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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Friendly Hills Bancorp (PK) | USOTC:FHLB | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.62 | 6.55 | 6.80 | 0.00 | 01:00:00 |
For the three month period ending March 31, 2012, the bank reported a profit of $75,000 or $0.05 per diluted share of common stock. This figure includes an $8,000 increase in the value of the interest rate caps. The bank reported a profit of $171,000 or $0.11 per diluted share of common stock for the three months ended March 31, 2011. This figure includes a $28,000 increase in the value of an interest rate cap.
As of March 31, 2012, the bank reported total assets of $98.8 million, a 1% increase from $98.1 million as of March 31, 2011. The bank's loan portfolio, net of unearned income, decreased 7% from $62.3 million as of March 31, 2011, to $57.6 million as of March 31, 2012. The portfolio remains diversified with $24.8 million or 43% in Commercial & Industrial Loans to local businesses (including $14.4 million in Owner Occupied Commercial Real Estate Loans), $19.0 million or 33% in Residential Real Estate Loans to investors and $9.1 million or 16% in Commercial Real Estate Loans to investors. The bank has an additional $13.3 million in unfunded loan commitments.
The bank's overall deposit base has decreased slightly in the twelve months ended March 31, 2012, from $77.2 million as of March 31, 2011, to $77.1 million as of March 31, 2012. Non-interest bearing deposits continue to form a substantial part of the deposit base (38.0%), growing from $25.7 million to $29.3 million as of March 31, 2012. During the same time period interest-bearing deposits decreased from $51.4 million to $47.8 million on March 31, 2012. The bank has no deposits which were sourced through brokers or other wholesale funding sources.
At March 31, 2012, shareholders' equity was $12.7 million and the bank's total risk-based capital ratio was 20.5%, 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.
"While we are pleased with the continued core profitability of the company," commented Jeffrey K. Ball, Chief Executive Officer, "we remain concerned about overall market conditions. Asset yields on new business continue to provide diminishing returns for relative risk providing less opportunity to leverage the bank's low cost deposit base. From a risk management perspective we continue to view these conditions as unsustainable. We remain prudent in maintaining our underwriting standards at the risk of continued reductions in the balance sheet. This strategy is consistent with our focus on a longer term outlook for shareholder value. This includes prudent management of our expenses in order to maintain profitability as the bank remains well positioned in terms of capital, liquidity and reserves. Our board continues to prioritize long term shareholder value with its commitment to further leveraging the strength of our relationship-focused approach to financial services."
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 an alternative to the larger financial institutions in the area. The bank is headquartered at 16011 E. Whittier Blvd. in Whittier, California with an additional branch office at 12070 East Telegraph Road, Suite #100 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.
Friendly Hills Bank Balance Sheets (Unaudited) (in thousands, except per share information) 3/31/12 12/31/11 3/31/11 ---------- ---------- ---------- ASSETS Cash and due from banks $ 3,028 $ 2,305 $ 2,788 Interest bearing deposits with other financial institutions 9,907 4,575 4,900 ---------- ---------- ---------- Cash and Cash Equivalents 12,935 6,880 7,688 Investment securities available-for-sale 25,082 26,826 27,246 Federal Home Loan Bank stock 610 610 521 Loans, net of unearned income 57,595 60,916 62,264 Allowance for loan losses (1,813) (1,677) (1,371) ---------- ---------- ---------- Net Loans 55,782 59,239 60,893 Premises and equipment, net 724 739 836 Accrued interest receivable and other assets 3,647 3,673 894 ---------- ---------- ---------- Total Assets $ 98,780 $ 97,967 $ 98,078 ========== ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Deposits Noninterest-bearing deposits $ 29,260 $ 27,111 $ 25,744 Interest-bearing deposits 47,807 49,269 51,441 ---------- ---------- ---------- Total Deposits 77,067 76,380 77,185 FHLB advances 8,750 8,750 8,750 Accrued interest payable and other liabilities 247 247 260 ---------- ---------- ---------- Total Liabilities 86,064 85,377 86,195 Shareholders' Equity Common stock, no par value, 10,000,000 shares authorized: 1,616,000 shares issued and outstanding 15,958 15,958 15,958 Additional paid-in-capital 1,060 1,053 1,016 Accumulated deficit (4,738) (4,813) (4,790) Accumulated other comprehensive income 436 392 (301) ---------- ---------- ---------- Total Shareholders' Equity 12,716 12,590 11,883 ---------- ---------- ---------- Total Liabilities and Shareholders' Equity $ 98,780 $ 97,967 $ 98,078 ========== ========== ========== Book Value Per Share $ 7.87 $ 7.79 $ 7.35 ========== ========== ========== Friendly Hills Bank Statements of Operations (Unaudited) (in thousands, except per share information) For the three For the three months ended months ended 3/31/12 3/31/11 ------------- ------------- Interest Income $ 1,078 $ 1,160 Interest Expense 130 160 ------------- ------------- Net Interest Income 948 1,000 Provision for Credit Losses 0 1 ------------- ------------- Net Interest Income after Provision for Credit Losses 948 999 Other Income 69 37 Operating Expenses 950 893 Gain on Hedging Contracts 8 28 ------------- ------------- Earnings before Provision for Income Taxes 75 171 Income Tax Expense 0 0 ------------- ------------- Net Earnings $ 75 $ 171 ------------- ------------- Basic and Diluted Earnings Per Share $ 0.05 $ 0.11 ============= =============
Contacts: Jeffrey K. Ball (President & CEO) Daniel L. Erickson (EVP & CFO) (562) 947-1920
1 Year Friendly Hills Bancorp (PK) Chart |
1 Month Friendly Hills Bancorp (PK) Chart |
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