 thousand related to death insurance proceeds received in 2024, and an increase in realized losses of $394 thousand in 2025 due to the sale of low yielding debt securities which were reinvested into new securities or loans at substantially higher yields to maximize future revenue. Other sources of noninterest income improved in 2025, compared to 2024, related to debit card interchange fees and other banking service charges.
Noninterest expense for year ended December 31, 2025, increased $2.2 million, or 13.3% as compared to the year ended December 31, 2024, and is primarily the result of higher salaries and wages of $731 thousand, increased costs for data processing of $670 thousand, additional professional fees of $254 thousand related to consulting on various projects throughout 2025 and other noninterest expenses of $534 thousand. Higher compensation expenses related to talent acquisition to support succession planning, higher salaries and wages paid to remain competitive in the current labor market and expanded performance-based incentive programs. Other noninterest expenses increased due to accelerated charitable giving, increased statement and postage costs, and additional operating expenses associated with the opening of the Cape Charles, Virginia branch in the second quarter of 2025.
Per share data and repurchases of stock by the Company for each period are included in the following table.
| For the Twelve Months Ended |
| ||||||||||
| Dec. 31, 2025 |
|
| Dec. 31, 2024 |
|
| Change |
| ||||
Per Share Data |
|
|
|
|
|
|
|
|
| |||
Basic and diluted net income per common share |
| $ | 4.32 |
|
| $ | 3.47 |
|
|
| 24.5 | % |
Dividends paid per common share |
|
| 1.47 |
|
|
| 1.40 |
|
|
| 5.0 |
|
Market value at period end |
|
| 54.50 |
|
|
| 48.00 |
|
|
| 13.5 |
|
Book value per common share at period end |
|
| 48.17 |
|
|
| 42.01 |
|
|
| 14.7 |
|
Book value per common share excluding OCI |
|
| 49.91 |
|
|
| 45.79 |
|
|
| 9.0 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Dividend payout ratio |
|
| 25.98 | % |
|
| 29.42 | % |
|
| (343.5 | )bp |
|
|
|
|
|
|
|
|
|
|
|
| |
Number of shares repurchased |
|
| 62,789 |
|
|
| 28,158 |
|
|
| 123.0 | % |
Repurchase amount |
| $ | 3,271,332 |
|
| $ | 1,242,773 |
|
|
| 163.2 |
|
Average repurchase price |
| $ | 52.10 |
|
| $ | 44.14 |
|
|
| 18.0 | % |
Financial Condition
Core deposits, deposit insurance, liquidity and capital remain an area of focus for the Company. 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 December 31, 2025.
The Company's financial condition at quarter end or for the quarter ended is summarized in the table and comments that follow.
| For the Three Months Ended |
|
| Prior Year |
|
| Prior Quarter |
| ||||||||||||
| Dec. 31, 2025 |
|
| Dec. 31, 2024 |
|
| Sept. 30, 2025 |
|
|
|
|
| ||||||||
Financial Condition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Assets |
| $ | 987,276,254 |
|
| $ | 936,920,790 |
|
| $ | 1,014,553,046 |
|
|
| 5.4 | % |
|
| (2.7 | )% |
Cash and unencumbered debt securities |
|
| 254,566,885 |
|
|
| 243,387,979 |
|
|
| 305,206,210 |
|
|
| 4.6 |
|
|
| (16.6 | ) |
Loans |
|
| 661,363,200 |
|
|
| 630,104,445 |
|
|
| 643,501,899 |
|
|
| 5.0 |
|
|
| 2.8 |
|
Deposits |
|
| 854,033,027 |
|
|
| 818,397,804 |
|
|
| 882,229,278 |
|
|
| 4.4 |
|
|
| (3.2 | ) |
Interest-bearing deposits |
|
| 619,431,016 |
|
|
| 573,925,715 |
|
|
| 624,582,987 |
|
|
| 7.9 |
|
|
| (0.8 | ) |
Stockholders' equity |
| $ | 128,278,344 |
|
| $ | 114,509,982 |
|
| $ | 127,726,914 |
|
|
| 12.0 | % |
|
| 0.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Common stock outstanding |
|
| 2,662,947 |
|
|
| 2,725,736 |
|
|
| 2,714,376 |
|
|
| (62,789 | ) |
|
| (51,429 | ) |
Stockholders' equity / assets |
|
| 12.99 | % |
|
| 12.22 | % |
|
| 12.59 | % |
|
| 77.1 | bp |
|
