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The Bank reported net income for the six months ended June 30, 2021 of $4.5 million, a decrease of $6.9 million, or 60.3%, compared to $11.4 million for the same period in 2020. The Bank’s asset sensitive balance sheet continued to be impacted by the persistent low interest rate environment.
During the first half of 2021, as the economy started to emerge from the economic lockdown brought on by the pandemic in conjunction with business customers benefitting from the second round of the Paycheck Protection Program (PPP), the Bank maintained sound credit quality. Credit quality is reflected in the percentage of non-accrual loans to total loans at 0.08% as of June 30, 2021. The allowance for credit loss ratio was solid at 1.83% as of June 30, 2021.
Capital remained strong as evidenced by Tier 1 and Total risk-based capital ratios of 13.55% and 14.80%, respectively; both ratios exceeding the minimum requirements of a well-capitalized institution of 8.0% and 10.00%, respectively.
Message from Kazuhisa Miyagawa, Chairman & CEO
Kazuhisa Miyagawa, Chairman & CEO, commented, “in continuation of the Paycheck Protection Program (PPP) introduced in 2020, Manufacturers Bank was proud to participate in round two of this government sponsored program to assist many of our customers to keep their businesses operational. Bank personnel continue to offer invaluable service to our customers as we help guide them through the PPP debt forgiveness process facilitated by the Small Business Administration.
As we press on with renewed enthusiasm to grow the Bank, seeking new business verticals, we are always mindful of the loyal relationships we have built over the years and thank you for putting your trust in our services. We continually strive to partner with you to aid your business to succeed. Please continue to stay healthy and be safe.”
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 5 Star, to Manufacturers Bank.
Manufacturers Bank is headquartered in Los Angeles and operates from branch offices in Beverly Hills, Brea, Downtown Los Angeles, Encino, Glendale, Little Tokyo, Newport Beach, San Jose, Torrance and Warner Center.
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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: Dean Bui, SVP, Marketing & Product Development Manager, 213-489-6286 or Karen Abajian, EVP, Chief Financial Officer, 213-489-6478.
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