Calvin B Taylor Bankshares : Quarterly Financial Statement - September 30, 2021

Calvin B. Taylor Bankshares, Inc. and Subsidiary

Consolidated Balance Sheets

		(unaudited)						(unaudited)
		Sept 30,		December 31,			Sept 30,
		2021			2020			2020
Assets
Cash and cash equivalents
Cash and due from banks	$	16,926,370	$	14,398,578	$	11,708,285
Federal funds sold and interest bearing deposits		285,246,313			156,706,746			150,087,731
Total cash and cash equivalents		302,172,683			171,105,324			161,796,016
Time deposits in other financial institutions		5,479,633			8,733,754			13,037,522
Debt securities available for sale, at fair value		124,857,941			72,166,997			65,016,339
Debt securities held to maturity, at amortized cost		3,003,102			5,994,955			9,485,601
Equity securities, at cost		1,103,733			1,240,233			1,240,233
Loans		445,837,961			423,467,766			419,855,455
Less: allowance for loan losses		(2,010,014)			(1,836,451)			(1,687,175)
Net loans		443,827,947			421,631,315			418,168,280
Accrued interest receivable		1,760,744			2,402,222			3,114,471
Prepaid expenses		571,414			612,188			497,091
Other real estate owned		-			-			-
Premises and equipment, net		12,509,904			12,951,511			12,971,768
Computer software		361,781			389,236			340,648
Bank owned life insurance		18,094,883			13,405,779			13,291,112
SBA PPP loan fee receivable		-			8,819			-
Other assets		270,305			1,148,671			844,566
Total assets	$	914,014,070	$	711,791,004	$	699,803,647
Liabilities and Stockholders' Equity
Deposits
Non-interest bearing	$	306,704,120	$	211,945,179	$	223,337,161
Interest bearing		501,198,593			402,491,901			380,000,073
Total deposits		807,902,713			614,437,080			603,337,234
Accrued interest payable		26,830			26,837			26,481
Dividends payable		801,898			804,150			804,353
Accrued expenses		170,805			602,027			180,687
Non-qualified deferred compensation		613,558			485,626			433,836
Deferred income taxes		369,778			601,057			687,551
Debt securities payable		5,331,629			-			-
Other liabilities		43,376			49,097			56,994
Total liabilities		815,260,587			617,005,874			605,527,136
Stockholders' equity
Common stock, par value $1 per share;
authorized 10,000,000 shares; issued and outstanding		2,765,164			2,772,932			2,773,632
Additional paid-in capital		2,552,383			2,808,195			2,831,428
Retained earnings		93,330,860			88,396,800			87,787,316
Accumulated other comprehensive income, net of tax		105,076			807,203			884,134
Total stockholders' equity		98,753,483			94,785,130			94,276,510
Total liabilities and stockholders' equity	$	914,014,070	$	711,791,004	$	699,803,646

Calvin B. Taylor Bankshares, Inc. and Subsidiary

Consolidated Statements of Comprehensive Income (unaudited)

		For the three months ended			For the nine months ended
	Sept 30, 2021		Sept 30, 2020		Sept 30, 2021		Sept 30, 2020
Interest revenue
Loans, including fees	$	5,484,703	$	4,674,123	$	15,372,539	$	13,821,231
U. S. Treasury and government agency debt securities		82,775			118,939			209,008			389,580
Mortgage-backed debt securities		220,186			118,299			509,609			435,413
State and municipal debt securities		48,488			54,925			146,997			162,216
Federal funds sold and interest bearing deposits		89,139			29,614			178,271			205,516
Time deposits in other financial institutions		29,736			78,277			115,040			317,133
Total interest revenue		5,955,027			5,074,177			16,531,464			15,331,089
Interest expense
Deposits		198,496			179,786			572,367			517,084
Net interest income		5,756,531			4,894,391			15,959,097			14,814,005
Provision for loan losses		-			270,000			125,000			800,000
Net interest income after provision for loan losses		5,756,531			4,624,391			15,834,097			14,014,005
Noninterest income
Debit card and ATM		368,898			296,046			1,043,124			765,213
Service charges on deposit accounts		198,770			157,140			555,125			484,404
Merchant payment processing		292,276			113,324			364,532			180,842
Increase in cash surrender value of bank owned life insurance		97,270			87,702			283,028			229,382
Income from bank owned life insurance death proceeds		-			-			618,463			-
Dividends		3,247			5,344			17,966			24,611
Gain (loss) on disposition of debt securities		(476)			-			56,325			155,313
Gain (loss) on disposition of fixed assets		(3,175)			-			(10,689)			1,400
Miscellaneous		74,886			78,168			233,353			257,435
Total noninterest income		1,031,696			737,724			3,161,227			2,098,600
Noninterest expenses
Salaries		1,361,965			1,278,112			3,982,788			3,537,224
Employee benefits		353,056			308,728			1,201,892			1,109,521
Occupancy		237,596			232,573			687,456			621,480
Furniture and equipment		188,562			179,118			589,406			517,378
Data processing		189,970			146,294			549,467			409,542
ATM and debit card		146,410			112,627			388,496			325,183
Marketing		77,327			118,018			198,272			276,896
Directors fees		82,350			78,200			243,550			239,850
Telecommunication services		82,867			81,561			246,553			239,962
Deposit insurance premiums		63,337			57,375			157,006			57,375
Other operating		394,685			232,579			1,117,519			967,814
Total noninterest expenses		3,178,125			2,825,185			9,362,405			8,302,225
Income before income taxes		3,610,102			2,536,930			9,632,919			7,810,380
Income taxes		937,500			625,500			2,293,000			1,956,000
Net income		2,672,602			1,911,430			7,339,919			5,854,380
Other comprehensive income, net of tax
Unrealized gains (losses) on available for sale debt securities
arising during the period, net of tax		(231,363)			(62,076)			(702,127)			715,855
Comprehensive income	$	2,441,239		$	1,849,354		$	6,637,792		$	6,570,235
Earnings per common share - basic and diluted
$	0.97	$	0.69	$	2.65	$	2.11

