Gresham, Oregon (PRWEB) May 16, 2013
Gresham, Oregon based MBank today announced its first quarter earnings marked a return to profitability for parent company Merchants Bancorp. The holding company reported net income of $131,000 or $0.01 per share in the first quarter of 2013, compare to a net loss of $328,000 or ($0.03) for the prior years quarter.
MBank reported to shareholders on the ongoing success of two major initiatives:
- A 1st quarter capital raise of $2.5 million
- A significant improvement in the reduction of non-performing assets as “the ratio of non-performing loans to capital and reserves” has dropped to 43%, down from more than 200% in past years.
MBank President and Chief Executive Officer Jef Baker said, “We are extremely proud to acknowldege the efforts of our dedicated and loyal staff that have made all of the improvements possible. The commitment of our employees to our customers and to MBank determine our success. We are privileged to have such a talented group of MBankers.”
The return to profitablity for MBank and Merchants Bancorp is a first since both last reported profits in 2007 before the real estate downturn and the recession.
MBank, an equal housing lender, FDIC member institution, is headquartered in Gresham, Oregon and has offices in Gresham, Gladstone, Lake Grove, and in Portland at 9415 SE Stark Street and at the corner of NE 36th Ave. and Broadway.
"Forward Looking Statements"
This news release contains forward looking statements. Forward looking statements, by their nature, are subject to risks and uncertainties. A number of factors could cause actual conditions, events or results to differ significantly from those described in the forward looking statements. Forward looking statements speak only as of the date they are made. MBank does not undertake to update forward looking statements to reflect circumstances or events that occur after the date the forward looking statements are made or to reflect the occurrence of unanticipated events. MBank makes forward looking statements in this release relating to the completion of the recapitalization and its compliance with regulatory capital requirements.