Calvin B Taylor Bankshares : Quarterly Financial Statement - June 30, 2022

(unaudited)

(unaudited)

June 30,

December 31,

June 30,

2022

2021

2021

Assets

Cash and cash equivalents

Cash and due from banks

$

13,386,781

$

9,931,724

$

17,240,944

Federal funds sold and interest bearing deposits

186,286,793

280,331,067

221,200,232

Total cash and cash equivalents

199,673,574

290,262,791

238,441,176

Time deposits in other financial institutions

2,225,908

3,478,221

6,981,022

Debt securities available for sale, at fair value

161,270,781

128,654,564

99,345,642

Debt securities held to maturity, at amortized cost

33,425,407

13,967,244

3,509,644

Equity securities, at cost

1,213,333

1,103,833

1,103,733

Loans

489,366,784

434,866,477

457,348,554

Less: allowance for loan losses

(2,185,136)

(1,998,728)

(1,948,398)

Net loans

487,181,648

432,867,749

455,400,156

Accrued interest receivable

1,807,064

1,701,446

2,077,867

Prepaid expenses

351,709

645,725

601,955

Other real estate owned

-

-

-

Premises and equipment, net

12,856,649

12,904,446

12,672,886

Computer software

285,541

342,148

350,877

Deferred income taxes

2,907,321

-

-

Bank owned life insurance and annuities

21,643,955

18,223,348

17,940,582

Other assets

305,133

327,271

584,682

Total assets

$

925,148,023

$

904,478,786

$

839,010,222

Liabilities and Stockholders' Equity

Deposits

Non-interest bearing

$

291,101,093

$

283,096,833

$

284,870,586

Interest bearing

536,221,111

520,148,789

454,973,653

Total deposits

827,322,204

803,245,622

739,844,239

Accrued interest payable

32,796

26,029

26,483

Dividends payable

827,928

800,620

801,981

Securities purchase payable

2,024,064

-

-

Accrued expenses

198,779

623,132

156,095

Non-qualified deferred compensation

581,285

645,716

553,488

Deferred income taxes

-

6,759

447,841

Other liabilities

153,734

41,992

55,946

Total liabilities

831,140,790

805,389,870

741,886,073

Stockholders' equity

Common stock, par value $1 per share;

authorized 10,000,000 shares; issued and outstanding

2,759,360

2,760,760

2,765,452

Additional paid-in capital

2,349,296

2,398,533

2,562,103

Retained earnings

97,986,856

94,670,987

91,460,155

Accumulated other comprehensive income (loss), net of tax

(9,088,279)

(741,364)

336,439

Total stockholders' equity

94,007,233

99,088,916

97,124,149

Total liabilities and stockholders' equity

$

925,148,023

$

904,478,786

$

839,010,222

For the three months ended

For the six months ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Interest revenue

Loans, including fees

$

5,306,083

$

4,930,082

$

10,135,504

$

9,887,836

U. S. Treasury and government agency debt securities

212,047

69,005

353,454

126,233

Mortgage-backed debt securities

375,766

172,651

703,371

289,423

State and municipal debt securities

108,387

47,506

188,023

98,509

Federal funds sold and interest bearing deposits

438,001

53,200

533,491

89,132

Time deposits in other financial institutions

8,935

40,630

21,096

85,304

Total interest revenue

6,449,219

5,313,074

11,934,939

10,576,437

Interest expense

Deposits

235,027

186,701

447,787

373,871

Net interest income

6,214,192

5,126,373

11,487,152

10,202,566

Provision for loan losses

150,000

-

225,000

125,000

Net interest income after provision for loan losses

6,064,192

5,126,373

11,262,152

10,077,566

Noninterest income

Debit card and ATM

364,865

358,110

710,524

674,226

Service charges on deposit accounts

244,067

177,268

459,520

356,355

Merchant payment processing

106,242

58,739

162,559

72,256

Income from bank owned life insurance and annuities

73,113

99,825

146,392

185,758

Income from bank owned life insurance death proceeds

3,463

-

275,574

618,463

Dividends

9,262

10,124

12,572

14,719

Gain / (Loss) on disposition of debt securities

-

(3,652)

645

56,801

Gain / (Loss) on disposition of fixed assets

60

(2,583)

60

(7,514)

Gain on equity securities, at cost

7,018

-

7,018

-

Miscellaneous

87,057

87,139

160,081

158,467

Total noninterest income

895,147

784,970

1,934,945

2,129,531

Noninterest expenses

Salaries

1,521,750

1,371,866

2,880,990

2,620,823

Employee benefits

259,400

449,571

597,727

848,836

Occupancy

238,279

222,492

479,039

449,860

Furniture and equipment

222,544

197,159

443,337

400,844

Data processing

190,427

193,382

404,412

359,497

ATM and debit card

148,821

129,836

289,944

242,086

Marketing

188,997

85,331

275,533

120,945

Directors fees

77,150

86,100

157,300

161,200

Telecommunication services

76,896

81,541

163,559

163,686

Deposit insurance premiums

60,336

43,774

119,879

93,669

Other operating

389,590

282,902

836,852

722,834

Total noninterest expenses

3,374,190

3,143,954

6,648,572

6,184,280

Income before income taxes

3,585,149

2,767,389

6,548,525

6,022,817

Income taxes

902,000

695,500

1,576,500

1,355,500

Net income

2,683,149

2,071,889

4,972,025

4,667,317

Other comprehensive loss, net of tax

Unrealized losses on available for sale debt securities

arising during the period, net of tax

(2,330,417)