| 40.4 | bp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Average assets |
| $ | 1,004,876,979 |
|
| $ | 945,859,161 |
|
| $ | 1,001,754,848 |
|
|
| 6.2 | % |
|
| 0.3 | % |
Average loans |
|
| 647,700,164 |
|
|
| 609,478,562 |
|
|
| 646,134,164 |
|
|
| 6.3 |
|
|
| 0.2 |
|
Average deposits |
|
| 871,016,409 |
|
|
| 827,263,490 |
|
|
| 873,171,981 |
|
|
| 5.3 |
|
|
| (0.2 | ) |
Average stockholders' equity |
| $ | 128,943,993 |
|
| $ | 114,479,375 |
|
| $ | 124,623,010 |
|
|
| 12.6 |
|
|
| 3.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Average stockholders' equity / assets |
|
| 13.06 | % |
|
| 12.22 | % |
|
| 12.28 | % |
|
| 84.2 | bp |
|
| 77.7 | bp |
Tier 1 capital to average assets (leverage ratio) |
|
| 13.23 | % |
|
| 13.20 | % |
|
| 13.26 | % |
|
| 3.0 |
|
|
| (3.5 | ) |
The Company's deposits increased $35.6 million, or 4.4% when compared to year ended December 31, 2024, which significantly contributed to an increase in total assets of $50.3 million, or 5.4% for the same period. Deposit growth in 2025 has been driven primarily by an increase in core deposits, reflecting our focused efforts to deepen existing customer relationships and attract new ones across our footprint, including the successful opening of our Cape Charles branch in Northampton County, Virginia. As of December 31, 2025, the new Cape Charles branch, which opened in May of 2025, ended with $12.0 million in total deposits.
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 December 31, 2025, the Bank had deposit accounts with balances in excess of $250,000 totaling $206.0 million, which represents 24.1% of total deposits, as compared to $214.2 million or 26.2% as of December 31, 2024, and $233.0 million or 25.3% of total deposits as of September 30, 2025. 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. Reciprocal deposits from the IntraFi Network were $153.6 million as of December 31, 2025, as compared to $116.4 million and $157.3 million as of December 31, 2024, and September 30, 2025, respectively.
On balance sheet liquidity, as measured by cash and unencumbered available for sale debt securities, remains strong as of December 31, 2025, and equaled 29.8% of total deposits. Selected liquidity metrics are summarized in the table below.
| For the Three Months Ended |
|
| Prior Year |
|
| Prior Quarter |
| ||||||||||||
| Dec. 31, 2025 |
|
| Dec. 31, 2024 |
|
| Sept. 30, 2025 |
|
|
|
|
| ||||||||
Liquidity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cash and unencumbered debt securities / total deposits |
|
| 29.81 | % |
|
| 29.74 | % |
|
| 34.59 | % |
|
| 7 | bp |
|
| (478 | )bp |
Debt securities pledged / total debt securities |
|
| 11.45 |
|
|
| 12.00 |
|
|
| 9.15 |
|
|
| (54 | ) |
|
| 230 |
|
Loans / deposits |
|
| 77.44 |
|
|
| 76.99 |
|
|
| 72.94 |
|
|
| 45 |
|
|
| 450 |
|
Average loans / average deposits |
|
| 74.36 |
|
|
| 73.67 |
|
|
| 74.00 |
|
|
| 69 |
|
|
| 36 |
|
Noninterest-bearing deposits / total deposits |
|
| 27.47 |
|
|
| 29.87 |
|
|
| 29.20 |
|
|
| (240 | ) |
|
| (173 | ) |
Non-maturity deposits / total deposits |
|
| 55.52 |
|
|
| 54.33 |
|
|
| 54.71 |
|
|
| 119 |
|
|
| 81 |
|
Time deposits / total deposits |
|
| 17.01 | % |
|
| 15.80 | % |
|
| 16.08 | % |
|
| 121 | bp |
|
| 93 | bp |
Noncore funding sources are available to the Bank but are intended for contingency funding needs and not to pursue growth. As of December 31, 2025, the Bank can borrow up to $282.9 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 higher seasonal borrowings during 2025 resulted in continued organic loan growth with gross loans increasing $31.3 million, or 5.0%, since December 31, 2024. New loan originations and repricing opportunities over the past 12 months have expanded the yield on loans from 5.48% in 4Q24 to 5.73% in 4Q25. Loan yields increased 7 bps in 4Q25 as compared to 3Q25.
