Business
Friendly Hills Bancorp Reports Strong Third Quarter 2022 Loan Growth and Completion of Capital Offering
Friendly Hills Bancorp Reports Strong Third Quarter 2022 Loan Growth and Completion of Capital Offering.
About this update from First Pacific Bancorp
[{"type":"text","content":"\n WHITTIER, Calif., Nov. 03, 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 third quarter of 2022, highlighted by continued strong loan portfolio growth. The Company also reported the successful completion of a private placement of common stock, raising a total of $14.1 million, the majority of which was closed in the third quarter of 2022. Highlights: Total loans ended the quarter at $177 million, increasing $88 million or 99% since year end 2021, and are up $38 million since June 30, 2022.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 remainder closed in October 2022.The Company believes it has achieved strong momentum in San Diego, with loan growth in San Diego representing $30 million of the total quarterly growth, further demonstrating the business community’s desire for a local community bank that offers true relationship banking.Total assets ended the quarter at $329 million, up from $293 million at year end 2021 and $306 million at June 30, 2022.  Noninterest-bearing deposits account for 47% of total deposits, reflecting continued strong, relationship-based deposits in the form of checking and savings accounts.Net interest margin improved to 3.36% in Q3 from 2.84% in Q2.The Bank ended the third quarter with a leverage capital ratio of 9.16% and total risk-based capital ratio was 13.3%, considered “well-capitalized” - the highest regulatory capital category. For the third quarter ended September 30, 2022, the Company reported a net loss of $165 thousand compared to a net loss of $477 thousand for the three months ended June 30, 2022. The loan growth generated by the Bank this year is driving significant improvement in net interest income, which increased $570 thousand, or 30%, in the third quarter compared to the second quarter of 2022, and net interest margin improved to 3.36% in Q3 from 2.84% in Q2. Comparisons to Q2 also reflect the execution of our long-term plan to invest in our infrastructure, including hiring key talent, which is reflected in noninterest expenses ...