2020 Annual Report
The Annual Meeting of the Membership took place at the RP Funding Center in Lakeland on Tuesday, April 13. Below is a letter from Steve Moseley, President, which accompanied the 2020 Annual Report that was distributed at the meeting.
Challenging. That is the best word to describe 2020.
I am proud to report that MIDFLORIDA ended the year much stronger than we anticipated. At the start of the pandemic, we were concerned about our members’ and employees’ health, and the financial health of MIDFLORIDA and what lasting effects COVID would have on the economy. Our sympathy goes out to all of our members who were tragically affected by the virus during this past year.
Our goal for 2020 was to be there for our membership during these trying times. We did this by opening our branches as quickly as possible once it was safe, to be there for you. We initiated relief programs for members with personal and auto loans as well as mortgages, and provided free Early Paycheck to all members. Based on the comments we have received and the low number of loan delinquencies, these programs were very successful.
Even with all of the uncertainties throughout the year, we were able to move forward and end 2020 stronger than we started. We crossed $5 billion in assets; opened two branches—Carrollwood and Stuart; remodeled eight Ocala branches; expanded our geographic service area that allows us to offer car lending in more dealerships around the state; had record lending in mortgage, auto, and commercial. Our best accomplishment for 2020 was ending the year in a strong financial position. We increased our capital, had strong income, and bolstered our allowance for future loan losses.
Thank you for being a part of MIDFLORIDA and allowing us to strive every day to improve the financial well-being of all of our members!
View the full 2020 Annual Report for updates from Kevin Jones (CEO), Harry Williams (Board Chairman), and Zelda Abram (CFO).