Friendly Hills Bancorp (PK) (USOTC:FHLB)
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WHITTIER, Calif., April 23 /PRNewswire-FirstCall/ -- Friendly Hills Bank (OTC:FHLB) (BULLETIN BOARD: FHLB) reported results for the first quarter of 2008, its sixth full quarter of operations, since opening on September 18, 2006. As of March 31, 2008, the bank reported total assets of $49.2 million, an increase of 8% from $45.5 million on December 31, 2007.
The bank's overall deposit base grew over 11% in the past quarter to $34.6 million from $31.1 million as of December 31, 2007. Non-interest bearing deposits increased 12% from $12.9 million on December 31, 2007 to $14.4 million as of March 31, 2008. During the same time period interest bearing deposits advanced 11% from $18.0 million to $20.1 million on March 31, 2008. The bank's core deposit base remains strong with over 42% in non-interest bearing accounts and 3.7% in Certificates of Deposit over $100,000. The bank has no deposits which were sourced through brokers or originated on the basis of above-market rate programs.
The bank's loan portfolio, net of an allowance for loan losses, also continued to grow, increasing 25% from $18.3 million as of December 31, 2007, to $22.8 million as of March 31, 2008. The portfolio remains diversified with $6.3 million or 28% in Commercial and Industrial Loans to local businesses and $12.1 million in Commercial Real Estate loans of which $7.1 million or 31% in Owner Occupied properties. The bank has an additional $17.4 million in unfunded loan commitments and no non-performing loans or residential 'sub-prime' mortgage loans.
The bank's primary generator of income is Net Interest Income which increased by over 65% from $322,611 in the quarter ended March 31, 2007, to $533,811 in the quarter ended March 31, 2008. For the most recent quarter ending March 31, 2008, the bank reported a net loss of $251,819, or ($0.16) per share of common stock. This figure includes a loan loss provision of $57,470 and was 17% lower than the March 31, 2007, quarter end loss of $303,764 (which included a loan loss provision of $26,089). The net loss numbers reflect the impact of accounting rules that require companies to include stock compensation as an expense.
"The first quarter of 2008 has provided some unique challenges for the banking industry as a result of increasing concerns about the overall health of the economy and a dramatic 200 basis point drop in the Targeted Fed Funds Rate," commented Jeffrey K. Ball, Chief Executive Officer. "We are proud of the bank's performance during this time as we were able to continue our growth while maintaining a large percentage of non-interest bearing accounts which represent over 42% of our deposit base. On the asset side we experienced meaningful growth in our loan portfolio while maintaining our consistent underwriting standards and diversification in loan type. This loan growth helped offset the market decline in overall yields and the additional expenses we are incurring to support our continued growth."
Friendly Hills Bank is a community bank which was formed to primarily serve the Southern California communities of Whittier, La Habra, Santa Fe Springs and La Habra Heights, as well as the surrounding markets of Los Angeles and Orange Counties. The bank 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 bank is headquartered at 16011 E. Whittier Blvd. in Whittier, California. For more information on the Bank, please visit http://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.
Friendly Hills Bank
Consolidated Balance Sheet
(Unaudited)
3/31/08 12/31/07 3/31/07
Assets
Cash and cash
equivalents $2,017,026 $ 1,357,598 $1,344,566
Fed funds sold 2,575,000 7,365,000 16,015,000
Investment securities
available-for-sale 20,582,479 17,339,953 8,454,737
Loans, net of
unearned income 23,072,868 18,492,128 5,773,660
Allowance for
loan losses (288,741) (231,271) (82,775)
Net loans 22,784,127 18,260,857 5,690,885
Premises and
equipment, net 931,381 960,604 1,074,361
Accrued interest
receivable and
other assets 314,530 218,938 160,953
Total Assets $49,204,543 $45,502,950 $32,740,502
Liabilities
Deposits
Noninterest-bearing
deposits $14,439,028 $12,935,372 $8,666,339
Interest-bearing deposits 20,080,818 18,025,171 9,161,699
Accrued interest
payable and other
liabilities 93,702 94,926 78,855
Total Liabilities $34,613,548 $31,055,469 17,906,893
Stockholders' Equity
Common stock $15,957,620 $15,957,620 $15,957,620
Accumulated deficit (2,266,144) (2,014,323) (1,249,074)
Additional paid-in-capital 366,591 303,591 139,602
Accumulated other
comprehensive gain (loss) 532,928 200,593 (14,539)
Total Stockholders' Equity 14,590,995 14,447,481 14,833,609
Total Liability &
Stockholders' Equity $49,204,543 $45,502,950 $32,740,502
Friendly Hills Bank
Statement of Operations
(Unaudited)
For the three For the three
months ended months ended
3/31/08 3/31/07
Interest Income $645,846 $378,723
Interest Expense 112,035 56,112
Net Interest Income 533,811 322,611
Provision for Credit Losses 57,470 26,089
Net Interest Income
after Provision for Credit Losses 476,341 296,522
Other Income 26,780 13,300
Operating Expenses 754,138 613,586
Loss before Provision for Income Taxes (251,017) (303,764)
Provision for Income Taxes (802) 0
Net Loss $ (251,819) $(303,764)
Basic Income (Loss) Per Share $(0.16) $ (0.19)
Book Value Per Share $9.03 $8.94
Shares Outstanding 1,616,000 1,616,000
DATASOURCE: Friendly Hills Bank
CONTACT: Jeffrey K. Ball, Chief Executive Officer, or George W.
Peterson, Chief Financial Officer, both of Friendly Hills Bank,
+1-562-947-1920
Web site: http://www.friendlyhillsbank.com/