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Calvin B. Taylor Bankshares, Inc. Announces Financial Results for the Three Months Ended March 31, 2019

2019-05-15 14:33 ET - News Release

BERLIN, MD / ACCESSWIRE / May 15, 2019 / Calvin B. Taylor Bankshares, Inc. (the "Company") (OTCQX: TYCB), parent company of Calvin B. Taylor Bank, today reported the unaudited financial results for the three months ended March 31, 2019. Selected highlights of the company's financial performance are included below.


At Period End
March 31,
2019
December 31,
2018
% Change
Assets
$ 520,522,687 $ 531,909,554 -2.14 %
Deposits
$ 432,092,063 $ 446,132,305 -3.15 %
Loans
$ 344,291,968 $ 327,861,211 5.01 %
Capital
$ 86,260,887 $ 84,788,815 1.74 %
Book value per share
$ 30.93 $ 30.40 1.74 %
Loans to deposits
79.68 % 73.49 %
Capital to assets
16.57 % 15.94 %

For the Three Months Ended
March 31,
2019
March 31,
2018
% Change
Average assets
$ 517,949,132 $ 513,136,535 0.94 %
Average loans
$ 337,157,371 $ 299,782,233 12.47 %
Average deposits
$ 430,926,247 $ 430,026,564 0.21 %
Average capital
$ 86,054,422 $ 82,489,325 4.32 %
Average loans to average deposits
78.24 % 69.71 %
Average capital to average assets
16.61 % 16.08 %
Net interest income
$ 4,799,584 $ 4,235,192 13.33 %
Income before income taxes
$ 2,660,570 $ 2,197,569 21.07 %
Net income
$ 2,007,070 $ 1,682,720 19.28 %
Net income per share
$ 0.72 $ 0.60 20.00 %
Dividend per share
$ 0.25 $ -
Dividend payout ratio
34.74 % 0.00 %
Stock Repurchased
Number of shares
- - 0.00 %
Repurchase amount
$ - $ - 0.00 %
Average price per share
$ - $ - 0.00 %
Ratios
Return on average assets
1.55 % 1.31 %
Return on average equity
9.33 % 8.16 %
Efficiency ratio
49.43 % 61.68 %

Total assets were $520.5 million at March 31, 2019, which is a decrease of $11.4 million or 2.1% since December 31, 2018. The decrease in total assets during this period is the result of seasonal outflows of deposits which decreased total deposits to $432.1 million as of March 31, 2019, a decrease of $14.0 million or 3.2% since December 31, 2018. Seasonal deposit outflows were primarily funded by reductions in cash and cash equivalents which decreased $11.3 million or 16.9% since December 31, 2018 and totaled $55.6 million as of March 31, 2019. The Company continued to experience growth in loans which increased $16.4 million or 5.0% since December 31, 2018 and totaled $344.3 million as of March 31, 2019. Loan growth in the 1st quarter of 2019 was primarily funded by maturing investment securities which resulted in a decrease in the investment portfolio of $13.6 million or 17.0% since December 31, 2018 and totaled $65.9 million as of March 31, 2019. Loan growth combined with seasonal deposit runoff resulted in an increase in the loans to deposit ratio from 73.5% as of December 31, 2018 to 79.7% as of March 31, 2019.

Average assets for the three months ended March 31, 2019 increased $4.8 million or 0.9% compared to the same period in the previous year. The increase in average assets is primarily the result of undistributed profits of the bank. Average deposits during this period increased less than 1% due to several large temporary deposits made by certain customers during the 1st quarter of 2018.

Net income growth for the three months ended March 31, 2019 outpaced growth in average assets and average equity during the same period. This resulted in an increase in Return on Average Assets from 1.31% to 1.55% and an increase in Return on Equity from 8.16% to 9.33% compared to the same period in the previous year. Net income per share increased 20.0% to $0.72 per share for the three months ended March 31, 2019, compared to $0.60 per share for the three months ended March 31, 2018. A quarterly dividend of $0.25 per share was paid on April 15, 2019 to stockholders of record as of March 31, 2019.

Net income for the three months ended March 31, 2019 was $2.0 million, an increase of $324 thousand or 19.3% compared to the same period last year. The primary contributor to the increase was a $564 thousand or 13.3% increase in net interest income resulting from a combination of organic loan growth, higher investment yields and increases in the Federal Funds interest rate. Non-interest income for the three months ended March 31, 2019 decreased $306 thousand or 33.8% primarily as a result of a $389 thousand gain recognized upon the sale of an investment security in the 1st quarter of 2018. Excluding this gain, non-interest income increased $83 thousand or 16.0% in the 1st quarter of 2019 compared to the same period in the prior year. In the three months ended March 31, 2019, non-interest expense decreased $275 thousand or 9.3% compared to the same period in the prior year. The decrease in non-interest expense is primarily attributable to a loss of $411 thousand recorded in the 1st quarter of 2018 as a result of an unauthorized wire transfer by a bank employee. Excluding this wire loss, non-interest expense increased $136 thousand or 5.4% in the 1st quarter of 2019 compared to the same period in the previous year. This increase in non-interest expense is primarily attributable to increased salaries and employee benefits costs. The growth in net interest income and a decrease in non-interest expense resulted in a significant decrease in the Company's efficiency ratio which decreased to 49.4% for the three months ended March 31, 2019 as compared to 61.7% for the same period in the prior year.

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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 11 banking locations within the eastern coastal area of the Delmarva Peninsula including Worcester County, Maryland, Sussex County, Delaware and Accomack County, Virginia. There is also a loan production office located in Onley, Virginia.

Contact

M. Dean Lewis, Vice President and Chief Financial Officer
410-641-1700, taylorbank.com

SOURCE: Calvin B. Taylor Bankshares, Inc.



View source version on accesswire.com:
https://www.accesswire.com/545520/Calvin-B-Taylor-Bankshares-Inc-Announces-Financial-Results-for-the-Three-Months-Ended-March-31-2019



View source version on accesswire.com:
https://www.accesswire.com/545520/Calvin-B-Taylor-Bankshares-Inc-Announces-Financial-Results-for-the-Three-Months-Ended-March-31-2019

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