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Calvin B. Taylor Bankshares, Inc. (TYCB)

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Previous Close34.75
Open34.75
Bid0.00 x 0
Ask0.00 x 0
Day's Range34.75 - 34.75
52 Week Range29.35 - 35.70
Volume10
Avg. Volume93
Market Cap96.429M
Beta (5Y Monthly)N/A
PE Ratio (TTM)13.26
EPS (TTM)2.62
Earnings DateFeb 22, 2021
Forward Dividend & Yield1.16 (3.34%)
Ex-Dividend DateDec 30, 2020
1y Target EstN/A
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  • Calvin B. Taylor Bankshares, Inc. (OTCQX: TYCB), Parent Company of Calvin B. Taylor Bank, Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2020
    GlobeNewswire

    Calvin B. Taylor Bankshares, Inc. (OTCQX: TYCB), Parent Company of Calvin B. Taylor Bank, Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2020

    Berlin, Maryland, Feb. 22, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Calvin B. Taylor Bankshares, Inc. (the “Company”) (OTCQX: TYCB), parent company of Calvin B. Taylor Bank, today reported unaudited financial results for the fourth quarter and year ended December 31, 2020. Net income was $7.27 million, or $2.62 per share, for the year ended December 31, 2020 (“FY20”), as compared to $8.33 million, or $2.99 per share, for the year ended December 31, 2019 (“FY19”). Net income was $1.41 million, or $0.51 per share, for the fourth quarter ended December 31, 2020 (“4Q20”), as compared to $1.71 million, or $0.61 per share, for the fourth quarter ended December 31, 2019 (“4Q19”) and $1.91 million, or $0.69 per share, for the third quarter ended September 30, 2020 (“3Q20”). Additional highlights of the company’s financial results for the fourth quarter and year ended December 31, 2020 are included below. Three Months Ended Twelve Months Ended December 31,% December 31,%Results of Operations20202019Change 20202019ChangeNet interest income $ 4,961,837 $ 5,036,961-1.5% $ 19,775,842 $ 19,980,009-1.0%Provision for loan losses $ 165,000 $ 75,000120.0% $ 965,000 $ 270,000257.4%Noninterest income $ 774,876 $ 698,74410.9% $ 2,873,476 $ 2,817,2602.0%Noninterest expense $ 3,761,079 $ 3,382,97711.2% $ 12,063,304 $ 11,460,2105.3%Net income $ 1,413,634 $ 1,710,728-17.4% $ 7,268,014 $ 8,330,059-12.7%Net income per share $ 0.51 $ 0.61-17.0% $ 2.62 $ 2.99-12.4%Dividend per share $ 0.29 $ 0.31-6.5% $ 1.10 $ 1.063.8%Dividend payout ratio56.89%50.28% 41.98%35.39% Average assets $ 704,175,818 $ 551,956,03327.6% $ 629,497,297 $ 534,148,63417.9%Average loans $ 419,211,495 $ 352,834,89018.8% $ 402,298,573 $ 348,458,44015.5%Average deposits $ 608,449,556 $ 460,369,76732.2% $ 534,995,652 $ 444,701,32020.3%Average loans to average deposits68.90%76.64% 75.20%78.36% Average stockholders' equity $ 94,308,170 $ 90,043,0474.7% $ 92,746,273 $ 88,155,4645.2%Average stockholders' equity to average assets13.39%16.31% 14.73%16.50% Ratios Net interest margin2.99%3.88% 3.36%4.02% Return on average assets0.80%1.24% 1.15%1.56% Return on average stockholders' equity6.00%7.60% 7.84%9.45% Efficiency ratio65.72%59.24% 53.66%50.36% Stock Repurchased Number of shares 700 - 1,994 14,000-85.8%Repurchase amount $ 23,933 $ - $ 63,337 $ 450,240-85.9%Average price per share $ 34.19 $ - $ 31.76 $ 32.16-1.2% December 31,December 31,% December 31,September 30,%Financial Condition20202019Change 20202020ChangeAssets $ 711,791,004 $ 548,004,11029.9% $ 711,791,004 $ 699,803,6461.7%Loans $ 423,467,766 $ 363,242,33216.6% $ 423,467,766 $ 419,855,4550.9%Deposits $ 614,437,080 $ 453,681,28135.4% $ 614,437,080 $ 603,337,2341.8%Stockholders' equity $ 94,785,130 $ 89,992,5605.3% $ 94,785,130 $ 94,276,5100.5%Common stock - shares outstanding 2,772,932 2,774,926-0.1% 2,772,932 2,773,6320.0%Book value per share $ 34.18 $ 32.435.4% $ 34.18 $ 33.990.6%Loans to deposits68.92%80.07% 68.92%69.59% Equity to assets13.32%16.42% 13.32%13.47% Annual Results of Operations Loan interest revenue, including fees, grew 6.5% to $18.63 million in FY20, as compared to $17.50 million in FY19, as the result of continued organic loan growth and funding of Small Business Administration Paycheck Protection Program (“SBA PPP”) loans. Net interest income decreased 1.0% to $19.78 million in FY20, as compared to $19.98 million in FY19, due to decreases in the federal funds interest rate and lower yields on investments which offset interest revenue growth from loans. Net interest margin decreased to 3.36% in FY20, as compared to 4.02% in FY19, which is attributable to significant increases in average deposits from customer behavior changes and government economic stimulus programs related to the COVID-19 pandemic. Average deposits increased in FY20 by $90.29 million, or 20.3%, as compared to FY19. The provision for loan losses was $965 thousand in FY20, as compared to $270 thousand in FY19. The increase in the provision for loan losses in 2020 was attributable to adjustments of qualitative factors used to estimate the allowance for loan losses. Qualitative factors were adjusted due to the continued economic uncertainty associated with the COVID-19 pandemic. Net recoveries of $18 thousand were recognized in FY20, as compared to net charge offs of $35 thousand recognized in FY19. Excluding SBA PPP loans, the allowance for loan losses represents 0.46% of gross loans as of December 31, 2020, as compared to 0.23% as of December 31, 2019. Noninterest income increased to $2.87 million in FY20, as compared to $2.82 million in FY19. Several sources of noninterest income have been negatively impacted by the COVID-19 pandemic including merchant payment processing fees and certain deposit account and placement fees. Noninterest income in 2020 included nonrecurring gains on the disposition of investment securities of $169 thousand which helped offset decreases in noninterest income related to the COVID-19 pandemic. Noninterest expense increased 5.3% to $12.06 million in FY20, as compared to $11.46 million in FY19. Increases in noninterest expense are primarily related to opening a new branch in Onley, Virginia in July 2020 and costs to purchase personal protective equipment, cleaning supplies, and cleaning services associated with the COVID-19 pandemic. A reduction in net interest income accompanied by higher noninterest expense in FY20, as compared to FY19, increased the efficiency ratio from 50.36% in FY19 to 53.66% in FY20. Net income decreased to $7.27 million in FY20, as compared to $8.33 million in FY19, and is primarily attributable to the increase in provision for loan losses in FY20 associated with the COVID-19 pandemic and lower interest revenue due to decreases in the federal funds interest rate and lower yields on investments. A decrease in net income accompanied by a significant increase in average assets in FY20, as compared to FY19, resulted in a decrease in the Return on Average Assets (“ROA”) from 1.56% in FY19 to 1.15% in FY20. Average assets were $95.35 million, or 17.9%, higher in FY20, as compared to FY19. A decrease in net income accompanied by higher average equity in FY20, as compared to FY19, resulted in a reduction in Return on Average Stockholders’ Equity (“ROE”) from 9.45% in FY19 to 7.84% in FY20. Dividends declared in FY20 were $1.10 per share, as compared to $1.06 per share in FY19, resulting in dividend payout ratios of 41.98% for FY20 and 35.39% in FY19. Quarterly Results of Operations Loan interest revenue, including fees, increased to $4.81 million in 4Q20, as compared to $4.41 million in 4Q19 and $4.67 million in 3Q20, as the result of continued organic loan growth and funding of Small Business Administration Paycheck Protection Program (“SBA PPP”) loans. SBA PPP loan balances decreased in 4Q20 as borrowers received loan forgiveness and related loans were repaid by the SBA. Upon repayment, unamortized net loan fees are recognized and reported as loan interest revenue which resulted in an increase in loan interest revenue in Q420 as compared to 3Q20. SBA loan interest revenue increased from $138 thousand in Q320 to $335 thousand in Q420. As of December 31, 2020, unamortized net loan fees related to SBA PPP loans were $641 thousand. Net interest income decreased to $4.96 million in 4Q20, as compared to $5.04 million in 4Q19, due to decreases