WHITTIER, Calif., Aug. 09, 2019 (GLOBE NEWSWIRE) — Friendly Hills Bank (the “bank”) (OTCBB: FHLB) reported results for the second quarter of 2019.
For the six months period ending June 30, 2019, the bank reported net income of $619,000 or $0.31 per diluted share of common stock. The bank reported net income of $380,000 or $0.20 per diluted share of common stock for the six months ended June 30, 2018. As of June 30, 2019, the bank reported total assets of $157.0 million, a 2% increase from $154.5 million as of June 30, 2018. The bank’s loan portfolio, net of unearned income, increased 24% from $79.1 million as of June 30, 2018, to $98.2 million as of June 30, 2019. The portfolio remains diversified with $29.1 million or 30% in Commercial & Industrial Loans to local businesses (including $17.3 million in Owner Occupied Commercial Real Estate Loans), $41.5 million or 42% in Commercial Real Estate Loans to investors and $22.1 million or 23% in Residential Real Estate Loans to investors. The bank has an additional $24.4 million in unfunded loan commitments.The bank’s overall deposit base has remained at $116.0 million in the twelve months ended June 30, 2019. Non-interest bearing deposits remain a substantial part of the deposit base (40%), increasing from $45.2 million as of June 30, 2018, to $46.5 million as of June 30, 2019. During the same time period, interest-bearing deposits decreased from $70.8 million as of June 30, 2018, to $69.5 million on June 30, 2019. At June 30, 2019, shareholders’ equity was $18.5 million and the bank’s total risk-based capital ratio was 17%, significantly exceeding the “well-capitalized” level of 10% prescribed under regulatory requirements. The bank also continues to maintain substantial liquidity positions, retaining significant balances of liquidity as well as available collateralized borrowings and other potential sources of liquidity.“We are pleased to report a strong growth in net income over the past quarter which is primarily attributable to an increase in our loan portfolio and control of our expense base,” commented Jeffrey K. Ball, Chief Executive Officer. “We were able to achieve this loan growth while maintaining strong asset quality and a consistent approach to underwriting recognizing the potential for softness in the domestic economy longer term. Although deposits remained flat in comparison to a year ago, the composition continues to be favorable in terms of our cost of funds and reflects the continued variance attributable to having such a large percentage of deposits in core deposits. The bank continues to maintain a strong liquidity position and sufficient capital to support continued long term growth of the company.”
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 bank was established in 2006 by prominent members of the local community who were seeking to provide the market with an alternative to the larger financial institutions in the area. In addition to traditional banking services, Friendly Hills Bank also offers Business Services products which allow small-to-medium size businesses to operate more efficiently. The bank is headquartered in Whittier, California with an additional branch office in Santa Fe Springs, California. For more information on the bank, 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 bank, 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 bank’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
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