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Manufacturers Bank reports fall in annual net income

Manufacturers Bank has reported a net income of $13.1 million for the full-year period ended December 31, 2007, compared to a net income of $13.3 million in 2006.

Income from operations was $23.6 million for the full-year period compared to $21.3 million for FY 2006.

The bank’s total loans as of December 31, 2007 were $1.1 billion, representing an increase of $47 million, or approximately 4.6% for the corresponding period of 2006. Total deposits as of December 31, 2007 were $1.4 billion, representing an increase of $89 million, or 6.6% compared to $1.3 billion as of December 31, 2006.

The bank’s capital ratios for tier 1 risk-based capital was 17.09% and total risk-based capital was 18.34% as of December 31, 2007, continued to exceed the regulatory definition for a ‘well capitalized bank’ of 6% and 10%, respectively. As of December 31, 2006, these ratios were 17.03% and 18.28%, respectively.

John Chavez, president and COO, said: Our balance sheet continued to strengthen with sufficient liquidity and with shareholder equity growing in 2007 to $257 million, or by 6.6% compared to 2006.