in the federal funds interest rate and lower yields on loans and investments. Net interest income increased slightly in 4Q20, as compared to $4.89 million in 3Q20, and was attributable to SBA PPP loan forgiveness as discussed above. Net interest margin decreased to 2.99% in 4Q20, as compared to 3.88% in 4Q19 and 3.12% in 3Q20, and is attributable to significant increases in average deposits from customer behavior changes and government economic stimulus programs related to the COVID-19 pandemic. Average deposits increased $148.1 million, or 32.2%, when compared to 4Q19 and increased $32.0 million or 5.5%, when compared to 3Q20. The provision for loan losses was $165 thousand in 4Q20, as compared to $75 thousand in 4Q19 and $270 thousand in 3Q20. The provision for loan losses recorded in 4Q20 was primarily attributable to further adjustments to qualitative factors used to estimate the allowance for loan losses. Qualitative factors were adjusted due to the continued economic uncertainty associated with the COVID-19 pandemic. Net charge offs were $15 thousand in 4Q20, as compared to net recoveries of $25 thousand in 4Q19, and net charge offs of $5 thousand in 3Q20. Noninterest income increased to $775 thousand in 4Q20, as compared to $699 thousand in 4Q19 and $738 thousand in 3Q20. The increase is primarily attributable to higher levels of consumer spending in 4Q20 which increased both debit card interchange income and overdraft fees. Other sources of noninterest income have been negatively impacted by the COVID-19 pandemic including merchant payment processing fees and certain deposit account and placement fees, but were offset by higher interchange and overdraft fees in Q420. Noninterest expense increased to $3.76 million in 4Q20, as compared to $3.38 million in 4Q19, which can be attributed to the opening of a new branch in Onley, Virginia in July 2020, costs to purchase personal protective equipment, cleaning supplies, and cleaning services associated with the COVID-19 pandemic, increases in salaries expense and higher FDIC deposit insurance premiums. Noninterest expense increased in 4Q20 to $3.76 million, as compared to $2.83 million in 3Q20, which primarily relates to year end discretionary bonuses and 401K contributions. A reduction in net interest income accompanied by higher noninterest expense in Q420, as compared to Q419, increased the efficiency ratio from 59.24% in Q419 to 65.72% in Q420. Due to year end discretionary bonuses and 401K contributions recorded in 4Q20, the efficiency ratio increased to 65.72%, as compared to 50.16% in 3Q20. Net income in 4Q20 decreased to $1.41 million, as compared to $1.71 million in 4Q19, and is primarily attributable to higher noninterest expense associated with the opening of a new branch in Onley, Virginia in July 2020 and lower net interest income due to lower yields on investments and loans. Net income in 4Q20 decreased to $1.41 million, as compared to $1.91 million in 3Q20, due to higher noninterest expense related to year end discretionary bonuses and 401K contributions awarded in 4Q20. A decrease in net income accompanied by a significant increase in average assets in 4Q20, as compared to 4Q19, resulted in a decrease in the Return on Average Assets (“ROA”) from 1.24% in 4Q19 to 0.80% in 4Q20. Average assets were $152.2 million, or 27.6%, higher in 4Q20, as compared to 4Q19. A decrease in net income accompanied by higher average equity in 4Q20, as compared to 4Q19, resulted in a reduction in Return on Average Stockholders’ Equity (“ROE”) from 7.60% in 4Q19 to 6.00% in 4Q20. Similarly, decreases in net income and increases in average assets in 4Q20, as compared to 3Q20, resulted in a decrease in ROA from 1.14% in 3Q20 to 0.80% in 4Q20. Average assets were $32.7 million, or 4.9%, higher in 4Q20, as compared to 3Q20. Dividends declared in 4Q20 were $0.29 per share, as compared to $0.31 per share in 4Q19 and $0.29 per share in 3Q20. Dividend payout ratios were 56.89% for 4Q20, 50.28% for 4Q19, and 42.08% for 3Q20. Financial Condition Total assets were $711.8 million as of December 31, 2020, as compared to $548.0 million as of December 31, 2019 and $699.8 million as of September 30, 2020. 