Friendly Hills Bank (the "bank") (OTCBB: FHLB) reported results for
the third quarter of 2012. For the nine month period ending
September 30, 2012, the bank reported a profit of $313,000 or $0.19
per diluted share of common stock. The bank reported a profit of
$6,000 or zero dollars per diluted share of common stock for the
nine months ended September 30, 2011.
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.
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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
========= ========= =========
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Friendly Hills Bank
Statements of Operations (Unaudited)
(in thousands, except per share information)
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For the nine For the nine
months ended months ended
9/30/12 9/30/11
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Interest Income $ 3,143 $ 3,536
Interest Expense 377 473
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Net Interest Income 2,766 3,063
Provision for Credit Losses (84) 169
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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 $ ---
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Friendly Hills Bancorp (PK) (USOTC:FHLB)
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