Overall loan performance remains strong despite several years of elevated inflation and high borrowing costs related to the current interest rate environment. The Company continues to increase the allowance for credit losses to reserve for any potential economic factors which could result in a deterioration in credit quality of our borrowers. Credit quality metrics as of December 31, 2025, remain strong and enhanced workout efforts by the credit team have resulted in a significant reduction in loans past due 90 days or more, currently 5 bps of total loans, as compared to 18 bps of total loans as of December 31, 2024. The addition of one borrower as a TLM in 2025 is considered isolated in nature, with adequate collateral, and poses no substantial risk of loss to the Bank at this time. Selected asset quality metrics are summarized in the table below.
| For the Three Months Ended |
|
| Prior Year |
|
| Prior Quarter |
| ||||||||||||
| Dec. 31, 2025 |
|
| Dec. 31, 2024 |
|
| Sept. 30, 2025 |
|
|
|
|
| ||||||||
Asset Quality Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Allowance for credit losses / total loans |
|
| 0.76 | % |
|
| 0.62 | % |
|
| 0.73 | % |
|
| 14 | bp |
|
| 3 | bp |
Net charge-offs (recoveries) / average loans |
|
| 0.00 |
|
|
| 0.01 |
|
|
| 0.02 |
|
|
| (0 | ) |
|
| (2 | ) |
Loans past due 90 days or more / total loans |
|
| 0.05 |
|
|
| 0.18 |
|
|
| 0.15 |
|
|
| (13 | ) |
|
| (10 | ) |
Non-accrual loans / total loans |
|
| 0.16 |
|
|
| 0.17 |
|
|
| 0.19 |
|
|
| (1 | ) |
|
| (3 | ) |
Accruing troubled loan modifications ("TLMs") / total loans |
|
| 0.32 | % |
|
| - | % |
|
| - | % |
|
| 32 | bp |
|
| 32 | 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) |
|
|
|
| ||
|
| December 31, |
|
| December 31, |
| ||
|
| 2025 |
|
| 2024 |
| ||
ASSETS |
|
|
|
|
|
| ||
Cash and due from banks |
| $ | 5,740,137 |
|
| $ | 5,780,779 |
|
Federal funds sold and interest bearing deposits |
|
| 61,119,244 |
|
|
| 74,169,942 |
|
Cash and cash equivalents |
|
| 66,859,381 |
|
|
| 79,950,721 |
|
|
|
|
|
|
|
|
| |
Investment securities available for sale (at fair value) |
|
| 198,822,246 |
|
|
| 159,645,861 |
|
Investment securities held to maturity (at amortized cost) |
|
| 13,166,812 |
|
|
| 26,075,849 |
|
Equity securities, at fair value |
|
| 552,133 |
|
|
| 748,833 |
|
Restricted securities |
|
| 675,800 |
|
|
| 616,300 |
|
|
|
|
|
|
|
|
| |
Loans held for investment |
|
| 661,363,200 |
|
|
| 630,104,443 |
|
Less: allowance for credit losses |
|
| (4,998,223 | ) |
|
| (3,909,921 | ) |
Loans, net |
|
| 656,364,977 |
|
|
| 626,194,522 |
|
|
|
|
|
|
|
|
| |
Accrued interest receivable |
|
| 3,183,246 |
|
|
| 2,724,206 |
|
Prepaid expenses |
|
| 744,624 |
|
|
| 670,623 |
|
Other real estate owned, net |
|
| - |
|
|
| - |
|
Premises and equipment, net |
|
| 16,485,407 |
|
|
| 12,895,314 |
|
Computer software, net |
|
| 144,000 |
|
|
| 142,306 |
|
Deferred income taxes, net |
|
| 1,294,479 |
|
|
| 3,421,606 |
|
Bank owned life insurance and annuities |
|
| 28,499,211 |
|
|
| 22,238,791 |
|
Other assets |
|
| 483,938 |
|
|
| 1,606,645 |
|
