Calvin B. Taylor Bankshares, Inc. (OTCQX: TYCB), Parent Company of Calvin B. Taylor Bank, Reports First Quarter 2022 Financial Results

BERLIN, MD, May 16, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Calvin B. Taylor Bankshares, Inc. (the “Company”) (OTCQX:TYCB), parent company of Calvin B. Taylor Bank, today reported net income of $2.29 million for the first quarter ended March 31, 2022 (“1Q22”), as compared to $2.60 million for the first quarter ended March 31, 2021 (“1Q21”) and $2.14 million for the fourth quarter ended December 31, 2021 (“4Q21”).  President and Chief Executive Officer Raymond M. Thompson remarked, “The Company experienced strong commercial and residential organic loan growth in 1Q22 as borrowers moved to consummate credit needs ahead of a forecasted, and realized, Federal Reserve interest rate increase during the quarter.  The Federal Reserve’s March 2022 rate increase constituted the first interest rate increase since December 2018.  The Company’s balance sheet is well-positioned for continued tightening of monetary policy in response to record inflation.”  Highlights of the company’s financial results are noted below and included in the following tables.