Friendly Hills Bancorp (PK) (FHLB) Quote

Friendly Hills Bancorp, FHLB, changed to First Pacific Bancorp, FPBC:

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

$FHLB Friendly Hills Bank Launches Specialty Lending Group to Serve Underserved MarketPress Release | 05/23/2022

WHITTIER, Calif., May 23, 2022 (GLOBE NEWSWIRE) -- Friendly Hills Bank announced today the successful launch of a specialty lending group dedicated to providing financing solutions for commercial trucks and vehicles. The newly formed Truck Lending Group provides fast and flexible capital for the purchase and/or refinance of on-road medium duty (gas/diesel/alternative fuel) and heavy duty (diesel/alternative fuel) vehicles through direct funding, including grants from the California Air Resources Board (CARB) and additional support under the California Capital Access Program (CalCAP).

With Friendly Hills Bank’s Southern California footprint, the Truck Lending Group will provide much-needed banking services to vendors, dealers, independent owner operators, and small fleet owners with less than ten units based in California. The group is currently accepting credit applications up to $250,000.

A group of veteran bankers led by Marc Merino, Executive Vice President, Director of Specialty Lending, has joined the company to spearhead this new effort. The team brings nearly 50 years of combined experience and worked together in a similar capacity at a local commercial bank.

“The introduction of our new Truck Lending Group represents a significant step in Friendly Hills Bank’s strategic plans to better serve California’s underserved market and make a lasting impact on the community,” said Nathan Rogge, President and CEO of Friendly Hills Bank. “Our new line of business is just one of our many areas of expertise and we look forward to better serving the banking needs of small-to-medium sized businesses throughout Southern California.”

Friendly Hills Bank has an established track record of providing flexible financing solutions paired with superior customer support. To learn more, visit friendlyhillsbank.com.

ABOUT FRIENDLY HILLS BANK

Friendly Hills Bank, a wholly-owned subsidiary of Friendly Hills Bancorp (OTC Pink: FHLB), is a growing community bank catering to individuals, professionals, and small-to-medium sized businesses throughout Southern California. With a history that spans 16 years, the bank offers a personalized approach, access to decision makers, a broad range of solutions, and a commitment to delivering an exceptional customer experience. Friendly Hills Bank operates locations in Los Angeles County, Orange County, San Diego County, and the Inland Empire. For more information, visit friendlyhillsbank.com or call 562.947.1920.

Contact

Media Relations

Amanda Conover
562.501.9062
aconover@friendlyhillsbank.com

$FHLB Friendly Hills Bank Shareholder Frank Kavanaugh Releases Public Letter to Shareholders
Press Release | 11/22/2021
Frank Kavanaugh, a long-term shareholder of Friendly Hills Bank (OTCBB: FHLB) (“FHLB”) today released a public letter to shareholders of FHLB.

November 22, 2021

Dear Fellow Friendly Hills Shareholders,

We are a group of shareholders that represent more than 25% of the outstanding shares of Friendly Hills Bank (“Friendly Hills” or “the Company”). We have long been concerned and dismayed by the inability of management and the Company’s board of directors (the “Board”) to create value for shareholders, and we believe that it is time for that to change.

Soon, you will receive proxy materials from us in which we outline our vision for a better future for the bank and its employees and customers. In our view, any change must start by refreshing the Board with the addition of new, independent members who understand the bank, its history and its mission, and who are committed to make Friendly Hills responsive to its stakeholders rather than a piggybank for its current Chairman, Vice Chairman, and CEO.

We urge you to consider the following recent failures of the Company’s management and Board, which we believe have destroyed tremendous value for shareholders:

June 2021, the Board approved a poorly conceived, strategically flawed merger that cost shareholders $0.66 per share in Q3 2021 alone, by reducing net tangible value to $9.56 while burying additional losses in a 10-year expense recognition.
Bloated, top-heavy management, with four executives earning more than $200,000 in base salary (with bonuses & expenses the annual amount is over $1 million).
Over the past five years, the Company’s return on assets has been mired around 0.45% - for comparison, well-run banks typically return approximately 1.0-1.5%.
Federal Home Loan Bank borrowings totaled $20.5 million and cost $491,000 in interest expense in 2020 – in our view, a waste of precious shareholder resources.
Management has granted options representing 7.0% of the bank to themselves at $6.89, significantly below net tangible book value.
In total, since 2016 management and directors have rewarded themselves more than $5 million in compensation in a bank with approximately $19 million in equity.
We believe Friendly Hills urgently needs new independent directors who will advocate for shareholder rights and interests. With the departure of the CEO, the board will select the direction and leadership for the future. The CEO, Chairman, and Vice Chairman have not generated value for shareholders in over 15 years, and they have not been held accountable. The Bank needs leadership focused on creating value for Friendly Hills’ owners – its shareholders – we need a Board with a demonstrated track record of successfully building community banks. Join us in creating a strong future for Friendly Hills Bank, its employees, and shareholders. Help us hold the Board leadership accountable at this critical juncture.

