Business
Friendly Hills Bancorp Reports Third Quarter Results; Planned Departure of Its Chief Executive Officer
Friendly Hills Bancorp Reports Third Quarter Results; Planned Departure of Its Chief Executive Officer.
About this update from First Pacific Bancorp
[{"type":"text","content":"\n WHITTIER, Calif., Nov. 18, 2021 (GLOBE NEWSWIRE) -- Friendly Hills Bancorp (OTCBB: FHLB), the holding company for Friendly Hills Bank, reports results for the third quarter of 2021 the planned departure of its Chief Executive Officer, Jeffrey Ball, to pursue other business opportunities and the appointment of Mr. Christopher Naghibi to its Boards of Directors. For the nine-month period ended September 30, 2021, the bank reported net income of $784,000 or $0.39 per basic and diluted share of common stock which includes $494,000 in income from an Employee Retention Tax Credit (ERTC). The bank reported net income of $622,000 or $0.31 per basic and diluted share of common stock for the nine months ended September 30, 2020 (which includes a $150,000 provision for loan losses). As of September 30, 2021, the bank reported total assets of $315.2 million, a 33% increase from $236.3 million as of September 30, 2020, and a 54% increase from $204.2 million as of December 31, 2020. The bank’s loan portfolio, net of unearned income, decreased 33% from $139.9 million as of September 30, 2020, to $93.6 million as of September 30, 2021.  This reflects a 24% decrease from $123.2 million as of December 31, 2020. The decrease in loans in the past 12 months, $46.3 million, is attributable to the payoff of loans under the Paycheck Protection Program as borrowers successfully completed the loan forgiveness process with the U.S. Small Business Administration. The portfolio remains diversified with $36.3 million or 39% in Commercial & Industrial Loans to local businesses (including $22.3 million in Owner Occupied Commercial Real Estate Loans), $32.4 million or 35% in Commercial Real Estate Loans to investors and $22.0 million or 23% in Residential Real Estate Loans to investors.  At September 30, 2021, the bank has an additional $19.6 million in unfunded loan commitments. The bank’s overall deposit base has increased 69% in the twelve months ended September 30, 2021, from $159.6 million as of September 30, 2020, to $269.9 million as of September 30, 2021. The increase is primarily due to the previously announced completion of the acquisition of three Bank of Southern California branches and their deposits totaling $82.4 million in September. The bank’s overall deposit base has increased 67% from $161.5 million as of De...