Manhattan Bancorp, the holding company of Bank of Manhattan, N. A. and MBFS Holdings, Inc., which owns a majority interest in Banc of Manhattan Capital, LLC, and Manhattan Capital Markets, LLC, announced today their third-quarter results and the strong financial position of their balance sheets as of September 30, 2010.
Financial highlights as of, or for the nine-month period ended September 30, 2010, compared to September 30, 2009 include capital ratios exceeding the levels required to be considered “well-capitalized” under generally applicable regulatory guidelines (the highest level determined by the regulatory agencies), with a Total Risk-Based Capital Ratio of 27.7 percent, Tier 1 Risk-Based Capital Ratio of 26.5 percent, and Tier 1 Leverage Ratio of 19.2 percent. Total gross loans grew 14 percent to $83 million.
Deposits increased 49 percent to $102 million, with non-interest bearing deposits at $30 million, or 29 percent of total deposits. Their credit quality remains strong. They have no past-due loans, no non-performing loans, and no Other Real Estate Owned. The business continues to grow their top line. Interest income was up 50 percent to $4.9 million. Non-interest income was up significantly from $98,000 to $5.9 million. This was attributable largely to growth in their capital markets business. The quarterly net interest margin grew to 4.46 percent from 4.26 percent.
At September 30, 2010, Manhattan Bancorp had $135 million in assets and $26 million in shareholders’ equity. They reported a net loss of $864,000 for the quarter. They continue to take a conservative approach by growing the loan loss reserve in these continuing uncertain economic times. During the third quarter of 2010, Manhattan Bancorp increased their loan loss reserves to 2.24 percent by adding $150,000 to the provision for loan losses.
Kyle Ransford, Manhattan Bancorp’s Chairman of the Board, said, “The Company has made solid progress in 2010. During September of 2010, the Bank launched its mortgage operations. The prospects appear favorable that, by providing this service to our expanding customer base, it will contribute towards the Company’s profitability as we move forward. We are also pleased that the Company’s balance sheet remains solid as the Bank continues to report no non-performing assets, despite the challenges that exist within the economy.”
With headquarters in the South Bay area of Los Angeles, California, Bank of Manhattan, N. A. is a full service bank. The Bank’s primary focus is relationship banking and residential mortgages to entrepreneurs, family-owned and closely-held middle market businesses, real estate investors, and professional service firms.
For more information visit: www.BankManhattan.com
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