Friendly Hills Bank Reports Third Quarter Results

WHITTIER, Calif., Nov. 08, 2019 (GLOBE NEWSWIRE) — Friendly Hills Bank (the “bank”) (OTCBB: FHLB) reported results for the third quarter of 2019.
For the nine months period ending September 30, 2019, the bank reported net income of $933,000 or $0.47 per diluted share of common stock.  The bank reported net income of $587,000 or $0.30 per diluted share of common stock for the nine months ended September 30, 2018.    As of September 30, 2019, the bank reported total assets of $160.2 million, a 3% increase from $155.4 million as of September 30, 2018.  The bank’s loan portfolio, net of unearned income, increased 32% from $78.0 million as of September 30, 2018, to $102.9 million as of September 30, 2019.  The portfolio remains diversified with $34.0 million or 33% in Commercial & Industrial Loans to local businesses (including $20.9 million in Owner Occupied Commercial Real Estate Loans), $43.2 million or 42% in Commercial Real Estate Loans to investors and $20.7 million or 20% in Residential Real Estate Loans to investors.  The bank has an additional $22.1 million in unfunded loan commitments.The bank’s overall deposit base has decreased 1% from $120.5 million to $119.9 million in the twelve months ended September 30, 2019.  Non-interest bearing deposits remain a substantial part of the deposit base (45%), increasing from $50.1 million as of September 30, 2018, to $53.5 million as of September 30, 2019.  During the same time period, interest-bearing deposits decreased from $70.4 million as of September 30, 2018, to $66.4 million on September 30, 2019.  At September 30, 2019, shareholders’ equity was $18.9 million and the bank’s total risk-based capital ratio was 19%, 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 continued growth in our loan portfolio over the past quarter which is the primary contributor to the increase in earnings,” commented Jeffrey K. Ball, Chief Executive Officer.  “This growth has been achieved while maintaining a consistent underwriting approach to our loan portfolio with a continued focus on asset quality and a strong balance sheet.  Although deposits decreased slightly in comparison to a year ago, the composition of this funding base continues to be favorable with a large percentage of deposits in core deposits.  The bank has sufficient liquidity and capital to support the continued selective 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 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.
Jeffrey K. Ball (President & CEO)                                                                                              
Viktor Uehlinger (EVP & CFO)                                                                                                   
(562) 947-1920

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.