Manhattan Bancorp reports net income for Q3

Manhattan Bancorp has reported a net income attributable to common stockholders of $2.59 million, or $0.21 per share, for the third quarter ended September 30, 2012, compared to net loss attributable to common stockholders of $967,000, or $0.12 loss per share, for the same quarter ended September 30, 2011.

Net interest income for the third quarter ended September 30, 2012 was $4.73 million, compared to $3.39 million for the same quarter ended September 30, 2011.

Net income attributable to common stockholders for the nine months ended September 30, 2012 was $629,000, or $0.06 per share, compared to net loss attributable to common stockholders of $495,000, or $0.06 loss per share, for the same period ended September 30, 2011.

Net interest income for the nine months ended September 30, 2012 was $10.37 million, compared to $11.71 million for the same period ended September 30, 2011.

Terry Robinson, CEO, said: "These robust earnings are a result of realizing economies of scale from merging two sound but over-burdened community business banks, combined with a growing mortgage division now benefiting from two years of infrastructure building. Our employees have worked incredibly hard the past couple of years, transforming our Company from repetitiously reporting losses to attaining sustainable profitability - they deserve most of the credit for this turn-around."