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 $614.4 million as of December 31, 2020, as compared to $453.7 million as of December 31, 2019 and $603.3 million as of September 30, 2020. A significant portion of the deposit growth was utilized to fund loan originations including $33.2 million of SBA PPP loans representing 546 customers. SBA PPP loans, net of unamortized loans fees, were $24.1 million as of December 31, 2020. Total loans as of December 31, 2020 were $423.5 million as compared to $363.2 million as of December 31, 2019 and $419.9 million as of September 30, 2020, which represents growth of 16.6% since December 31, 2019 and 0.9% since September 30, 2020. Strong loan demand in FY20, excluding SBA PPP loans, contributed to $36.1 million, or 9.9%, of loan portfolio growth since December 31, 2019. During 4Q20, SBA PPP loans decreased $8.1 million, or 25.2%, as borrowers received loan forgiveness and related loans were repaid by the SBA. The decrease in the loan portfolio from SBA PPP payoffs in 4Q20 was offset by continued organic loan growth in other portfolios which grew by $11.8 million in Q420, which equals an annualized growth rate of 12.2%. The loans to deposits ratio as of December 31, 2020 was 68.9%, as compared to 80.1% as of December 31, 2019 and 69.6% as of September 30, 2020. As a result of the COVID-19 pandemic and related economic uncertainty in our markets, a temporary loan payment deferral program was established in 2Q20 for both commercial and consumer borrowers impacted by the pandemic. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provided financial institutions the ability to provide loan payment accommodations and short-term modifications without requiring the loans to be reported and accounted for as Troubled Debt Restructurings. The majority of borrowers in the program received 6 month payment deferral periods and the related deferral period expired in 4Q20. Certain borrowers voluntarily resumed their contractual payments prior to the end of the deferral period. As of December 31, 2020, all loans in the temporary payment deferral program have been restored and have resumed contractual payments. As of September 30, 2020, the temporary loan payment deferral program included 189 loans with an outstanding principal balance of $134.3 million and accrued interest of $2.0 million. Loans in the temporary payment deferral program represented 32.0% of total loans outstanding as of September 30, 2020. Average assets grew by 17.9% to $629.5 million in FY20, as compared to $534.1 million in FY19. 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 loans grew 15.5% to $402.3 million in FY20, as compared to $348.5 million in FY19. SBA PPP loans contributed to $21.2 million of the $53.8 million increase in average loans in FY20, as compared to FY19, while the remaining $32.6 million increase in average loans was attributable to strong loan demand in FY20. The average loans to average deposits ratio decreased to 75.2% in FY20, as compared to 78.4% in FY19, and relates to significant growth in average deposits associated with the COVID-19 pandemic. Calvin B. Taylor Bankshares, Inc. and Subsidiary Consolidated Balance Sheets (unaudited) (unaudited) December 31, December 31, September 30, 2020 2019 2020 Assets Cash and cash equivalents Cash and due from banks $ 14,398,578 $ 12,022,238 $ 11,708,285Federal funds sold and interest bearing deposits 156,706,746 53,111,059 150,087,731Total cash and cash equivalents 171,105,324 65,133,297 161,796,016Time deposits in other financial institutions 8,733,754 25,509,040 13,037,522Debt securities available for sale, at fair value 72,166,997 54,424,907 65,016,339Debt securities held to maturity, at amortized cost 5,994,955 13,318,100 9,485,601Equity securities, at cost 1,240,233 1,215,433 1,240,233Loans 423,467,766 363,242,332 419,855,455Less: allowance for loan losses (1,836,451) (853,329) (1,687,175)Net loans 421,631,315 362,389,003 418,168,280Accrued interest receivable 2,402,222 1,176,816 