Manufacturers Bank Reports 2014 Earnings

LOS ANGELES--(BUSINESS WIRE)-- 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.

Manufacturers Bank
Cindy Rude, SVP, Marketing & Product Development Manager
213-489-6353
or
Karen Abajian, EVP, Chief Financial Officer
213-489-6478

Source: Manufacturers Bank

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