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EARNINGS UPDATES

 

September 7, 2017
Manufacturers Bank Reports First Half 2017 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 six months ended June 30, 2017 of $7.8 million, an increase of $1.2 million, compared to $6.6 million for the same period in 2016.

The Bank’s balance sheet increased 2% over the prior year funded by a 4% increase in deposits. Credit quality remained sound through the first six months of 2017. Credit quality is reflected in the percentage of non-accrual loans to total loans at 0.08% as of June 30, 2017. The allowance for credit loss ratio remains satisfactory at 1.82% as of June 30, 2017.

Capital remained strong as evidenced by Tier 1 and Total risk-based capital ratios of 12.79% and 14.05%, 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

Please join me in welcoming Mr. Fumihiko Kusakabe, our new Chairman and Chief Executive Officer. Mr. Kusakabe assumed the duties of Chairman and CEO effective April 26, 2017.

Mr. Kusakabe is no stranger to the Bank. He was assigned to the Bank’s Planning Office from 2000 to 2003 and worked closely with local management and the Planning Department Americas Division in New York.

He began his career with Mitsui Bank Ltd. in 1986 and was promoted with increasing responsibilities at SMBC. His most recent positions have been General Manager, International Compliance Department and Chief Secretary, Secretariat.

As always, I 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 a depository rating, Excellent 4 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

SBA Preferred National 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.

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April 5, 2017
Manufacturers Bank Reports 2016 Earnings

Manufacturers Bank (the Bank), a California commercial bank with total assets of $2.61 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, 2016, of $14.1 million compared to $13.2 million in 2015. Increased earning assets resulted in favorable year over year earnings performance.

As a result of the Bank’s ongoing strategic initiative to reposition the loan portfolio to a customer profile with higher profitability, total loans were $1.88 billion at December 31, 2016, in line with 2015. Total deposits were $2.11 billion at December 31, 2016.

Credit quality was outstanding through 2016. Credit quality is reflected in the percentage of non-accrual loans to total loans at 0.02% as of December 31, 2016. The allowance for credit loss ratio remains satisfactory at 1.77% as of December 31, 2016.

Capital remained strong as evidenced by Tier 1 and Total risk-based capital ratios of 12.49% and 13.74%, 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, “The Bank made great strides in achieving our strategic plan of repositioning our loan portfolio in a highly competitive industry; we have done so by staying focused and concentrating our efforts on building strong relationships with our customers. Our Bank is pleased that we continue to meet expectations with a solid customer base.

We remain a trusted long-term financial partner that provides extraordinary personalized service to professionals, individual customers and many local small businesses. All decisions are made locally by people who understand the unique financial needs of the business people and the communities we serve. We know that quick decision making, flexibility and responsiveness are important to our customers.

Our customers’ success and satisfaction has been the cornerstone of our mission in the past and will continue in the future. On behalf of management and the staff, we thank you for being our valued customers. We look forward to establishing and maintaining one-on-one relationships with each and every customer and serving you for many years to come.”

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 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.

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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.

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