Skip to main content
The Bank reported a net income of $1.2 million for the year ended on December 31, 2021, compared to $20.2 million for the same period in 2020. With the persistent low interest rate environment throughout 2021, the Bank continued to experience compression in the net interest margin which resulted in lower net interest income due to the asset sensitive composition of the Bank’s balance sheet.
Credit quality was outstanding throughout 2021. Credit quality is reflected in the percentage of non-accrual loans to total loans of 0.07% as of December 31, 2021. The allowance for credit loss ratio remains satisfactory at 1.69% as of December 31, 2021.
Capital is very strong as evidenced by Tier 1, and Total risk-based capital ratios of 15.68% and 16.85%, respectively; both ratios exceeding the minimum requirement of a well-capitalized institution of 8.00% and 10.00%, respectively.
Message from Kazuhisa Miyagawa, Chairman & CEO
Kazuhisa Miyagawa, Chairman & CEO, commented,"
Manufacturers Bank welcomed J. Alexander “Sander” Pruijs as the new President, effective January 31, 2022.
As a global banking executive and a proven business leader with an extensive track record of achievements across North America, Europe, Asia-Pacific and South America, Mr. Pruijs has a strong background in compliance, governance, risk management, and business growth. Prior to joining Manufacturers Bank, Mr. Pruijs served as the Senior Executive Vice President (“SEVP”), Head of Global Rural and Retail Clients of Rabobank Group focusing on food and agricultural clients in more than 40 countries. Additionally, Mr. Pruijs spent considerable time in Asia with ABN earlier in his career, specifically in Vietnam, Osaka, Kobe, and Tokyo. During his time in Japan, he learned to speak, read, and write Japanese, a great deal of which he maintains today.
Sander is an accomplished banker and people’s leader, and we look forward to his leadership along with the executive team to transform and grow the Bank and continue to meet the needs of our clients.
Regarding the Bank’s financial performance, in December 2021, MB received a $150 million capital injection from its sole shareholder SMBCAH, in support of the Bank’s future growth initiatives, including investments in human resources, infrastructure and systems. These active initiatives are reflected in the Bank’s increased expenses. The Bank is confident that these investments will allow us to continue serving its customers in the best way possible.”
Manufacturers Bank has been operating in Southern California, consistently delivering tailored financial solutions that enhance the economic well-being of its middle market and commercial customers. Bauer Financial Inc., an independent bank rating company, has awarded Manufacturers Bank an Excellent 5 Star.
Manufacturers Bank is headquartered in Los Angeles and has branch offices in Beverly Hills, Brea, Encino, Glendale, Newport Beach, San Jose, Torrance, and Warner Center.
Member FDIC and SBA Preferred National Lender
Equal Opportunity Lender
Equal Housing 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.
For additional information please contact: Dean Bui, SVP, Marketing & Product Development Manager, 213-489-6286, or Karen Abajian, EVP, Chief Financial Officer, 213-489-6478.
All Rights Reserved
sitemap | get adobe reader