Business
Friendly Hills Bancorp Reports Financial Results for the Second Quarter of 2022
Friendly Hills Bancorp Reports Financial Results for the Second Quarter of 2022.
About this update from First Pacific Bancorp
[{"type":"text","content":"\n WHITTIER, Calif., July 29, 2022 (GLOBE NEWSWIRE) -- Friendly Hills Bancorp (the “Company”) (OTC Pink: FHLB), the holding company for Friendly Hills Bank (the “Bank”), today reported consolidated results for the second quarter of 2022. The comparability of financial information for the second quarter of 2022 to the same period of 2021 is affected by the acquisition of three branch offices with $82 million in deposits effective September 24, 2021, after which the related operating results are also reflected in these consolidated financials. Second Quarter 2022 Highlights: Total assets ended the quarter at $306 million, up from $293 million at year end 2021 and $282 million at March 31, 2022.  Total loans have increased $50 million, or 56% to $138 million since year end 2021, and are up $39 million since March 31, 2022.Total deposits ended the quarter at $258 million, stable from the prior quarter and prior year end totals, with noninterest-bearing deposits continuing to reflect strong, relationship-based deposit funding sources at 51% of total deposits.Total risk-based capital ratio was 10.94% and considered “well-capitalized” - the highest regulatory capital category. For the second quarter ended June 30, 2022, the Company reported a net loss of $477 thousand compared to a net loss of $130 thousand for the three months ended March 31, 2022. During the second quarter, net interest income increased $330 thousand, or 21%, compared to the first quarter of 2022, due to strong organic loan growth; however, comparisons to Q1 also reflect the execution of our long-term plan to invest in our infrastructure, including hiring key talent, which is reflected in noninterest expenses increasing by $339 thousand, and a nonrecurring gain of $470 thousand in Q1 from the prepayment of other borrowings. “Our second quarter results were highlighted by significant loan growth, continued strong credit quality, and expansion into the San Diego market. Our recently onboarded specialty lending group is fully operational, and we are excited to see a robust loan pipeline which bodes well for the second half of 2022,” said Nathan Rogge, President and Chief Executive Officer of Friendly Hills Bank. “During the first six months of 2022, the Company delivered solid loan growth. Our lending portf...