2020 Annual Report Released
Dear Shareholders, Clients & Friends of MCB:
When I wrote to you at this time last year, we were in the early stages of the COVID-19 pandemic. Business activity, travel, dining and many other areas of life had been curtailed and we were assessing the impact of those changes on our business.
Core1 earnings grew 26.8% from $12 million in 2019 to $15.3 million in 2020
Core1 return on average assets improved from 1.38% in 2019 to 1.40% in 2020
Core1 return on average equity improved from 14.35% in 2019 to 15.70% in 2020
Core1 efficiency ratio declined to 43.95% in 2020 from 48.67% in 2019, which is among the best in the industry
Core1 earnings per share increased 27.1% from $1.92 in 2019 to $2.44 in 2020
Pre-tax, pre-provision earnings increased to $20.6 million in 2020 from $16.1 million in 2019
Loan balances grew 15.9% to $935.5 million
Nonperforming assets declined 72.9% from $6.7 million in 2019 to $1.8 million in 2020
COVID-related modifications decreased from a high of over $200 million during 2020 to $0 by December 31, 2020.
Tangible book value grew from $14.57 at December 31, 2019 to $16.52 by the same time in 2020
Ranked #43 on American Banker Magazine’s top 200 publicly traded community banks list – up from #96 in the prior year
Added key members to our management team, including chief financial officer David A. Bright
Without question, 2020 was a record year for the Bank by any standard and we enter 2021 with the strongest earnings, asset quality and capital profile we have ever had. While uncertainties remain, we are optimistic that 2021 will be another record year for the Company as we continue to deliver top-tier shareholder returns.
Thank you for your continued trust and support as we work to deliver the performance and results you have come to expect.
William E. Edwards III
Founder, Vice-Chairman, President and Chief Executive Officerr
1 Core results exclude realized gains and losses on investments, accretion of PPP fees, net, losses from the sale of REO, impairment of premises, and the provision for credit losses. See our Q4 2020 Press Release for more information.