Business
Friendly Hills Bancorp Reports Continued Strong Loan Growth and Fourth Quarter Operating Results
Friendly Hills Bancorp Reports Continued Strong Loan Growth and Fourth Quarter Operating Results.
About this update from First Pacific Bancorp
[{"type":"text","content":"\n WHITTIER, Calif., Feb. 06, 2023 (GLOBE NEWSWIRE) -- Friendly Hills Bancorp (the “Company”) (OTC Pink: FHLB), the holding company for First Pacific Bank (the “Bank”), today reported consolidated results for the fourth quarter and year ending December 31, 2022, highlighted by continued strong loan portfolio growth and improving operating results. As previously reported, the Company completed a private placement of common stock totaling $14.1 million, including $4.0 million that closed during the fourth quarter. Highlights: Total loans ended the year at $205 million, increasing $116 million or 131% since year end 2021, and increased $28 million since September 30, 2022.The San Diego Office, opened in 2022, contributed significantly to this loan growth with $82 million of outstanding loans at year end 2022 generated by the San Diego team, further demonstrating the business community’s desire for a local, community bank that offers true relationship banking.The Company completed a private placement of common stock at the end of October, raising gross proceeds of $14.1 million, before issuance costs, with $10.1 million being closed in the third quarter of 2022, and the remaining $4.0 million closed in October 2022.Total assets ended the year at $367 million, up from $293 million at year end 2021 and $329 million at September 30, 2022.Noninterest-bearing deposits represent 45% of total deposits, an indication of our focus on small business relationships in the market we serve.Net interest margin improved to 3.58% in Q4 from 3.36% in Q3.The Bank ended the fourth quarter with a leverage capital ratio of 9.49% and total risk-based capital ratio was 13.3%, considered “well-capitalized” - the highest regulatory capital category.We aligned our brand to better serve our expanded footprint and greater lending capacity and changed the Bank’s name to First Pacific Bank. For the fourth quarter ended December 31, 2022, the Company realized operating pre-tax, pre-provision profit of $40 thousand, compared to operating pre-tax, pre-provision loss of $249 thousand in Q3 2022. Operating pre-tax, pre-provision profit is before income taxes, before the provision for loan losses expense (if any), and in Q4 2022 excludes a non-recurring write-down on leased space and other assets that are no longer in use...