Calvin B. Taylor Bankshares, Inc. and Subsidiary

Consolidated Statements of Cash Flows (unaudited)

		For the three months ended			For the nine months ended
	Sept 30, 2021		Sept 30, 2020		Sept 30, 2021		Sept 30, 2020
Cash flows from operating activities
Interest received	$	5,880,307	$	6,243,921	$	18,273,386	$	14,754,887
Interest paid		(198,149)			(177,965)			(572,374)			(521,672)
Fees and commissions received		951,999			707,153			3,153,768			1,624,399
Cash paid to suppliers and employees		(2,882,831)			(2,653,559)			(8,831,752)			(8,182,931)
Income taxes paid		(730,500)			(2,058,263)			(1,813,951)			(2,091,821)
Net cash provided by operating activities		3,020,826			2,061,287			10,209,077			5,582,862
Cash flows from investing activities
Time deposits matured, net of purchases		1,500,000			1,243,708			3,250,000			12,468,857
Available for sale debt securities
Sales		-			-			7,434,218			3,622,195
Maturities, prepayments and calls		8,066,313			3,245,046			18,586,139			16,038,747
Purchases		(28,742,414)			(10,994,120)			(75,824,879)			(31,567,317)
Held to maturity debt securities
Maturities, prepayments and calls		500,000			885,000			4,000,000			3,885,000
Loans originated, net of principal reductions		12,284,524			1,233,366			(22,841,811)			(57,601,981)
Purchase of equity securities, at cost		-			-			-			(24,800)
Redemption of equity securities, at cost		-			-			136,500			-
Proceeds from sale of premises and equipment		-			-			3,449			1,400
Purchases of premises, equipment, and computer software		(87,195)			(1,092,345)			(273,200)			(2,999,008)
Bank owned life insurance death proceeds		-			-			650,956			-
Purchase of bank owned life insurance		(57,031)			(57,031)			(5,057,031)			(57,031)
Net cash used by investing activities		(6,535,803)			(5,536,376)			(69,935,659)			(56,233,938)
Cash flows from financing activities
Net increase (decrease) in
Time deposits		801,097			2,002,298			7,831,828			755,553
Other deposits		67,257,377			53,059,087			185,633,806			148,900,400
Common shares repurchased		(10,008)			-			(263,580)			(39,404)
Dividends paid		(801,982)			(721,046)			(2,408,113)			(2,302,754)
Net cash provided by financing activities		67,246,484			54,340,339			190,793,941			147,313,795
Net increase (decrease) in cash and cash equivalents		63,731,507			50,865,250			131,067,359			96,662,719
Cash and cash equivalents at beginning of period		238,441,176			110,930,766			171,105,324			65,133,297
Cash and cash equivalents at end of period	$	302,172,683	$	161,796,016	$	302,172,683	$	161,796,016
		-			-

Calvin B. Taylor Bankshares, Inc. and Subsidiary

Consolidated Statements of Cash Flows Cont. (unaudited)

		For the three months ended			For the nine months ended
	Sept 30, 2021		Sept 30, 2020		Sept 30, 2021		Sept 30, 2020
Reconciliation of net income to net cash provided by
operating activities
Net income	$	2,672,602	$	1,911,430	$	7,339,919	$	5,854,380
Adjustments to reconcile net income to net cash provided by
operating activities
Premium amortization and discount accretion		189,302			147,053			555,642			325,214
Gain on disposition of investment securities		476			-			(56,325)			(155,313)
Provision for loan losses		-			270,000			125,000			800,000
Depreciation and amortization		236,098			223,552			728,123			608,494
Loss (gain) on disposition of premises, equipment, and software		3,175			-			10,689			(1,400)
Decrease (increase) in
Deferred loan costs and fees, net		(712,315)			(11,523)			520,179			1,022,705
Accrued interest receivable		321,280			(353,350)			645,635			(1,939,913)
Cash surrender value of bank owned life insurance		(97,270)			(87,702)			(283,028)			(229,382)
Prepaid expenses		30,541			(51,258)			40,774			32,875
Income taxes receivable		213,000			(396,489)			485,049			(135,821)
Other assets		101,379			1,440,096			406,437			(327,800)
Increase (decrease) in
Accrued interest payable		347			1,821			(7)			(4,588)
Accrued and deferred income taxes		-			(1,091,274)			-			-
Accrued expenses		14,710			(12,906)			(431,222)			(316,451)
Non-qualified deferred compensation		60,070			84,676			127,932			86,449
Other liabilities		(12,569)			(12,839)			(5,720)			(36,587)
Net cash provided by operating activities	$	3,020,826	$	2,061,287	$	10,209,077	$	5,582,862
		-			-			-			-
Supplemental cash flows information
Non-cash transfers from loans to other real estate owned	$	-	$	-	$	-	$	-