|
|
|
|
|
|
|
| |
Total assets |
| $ | 987,276,254 |
|
| $ | 936,931,577 |
|
|
|
|
|
|
|
|
| |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
| $ | 234,602,011 |
|
| $ | 244,885,756 |
|
Interest-bearing deposits |
|
| 619,431,016 |
|
|
| 573,512,049 |
|
Total deposits |
|
| 854,033,027 |
|
|
| 818,397,805 |
|
|
|
|
|
|
|
|
| |
Accrued interest payable |
|
| 675,335 |
|
|
| 691,374 |
|
Accrued expenses |
|
| 1,492,517 |
|
|
| 1,011,503 |
|
Deferred compensation and supplemental retirement benefits |
|
| 1,552,531 |
|
|
| 1,341,748 |
|
Allowance for credit losses on off-balance sheet credit exposures |
|
| 767,247 |
|
|
| 574,247 |
|
Other liabilities |
|
| 477,253 |
|
|
| 404,918 |
|
Total liabilities |
|
| 858,997,910 |
|
|
| 822,421,595 |
|
|
|
|
|
|
|
|
| |
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Common stock, par value $1 per share; authorized 10,000,000 |
|
| 2,662,947 |
|
|
| 2,725,736 |
|
Additional paid in capital |
|
| 2,288,047 |
|
|
| 909,513 |
|
Retained earnings |
|
| 127,947,058 |
|
|
| 121,173,185 |
|
Accumulated other comprehensive loss, net of deferred income tax |
|
| (4,619,708 | ) |
|
| (10,298,452 | ) |
Total stockholders' equity |
|
| 128,278,344 |
|
|
| 114,509,982 |
|
|
|
|
|
|
|
|
| |
Total liabilities and stockholders' equity |
| $ | 987,276,254 |
|
| $ | 936,931,577 |
|
|
|
|
|
|
|
|
| |
Period-end common shares outstanding |
|
| 2,662,947 |
|
|
| 2,725,736 |
|
Book value per common share |
| $ | 48.17 |
|
| $ | 42.01 |
|
Calvin B. Taylor Bancshares, Inc.
Consolidated Statements of Income
| For the Three Months Ended |
|
| For the Twelve Months Ended |
| |||||||||||
| December 31, |
|
| December 31, |
| |||||||||||
| 2025 |
|
| 2024 |
|
| 2025 |
|
| 2024 |
| |||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest and fees on loans |
| $ | 9,347,578 |
|
| $ | 8,397,158 |
|
| $ | 36,374,019 |
|
| $ | 32,086,538 |
|
Interest on investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and government agency debt securities |
|
| 852,779 |
|
|
| 539,459 |
|
|
| 3,053,661 |
|
|
| 2,063,548 |
|
Mortgage-backed debt securities |
|
| 1,011,609 |
|
|
| 734,198 |
|
|
| 3,486,568 |
|
|
| 2,571,871 |
|
State and municipal debt securities |
|
| 71,821 |
|
|
| 98,390 |
|
|
| 342,021 |
|
|
| 395,490 |
|
Interest on federal funds sold and interest-bearing deposits |
|
| 860,557 |
|
|
| 1,175,801 |
|
|
| 2,974,424 |
|
|
| 3,594,387 |
|
Total interest income |
|
| 12,144,344 |
|
|
| 10,945,006 |
|
|
| 46,230,693 |
|
|
| 40,711,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
| 2,745,272 |
|
|
| 2,636,367 |
|
|
| 10,731,595 |
|
|
| 10,215,521 |
|
Total interest expense |
|
| 2,745,272 |
|
|
| 2,636,367 |
|
|
| 10,731,595 |
|
|
| 10,215,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NET INTEREST INCOME |
|
| 9,399,072 |
|
|
| 8,308,639 |
|
|
| 35,499,098 |
|
|
| 30,496,313 |
|
Provision for credit losses |
|
| 200,000 |
|
|
| 185,000 |
|
|
| 1,400,000 |
|
|
| 810,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NET INTEREST INCOME AFTER PROVISION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR CREDIT LOSSES |
