Manufacturers Bank Reports 2013 Earnings Business Wire LOS ANGELES -- March 28, 2014 Manufacturers Bank (the Bank), a California commercial bank with total assets of $2.3 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, 2013 of $7.9 million compared to $5.8 million in 2012. Increased earning assets, a modestly improved net interest margin and gain on sale of other assets resulted in favorable year over year earnings performance. In 2013, the Bank maintained its strategic focus on loan growth and achieved a third consecutive historic benchmark year. As of December 31, 2013, total loans were $1.57 billion, a $240.4 million or 18.1% increase over year end 2012 total loans of $1.33 billion. Commercial and Industrial loans totaled $908.3 million at December 31, 2013, an increase of $141.2 million over year end 2012, and represent 57.9% of the overall gross loan portfolio. Real Estate loans totaled $635.9 million at December 31, 2013, an increase of $100.8 million over year end 2012, and represent 40.5% of the overall loan portfolio. Credit quality remained exceptional through 2013. Credit quality is reflected in the percentage of non-accrual loans to total loans of 0.19% as of December 31, 2013. The allowance for credit loss ratio remains satisfactory at 1.52% as of December 31, 2013. Capital remained strong as evidenced by Tier 1 and Total risk-based capital ratios of 15.66% and 16.91%, 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, "I am very pleased to report the Bank’s sound earnings performance in 2013. As a result of the cohesive teamwork of our dedicated staff, the Bank was able to enjoy a third consecutive year of historic loan growth. Along with the increase in earning assets, the Bank maintained remarkable asset quality. Our Bank continues to enjoy strong capital and liquidity and a solid customer base. "Our continued strong credit quality and 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 and Newport Beach. 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 SVP, Marketing & Product Development Manager 213-489-6353 or Karen Abajian EVP, Chief Financial Officer 213-489-6478
Manufacturers Bank Reports 2013 Earnings
Press spacebar to pause and continue. Press esc to stop.