We urge Friendly Hills’ shareholders NOT to respond to solicitations made by the Company, its current management, or the Board until you have received our proxy material.

We would value your feedback. Please contact us at 949 212-2222.

Sincerely,

Frank Kavanaugh


View source version on businesswire.com: https://www.businesswire.com/news/home/20211122006524/en/

$FHLB Friendly Hills Bank Reports Second Quarter Results; Announces Appointment of Two New Directors and Completion of Holding Company Reorganization
Press Release | 08/13/2021
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 deposits increased from $79.8 million as of June 30, 2020, to $89.1 million on June 30, 2021.

At June 30, 2021, shareholders’ equity was $20.9 million and the bank’s total risk-based capital ratio was 21%, significantly exceeding the “well-capitalized” level of 10% prescribed under regulatory requirements. The bank also continues to maintain substantial liquidity positions, retaining significant balances of liquidity as well as available collateralized borrowings and other potential sources of liquidity.

The Board of Directors of the bank has appointed two additional directors since its last annual meeting of shareholders. Mercedes Broening, a resident of Piedmont, California, and Jacqueline DuPont, a resident of Dana Point, California, were appointed to the board in June 2021.

The bank has also received approval of the previously announced holding company reorganization from its appropriate federal and California state regulatory authorities and has now completed the reorganization. As a result of this reorganization, the bank has become a wholly owned subsidiary of Friendly Hills Bancorp (“Bancorp”) and each of the outstanding shares of the bank’s common stock have been automatically exchanged for one share of Bancorp’s common stock. As a result, the shares of Bancorp’s common stock are owned directly by the bank’s shareholders in the same proportion as their existing ownership of Bank common stock immediately prior to the reorganization. Bancorp’s common stock trades under the same ticker symbol (“FHLB”) previously used by the Bank.

In addition, the previously announced acquisition of three branch offices from Bank of Southern California, a subsidiary of Southern California Bancorp (OTC Pink: BCAL) has been approved by the appropriate federal and California state regulatory authorities and is scheduled to close on or about September 24, 2021, subject to satisfaction of the remaining closing conditions. Those three offices are located in Orange, Redlands and Santa Fe Springs, California. The Orange and Redlands offices will continue to operate as offices of the bank and the Santa Fe Springs office will be consolidated into the bank’s existing branch office two blocks away shortly after completion of the transaction.

“We are pleased to report an increase in earnings per share in comparison to the previous year,” commented Jeffrey K. Ball, Chief Executive Officer. “The bank’s deposit base continues to grow while continued decreases in interest rate margins have been offset by fee income from participation in the Paycheck Protection Program. The bank continues to evaluate strategic opportunities to expand our business while maintaining a strong balance sheet through this period of economic uncertainty attributable to the ongoing pandemic concerns. The holding company structure provides us with additional corporate and capital flexibility. We look forward to expanding our footprint into Orange and San Bernardino Counties while having the additional guidance of our newly added directors, each of whom bring a unique background and complimentary business experiences which will be beneficial in our continued pursuit of long-term shareholder value.”

Company Profile:
Friendly Hills Bancorp is the holding company for Friendly Hills Bank. Friendly Hills Bank is a community bank which was formed to primarily serve the Southern California communities of eastern Los Angeles County and northern Orange County. The bank was established in 2006 by prominent members of the local community who were seeking an alternative to the larger financial institutions in the area. The bank is headquartered in Whittier, California with an additional branch office in Santa Fe Springs, California. For more information on the bank, please visit www.friendlyhillsbank.com or call 562-947-1920.

