LOS ANGELES--(BUSINESS WIRE)--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.
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.