Safe, Strong, Secure…Since 1872
Meet The President
Chief Executive Officer
July 14, 2021 – It was a year in which each of us faced difficult personal challenges, a year when those among us with less were disproportionately hurt by joblessness and poverty, and it was a time when companies discovered what they really were made of and, sometimes, what they might become. Year after year, I champion the merits of the community banking model — how we bring people together, enable small businesses and individuals to reach for their dreams, and for being a source of strength in difficult times. Those opportunities were powerfully presented to us this year, and I am proud of how we responded.
Our dedicated employees remained committed to helping our customers and served as a stabilizing force in our communities during those early uncertain, terrifying, and unprecedented days. I’ve witnessed first-hand the pride, resiliency and loyalty that exists in our communities that we are proud to be a part of. Having a great team of people — hard workers with fortitude, brains and enormous capabilities who can navigate personally challenging circumstances while dedicating themselves to professional excellence — is what ensures our prosperity, now and in the future.
If there was one thing that defined 2020, aside from the global pandemic of course, it was the unprecedented government intervention. Targeted at our small business customers was the Payroll Protection Program loan (PPP). It was a tremendous opportunity for us to showcase our mettle as community bankers. Our team wrote 275 PPP loans totaling $21.5 million in 2020 supporting our small businesses in their time of crisis.
In addition to the PPP effort, we provided $49.8 million in new and renewed credit for our commercial customers. We worked with customers under financial duress by delaying payments for 46 loans. The retail lending side was profoundly impacted too. We offered delayed payments and forbearance options to 65 families with mortgage balances in excess of $9.15 million. We continued our tradition of generously supporting our communities, despite the cessation of events and fundraising opportunities and the financial hardship we faced, because we have always believed in the importance of community and corporate responsibility. The Milford Bank and our Foundation invested approximately $120,000 in com-munity partnerships last year. Despite the headwinds we faced, total assets increased in 2020 to $482.0 million and deposits grew to $420.1 million, an increase of nearly $60 million. Much of that growth is attributable to PPP funds and government stimulus money. Net income for 2020 was $1.1 million. Capital stands at $48.9 million and the Bank retains the highest regulatory capital rating of “well capitalized.” We remain strong.
The difficult interest rate environment we’re in is not expected to improve anytime soon so we are investigating ways to supplement our net interest margin and bring other sources of income into the Bank. We’ve recently launched an insurance agency — TMB Insurance Services. We hope you’ll allow us to quote your insurance needs. Last year only reinforced the criticality of digital banking channels and we will continue to expand our offerings. We have an ambitious agenda but whatever we do, we will do all of it with strict adherence to our standards and culture, while delivering what we call “The Milford Bank Experience.”
I would like to express my deepest gratitude and appreciation to our Trustees for their continued counsel. Their dedication, passion and commitment allow our Bank to be the very best version of itself. Our employees have demonstrated tremendous character and capabilities; they have faced these times of adversity with grace and fortitude. With their support, I am optimistic for our prospects in 2021 and look forward to a brighter future.
Read our Annual Report.