3,114,471Prepaid expenses 612,188 529,966 497,091Other real estate owned - - - Premises and equipment, net 12,951,511 10,681,615 12,971,768Computer software 389,236 240,287 340,648Bank owned life insurance 13,405,779 13,004,699 13,291,112Other assets 1,157,490 380,947 844,565Total assets $ 711,791,004 $ 548,004,110 $ 699,803,646 Liabilities and Stockholders' Equity Deposits Non-interest bearing $ 211,945,179 $ 157,736,204 $ 223,337,161Interest bearing 402,491,901 295,945,077 380,000,073Total deposits 614,437,080 453,681,281 603,337,234Accrued interest payable 26,837 31,069 26,481Dividends payable 804,150 860,227 804,353Debt securities payable - 2,048,821 - Accrued expenses 602,027 497,138 180,687Non-qualified deferred compensation 485,626 347,387 433,836Deferred income taxes 601,057 452,046 687,551Other liabilities 49,097 93,581 56,994Total liabilities 617,005,874 458,011,550 605,527,136Stockholders' equity Common stock, par value $1 per share; authorized 10,000,000 shares; issued and outstanding 2,772,932 2,774,926 2,773,632Additional paid-in capital 2,808,195 2,869,539 2,831,428Retained earnings 88,396,800 84,179,816 87,787,316Accumulated other comprehensive income, net of tax 807,203 168,279 884,134Total stockholders' equity 94,785,130 89,992,560 94,276,510Total liabilities and stockholders' equity $ 711,791,004 $ 548,004,110 $ 699,803,646 Calvin B. Taylor Bankshares, Inc. and Subsidiary Consolidated Statements of Comprehensive Income (unaudited) For the three months ended For the twelve months ended Dec 31, 2020 Dec 31, 2019 Dec 31, 2020 Dec 31, 2019 Interest revenue Loans, including fees $ 4,808,154 $ 4,407,603 $ 18,629,385 $ 17,495,750U. S. Treasury and government agency debt securities 104,428 183,622 494,008 834,936Mortgage-backed debt securities 83,045 117,922 518,458 376,082State and municipal debt securities 51,762 44,094 213,978 179,029Federal funds sold and interest bearing deposits 46,137 313,193 251,653 1,168,383Time deposits in other financial institutions 66,243 154,542 383,376 613,513Total interest revenue 5,159,769 5,220,976 20,490,858 20,667,693 Interest expense Deposits 197,932 184,015 715,016 687,684Net interest income 4,961,837 5,036,961 19,775,842 19,980,009Provision for loan losses 165,000 75,000 965,000 270,000Net interest income after provision for loan losses 4,796,837 4,961,961 18,810,842 19,710,009 Noninterest income Debit card and ATM 295,411 243,613 1,060,624 1,015,183Service charges on deposit accounts 190,551 164,261 674,955 643,180Merchant payment processing 42,259 46,224 223,101 275,188Increase in cash surrender value of bank owned life insurance 114,667 92,962 344,049 354,427Dividends 41,382 42,502 65,993 48,334Gain on disposition of investment securities 13,916 24,811 169,229 41,235Gain (loss) on disposition of fixed assets - 25 1,400 (2,906)Loan swap referral fees - - - 85,505Miscellaneous 76,690 84,346 334,125 357,114Total noninterest income 774,876 698,744 2,873,476 2,817,260 Noninterest expenses Salaries 1,687,638 1,490,104 5,224,862 5,124,635Employee benefits 641,100 663,386 1,750,621 1,765,443Occupancy 255,955 234,619 877,435 791,122Furniture and equipment 196,976 156,481 714,354 610,308Data processing 148,183 129,602 557,725 502,102ATM and debit card 132,311 101,129 457,494 379,997Marketing 70,294 57,458 347,190 314,494Directors fees 82,100 73,700 321,950 298,100Telecommunication services 80,466 69,320 320,428 251,519Deposit insurance premiums 37,880 - 95,255 67,624Other operating 428,176 407,178 1,395,990 1,354,866Total noninterest expenses 3,761,079 3,382,977 12,063,304 11,460,210Income before income taxes 1,810,634 2,277,728 9,621,014 11,067,059Income taxes 397,000 567,000 2,353,000 2,737,000Net income 1,413,634 1,710,728 7,268,014 8,330,059 Other comprehensive income, net of tax Unrealized gains (losses) on available for sale debt securities arising during the period, net of tax (76,931) (23,734) 638,924 272,347Comprehensive income $ 1,336,703 $ 1,686,994 $ 7,906,938 $ 8,602,406 Earnings per common share - basic and diluted $ 0.51 $ 0.61 $ 2.62 $ 2.99 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, Vice President and Chief Financial Officer 410-641-1700, taylorbank.com