Forward Looking Statements:
The numbers in this press release are unaudited. Statements in this press release concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Words such as “will likely result”, “aims”, “anticipates”, “believes”, “could”, “estimates”, “expects”, “hopes”, “intends”, “may”, “plans”, “projects”, “seeks”, “should”, “will”, “strategy”, “possibility”, and variations of these words and similar expressions help to identify these forward-looking statements, which involve risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include failure to consummate the branch purchase, changes in the federal, state and local economies, decline in loan production, loss of clients, adverse regulatory and litigation developments, the ability to control costs and expenses, interest rate changes, the effects of COVID-19 on our business, borrowers, clients and employees, financial policies of the United States government, natural disasters and the impact of competition in our market area. The Bank disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained in this release to reflect future events or developments except as required by law.



Friendly Hills Bank
Balance Sheets (Unaudited)
(in thousands, except per share information)


6/30/21

12/31/20

6/30/20
ASSETS
Cash and due from banks $ 3,926 $ 2,596 $ 3,999
Interest bearing deposits with other financial institutions 87,585 48,316 54,754
Cash and Cash Equivalents 91,511 50,912 58,753
Investment securities available-for-sale 15,743 20,070 26,355
Investment securities held-to-maturity 2,000 2,000 2,000
Federal Home Loan Bank and other restricted stock 2,632 2,632 2,632
Loans, net of unearned income 106,439 123,230 140,643
Allowance for loan losses (1,800 ) (1,464 ) (1,464 )
Net Loans 104,639 121,766 139,179
Premises and equipment, net 258 264 287
Bank Owned Life Insurance 4,897 4,842 4,786
Accrued interest receivable and other assets 1,648 1,722 1,045
Total Assets $ 223,328 $ 204,208 $ 235,037

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits
Noninterest-bearing deposits $ 91,212 $ 78,997 $ 79,226
Interest-bearing deposits 89,135 82,532 79,751
Total Deposits 180,347 161,529 158,977
FHLB Advances 20,500 20,500 20,500
Accrued interest payable and other liabilities 1,558 1,664 35,647
Total Liabilities 202,405 183,693 215,124
Shareholders’ Equity
Common stock, no par value, 10,000,000 shares authorized:
2,006,393 shares issued and outstanding as of 12/31/20 15,958 15,958 15,958
Additional paid-in-capital 1,604 1,570 1,537
Accumulated deficit 3,090 2,682 2,047
Accumulated other comprehensive income (loss) 271 305 371
Total Shareholders’ Equity 20,923 20,515 19,913
Total Liabilities and Shareholders’ Equity $ 223,328 $ 204,208 $ 235,037

Book Value Per Share $ 10.43 $ 10.22 $ 9.92


Friendly Hills Bank
Statements of Operations (Unaudited)
(in thousands, except per share information)

For the six For the six
months ended months ended
6/30/21 6/30/20
Interest Income $ 3,009 $ 2,825
Interest Expense 270 373
Net Interest Income 2,739 2,452
Provision for Loan Losses 0 150
Net Interest Income after Provision for Loan Losses 2,739 2,302
Noninterest Income 321 328
Noninterest Expense 2,366 2,058
Non-Recurring Expense Items 135 0
Income before Provision for Income Taxes 559 572
(Provision) Benefit for Income Taxes (150 ) (184 )
Net Income $ 409 $ 388

Basic and Diluted Earnings Per Share $ 0.20 $ 0.19


Contacts:
Jeffrey K. Ball (President & CEO)
Viktor Uehlinger (EVP & CFO)
(562) 947-1920

This link better as it shows the tables

Whats not to like?

One of the few micro-regional banks trading under book value.

added another 100 shares

Friendly Hills Bank Reports Second Quarter Results

FHLB

WHITTIER, Calif., Aug. 09, 2019 (GLOBE NEWSWIRE) -- Friendly Hills Bank (FHLB) (the “bank”) (OTCBB: FHLB) reported results for the second quarter of 2019.

For the six months period ending June 30, 2019, the bank reported net income of $619,000 or $0.31 per diluted share of common stock. The bank reported net income of $380,000 or $0.20 per diluted share of common stock for the six months ended June 30, 2018.

As of June 30, 2019, the bank reported total assets of $157.0 million, a 2% increase from $154.5 million as of June 30, 2018. The bank’s loan portfolio, net of unearned income, increased 24% from $79.1 million as of June 30, 2018, to $98.2 million as of June 30, 2019. The portfolio remains diversified with $29.1 million or 30% in Commercial & Industrial Loans to local businesses (including $17.3 million in Owner Occupied Commercial Real Estate Loans), $41.5 million or 42% in Commercial Real Estate Loans to investors and $22.1 million or 23% in Residential Real Estate Loans to investors. The bank has an additional $24.4 million in unfunded loan commitments.