118,499

(8,346,915)

(470,764)

Comprehensive income

$

352,732

$

2,190,388

$

(3,374,890)

$

4,196,553

Earnings per common share - basic and diluted

$

0.97

$

0.75

$

1.80

$

1.69

For the three months ended

For the six months ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Cash flows from operating activities

Interest received

$

6,415,070

$

5,995,744

$

12,167,406

$

12,393,079

Interest paid

(228,433)

(186,297)

(441,020)

(374,225)

Fees and commissions received

1,318,954

1,360,910

1,659,413

2,201,769

Cash paid to suppliers and employees

(2,987,299)

(3,016,244)

(6,243,242)

(5,948,921)

Income taxes paid

(1,421,679)

(1,069,001)

(1,450,375)

(1,083,451)

Net cash provided by operating activities

3,096,613

3,085,112

5,692,182

7,188,251

Cash flows from investing activities

Time deposits matured, net of purchases

250,000

1,748,642

1,250,000

1,750,000

Available for sale debt securities

Sales

-

3,263,051

313,998

7,434,218

Maturities, prepayments and calls

4,672,679

2,236,131

8,023,613

10,519,826

Purchases

(19,346,535)

(26,411,034)

(50,577,342)

(47,082,465)

Held to maturity debt securities

Maturities, prepayments and calls

-

-

-

3,500,000

Purchases

(5,047,735)

-

(19,453,126)

-

Loans originated, net of principal reductions

(24,985,283)

(1,786,418)

(54,492,482)

(35,126,335)

Purchase of equity securities, at cost

(800)

-

(109,500)

-

Redemption of equity securities, at cost

7,018

-

7,018

136,500

Proceeds from sale of premises and equipment

60

-

60

3,449

Purchases of premises, equipment, and computer software

(242,553)

(79,258)

(365,631)

(186,005)

Bank owned life insurance death proceeds

-

650,956

348,686

650,956

Purchase of bank owned life insurance and annuities

(80,196)

(5,000,000)

(3,623,790)

(5,000,000)

Net cash used by investing activities

(44,773,345)

(25,377,930)

(118,678,496)

(63,399,856)

Cash flows from financing activities

Net increase (decrease) in

Time deposits

894,654

5,737,492

2,167,610

7,030,731

Other deposits

19,966,002

80,622,448

21,908,972

118,376,429

Common shares repurchased

(50,637)

-

(50,637)

(253,572)

Dividends paid

(828,228)

(801,981)

(1,628,848)

(1,606,131)

Net cash provided by financing activities

19,981,791

85,557,959

22,397,097

123,547,457

Net increase (decrease) in cash and cash equivalents

(21,694,941)

63,265,141

(90,589,217)

67,335,852

Cash and cash equivalents at beginning of period

221,368,515

175,176,035

290,262,791

171,105,324

Cash and cash equivalents at end of period

$

199,673,574

$

238,441,176

$

199,673,574

$

238,441,176

For the three months ended

For the six months ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Reconciliation of net income to net cash provided by

operating activities

Net income

$

2,683,149

$

2,071,889

$

4,972,025

$

4,667,317

Adjustments to reconcile net income to net cash provided by

operating activities

Premium amortization and discount accretion

200,460

166,685

378,251

366,340

Loss (gain) on disposition of investment securities

-

3,652

(645)

(56,801)

Gain on equity securities, at cost

(7,018)

-

(7,018)

Provision for loan losses

150,000

-

225,000

125,000

Depreciation and amortization

236,926

245,302

470,035

492,025

Loss (gain) on disposition of premises, equipment, and software

(60)

2,583

(60)

7,514

Earnings on bank owned life insurance and annuities

(73,112)

(99,825)

(146,392)

(185,758)

Accrued and deferred income taxes

(519,679)

(373,501)

126,125

272,049

Decrease (increase) in

Deferred loan fees and costs, net

(42,995)

108,083

(46,417)

1,232,494

Accrued interest receivable

(191,613)

46,067

(99,366)

324,355

Prepaid expenses

134,341

(80,664)

294,016

10,233

Other assets

541,096

1,063,423

(110,874)

305,058

Increase (decrease) in

Accrued interest payable

6,594

404

6,767

(354)

Accrued expenses

(75,791)

(93,545)

(424,353)

(445,932)

Non-qualified deferred compensation

(55,031)

33,949

(64,431)

67,862

Other liabilities

109,346

(9,390)

119,519

6,849

Net cash provided by operating activities

$

3,096,613

$

3,085,112

$

5,692,182

$

7,188,251

Supplemental cash flows information

Non-cash transfers from loans to other real estate owned

$

-

$

-

$

-

$

-