Business
Friendly Hills Bank Reports Second Quarter Results; Announces Appointment of Two New Directors and Completion of Holding Company Reorganization
Friendly Hills Bank Reports Second Quarter Results; Announces Appointment of Two New Directors and Completion of Holding Company Reorganization.
About this update from First Pacific Bancorp
[{"type":"text","content":"\n WHITTIER, Calif., Aug. 13, 2021 (GLOBE NEWSWIRE) -- Friendly Hills Bank (the “bank”) (OTCBB: FHLB) reported results for the second quarter of 2021, the appointment of two new directors and the completion of its previously announced Holding Company Reorganization. For the six month period ending June 30, 2021, the bank reported net income of $409,000 or $0.20 per basic and diluted share of common stock which includes $135,000 of non-recurring expenses associated with the previously announced pending branch acquisition and holding company formation, and other shareholder matters related to the bank’s annual meeting. The bank reported net income of $388,000 or $0.19 per basic and diluted share of common stock for the six months ended June 30, 2020. As of June 30, 2021, the bank reported total assets of $223.3 million, a 5% decrease from $235.0 million as of June 30, 2020, and a 9% increase from $204.2 million as of December 31, 2020. The bank’s loan portfolio, net of unearned income, decreased 24% from $140.6 million as of June 30, 2020, to $106.4 million as of June 30, 2021. This reflects a 14% decrease from $123.2 million as of December 31, 2020. The majority of the decrease in loans in the past 12 months, $31.7 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 $47.7 million or 45% in Commercial & Industrial Loans to local businesses (including $23.0 million in Owner Occupied Commercial Real Estate Loans), $35.1 million or 33% in Commercial Real Estate Loans to investors and $20.5 million or 19% in Residential Real Estate Loans to investors. At June 30, 2021, the bank has an additional $18.5 million in unfunded loan commitments. The bank’s overall deposit base has increased 13% in the twelve months ended June 30, 2021, from $159.0 million as of June 30, 2020, to $180.3 million as of June 30, 2021. The bank’s overall deposit base has increased 12% from $161.5 million as of December 31, 2020. Non-interest bearing deposits remain a substantial part of the deposit base (51%), increasing from $79.2 million as of June 30, 2020, to $91.2 million as of June 30, 2021. During the same period, interest-bearing deposi...