  • Calvin B. Taylor Bankshares, Inc. (OTCQX: TYCB), Parent Company of Calvin B. Taylor Bank, Announces Quarterly Cash Dividend of $0.29 Per Share
    GlobeNewswire

    Calvin B. Taylor Bankshares, Inc. (OTCQX: TYCB), Parent Company of Calvin B. Taylor Bank, Announces Quarterly Cash Dividend of $0.29 Per Share

    Berlin, Maryland, Dec. 15, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire \-- Calvin B. Taylor Bankshares, Inc. (OTCQX: TYCB), parent company of Calvin B. Taylor Bank, announced today that the Board of Directors has declared a quarterly cash dividend of $0.29 per share.  This dividend is payable on January 15, 2021 to stockholders of record as of December 31, 2020.  About Calvin B. Taylor Bank Calvin B. Taylor Bank, 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.  Calvin B. Taylor Bank 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, Vice President and Chief Financial Officer 410-641-1700, taylorbank.com

  • Calvin B. Taylor Bankshares, Inc. (OTCQX: TYCB), Parent Company of Calvin B. Taylor Bank, Reports Third-Quarter 2020 Financial Results
    GlobeNewswire

    Calvin B. Taylor Bankshares, Inc. (OTCQX: TYCB), Parent Company of Calvin B. Taylor Bank, Reports Third-Quarter 2020 Financial Results

    Berlin, Maryland, Oct. 26, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire \-- Calvin B. Taylor Bankshares, Inc. (the “Company”) (OTCQX: TYCB), parent company of Calvin B. Taylor Bank, today reported unaudited financial results for the third-quarter ending September 30, 2020.  Net income was $1.91 million, or $0.69 per share, for the third-quarter ended September 30, 2020 (“3Q20”), as compared to $2.34 million, or $0.84 per share, for the third-quarter ended September 30, 2019 (“3Q19”) and $2.03 million, or $0.73 per share, for the second-quarter ended June 30, 2020 (“2Q20”).  Additional highlights of the Company’s financial results are included below.  Three Months Ended  Nine Months Ended   September 30,% September 30,% Results of Operations20202019Change 20202019Change Net interest income $        4,894,391 $        5,180,701-5.5%  $     14,814,005 $     14,943,048-0.9% Provision for loan losses $           270,000 $             45,000500.0%  $           800,000 $           195,000310.3% Noninterest income $           737,724 $           752,980-2.0%  $        2,098,600 $        2,118,516-0.9% Noninterest expense $        2,825,185 $        2,768,0452.1%  $        8,302,225 $        8,077,2332.8% Net income $        1,911,430 $        2,344,636-18.5%  $        5,854,380 $        6,619,331-11.6% Net income per share $                  0.69 $                  0.84-18.1%  $                  2.11 $                  2.37-11.1% Dividend per share $                  0.29 $                  0.2516.0%  $                  0.81 $                  0.758.0% Dividend payout ratio42.08%29.59%  38.38%31.55%           Average assets $   671,459,636 $   552,221,66921.6%  $   604,173,489 $   528,080,91514.4% Average loans $   417,610,324 $   351,070,64619.0%  $   396,542,894 $   346,932,62814.3% Average deposits $   576,478,199 $   461,762,12024.8%  $   510,090,005 $   439,544,43916.0% Average loans to average deposits72.44%76.03%  77.74%78.93%  Average stockholders' equity $     93,422,435 $     89,002,0775.0%  $     92,217,443 $     87,508,5585.4% Average stockholders' equity to average assets13.91%16.12%  15.26%16.57%           Ratios        Net interest margin3.12%4.01%  3.55%4.07%  Return on average assets1.14%1.70%  1.29%1.67%  Return on average stockholders' equity8.18%10.54%  8.46%10.09%  Efficiency ratio50.16%46.78%  49.54%47.39%           Stock Repurchased        Number of shares                          -                   14,000-100.0%                    1,294                 14,000-90.8% Repurchase amount $                       -   $           450,240-100.0%  $             39,404 $           450,240-91.2% Average price per share $                       -   $                32.16-100.0%  $                30.45 $                