Manhattan Bancorp, the holding company of Bank of Manhattan N. A. and MBFS Holdings Inc., today posted improved financial performance leveraged by strong growth in assets, loans and deposits, and an expanding net interest margin.
“2009 represented a year of continued achievements for the Company,” Kyle A. Ransford, chairman of Manhattan Bancorp stated in the press release. “While we completed the investment in Banc of Manhattan Capital LLC, a full service broker/dealer, repaid TARP funds and the associated warrant in full, and attracted talented employees and directors to join the company, we remained focused on executing our strategic plan. We believe this keen focus will enable Manhattan Bancorp to realize its potential as a top performing financial services company.”
For the quarter ended December 31, 2009, Manhattan Bancorp reported a 65 percent increase in total assets to $152.3 million.
There was a 131 percent increase in deposits to $110.9 million, with non-interest bearing deposits reflecting 27 percent of total deposits, or $29.6 million.
The company reported total loans outstanding at $80.1 million, up 40 percent from the same period last year.
Despite the increase in assets, loans and deposits, the company reported a net loss of $1,074,000 for the quarter ended December 31, 2009, and $5,038,000 for the 2009 fiscal year.
Ransford said he doesn’t expect the company’s performance to be exclusive to 2009, and that he remains optimistic for 2010, hinting that the improvements the company did realize may act as a launching pad for overall operations.
“The investments in the resources and people necessary to build a solid, scalable platform during our first two years of operation are beginning to be reflected in our financial performance and growth,” Ransford stated. “We believe the Company is well positioned to continue the momentum going into the year 2010.”
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