Skip to main content or please stop by one of our convenient locations.

Press Release Image

EARNINGS UPDATES

 

MANUFACTURERS BANK REPORTS FIRST HALF 2016 EARNINGS

August 24, 2016
Manufacturers Bank Reports 2016 Earnings

Manufacturers Bank (the Bank), a California commercial bank with total assets of over $2.5 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 six months ended June 30, 2016 of $6.6 million compared to $7.1 million for the same period in 2015, which included a nonrecurring gain on sale of other assets of $0.7 million, after tax. Excluding this nonrecurring item, net income for the six months ended June 30, 2016, increased $0.2 million over the same period of 2015.
The Bank continued to be focused on loan growth in 2016. As a result of the Bank’s deliberate strategic initiative to reposition the loan portfolio to a customer profile with higher profitability, total loans were $1.9 billion at June 30, 2016, the same level as year-end 2015. However, management is projecting strong loan growth in the second half of the year.
Credit quality remained sound through the first six months of 2016. Credit quality is reflected in the percentage of non-accrual loans to total loans at 0.08% as of June 30, 2016. The allowance for credit losses to total outstanding loans ratio remains satisfactory at 1.71% as of June 30, 2016.
Capital remained strong as evidenced by Tier 1 and Total risk-based capital ratios of 12.59% and 13.84%, respectively; both ratios exceed the minimum requirements of a well-capitalized institution of 8.00% and 10.00%, respectively.

Message from Naresh Sheth, President & COO
I am proud to report that the Bank’s sound earnings performance for the first half of 2016 remains strong and growth oriented. We maintained the total loans level of year-end 2015 despite challenging market conditions and the execution of the portfolio repositioning; the Bank’s asset quality is stellar.
The U.S. economy is the most stable and resilient in the world, and improving trends suggest that this situation will continue. Positive economic signs include strong U.S. job and consumer spending growth, as well as improving business sentiment. Further, the mid-year jobs data far exceeded expectations with 287,000 nonfarm jobs created, well above the estimated 180,000. This is the largest increase since October 2015. Consumer spending constitutes roughly 70 percent of the domestic economy, and consumers seem willing and able to spend. Home building is steady, home sales are increasing, and retail sales are rising.
With these facts and statistics as a backdrop, I wish to thank our customers for their continued support and loyalty. We very much appreciate and value your continued confidence in our ability to deliver world-class products and services. Everyone at Manufacturers Bank is dedicated to supporting you because our key objective is, and will remain, to help drive the growth and prosperity of your business.

 

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, Torrance, Newport Beach and Brea.

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 operation and continued evolution in the financial service industry.

 

For additional information please contact: Cindy Rude, SVP, Marketing & Product Development Manager, 213-489-6353 or Karen Abajian, EVP, Chief Financial Officer, 213-489-6478.

Top


 

 

MANUFACTURERS BANK REPORTS FIRST HALF 2015 EARNINGS

February 29, 2016
Manufacturers Bank Reports 2015 Earnings

Manufacturers Bank (the Bank), a California commercial bank with total assets of $2.6 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, 2015 of $13.2 million compared to $9.5 million in 2014. Increased earning assets resulted in favorable year over year earnings performance.
The Bank continued to maintain its strategic focus on loan growth in 2015. As of December 31, 2015, total loans were $1.86 billion, a $135.9 million or 7.87% increase over year end 2014 total loans of $1.73 billion. Commercial and Industrial loans totaled $1.06 billion at December 31, 2015, an increase of $75.9 million over year end 2014, and represent 56.85% of the overall gross loan portfolio. Real Estate loans totaled $783.0 million at December 31, 2015, an increase of $60.4 million over year end 2014, and represent 42.04% of the overall loan portfolio.
Credit quality remained sound through 2015. Credit quality is reflected in the percentage of non-accrual loans to total loans at 0.14% as of December 31, 2015.  The allowance for credit loss ratio remains satisfactory at 1.65% as of December 31, 2015.
Capital remained strong as evidenced by Tier 1 and Total risk-based capital ratios of 13.25% and 14.50%, respectively; both ratios exceed the minimum requirements of a well-capitalized institution of 8.00% and 10.00%, respectively.

