Friendly Hills Bank Reports Second Quarter Results
(firmenpresse) - WHITTIER, CA -- (Marketwired) -- 08/08/13 -- Friendly Hills Bank (the "bank") (OTCBB: FHLB) reported results for the second quarter of 2013.
For the six month period ending June 30, 2013, the bank reported a profit of $258,000 or $0.16 per diluted share of common stock. This figure includes a $68,000 increase in the value of interest rate caps, a $181,000 gain on securities sold, and a $99,000 provision for loan losses. The bank reported a profit of $172,000 or $0.11 per diluted share of common stock for the six months ended June 30, 2012. This figure includes a $20,000 increase in the value of interest rate caps.
As of June 30, 2013, the bank reported total assets of $99.7 million, a 1% increase from $98.9 million as of June 30, 2012. The bank's loan portfolio, net of unearned income, increased 2% from $57.3 million as of June 30, 2012, to $58.6 million as of June 30, 2013. The portfolio remains diversified with $26.1 million or 43% in Commercial & Industrial Loans to local businesses (including $16.3 million in Owner Occupied Commercial Real Estate Loans), $14.7 million or 25% in Residential Real Estate Loans to investors and $13.1 million or 22% in Commercial Real Estate Loans to investors. The bank has an additional $16.3 million in unfunded loan commitments.
The bank's overall deposit base has increased 1% in the twelve months ended June 30, 2013, from $77.1 million as of June 30, 2012, to $78.0 million as of June 30, 2013. Non-interest bearing deposits continue to form a substantial part of the deposit base (42%), growing from $29.7 million to $33.0 million as of June 30, 2013. During the same time period interest-bearing deposits decreased 5% from $47.4 million to $45.0 million on June 30, 2013. The bank has no deposits which were sourced through brokers or other wholesale funding sources.
At June 30, 2013, shareholders' equity was $12.6 million and the bank's total risk-based capital ratio was 19%, significantly exceeding the "well-capitalized" level of 10% prescribed under current 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.
"The continued narrowing of interest rate margins has had a significant impact on the Company's primary revenue driver which is Net Interest Income," commented Jeffrey K. Ball, Chief Executive Officer. "While we have partially offset this trend with growth in the loan portfolio, Net Interest Income before Provision for Credit Losses has dropped 11% over the first six months of this year in comparison to the same period last year. We have offset this decline in revenue over the first six months of the year by reducing our Operating Expenses by 7% compared to the same time period a year ago. We continue to source quality loan opportunities while maintaining our strong underwriting standards with sufficient capital and liquidity to support our focus on long-term shareholder value."
The bank also announced that its Chief Executive Officer, Jeffrey K. Ball, has been elected Chairman of the California Bankers Association and began serving a one year term in May. The California Bankers Association is one of the largest state trade associations in the country and represents over 200 institutions of all sizes doing business in the State of California.
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 or call 562-947-1920.
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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Datum: 08.08.2013 - 12:00 Uhr
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News-ID 285934
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WHITTIER, CA
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