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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.
Throughout 2020, we took many steps in response to the pandemic, including:
While 2020 financial results were quite “noisy” as a result of the increased allowance for loan losses, PPP fees earned and a number of other matters, several accomplishments clearly stood out:
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.