WHITTIER, Calif., Feb. 07, 2020 (GLOBE NEWSWIRE) — Friendly Hills Bank (the “Company”) (OTCBB: FHLB) reported results for the fourth quarter of 2019.
For the twelve month period ending December 31, 2019, the Company reported net income of $1.1 million or $0.55 per diluted share of common stock. This figure includes a $125,000 provision for loan losses. The Company reported net income of $907,000 or $0.47 per diluted share of common stock for the twelve months ended December 31, 2018, without any provision for loan losses.As of December 31, 2019, the Company reported total assets of $158.9 million, a 4% increase from $152.6 million as of December 31, 2018. The Company’s loan portfolio, net of unearned income, increased 9% from $86.1 million as of December 31, 2018, to $94.0 million as of December 31, 2019. The portfolio remains diversified with $27.8 million or 30% in Commercial & Industrial Loans to local businesses (including $18.7 million in Owner Occupied Commercial Real Estate Loans), $17.7 million or 19% in Residential Real Estate Loans to investors and $44.0 million or 47% in Commercial Real Estate Loans to investors. The Company has an additional $24.9 million in unfunded loan commitments.The Company’s overall deposit base has decreased 3% in the twelve months ended December 31, 2019, from $122.2 million as of December 31, 2018, to $118.2 million as of December 31, 2019. Non-interest bearing deposits remain a substantial part of the deposit base (46%), increasing from $43.8 million to $54.3 million as of December 31, 2019. During the same time period interest-bearing deposits decreased from $78.4 million to $63.9 million on December 31, 2019. The Company has no deposits which were sourced through brokers. At December 31, 2019, shareholders’ equity was $19.0 million and the Company’s total risk-based capital ratio was 18%, significantly exceeding the “well-capitalized” level of 10% prescribed under regulatory requirements. The Company also continues to maintain a substantial liquidity position supplemented by the availability of collateralized borrowings and other potential sources of liquidity.“We are pleased to report another solid year of earnings growth for the Company in 2019,” commented Jeffrey K. Ball, Chief Executive Officer. “Our increased income is a reflection of the strong loan growth we experienced during the year while maintaining strength in our core deposit base. Book value per share has increased over 11% in the past year as the capital base continues to be well above regulatory guidelines supporting continued selective growth of the company while we maintain a consistent approach to underwriting.”Company Profile:
Friendly Hills Bank is a community bank which was formed to primarily serve the Southern California communities of eastern Los Angeles County and northern Orange County. The Company was established in 2006 by prominent members of the local community who were seeking an alternative to the larger financial institutions in the area. The Company is headquartered in Whittier, California with an additional branch office in Santa Fe Springs, California. For more information on the Company, please visit www.friendlyhillsbank.com or call 562-947-1920.Forward Looking Statements:
The numbers in this press release are unaudited. Statements such as those regarding the anticipated development and expansion of Friendly Hills Bank’s business, and the intent, belief or current expectations of the Company, its directors or its officers, are “forward looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Company’s performance, including its ability to generate loan and deposit growth, changes in interest rates, and regulatory matters.Contacts:
Jeffrey K. Ball (President & CEO)
Viktor Uehlinger (EVP & CFO)
(562) 947-1920
Bay Street News