The bank’s overall deposit base has remained at $116.0 million in the twelve months ended June 30, 2019. Non-interest bearing deposits remain a substantial part of the deposit base (40%), increasing from $45.2 million as of June 30, 2018, to $46.5 million as of June 30, 2019. During the same time period, interest-bearing deposits decreased from $70.8 million as of June 30, 2018, to $69.5 million on June 30, 2019.

At June 30, 2019, shareholders’ equity was $18.5 million and the bank’s total risk-based capital ratio was 17%, significantly exceeding the “well-capitalized” level of 10% prescribed under regulatory requirements. The bank also continues to maintain substantial liquidity positions, retaining significant balances of liquidity as well as available collateralized borrowings and other potential sources of liquidity.

“We are pleased to report a strong growth in net income over the past quarter which is primarily attributable to an increase in our loan portfolio and control of our expense base,” commented Jeffrey K. Ball, Chief Executive Officer. “We were able to achieve this loan growth while maintaining strong asset quality and a consistent approach to underwriting recognizing the potential for softness in the domestic economy longer term.
Although deposits remained flat in comparison to a year ago, the composition continues to be favorable in terms of our cost of funds and reflects the continued variance attributable to having such a large percentage of deposits in core deposits. The bank continues to maintain a strong liquidity position and sufficient capital to support continued long term growth of the company.”

Company Profile:
Friendly Hills Bank is a community bank which was formed to primarily serve the Southern California communities of eastern Los Angeles County and northern Orange County. The bank was established in 2006 by prominent members of the local community who were seeking to provide the market with an alternative to the larger financial institutions in the area. In addition to traditional banking services, Friendly Hills Bank also offers Business Services products which allow small-to-medium size businesses to operate more efficiently. The bank is headquartered in Whittier, California with an additional branch office in Santa Fe Springs, California. For more information on the bank, please visit www.friendlyhillsbank.com or call 562-947-1920.
Forward Looking Statements:
The numbers in this press release are unaudited. Statements such as those regarding the anticipated development and expansion of Friendly Hills Bank's business, and the intent, belief or current expectations of the bank, its directors or its officers, are "forward looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the bank's performance, including its ability to generate loan and deposit growth, changes in interest rates, and regulatory matters.

-tables deleted-

http://www.friendlyhillsbank.com/investor-relations.htm#press

creeping up... suspect 2nd quarter was good as well.

Friendly Hills Bank Reports First Quarter Results

News Out today --> EXCELLENT!


Friendly Hills Bank Reports Fourth Quarter Results; Announces Appointment of Michael J. Foley to Board

WHITTIER, Calif., Feb. 08, 2019 (GLOBE NEWSWIRE) -- Friendly Hills Bank (the “Company”) (OTCBB: FHLB) reported results for the fourth quarter of 2018.

For the twelve month period ending December 31, 2018, the Company reported net income of $907,000 or $0.46 per diluted share of common stock. The Company reported net income of $596,000 or $0.31 per diluted share of common stock for the twelve months ended December 31, 2017. This figure includes a $130,000 increase in deferred tax and AOCI tax bill adjustments as the result of a change in the federal tax rate which was recognized as additional income tax expense in December, 2017.

As of December 31, 2018, the Company reported total assets of $153.0 million, a 1% decrease from $154.5 million as of December 31, 2017. The Company’s loan portfolio, net of unearned income, increased 11% from $77.3 million as of December 31, 2017, to $86.1 million as of December 31, 2018. The portfolio remains diversified with $26.8 million or 31% in Commercial & Industrial Loans to local businesses (including $16.7 million in Owner Occupied Commercial Real Estate Loans), $21.9 million or 25% in Residential Real Estate Loans to investors and $31.5 million or 37% in Commercial Real Estate Loans to investors. The Company has an additional $25.8 million in unfunded loan commitments.

The Company’s overall deposit base has increased 7% in the twelve months ended December 31, 2018, from $113.9 million as of December 31, 2017, to $122.2 million as of December 31, 2018. Non-interest bearing deposits remain a substantial part of the deposit base (36%), although decreasing from $47.1 million to $44.3 million as of December 31, 2018. During the same time period interest-bearing deposits increased from $66.9 million to $77.9 million on December 31, 2018. The Company has no deposits which were sourced through brokers.

