BERLIN, MD / ACCESSWIRE / December 18, 2023 / Calvin B. Taylor Bankshares, Inc. (OTCQX:TYCB), parent company of Calvin B. Taylor Bank, announced today that the Board of Directors declared a special cash dividend of $0.40 per share. This dividend is payable on January 5, 2024 to stockholders of record as of the close of business on December 26, 2023.

Raymond M. Thompson, President and Chief Executive Officer commented, "Rising interest rates, continued loan demand and net interest margin expansion has contributed to the Company's strong financial performance in 2023. As a result, the Company is on pace for record annual earnings in 2023 and has experienced notable increases to regulatory capital ratios. Accordingly, the Board of Directors felt it necessary and appropriate to share the Company's success with its loyal stockholders by declaring this special cash dividend while still maintaining strong regulatory capital ratios. The Company remains well-capitalized, safe, and sound, and ready to meet the financial needs of the customers and communities we serve."

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About Calvin B. Taylor Bank
Calvin B. Taylor Bank, the bank subsidiary of Calvin B. Taylor Bankshares, Inc. (OTCQX: TYCB), founded in 1890, offers a wide range of loan, deposit, and ancillary banking services through both physical and digital delivery channels. Calvin B. Taylor Bank has 11 banking locations within the eastern coastal area of the Delmarva Peninsula including Worcester County, Maryland, Sussex County, Delaware and Accomack County, Virginia.

Contact
M. Dean Lewis, Senior Vice President and Chief Financial Officer
410-641-1700, taylorbank.com

SOURCE: Calvin B. Taylor Bankshares, Inc.