Manufacturers Bank Reports 2018 Year-End Earnings
LOS ANGELES--(BUSINESS WIRE)--Mar 22, 2019--Manufacturers Bank (the Bank) is a California commercial bank with total assets of $2.8 billion as of December 31, 2018. On January 1, 2019, Sumitomo Mitsui Banking Corporation (SMBC) established a wholly owned bank holding company in the United States, SMBC Americas Holdings, Inc. (SMBCAH). As a result of this restructuring, Manufacturers Bank is now a wholly owned subsidiary of SMBCAH. The Bank will be referred to as “A Member of SMBC Group.” The Bank reported record net income for the year ended December 31, 2018, of $24.5 million compared to $10.0 million in 2017, which was negatively impacted by the 2017 Tax Reform Bill Act adjustment.
Despite the highly competitive lending market, the Bank remained steadfast in its goal of organic growth. Total loans were $1.9 billion and total deposits were $2.3 billion at December 31, 2018.
Credit quality was outstanding throughout 2018. Credit quality is reflected in the percentage of non-accrual loans to total loans of 0.10% as of December 31, 2018. The allowance for credit loss ratio remains satisfactory at 1.77% as of December 31, 2018.
Capital remained strong as evidenced by Tier 1 and Total risk-based capital ratios of 12.96% and 14.21%, 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 with, “Mr. Kusakabe, Chairman & CEO, and I both wish to announce, on January 1, 2019 Sumitomo Mitsui Banking Corporation (SMBC) established a wholly owned bank holding company in the United States, SMBC Americas Holdings, Inc. (SMBCAH). As a result of this restructuring, Manufacturers Bank is now a wholly owned subsidiary of SMBCAH. The Bank will be referred to as “A Member of SMBC Group . ” Please visit our corporate website under our Earnings page to view more with the Press Release from SMBC.
We are proud of building strong relationships with our customers. Our Bank is pleased that we continue to meet expectations with a solid customer base.
Manufacturers Bank is well positioned to offer tailored financial solutions to professionals 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.
We look forward to establishing and maintaining one-on-one relationships with each and every customer and serving you in 2019. The Bank is focusing on new opportunities with our Beverly Hills office where we will be expanding our services and relocating minutes away from our existing location.More information to follow as we get closer to the move.
Mr. Kusakabe, Chairman & CEO, and I sincerely thank our customers for 57 years of business and loyalty, and we thank 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 a depository rating, Excellent 4 Star, to Manufacturers Bank.
Manufacturers Bank is headquartered in Los Angeles and operates from branch offices in Beverly Hills, Brea, Encino, Glendale, Little Tokyo, 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: Cindy Rude, SVP, Marketing & Product Development Manager, 213-489-6353 or Karen Abajian, EVP, Chief Financial Officer, 213-489-6478.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190322005032/en/
CONTACT: Cindy Rude, SVP, Marketing & Product Development Manager
213-489-6353Karen Abajian, EVP, Chief Financial Officer
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: Manufacturers Bank
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PUB: 03/22/2019 10:13 AM/DISC: 03/22/2019 10:13 AM