32.16-5.3%           September 30,December 31,% September 30,September 30,% Financial Condition20202019Change 20202019Change Assets $   699,803,646 $   548,004,11027.7%  $   699,803,646 $   557,000,84425.6% Loans $   419,855,455 $   363,242,33215.6%  $   419,855,455 $   352,734,99619.0% Deposits $   603,337,234 $   453,681,28133.0%  $   603,337,234 $   466,010,50429.5% Stockholders' equity $     94,276,510 $     89,992,5604.8%  $     94,276,510 $     89,166,5125.7% Common stock - shares outstanding           2,773,632           2,774,9260.0%            2,773,632           2,774,9260.0% Book value per share $                33.99 $                32.434.8%  $                33.99 $                32.135.8% Loans to deposits69.59%80.07%  69.59%75.69%  Equity to assets13.47%16.42%  13.47%16.01%  Results of OperationsLoan interest revenue, including fees, increased to $4.67 million in 3Q20, as compared to $4.46 million in 3Q19 and $4.64 million in 2Q20, as the result of continued organic loan growth and funding of Small Business Administration Paycheck Protection Program (“SBA PPP”) loans.  Net interest income decreased to $4.89 million in 3Q20, as compared to $5.18 million in 3Q19 and $4.96 million in 2Q20, due to decreases in the federal funds interest rate and lower yields on loans and investments.  Net interest margin decreased to 3.12% in 3Q20, as compared to 4.01% in 3Q19 and 3.58% in 2Q20, and is attributable to significant increases in average deposits from customer behavior changes and government economic stimulus programs related to the COVID-19 pandemic.  Average assets in 3Q20 increased $119.2 million, or 21.6%, when compared to 3Q19.    The provision for loan losses was $270 thousand in 3Q20, as compared to $45 thousand in 3Q19 and $310 thousand in 2Q20.  The provision for loan losses recorded in 3Q20 was primarily attributable to further adjustments to qualitative factors used to estimate the allowance for loan losses.  Qualitative factors were adjusted due to the continued economic uncertainty associated with the COVID-19 pandemic.  Net charge-offs were insignificant in 3Q20 and 3Q19, and net recoveries of $68 thousand were recognized in 2Q20.  Excluding SBA PPP loans, the allowance for loan losses represents 0.44% of gross loans as of September 30, 2020, as compared to 0.21% as of September 30, 2019 and 0.37% as of June 30, 2020. Noninterest income in 3Q20 was $738 thousand, as compared to $753 thousand in 3Q19 and $756 thousand in 2Q20.  Several sources of noninterest income have been negatively impacted by the COVID-19 pandemic including ATM and debit card fees, service charges on deposit accounts and merchant payment processing fees.  Noninterest income in 2Q20 included nonrecurring gains on the disposition of investment securities of $134 thousand which helped offset decreases in noninterest income related to the COVID-19 pandemic.Noninterest expense increased to $2.83 million in 3Q20, as compared to $2.77 million in 3Q19 and $2.69 million in 2Q20.  Salaries expense was higher in 3Q20, as compared to 2Q20, due to increased loan origination activity in 2Q20 related primarily to SBA PPP loans.  Salaries expense directly attributable to loan originations is deferred and amortized over the life of the underlying loan and is recorded as a reduction to interest revenue.  The majority of SBA PPP loans were originated in 2Q20 resulting in a deferral of salaries expense during that period.  As of September 30, 2020, unamortized deferred loan origination costs related to SBA PPP loans was $320 thousand.  Employee benefits expense decreased in 3Q20, as compared to 3Q19 and 2Q20, due to certain employee health insurance claims that are reimbursable by a stop loss insurance policy.  Decreases in net interest income in 3Q20, as compared to 3Q19, resulted in an increase to the efficiency ratio which equaled 50.16% for 3Q20, as compared to 46.78% for 3Q19.  The efficiency ratio increased to 50.16% in 3Q20, as compared to 48.23% in 2Q20, as originations of SBA PPP loans in 2Q20 decreased salaries expense in that period.     