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Calvin B. Taylor Bankshares, Inc. and Subsidiary
Financial Highlights for 2008

       
  2009 2008 % Change
At Year End      
Assets 393,528,296 372,602,511 5.62%
Deposits 312,647,619 292,459,213 6.90%
Loans, net 240,061,869 241,430,914 -0.57%
Total capital 72,277,293 72,283,494 -0.01%
For the Year
Average assets 386,037,967 366,900,373 5.22%
Average equity 71,898,071 73,726,179 -2.48%
Net interest income 15,359,555 15,978,389 -3.87%
Net income 5,109,609 6,059,217 -15.67%
Per Share Data
Book value 24.09 23.71 1.60%
Net income 1.69 1.97 -14.21%
Ratios
Return on average assets 1.32% 1.65%
Return on average equity 7.11% 8.22%
Total capital to total assets 18.37% 19.40%
Efficiency ratio 49.07% 44.14%



Calvin B. Taylor Bankshares, Inc. and Subsidiary
Consolidated Balance Sheets

December 31, 2009 2008 2007
Assets
Cash and due from banks $15,117,190 $8,769,784 $17,428,347
Federal funds sold 28,222,472 26,460,842 23,121,256
Interest-bearing deposits 12,494,003 15,517,115 6,012,482
Investment securities available for sale 42,767,578 33,975,271 24,082,202
Investment securities held to maturity (approximate fair value of $38,897,082, $33,523,422, and $47,302,194) 38,597,942 32,621,797 46,679,750
Loans, less allowance for loan losses of $637,761, $707,152, and $195,525 240,061,869 241,430,914 238,076,278
Premises and equipment 6,594,757 6,326,312 6,536,469
Other real estate owned 1,433,000 - -
Accrued interest receivable 1,292,604 1,704,260 1,693,173
Computer software 135,831 156,372 156,629
Bank owned life insurance 5,089,278 4,914,810 4,720,770
Other assets 1,721,772 725,034 638,317
$393,528,296 $372,602,511 $369,145,673
 
Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing $72,431,7313 $70,652,032 $73,357,578
Interest-bearing 240,215,888 221,807,181 215,585,969
312,647,619 292,459,213 288,943,547
 
Securities sold under agreements to repurchase 7,048,176 5,742,765 3,426,173
Note payable 48,519 74,046 98,090
Accrued interest payable 192,621 359,673 501,909
Deferred income taxes 1,026,786 1,437,813 1,481,111
Other liabilities 287,282 245,507 219,080
321,251,003 300,319,017 294,669,910
Stockholders' equity (Common stock, par value $1 per share; authorized 10,000,000 shares; issued and outstanding 3,000,508 shares at December 31, 2009, 3,048,397 shares at December 31, 2008, and 3,102,510 shares at December 31, 2007 ) 3,048,397 3,102,510 3,149,356
Additional paid-in capital 8,733,438 10,406,403 12,381,413
Retained earnings 58,975,278 56,569,913 57,076,461
70,709,224 70,024,713 72,560,384
Accumulated other comprehensive income 1,568,069 2,258,781 1,915,379
72,277,293 72,283,494 74,475,763
$393,528,296 $372,602,511 $369,145,673



Calvin B. Taylor Bankshares, Inc. and Subsidiary
Consolidated Statements of Income

Years ended December 31, 2009 2008 2007
Interest and dividend revenue
Loans, including fees $15,962,526 $16,582,428 $16,645,904
U.S. Treasury and government agency securities 1,605,558 2,243,413 2,811,829
State and municipal securities 45,674 42,336 68,445
Federal funds sold 66,548 732,227 1,919,020
Interest-bearing deposits 158,496 325,396 168,485
Equity securities 63,391 74,843 70,479
Total interest and dividend revenue 17,902,193 20,000,643 21,684,162
 
Interest expense
Deposits 2,506,433 3,963,962 4,616,037
Borrowings 36,205 58,292 35,803
Total interest expense 2,542,638 4,022,254 4,651,840
Net interest income 15,359,555 15,978,389 17,032,322
 
Provision for loan losses 850,000 617,526 -
Net interest income after provision for loan losses 14,509,555 15,360,863 17,032,322
Noninterest revenue
Service charges on deposit accounts 987,169 1,092,899 1,022,472
ATM and debit card revenue 533,822 518,859 505,146
Increase in cash surrender value of
Bank owned life insurance 174,468 194,040 190,511
Miscellaneous revenue 293,167 231,392 214,807
Total noninterest revenue 1,988,626 2,037,190 1,932,936
 
Noninterest expenses
Salaries 3,717,107 3,681,469 3,563,855
Employee benefits 953,890 989,482 969,305
Occupancy 763,715 753,605 700,092
Furniture and equipment 476,518 464,559 463,582
Deposit insurance premiums 495,406 43,186 33,831
Other operating 2,106,936 2,063,153 1,865,257
Total noninterest expenses 8,513,572 7,952,268 7,562,091
Income before income taxes 7,984,609 9,445,785 11,403,167
Income taxes 2,875,000 3,386,568 4,106,580
Net income $5,109,609 $6,059,217 $7,296,587
Earnings per common share - basic and diluted $1.69 $1.97 $2.33