|
| 9,199,072 |
|
|
| 8,123,639 |
|
|
| 34,099,098 |
|
|
| 29,686,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debit card interchange fees, net |
|
| 202,736 |
|
|
| 204,866 |
|
|
| 848,789 |
|
|
| 777,311 |
|
Nonsufficient funds and overdraft fees, net |
|
| 184,036 |
|
|
| 200,603 |
|
|
| 711,380 |
|
|
| 753,339 |
|
Merchant payment processing, net |
|
| 69,692 |
|
|
| 80,087 |
|
|
| 352,355 |
|
|
| 396,990 |
|
Service charges on deposit accounts, net |
|
| 44,074 |
|
|
| 38,792 |
|
|
| 171,173 |
|
|
| 208,164 |
|
Income from bank owned life insurance annuities |
|
| 275,975 |
|
|
| 350,369 |
|
|
| 958,440 |
|
|
| 513,077 |
|
Income from bank owned life insurance death proceeds |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 783,787 |
|
Dividends |
|
| 43,229 |
|
|
| 58,195 |
|
|
| 87,607 |
|
|
| 104,976 |
|
Loss on disposition of investment securities |
|
| - |
|
|
| 1 |
|
|
| (765,120 | ) |
|
| (370,919 | ) |
Gain on disposition of fixed assets |
|
| - |
|
|
| - |
|
|
| 1,952,838 |
|
|
| - |
|
Other noninterest income |
|
| 104,441 |
|
|
| 78,781 |
|
|
| 674,708 |
|
|
| 255,277 |
|
Total noninterest income |
|
| 924,183 |
|
|
| 1,529,521 |
|
|
| 4,992,170 |
|
|
| 3,939,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
| 2,464,948 |
|
|
| 2,382,995 |
|
|
| 8,434,516 |
|
|
| 7,703,241 |
|
Employee benefits |
|
| 697,581 |
|
|
| 918,810 |
|
|
| 2,486,803 |
|
|
| 2,506,038 |
|
Occupancy expense |
|
| 332,447 |
|
|
| 278,584 |
|
|
| 1,211,479 |
|
|
| 1,104,164 |
|
Furniture and equipment expense |
|
| 215,443 |
|
|
| 184,334 |
|
|
| 863,132 |
|
|
| 789,291 |
|
Data processing |
|
| 495,993 |
|
|
| 184,723 |
|
|
| 1,894,879 |
|
|
| 1,007,413 |
|
Marketing |
|
| 36,065 |
|
|
| 131,618 |
|
|
| 353,642 |
|
|
| 609,206 |
|
Directors' fees |
|
| 95,700 |
|
|
| 73,300 |
|
|
| 382,000 |
|
|
| 288,850 |
|
Telecommunication services |
|
| 88,628 |
|
|
| 72,540 |
|
|
| 281,203 |
|
|
| 278,139 |
|
FDIC insurance premium expense |
|
| 108,815 |
|
|
| 103,693 |
|
|
| 415,883 |
|
|
| 399,524 |
|
Professional fees |
|
| 238,808 |
|
|
| 116,720 |
|
|
| 657,776 |
|
|
| 404,110 |
|
Other noninterest expenses |
|
| 697,951 |
|
|
| 486,347 |
|
|
| 2,262,716 |
|
|
| 1,834,526 |
|
Total noninterest expense |
|
| 5,472,379 |
|
|
| 4,933,664 |
|
|
| 19,244,029 |
|
|
| 16,924,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income before income taxes |
|
| 4,650,876 |
|
|
| 4,719,496 |
|
|
| 19,847,239 |
|
|
| 16,701,640 |
|
Income tax expense |
|
| 1,014,339 |
|
|
| 991,000 |
|
|
| 4,454,339 |
|
|
| 3,658,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NET INCOME |
| $ | 3,636,537 |
|
| $ | 3,728,496 |
|
| $ | 15,392,900 |
|
| $ | 13,043,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic and diluted net income per common share |
| $ | 1.34 |
|
| $ | 1.37 |
|
| $ | 5.66 |
|
| $ | 4.81 |
|
###
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, Chief Financial Officer and Executive Vice President
410-641-1700, taylorbank.com
SOURCE: Calvin B. Taylor Bankshares, Inc.
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