EX-99.2 3 a10-3501_1ex99d2.htm EX-99.2

EXHIBIT 99.2

 

Contact Information:

 

 

Harry W. Chenoweth

 

Dean Fletcher

Interim 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 ASSETS IN EXCESS OF $150 MILLION AT DECEMBER 31, 2009

 

LOS ANGELES, CA — February 09, 2010 — Manhattan Bancorp (“Company”) (OTCBB: MNHN), the holding company of Bank of Manhattan, N. A. (“Bank”), a national bank, and MBFS Holdings, Inc., which owns a majority interest in Banc of Manhattan Capital, LLC, announced today that strong growth in assets, loans and deposits, along with an expanding net interest margin, contributed to improved financial performance for the period ended December 31, 2009.

 

FINANCIAL HIGHLIGHTS

(as of, or for the periods ended December 31, 2009, compared to December 31, 2008)

 

·                  Total assets grew 65% to $152.3 million.

·                  Deposits increased 131% to $110.9 million, with non-interest bearing deposits reaching $29.6 million, or 27% of total deposits.

·                  Total loans outstanding increased 40% to $80.1 million.

·                  Credit quality remained strong with no past due loans, no non-performing loans and no Other Real Estate Owned.

·                  The Allowance for Loan and Lease Losses represented 1.50% of total outstanding loans as of December 31, 2009 compared with 1.70% of total outstanding loans as of December 31, 2008.

·                  Annual net interest margin expanded to 4.00% for 2009 compared to 3.89% for 2008.

·                  Capital ratios exceed 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 34%, Tier 1 Risk-Based Capital Ratio of 32% and Tier 1 Leverage Ratio of 24%.

 

“2009 represented a year of continued achievements for the Company,” noted Kyle A. Ransford, Chairman of the Company. “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.”

 

“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,” added Mr. Ransford. “We believe the Company is well positioned to continue the momentum going into the year 2010.”

 

At December 31, 2009, the Company’s shareholder equity, including minority interest, was $28.4 million. The provision for loan losses during the year was $1,180,000, compared to $706,000 in 2008. 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 at a level that reflects the Banks analysis of the risks within the portfolio at December 31, 2009. 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.

 

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. At October 1, 2009, Manhattan Bancorp, through its wholly owned subsidiary, MBFS Holdings, Inc., acquired a 70% interest in Banc of Manhattan Capital, LLC, a full service mortgage-centric broker/dealer. 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

 

 

 

Dec. 31,

 

Sep. 30,

 

Jun. 30,

 

Mar. 31,

 

Dec. 31,

 

(In thousands)

 

2009

 

2009

 

2009

 

2009

 

2008

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet - At Period End

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

1,214

 

$

1,143

 

$

2,148

 

$

15,848

 

$

19,710

 

Investments and fed funds sold

 

67,558

 

33,770

 

27,114

 

17,085

 

12,603

 

Net loans

 

78,914

 

71,963

 

71,154

 

60,810

 

56,467

 

Other assets

 

4,629

 

3,394

 

3,419

 

3,478

 

3,260

 

Total Assets

 

$

152,315

 

$

110,270

 

$

103,835

 

$

97,221

 

$

92,040

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

 

$

29,647

 

$

20,908

 

$

19,767

 

$

15,423

 

$

15,379

 

Interest-bearing deposits

 

81,273

 

47,845

 

39,884

 

36,468

 

32,612

 

Other borrowings

 

12,000

 

11,500

 

11,500

 

11,500

 

9,500

 

Other liabilities

 

993

 

876

 

785

 

586

 

261

 

Stockholders’ equity, including minority interest

 

28,402

 

29,141

 

31,899

 

33,244

 

34,288

 

Total Liabilities and Shareholders’ Equity

 

$

152,315

 

$

110,270

 

$

103,835

 

$

97,221

 

$

92,040

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement

 

 

 

 

 

 

 

 

 

 

 

Interest income (not tax-equivalent)

 

$

1,338

 

$

1,204

 

$

1,109

 

$

951

 

$

909

 

Interest expense

 

251

 

200

 

179

 

216

 

248

 

Net interest income

 

1,087

 

1,004

 

930

 

735

 

661

 

Provision for loan losses

 

84

 

469

 

454

 

174

 

275

 

Net interest income after provision for loan losses

 

1,003

 

535

 

476

 

561

 

386

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income

 

936

 

47

 

34

 

17

 

11

 

Non-interest expense

 

3,024

 

1,856

 

1,964

 

1,811

 

1,498

 

Net Loss, excluding minority interest

 

$

(1,074

)

$

(1,274

)

$

(1,454

)

$

(1,233

)

$

(1,101

)

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

-3.57

%

-5.15

%

-6.53

%

-5.71

%

-5.98

%

Return on average equity

 

-14.79

%

-16.14

%

-17.75

%

-14.75

%

-21.73

%

 

 

 

 

 

 

 

 

 

 

 

 

Per share:

 

 

 

 

 

 

 

 

 

 

 

Net loss -Manhattan Bancorp shareholders- basic

 

$

(0.27

)

$

(0.32

)

$

(0.36

)

$

(0.31

)

$

(0.42

)

Weighted average shares used

 

3,988

 

3,988

 

3,988

 

3,988

 

2,646

 

Book value per common share at period end

 

$

7.05

 

$

7.31

 

$

7.61

 

$

7.94

 

$

8.21

 

Ending shares

 

3,988

 

3,988

 

3,988

 

3,988

 

3,988

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

1.50

%

1.51

%

1.85

%

1.70

%

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