Message from Naresh Sheth, President & COO
Naresh Sheth, President and Chief Operating Officer, commented, “Happy New Year to All.  I wish you a New Year filled with peace, prosperity and happiness.
I am very pleased to report the Bank’s sound earnings performance in 2015.  As a result of teamwork and concentrated efforts, the Bank is able to announce our fifth consecutive year of historic loan growth.  Along with the increased earning assets, the Bank has maintained exceptional asset quality.  Our Bank is thrilled that our strong capital and liquidity continue with a solid customer base.
We have reached this level of success as we are dedicated to cultivating relationships with our customers and the community.  We will continue to spend time with customers and work with them to ensure we create tailored services for their businesses. Manufacturers Bank consistently delivers superior products.  We are enthusiastic as we enter the first quarter of 2016.
I thank our valued customers for their continued support and assure you that we will continue to challenge ourselves to set the standard of excellence, to make a positive impact, and to earn your trust and respect every day, not only for what we achieve, but with the methods in which we achieve it.  We value your loyalty.”

 

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, Torrance, Newport Beach and Brea.

Member FDIC 
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: Cindy Rude, SVP, Marketing & Product Development Manager, 213-489-6353 or Karen Abajian, EVP, Chief Financial Officer, 213-489-6478.

Top


 

September 14, 2015

 

Manufacturers Bank (the Bank), a California commercial bank with total assets of over $2.5 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 six months ended June 30, 2015 of $7.1 million compared to $6.1 million for the same period in 2014. Increased earning assets resulted in favorable year over year earnings performance.

The Bank continued to maintain its strategic focus on loan growth in 2015. As of June 30, 2015, total loans were $1.8 billion, an $81.7 million or 4.73% increase over year end 2014 total loans of $1.7 billion. Commercial and Industrial loans totaled $1.1 billion at June 30, 2015, an increase of $93.4 million over year end 2014, and represent 59.52% of the overall gross loan portfolio. Real Estate loans totaled $708.9 million at June 30, 2015, a decrease of $13.7 million over year end 2014, and represent 39.20% of the overall loan portfolio.

Credit quality remained sound through the first six months of 2015. Credit quality is reflected in the percentage of non-accrual loans to total loans at 0.15% as of June 30, 2015. The allowance for credit loss ratio remains satisfactory at 1.59% as of June 30, 2015.

Capital remained strong as evidenced by Tier 1 and Total risk-based capital ratios of 13.36% and 14.62%, respectively; both ratios exceed the minimum requirements of a well-capitalized institution of 5.00% and 10.00%, respectively.

MESSAGE FROM NARESH SHETH, PRESIDENT & COO

Naresh Sheth, President and Chief Operating Officer, announced on June 5th, Mr. Masaya Inagaki was appointed the new Chairman and Chief Executive Officer for Manufacturers Bank. Mr. Inagaki brings a wealth of experience with 30 years in key divisions of SMBC including several overseas assignments in Hong Kong, Suzhou, and Shanghai. Most recently, Mr. Inagaki served as the General Manager at the SMBC Head Office for the Corporate Business Office. He is very much looking forward to meeting our customers and continuing with the same standards of excellence created by his predecessors here at Manufacturers Bank.

Please join us in welcoming Mr. Inagaki to Manufacturers Bank! We also take this opportunity to thank Mr. Mitsugu Serizawa for his strong leadership and guidance. His vision and commitment were critical to our success and growth during his tenure with Manufacturers Bank.

Naresh Sheth commented, “I am very pleased to report the Bank’s sound earnings performance for the first half of 2015. As a result of our efforts and collaborative teamwork, the Bank was able to enjoy continued growth in the first half of 2015. Along with the increase in earning assets, the Bank has maintained remarkable asset quality. Our Bank continues to enjoy strong capital and liquidity with a solid customer base.

We have reached this level of success as we are dedicated to fostering relationships with our customers and the community. Manufacturers Bank has been able to consistently deliver superior products. We are enthusiastic as we enter the third quarter.

I thank our valued customers for their continued support and assure you that we will continue to challenge ourselves to set the standard of excellence, to make a positive impact, and to earn your trust and respect every day, not only for what we achieve, but with the method in which we achieve it. We value your loyalty.”

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, Torrance, Newport Beach and Brea.

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.

Top


 

April 5, 2015 

Manufacturers Bank Reports 2014 Earnings

Manufacturers Bank (the Bank), a California commercial bank with total assets of $2.45 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, 2014 of $9.5 million compared to $7.9 million in 2013. Increased earning assets and a modestly improved net interest margin resulted in favorable year over year earnings performance.

In 2014, the Bank maintained its strategic focus on loan growth and achieved a fourth consecutive historic benchmark year. As of December 31, 2014, total loans were $1.73 billion, a $157.3 million or 10.0% increase over year end 2013 total loans of $1.57 billion. Commercial and Industrial loans totaled $983.1 million at December 31, 2014, an increase of $74.8 million over year end 2013, and represent 56.9% of the overall gross loan portfolio. Real Estate loans totaled $722.6 million at December 31, 2014, an increase of $86.7 million over year end 2013, and represent 41.8% of the overall loan portfolio.