At December 31, 2018, shareholders’ equity was $17.0 million and the Company’s total risk-based capital ratio was 18%, significantly exceeding the “well-capitalized” level of 10% prescribed under regulatory requirements. The Company also continues to maintain a substantial liquidity position supplemented by the availability of collateralized borrowings and other potential sources of liquidity.

“We are pleased to report another strong year of earnings growth for the Company in 2018,” commented Jeffrey K. Ball, Chief Executive Officer. “This growth in earnings was attributable to an increase in loans outstanding and the continued strength of our core deposit base. Asset quality continues to be very strong with solid overall liquidity and diverse sources of funding supplemented by a strong capital base which can support continued opportunistic growth.”

The Company is also pleased to announce the appointment of Michael J. Foley as a Director of the Company. Mr. Foley is an Executive Managing Director with Cushman and Wakefield focused on Industrial properties in the Southern California Region. Mr. Foley has over 35 years of experience working in the Commercial Real Estate market serving a variety of industries. “We are delighted to have Mike join our Board of Directors,” commented Willam C. Greenbeck, Chairman of the Board. “He brings a tremendous amount of knowledge from his many years of business experience and will be a valuable contributor to our oversight of the Company’s continued development.” Mr. Foley’s appointment to the board became effective on December 3, 2018.

Company Profile:
Friendly Hills Bank is a community bank which was formed to primarily serve the Southern California communities of eastern Los Angeles County and northern Orange County. The Company was established in 2006 by prominent members of the local community who were seeking an alternative to the larger financial institutions in the area. The Company is headquartered in Whittier, California with an additional branch office in Santa Fe Springs, California. For more information on the Company, please visit www.friendlyhillsbank.com or call 562-947-1920.

Forward Looking Statements:
The numbers in this press release are unaudited. Statements such as those regarding the anticipated development and expansion of Friendly Hills Bank's business, and the intent, belief or current expectations of the Company, its directors or its officers, are "forward looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Company's performance, including its ability to generate loan and deposit growth, changes in interest rates, and regulatory matters.



Friendly Hills Bank
Balance Sheets (Unaudited)
(in thousands, except per share information)
12/31/18 12/31/17
ASSETS
Cash and due from Banks $ 4,288 $ 12,634
Interest bearing deposits with other financial institutions 2,440 5,130
Cash and Cash Equivalents 6,728 17,764
Investment securities available-for-sale 53,462 53,131
Federal Home Loan Bank stock
Federal Reserve Bank stock 951
479 835
476
Loans, net of unearned income 86,135 77,331
Allowance for loan losses (1,525 ) (1,525 )
Net Loans 84,610 75,806
Premises and equipment, net 335 345
Accrued interest receivable and other assets 6,477 6,109
Total Assets $ 153,042 $ 154,466

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits
Noninterest-bearing deposits $ 44,310 $ 47,057
Interest-bearing deposits 77,931 66,856
Total Deposits 122,241 113,913
Federal Home Loan Bank advances 12,750 23,000
Accrued interest payable and other liabilities 1,057 1,256
Total Liabilities 136,048 138,169
Shareholders’ Equity
Common stock, no par value, 10,000,000 shares authorized:
1,979,993 shares issued and outstanding 15,958 15,958
Additional paid-in-capital 1,293 1,091
Accumulated deficit 557 (350 )
Accumulated other comprehensive income (loss) (814 ) (402 )
Total Shareholders’ Equity 16,994 16,297
Total Liabilities and Shareholders’ Equity $ 153,042 $ 154,466

Book Value Per Share $ 8.58 $ 8.40


Friendly Hills Bank
Statements of Operations (Unaudited)
(in thousands, except per share information)

For the twelve For the twelve
months ended months ended
12/31/18 12/31/17
Interest Income $ 5,500 $ 5,105
Interest Expense 469 349
Net Interest Income 5,031 4,756
Provision for Loan Losses 0 0
Net Interest Income after Provision for Loan Losses 5,031 4,756
Noninterest Income 468 524
Noninterest Expense 4,241 4,094
Non-Recurring Items 1 0
Income before Provision for Income Taxes 1,259 1,186
(Provision) Benefit for Income Taxes (352 ) (591 )
Net Income $ 907 $ 596

Basic and Diluted Earnings Per Share $ 0.46 $ 0.31
Contacts:
Jeffrey K. Ball (President & CEO)
Viktor Uehlinger (EVP & CFO)
(562) 947-1920

source



(bought some at $7.57 - with price target of $13.20 - $15.00)

12/31/2017 call report

net income $596,000

vs.

