EX-99.1 2 a09-33321_1ex99d1.htm EX-99.1

EXHIBIT 99.1

 

Contact Information:

 

Jeffrey M. Watson

Dean Fletcher

President/Chief Executive Officer

Executive Vice President/Chief Financial Officer

Phone: (310) 606-8000

Phone: (310) 606-8000

Fax: (310) 606-8090

Fax: (310) 606-8090

 

MANHATTAN BANCORP REPORTS CONTINUED GROWTH AND BALANCE SHEET STRENGTH
AT SEPTEMBER 30, 2009

 

LOS ANGELES, CA – November 9, 2009 – Manhattan Bancorp (“Company”) (OTCBB: MNHN), the holding company of Bank of Manhattan, N. A. (“Bank”), a national bank, announced that total assets increased to $110.3 million at September 30, 2009, growth of 54% year over year.  Net loans outstanding grew to $72.0 million, representing an annual increase of 50%. Funding for the loan growth came primarily from an increase in deposits which totaled $68.8 million at September 30, 2009, representing an increase of 46% from the September 30, 2008 level.

 

“We continue to focus on building the strongest community banking platform in our marketplace, which we anticipate will allow for the ability to take advantage of numerous growth opportunities in the near future,” stated Jeffrey M. Watson, President and Chief Executive Officer. “We believe that by maintaining a strong credit culture and a solid capital base, we are poised to capitalize on the current market environment.”

 

At September 30, 2009, the Company’s shareholder equity was $29.1 million. The total risk-based capital ratio of 38% stands well above the regulatory definition of “Well Capitalized” level of 10%. Additionally, asset quality remains strong, with no loans more than 30 days past due, no non-performing assets and no Other Real Estate Owned.

 

The provision for loan losses during the quarter was $469 thousand, compared to $102 thousand in the Third Quarter of 2008 and $454 thousand for the Second Quarter of 2009. The Bank continues to take a very proactive approach in the recognition of any potential losses within the loan portfolio. The resultant loan loss reserve, which represents 1.50% of total loans outstanding, is a level that reflects the Banks analysis of the risks within the portfolio at September 30, 2009.

 

As is anticipated for a company in the initial operating stages, Manhattan Bancorp reported a net loss of $1,274,000 for the quarter ended September 30, 2009. Included in the second quarter expenses are $273 thousand in other non-cash expenses as well as the aforementioned $469 thousand provision to the allowance for loan losses.

 

Bank of Manhattan, which opened for business on August 15, 2007, is a full service bank headquartered in the South Bay area of Los Angeles, California. Bank of Manhattan’s primary focus is relationship banking to entrepreneurs, family-owned and closely-held middle market businesses, real estate investors and professional service firms. Additional information is available at www.BankManhattan.com.

 

FORWARD LOOKING STATEMENTS

 

Certain matters discussed in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward looking statements relate to the Company’s current expectations regarding deposit and loan growth, operating results and the strength of the local economy.  These forward looking statements are subject to certain risks and uncertainties that could cause the actual results, performance or achievements to differ materially from those expressed,

 


 

suggested or implied by the forward looking statements.  These risks and uncertainties include, but are not limited to: (1) the impact of changes in interest rates, a decline in economic conditions and increased competition among financial service providers on Bank of Manhattan’s operating results, ability to attract deposit and loan customers and the quality of Bank of Manhattan’s earning assets; (2) government regulation; and (3) the other risks set forth in the Company’s December 31, 2008 10-K, ITEM 1A. Risk Factors filed with the Securities and Exchange Commission.  The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.

 

Financial Data-Manhattan Bancorp and Subsidiary

(Unaudited)

 

 

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

 

 

Sep. 30,

 

Jun. 30,

 

Mar. 31,

 

Dec. 31,

 

Sep. 30,

 

(In thousands)

 

2009

 

2009

 

2009

 

2008

 

2008

 

Balance Sheet - At Period End

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

1,143

 

$

2,148

 

$

15,848

 

$

19,710

 

$

764

 

Investments and fed funds sold

 

33,770

 

27,114

 

17,085

 

12,603

 

19,898

 

Net loans

 

71,963

 

71,154

 

60,810

 

56,467

 

47,994

 

Other assets

 

3,394

 

3,419

 

3,478

 

3,260

 

3,150

 

Total Assets

 

$

110,270

 

$

103,835

 

$

97,221

 

$

92,040

 

$

71,806

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

 

$

20,908

 

$

19,767

 

$

15,423

 

$

15,379

 

$

13,124

 

Interest-bearing deposits

 

47,845

 

39,884

 

36,468

 

32,612

 

33,951

 

Other borrowings

 

11,500

 

11,500

 

11,500

 

9,500

 

4,500

 

Other liabilities

 

876

 

785

 

586

 

261

 

564

 

Stockholders’ equity

 

29,141

 

31,899

 

33,244

 

34,288

 

19,667

 

Total Liabilities and Shareholders’ Equity

 

$

110,270

 

$

103,835

 

$

97,221

 

$

92,040

 

$

71,806

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement

 

 

 

 

 

 

 

 

 

 

 

Interest income (not tax-equivalent)

 

$

1,204

 

$

1,109

 

$

951

 

$

909

 

$

909

 

Interest expense

 

200

 

179

 

216

 

248

 

310

 

Net interest income

 

1,004

 

930

 

735

 

661

 

599

 

Provision for loan losses

 

469

 

454

 

174

 

275

 

102

 

Net interest income after provision

 

 

 

 

 

 

 

 

 

 

 

for loan losses

 

535

 

476

 

561

 

386

 

497

 

Non-interest income

 

47

 

34

 

17

 

11

 

18

 

Non-interest expense

 

1,856

 

1,964

 

1,811

 

1,498

 

1,513

 

Net Loss

 

$

(1,274

)

$

(1,454

)

$

(1,233

)

$

(1,101

)

$

(998

)

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

-5.15

%

-6.53

%

-5.71

%

-5.98

%

-5.07

%

Return on average equity

 

-16.14

%

-17.75

%

-14.75

%

-21.73

%

-19.85

%

 

 

 

 

 

 

 

 

 

 

 

 

Per share:

 

 

 

 

 

 

 

 

 

 

 

Net loss - basic

 

$

(0.32

)

$

(0.36

)

$

(0.31

)

$

(0.42

)

$

(0.38

)

Weighted average shares used

 

3,988

 

3,988

 

3,988

 

2,646

 

2,616

 

Book value per common share at period end

 

$

7.31

 

$

7.61

 

$

7.94

 

$

8.21

 

$

7.52

 

Ending shares

 

3,988

 

3,988

 

3,988

 

3,988

 

2,616

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets Quality & Capital - At Period-End

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Loans past due 90 days or more

 

—

 

—

 

—

 

—

 

—

 

Other real estate owned

 

—

 

—

 

—

 

—

 

—

 

Total non-performing loans

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan loss/total gross loans

 

1.50

%

1.51

%

1.85

%

1.70

%

1.44

%

Non-accrual loans /total gross loans

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

Non-performing assets to total assets

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A