Credit quality remained exceptional through 2014. Credit quality is reflected in the percentage of non-accrual loans to total loans of 0.16% as of December 31, 2014. The allowance for credit loss ratio remains satisfactory at 1.66% as of December 31, 2014.

 

Capital remained strong as evidenced by Tier 1 and Total risk-based capital ratios of 14.40% and 15.66%, 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 2014.   As a result of our efforts and concentration through teamwork, the Bank was able to enjoy our fourth consecutive year of historic loan growth. Along with the increase in earning assets, the Bank has maintained remarkable asset quality. Our Bank continues to enjoy strong capital and liquidity with a solid customer base.

We have reached this level of sustained success by focusing on two strategic priorities, our valuable customers and the tailored products we offer them.  Since embracing this strategy, Manufacturers Bank has been able to consistently deliver superior products. 

I thank our valued customers for their continued support and assure you that we will continue to challenge ourselves to set the standard of excellence, to make a positive impact, and to earn your trust and respect every day, not only for what we achieve, but how we do it.  We value your loyalty.”

 

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, Torrance,  Newport Beach and Brea.

 

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.

 

 

For additional information please contact: Cindy Rude, SVP, Marketing & Product Development Manager, 213-489-6353 or Karen Abajian, EVP, Chief Financial Officer, 213-489-6478.

 

Top


 
March 28, 2014


Manufacturers Bank Reports 2013 Earnings

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 Banks 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 Banks operations and continued evolution in the financial services industry.

For additional information please contact: Cindy Rude, SVP, Marketing & Product Development Manager, 213-489-6353 or Karen Abajian, EVP, Chief Financial Officer, 213-489-6478

Top


 

September 13, 2013


Manufacturers Bank Reports First Half 2013 Earnings

Manufacturers Bank (the Bank), a California commercial bank with total assets of $2.23 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 six months ended June 30, 2013 of $3.5 million compared to $3.2 million for the same period in 2012. Increased earning assets and a reduction in non-interest expense resulted in favorable year over year earnings performance.

The Bank continued to maintain its strategic focus on loan growth in 2013. As of June 30, 2013, total loans were $1.36 billion, a $31.4 million or 2.4% increase over year end 2012 total loans of $1.33 billion. Commercial and Industrial loans totaled $802.3 million at June 30, 2013, an increase of $35.2 million over year end 2012, and represent 59.0% of the overall gross loan portfolio. Real Estate loans totaled $533.3 million at June 30, 2013, a decrease of $1.8 million over year end 2012, and represent 39.2% of the overall loan portfolio.

Credit quality remained sound through the first six months of 2013. Credit quality is reflected in the percentage of non-accrual loans to total loans at 0.75% as of June 30, 2013. The allowance for credit loss ratio remains satisfactory at 1.64% as of June 30, 2013.

Capital remained strong as evidenced by Tier 1 and Total risk-based capital ratios of 15.71% and 16.96%, 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, "We as a management team are encouraged that despite the extremely competitive lending market, in conjunction with subdued loan demand, the Bank achieved modest loan growth in the first half of 2013. The Bank remains committed to its strategic initiatives of organic and non-organic growth. 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 Banks 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 Banks operations and continued evolution in the financial services industry.

For additional information please contact: Cindy Rude, VP, Marketing, 213-489-6353 or Karen Abajian, EVP, Chief Financial Officer, 213-489-6478.

Top


 

Due to a temporary service interruption, CMConnectPlus (CMCP) users are unable to login at this time. Should you require assistance contact eBanking Support at
888-307-1543 or at CMS@manubank.com.

Due to a temporary service interruption, Small Business and Personal Online Banking users are unable to login at this time. Should you require assistance contact eBanking Support at 888-307-1543 or at CMS@manubank.com.

Due to a temporary service interruption, MB Remote Deposit users are unable to login at this time. Should you require assistance contact eBanking Support at 888-307-1543 or at CMS@manubank.com.

You are leaving Manufacturers Bank's website

The website you have selected is an external one located on another server. Manufacturers Bank has no responsibility for any external website. We neither endorse the information, content, presentation, or accuracy nor make any warranty, express or implied, regarding any external site.

Proceed Cancel
×

Unsecure Email Disclosure

Your privacy is very important to us. We would like to advise you that Internet email is not secure. Please do not submit any information that you consider confidential. We recommend you do not include your social security or account number or other specific identifying information.

Continue Cancel
×