Net income in 3Q20 decreased to $1.91 million, as compared to $2.27 million in 3Q19, and is primarily attributable to the increase in provision for loan losses in 3Q20 associated with the COVID-19 pandemic and lower net interest income due to lower yields on investments and loans.  Net income in 3Q20 decreased to $1.91 million, as compared to $2.03 million in 2Q20, due to lower noninterest expense in 2Q20 as a result of SBA PPP loan originations.  A decrease in net income accompanied by a significant increase in average assets in 3Q20, as compared to 3Q19, resulted in a decrease in the Return on Average Assets (“ROA”) from 1.70% in 3Q19 to 1.14% in 3Q20.  A decrease in net income accompanied by higher average equity in 3Q20, as compared to 3Q19, resulted in a reduction in Return on Average Stockholders’ Equity (“ROE”) from 10.54% in 3Q19 to 8.18% in 3Q20.  Similarly, significant increases in average assets in 3Q20, as compared to 2Q20, resulted in a decrease in ROA from 1.36% in 2Q20 to 1.14% in 3Q20.  Average assets were $74.5 million, or 12.5%, higher in 3Q20, as compared to 2Q20.  Dividends declared in 3Q20 were $0.29 per share, as compared to $0.25 per share in 3Q19 and $0.26 per share in 2Q20.  Dividend payout ratios were 42.08% for 3Q20, 29.59% for 3Q19, and 35.50% for 2Q20. Financial ConditionTotal assets were $699.8 million as of September 30, 2020, as compared to $548.0 million as of December 31, 2019 and $557.0 million as of September 30, 2019.  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 $603.3 million as of September 30, 2020, as compared to $453.7 million as of December 31, 2019 and $466.0 million as of September 30, 2019.  A significant portion of the deposit growth was utilized to fund loan originations including $33.2 million of SBA PPP loans representing 546 customers.  Total loans as of September 30, 2020 were $419.9 million as compared to $363.2 million as of December 31, 2019 and $352.7 million as of September 30, 2019.  The loans to deposits ratio as of September 30, 2020 was 69.6%, as compared to 80.1% as of December 31, 2019 and 75.7% as of September 30, 2019.              As a result of the COVID-19 pandemic and related economic uncertainty in our markets, a temporary loan payment deferral program was established in 2Q20 for both commercial and consumer borrowers impacted by the pandemic.  The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provided financial institutions the ability to provide loan payment accommodations and short-term modifications without requiring the loans to be reported and accounted for as Troubled Debt Restructurings.  The majority of borrowers in the program received 6 month payment deferral periods and the related deferral period will expire in 4Q20.  During 3Q20, certain borrowers voluntarily resumed their contractual payments.  As of September 30, 2020, loans remaining in the temporary loan payment deferral program include 189 loans with an outstanding principal balance of $134.3 million and accrued interest of $2.0 million.  As of June 30, 2020, the temporary payment deferral program included 235 loans with an outstanding principal balance of $148.1 million and accrued interest of $1.8 million.  Loans in the temporary payment deferral program represented 32.0% of total loans outstanding as of September 30, 2020, as compared to 35.2% as of June 30, 2020.Average assets grew to $671.5 million in 3Q20, as compared to $552.2 million in 3Q19 and $597.0 million in 2Q20.    Average loans were $417.6 million in 3Q20, as compared to $351.1 million in 3Q19 and $402.1 million in 2Q20.  SBA PPP loans contributed to $32.2 million of the increase in average loans in 3Q20, as compared to 3Q19, and contributed to $9.1 million of the increase in average loans in 3Q20, as compared to 2Q20.  The average loans to average deposits ratio decreased to 72.4% in 3Q20, as compared to 76.0% in 3Q19 and 80.0% in 2Q20, and relates to significant growth in average deposits associated with the COVID-19 pandemic. 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, Vice President and Chief Financial Officer 410-641-1700, taylorbank.com