Calvin B. Taylor Bankshares, Inc. Announces Increase in Quarterly Cash Dividend to $0.34 per Share

BERLIN, MD / ACCESSWIRE / June 21, 2023 / Calvin B. Taylor Bankshares, Inc. (OTCQX:TYCB), parent company of Calvin B. Taylor Bank, announced today that the Board of Directors declared a regular quarterly cash dividend of $0.34 per share which is an increase of $0.01 per share, or 3.0%, compared to the prior quarter. This dividend is payable on July 17, 2023 to stockholders of record as of the close of business on June 30, 2023. Raymond M. Thompson, President and Chief Executive Officer commented, "Industry turmoil tied to volatile deposit activity in the prior three months has abated and the Federal Reserve has paused interest rate increases to assess the impact that recent events and current interest rate levels are having on the financial markets and economy. The Company continues to experience strong financial performance thus far in 2023 despite these headwinds. While economic uncertainty remains during the 2^nd half of the year, the dividend increase this quarter again evidences the Board's commitment to stockholders by providing a consistent and growing dividend."

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 12 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.