As we slowly emerge from the devastating human and economic impact of the pandemic, it is difficult to process the significant changes we have all experienced in our personal and professional lives since March of 2020 when the coronavirus affected how we live, work, and socialize. Since then, at one time or another we all found ourselves in unfamiliar territory. As the months have passed, one question we face today is whether our “now normal” is the “new normal”? Only time will tell.
As Taylor Bank responded to the pandemic over the past 15 months, I am pleased to report that from a business continuity perspective, our Pandemic Response Plan proved relevant, but the unique challenges it presented forced us to make some adjustments along the way. During this process, we had the opportunity to evaluate both old and new best practices. From workforce segmentation arrangements to remote work authorities and protocols, to branch access and hours of operation, these all were things we had either previously considered or were forced to deploy under emergency conditions. Where and when necessary, we accomplished this quickly and efficiently due to the commitment, support, and flexibility of our outstanding bank employees.
Despite the unprecedented challenge the bank faced in 2020, I am pleased to highlight some key financial and strategic achievements:
- Total assets increased to $711,791,044 or 29.9% over 2019
- Total deposits increased to $614,437,080 or 35.4% over 2019
- Total loans increased to $423,467,766 or 16.6% over 2019
- Net income decreased 12.7% to 7,268,014, but ranked 10th in total profitability among the 27 banks headquartered in Maryland in 2020, regardless of asset size.
- The Bank’s Efficiency Ratio was 53.66% for 2020 as compared to our Peer Group Efficiency ratio of 62.69%, and was 6th best among the 27 banks headquartered in Maryland in 2020 regardless of asset size.
- New full service Branch in Onley, VA
- 546 Paycheck Protection Loans (PPP) totaling $33.2 million, and preserving 5,354 local area jobs.*
*as of December 31, 2020
At Taylor Bank, we understand the impact and responsibility we have to the communities we serve. Taylor Bank continues to operate under a conservative philosophy that has been time tested. This philosophy has proven to be the best way to return value to our stockholders, customers, and our local communities. Our culture promotes capital accretion and preservation, a key driver of safety, soundness, stability, and most important, relevance and future viability.
On behalf of the Board of Directors, thank you for your continued support, and particularly over the past 15 months. If you are an existing customer, thank you for your business! If you are a prospective customer, we invite you to open an account and experience why Taylor Bank is “Always Here. For Good”.
Raymond M. Thompson
President and CEO