Manufacturers Bank Reports 2012 Earnings Business Wire LOS ANGELES -- April 9, 2013 Manufacturers Bank (the Bank), a California commercial bank with total assets of $2.2 billion, is a wholly owned subsidiary of Sumitomo Mitsui Banking Corporation (SMBC), which in turn is a wholly owned subsidiary of Sumitomo Mitsui Financial Group (SMFG). The Bank reported net income for the year ended December 31, 2012 of $5.8 million compared to $3.7 million in 2011. Increased earning assets and a modestly improved net interest margin resulted in favorable year over year earnings performance. The Bank maintained its strategic focus on loan growth in 2012. As of December 31, 2012, total loans were $1.33 billion, a $189.8 million or 16.7% increase over year end 2011 total loans of $1.14 billion. Commercial and Industrial loans totaled $767.1 million at December 31, 2012, an increase of $104.0 million over year end 2011, and represent 57.7% of the overall gross loan portfolio. Real Estate loans totaled $535.1 million at December 31, 2012, an increase of $88.9 million over year end 2011, and represent 40.3% of the overall loan portfolio. Credit quality remained sound through 2012. Credit quality is reflected in the percentage of non-accrual loans to total loans at 0.94% as of December 31, 2012. The allowance for credit loss ratio remains satisfactory at 1.57% as of December 31, 2012. Capital remained strong as evidenced by Tier 1 and Total risk-based capital ratios of 15.09% and 16.29%, respectively; both ratios exceed the minimum requirements of a well-capitalized institution of 6% and 10%, respectively. Message from Naresh Sheth, President & COO Naresh Sheth, President and Chief Operating Officer, commented, "It is doubly satisfying to report that the Bank not only continued to achieve exceptional loan growth and earnings performance throughout 2012, but also announced its first acquisition agreement. On November 29, 2012, we announced that the Bank entered into a purchase and assumption agreement to transfer the deposits and branch facility of National Bank of California’s full service branch office in Glendale, California. The new branch commenced business on February 11, 2013. We are excited about this opportunity to further entrench ourselves into the Southern California marketplace. "Our continued sound credit quality and strong financial strength could be accomplished only because of our experienced senior management team, a core of experienced bankers and our dedicated personnel. This has allowed our Bank to maintain strong banking relationships with existing as well as many new customers. We continue our dedication to supporting the traditional service values of a financially strong and stable business bank by providing a full array of excellent products and services in a timely, flexible and responsive manner. "We sincerely thank our customers for giving us an opportunity to serve them for over 50 years and our staff for their dedication and valued service." Manufacturers Bank has been operating mainly in Southern California, consistently delivering tailored financial solutions that enhance the economic well being of its middle market customers. Bauer Financial Inc., an independent bank rating company, has awarded its highest depository rating, Superior 5 Star, to Manufacturers Bank. Manufacturers Bank is headquartered in Los Angeles and operates from branch offices in Downtown Los Angeles, Little Tokyo, Beverly Hills, Encino, Warner Center, Glendale, San Jose, City of Industry, Torrance, Newport Beach and Ontario. Member FDIC and SBA Preferred National Lender Equal Opportunity Lender All statements in this release, except for historical facts, should be considered forward looking, including statements about the Bank’s plans, goals, and future expectations for growth. Such statements are subject to changes in the economic, legal and regulatory environment, changes in product delivery and technology that may affect the Bank’s operations and continued evolution in the financial services industry. Contact: Manufacturers Bank Cindy Rude VP, Marketing 213-489-6353 or Karen Abajian EVP, Chief Financial Officer 213-489-6478
Manufacturers Bank Reports 2012 Earnings
Press spacebar to pause and continue. Press esc to stop.