Friendly Hills Bancorp (PK) (USOTC:FHLB)
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WHITTIER, Calif., May 2 /PRNewswire-FirstCall/Friendly Hills Bank (OTC:FHLB) (BULLETIN BOARD: FHLB) reported results for the first quarter of 2007, its second full quarter of operations. The bank opened for business on September 18, 2006. As of March 31, 2007, the bank reported total assets of $32.7 million, rising 36% from $24.1 million on December 31, 2006.
The bank continued its strong deposit growth with deposits doubling to $17.8 million from $8.9 million as of December 31, 2006. Noninterest-bearing deposits had the largest increase during the quarter, tripling to $8.7 million from $2.9 million on December 31, 2006. Interest bearing deposits advanced 58% from $6.0 million to $9.2 million on March 31, 2007.
Likewise, the bank has continued to grow its loan portfolio, which totaled $5.8 million on March 31, 2007. Of this amount, approximately $3.6 million, or 62% of funded loans, are Commercial & Industrial loans to local businesses. The bank has an additional $6.3 million in unfunded loan commitments.
The bank reported a quarter end loss of $304,000, which includes a loan loss provision of $26,000. The March 31, 2007 quarter end net loss was $292,000 or 49% lower than the December 31, 2006 quarter end loss of $596,000. These numbers also take into account for both quarters the new accounting rule that requires companies to include stock compensation as an expense.
"We are very pleased with the early successes of Friendly Hills Bank," commented Jeffrey K. Ball, Chief Executive Officer of the Bank. "Our relationship approach to banking with a focus on the communities we serve is already showing in our numbers with over 56% of our deposit base in lower cost transactional accounts. Likewise, our loan portfolio is primarily composed of Commercial Loans which are relationship driven. We believe this provides a strong platform for the continued growth and development of the bank."
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.
The numbers in this press release are unaudited. Certain statements in this press release, including statements 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, regulatory matters and those discussed in filings by the Bank with the Federal Deposit Insurance Corporation.
Friendly Hills Bank
Consolidated Balance Sheet
(Unaudited)
12/31/06 3/31/07
Assets
Cash and cash equivalents $558,545 $1,344,566
Fed funds sold 9,015,000 16,015,000
Investment securities available-for-sale 8,802,262 8,454,737
Loans, net of unearned income 4,543,658 5,773,660
Allowance for loan losses (56,686) (82,775)
Net loans 4,486,972 5,690,885
Premises and equipment, net 1,061,661 1,074,361
Accrued interest receivable and other assets 174,284 160,953
Total Assets $24,098,724 $32,740,502
Liabilities
Deposits
Noninterest-bearing deposits $2,865,127 $8,666,339
Interest-bearing deposits 6,021,210 9,161,699
Accrued interest payable and other
liabilities 135,477 78,855
Total Liabilities 9,021,814 17,906,893
Stockholders' Equity
Common stock 15,957,620 15,957,620
Accumulated deficit (945,306) (1,249,074)
Additional paid-in-capital 84,102 139,602
Accumulated other comprehensive loss (19,506) (14,539)
Total Stockholders' Equity 15,076,910 14,833,609
Total Liability & Stockholders' Equity $24,098,724 $32,740,502
Friendly Hills Bank
Statement of Operations
(Unaudited)
9/18/06 -
12/31/06 3/31/07
Interest Income $297,095 $378,724
Interest Expense 35,294 56,113
Net Interest Income 261,801 322,611
Provision for Credit Losses 56,686 26,089
Net Interest Income after Provision for
Credit Losses 205,115 296,522
Other Income 8,370 13,300
Operating Expenses 809,894 613,590
Loss before Provision for Income Taxes (596,409) (303,768)
Provision for Income Taxes -- --
Net Loss $(596,409) $(303,768)
Basic Income (Loss) Per Share $(0.37) $(0.19)
Book Value Per Share $9.33 $9.18
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/