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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 |
As of September 30, 2012, the bank reported total assets of $100.1 million, a 1% decrease from $100.9 million as of September 30, 2011. The bank's loan portfolio, net of unearned income, decreased 5% from $61.1 million as of September 30, 2011, to $58.3 million as of September 30, 2012. The portfolio remains diversified with $27.9 million or 47% in Commercial & Industrial Loans to local businesses (including $16.5 million in Owner Occupied Commercial Real Estate Loans), $16.0 million or 27% in Residential Real Estate Loans to investors and $10.5 million or 18% in Commercial Real Estate Loans to investors. The bank has an additional $15.0 million in unfunded loan commitments.
The bank's overall deposit base has decreased by 2% in the twelve months ended September 30, 2012, from $79.4 million as of September 30, 2011, to $77.9 million as of September 30, 2012. Non-interest bearing deposits continue to form a substantial part of the deposit base (39.6%), growing from $28.2 million to $30.9 million as of September 30, 2012. During the same time period interest-bearing deposits decreased from $51.2 million to $47.0 million on September 30, 2012. The bank has no deposits which were sourced through brokers or other wholesale funding sources.
At September 30, 2012, shareholders' equity was $13.1 million and the bank's total risk-based capital ratio was 20.4%, significantly exceeding the minimum "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.
"During this most recently completed quarter the bank recognized six full years of serving the communities of Southern California," commented Jeffrey K. Ball, Chief Executive Officer. "While we never could have anticipated the economic conditions we face today, we are proud of our achievements while providing the communities that we serve with a meaningful alternative to the larger institutions. As market conditions continue to present unique challenges we have selectively decreased the size of the bank while maintaining profitability. This prudent decrease in interest-bearing deposits corresponds to a reduction in loan assets primarily associated with lower utilization of committed lines of credit by our clients. We remain focused on expense management during this period of contraction while maintaining a consistent underwriting approach with our relationship focused approach to banking. The bank is well positioned in terms of capital, liquidity and reserves to properly address the current market conditions while maintaining an appropriate interest rate risk profile. We are appreciative of our shareholders, clients and employees as we strive to deliver shareholder value through our effective delivery of the many positive attributes associated with a community bank model."
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) ---------------------------------------------------------------------------- 9/30/12 12/31/11 9/30/11 --------- --------- --------- ASSETS Cash and due from banks $ 2,327 $ 2,305 $ 3,183 Interest bearing deposits with other financial institutions 3,607 4,575 16,936 --------- --------- --------- Cash and Cash Equivalents 5,934 6,880 20,119 Investment securities available-for-sale 32,571 26,826 19,348 Federal Home Loan Bank stock 605 610 610 Loans, net of unearned income 58,321 60,916 61,145 Allowance for loan losses (1,572) (1,677) (1,708) --------- --------- --------- Net Loans 56,749 59,239 59,437 Premises and equipment, net 662 739 752 Accrued interest receivable and other assets 3,588 3,673 661 --------- --------- --------- Total Assets $ 100,109 $ 97,967 $ 100,927 ========= ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Deposits Noninterest-bearing deposits $ 30,887 $ 27,111 $ 28,241 Interest-bearing deposits 47,029 49,269 51,201 --------- --------- --------- Total Deposits 77,916 76,380 79,442 FHLB advances 8,750 8,750 8,750 Accrued interest payable and other liabilities 315 247 239 --------- --------- --------- Total Liabilities 86,981 85,377 88,431 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 1,073 1,053 1,041 Accumulated deficit (4,500) (4,813) (4,956) Accumulated other comprehensive income 597 392 453 --------- --------- --------- Total Shareholders' Equity 13,128 12,590 12,496 --------- --------- --------- Total Liabilities and Shareholders' Equity $ 100,109 $ 97,967 $ 100,927 ========= ========= ========= Book Value Per Share $ 8.12 $ 7.79 $ 7.73 ========= ========= ========= ---------------------------------------------------------------------------- Friendly Hills Bank Statements of Operations (Unaudited) (in thousands, except per share information) ---------------------------------------------------------------------------- For the nine For the nine months ended months ended 9/30/12 9/30/11 ------------ ------------ Interest Income $ 3,143 $ 3,536 Interest Expense 377 473 ------------ ------------ Net Interest Income 2,766 3,063 Provision for Credit Losses (84) 169 ------------ ------------ Net Interest Income after Provision for Credit Losses 2,850 2,894 Other Income 207 133 Operating Expenses 2,785 2,779 Gain (Loss) on Securities & Hedging Contracts 42 (216) ------------ ------------ Earnings before Provision for Income Taxes 314 32 Income Tax Expense (1) (26) ------------ ------------ Net Earnings $ 313 $ 6 ------------ ------------ Basic and Diluted Earnings Per Share $ 0.19 $ --- ============ ============
1 Year Friendly Hills Bancorp (PK) Chart |
1 Month Friendly Hills Bancorp (PK) Chart |
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