Calvin B. Taylor Bankshares Inc (OTCMKTS:TYCB) Stock In a Range After Quarterly Earnings

Shares of Calvin B. Taylor Bankshares Inc (OTCMKTS:TYCB) closed flat after reporting quarterly earnings.

Market Stats

On Friday, TYCB stock gained 0.28% to $35.30 with more than 425 shares, compared to its average volume of 400 shares. The stock moved within a range of $35.25 – 35.30 after opening trading at $35.25.

Calvin B. Taylor Bankshares, Inc. Reports Fourth Quarter and Year End Financial Results for 2021

Parent company of Calvin B Taylor Bank, Calvin B. Taylor Bankshares, Inc (OTCMKTS:TYCB) on February 21, 2022 came out with net income of $9.48 million for 12 months ending December 31, 2021. The amount is way higher vis-à-vis $7.27 million for twelve months ending December 31, 2020.

The Net income was $2.14 million for quarter four ending December 31, 2021 vis-à-vis as compared to $1.41 million of the previous year.

Repayments of Paycheck Protection Program loans was $15.6 million in quarter four of 2021. The Net interest income surged by $759 thousand or 15.3% in quarter four of 2021 vis-à-vis 2020. Provision of loan losses in quarter four was lower by $165 thousand vis-à-vis quarter four of 2020. The total assests decreased to $904.5 million at December 31, 2021, 4.2% decrease compared to the previous quarter.

Loan interest revenue, including fees, surged to $5.37 million during the quarter as compared to $4.81 million in previous year on account of organic loan growth and repayment of SBA PPP loans. Provision for loan losses wasn’t done in quarter four as compared to $165 thousand recorded in previous year.

Government economic stimulus payments, foreclosure moratoriums, PPP loans and surging residential real estate prices have reduced charge offs pertaining to COVID-19 pandemic.

Traders Corner

TYCB stock is trading below the 50-Day and 200-Day Moving averages of $36.38 and $36.32 respectively. Moreover, the stock is trading below the 20-Day moving average of $35.76.