12/31/2016 call report

net income $705,000


This includes one time income tax adjustment for net deferred tax assets re-evaluation due to the new corporate tax rate of 21% vs. the old 35%.

Net INCOME BEFORE TAXES (compare apples to apples) $1,187,000 in 2017 vs. $810,000 in 2016.

9/30/2017 call report

net income 525,000

vs.

9/30/2016 call report

net income 328,000

FHLB $8.55

yesterdays total volume 111,996 shares vs. 100day avg. volume of about 1,100

today opening block trade 17,650 shares @ $8.55... sure seems like FHLB about to move higher soon, IMo

FHLB $8.45

add another block trade

today 29,570 shares @ $8.55
52,320 shares @ $8.45

FHLB $8.55

block trades

24,950 shares yesterday @ $8.55
29,570 shares today @ $8.55

52 week high $8.60, Volume before Price so expecting new 52week highs next

:)

6/30/2017 call report

net income $ 323,000


vs


6/60/2016 call report

net income $ 206,000

FRIENDLY HILLS BANK REPORTS FIRST QUARTER RESULTS

WHITTIER, CALIFORNIA MAY 5, 2017 – Friendly Hills Bank (the “bank”) (OTCBB: FHLB) reported results for the first quarter of 2017.

For the three month period ending March 31, 2017, the bank reported net income of $162,000 or $0.08 per diluted share of common stock. The bank reported net income of $80,000 or $0.04 per diluted share of common stock for the three months ended March 31, 2016.

As of March 31, 2017, the bank reported total assets of $155.7 million, a 23% increase from $127.0 million as of March 31, 2016. The bank’s loan portfolio, net of unearned income, increased 20% from $69.4 million as of March 31, 2016, to $83.0 million as of March 31, 2017. The portfolio remains diversified with $30.5 million or 37% in Commercial & Industrial Loans to local businesses (including $18.5 million in Owner Occupied Commercial Real Estate Loans), $22.6 million or 27% in Residential Real Estate Loans to investors and $24.0 million or 29% in Commercial Real Estate Loans to investors. The bank has an additional $23.1 million in unfunded loan commitments.

The bank’s overall deposit base has increased 23% in the twelve months ended March 31, 2017, from $100.0 million as of March 31, 2016, to $123.2 million as of March 31, 2017. Non-interest bearing deposits continue to form a substantial part of the deposit base (42%), growing from $46.0 million as of March 31, 2016, to $51.5 million as of March 31, 2017. During the same time period interest-bearing deposits increased from $54.0 million as of March 31, 2016, to $71.7 million on March 31, 2017. The bank has no deposits which were sourced through brokers or other wholesale funding sources.

At March 31, 2017, shareholders’ equity was $16.0 million and the bank’s total risk-based capital ratio was 17%, significantly exceeding the “well-capitalized” level of 10% prescribed under regulatory requirements. The bank also continues to maintain substantial liquidity positions, retaining significant balances of liquidity as well as available collateralized borrowings and other potential sources of liquidity.

“The bank is off to a strong start this year with continued growth in loans and deposits,” commented Jeffrey K. Ball, Chief Executive Officer. “We have always been focused on the strength and quality of our balance sheet with consistent loan underwriting and an emphasis on core deposits. We believe this strategy, coupled with our focus on increasing fee income through our payroll division, will serve to continue building long-term shareholder value while providing a sound business alternative for the markets we serve.”


Company Profile: Friendly Hills Bank is a community bank which was formed to primarily serve the Southern California communities of eastern Los Angeles County and northern Orange County. The bank
was established in 2006 by prominent members of the local community who were seeking an alternative to the larger financial institutions in the area. The bank is headquartered in Whittier, California with an additional branch office in Santa Fe Springs, California. For more information on the bank, please visit www.friendlyhillsbank.com or call 562-947-1920.

Forward Looking Statements: The numbers in this press release are unaudited. Statements such as those regarding the anticipated development and expansion of Friendly Hills Bank's business, and the intent, belief or current expectations of the bank, its directors or its officers, are "forward looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the bank's performance, including its ability to generate loan and deposit growth, changes in interest rates, and regulatory matters.

http://www.friendlyhillsbank.com/investor-relations.htm#press

FHLB $8.45

2,3oo share block traded on the BID today, another 3,000 share and 5,000 block were absorbed in this price range.

solid consolidation just above BV $8.27 as of 3/31/2017