WHITTIER, Calif., April 07, 2023 (GLOBE NEWSWIRE) -- Friendly Hills Bancorp (the “Company”) (OTC Pink: FHLB), the holding company for First Pacific Bank (the “Bank”), today reported the following financial information regarding the Bank’s financial position, including liquidity, capital strength and other information in light of events in the financial industry over the last month.
Highlights:
- The Bank’s total deposits ended the first quarter at $306 million, increasing $40 million or 15% since year end 2022, $17 million of this increase was during the month of March 2023.
- At March 31, 2023, the Bank had cash and cash equivalents of $19 million, including overnight funds.
- Unused borrowing capacity from credit facilities in place at March 31, 2023, totaled over $110 million.
- The Bank’s total assets ended Q1 2023 at $393 million, up from $367 million at year end 2022.
- The Bank will continue to report capital levels that are considered “well-capitalized” — the highest regulatory capital category — at March 31, 2023.
- The Bank’s total loans ended the first quarter at $246 million, increasing $41 million or 20% since year end 2022.
- Asset quality remains excellent, and we have experienced no significant changes in classified assets or non-performing assets.
As highlighted above, First Pacific Bank has a growing and stabilized deposit base and maintains a strong liquidity position with access to significant liquidity resources. Management finds its deposit customers to be well-diversified with no significant industry or sector concentrations. Despite recent developments in the industry, the Bank is continuing to focus on its strategy of fulfilling the business community’s desire for a local, community bank that offers true relationship banking.
Nathan Rogge, President and CEO of First Pacific Bank, commented: “We remain committed to our customers and the communities we serve, and would like to remind clients that the Bank is well-positioned to withstand any unforeseen events in the market given our financial position and liquidity resources. We are confident in our ability to continue our momentum as we look ahead through the remainder of 2023. We appreciate the continued support of our customers and shareholders.”
A further announcement regarding first quarter 2023 operating results is expected later this month.
ABOUT FIRST PACIFIC BANK
First Pacific Bank, formerly known as Friendly Hills Bank, is a wholly owned subsidiary of Friendly Hills Bancorp (OTC Pink: FHLB), and 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. First Pacific Bank operates locations in Los Angeles County, Orange County, San Diego County, and the Inland Empire. For more information, visit www.firstpacbank.com or call 888.BNK.AT.FPB.
FORWARD-LOOKING STATEMENTS
This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and Friendly Hills Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. Forward-looking statements relate to, among other things, our business plan, expectations and strategies, including, but not limited to, our expansion in the San Diego market, and can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” and similar expressions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Factors that might cause such differences include, but are not limited to: the effects of the Covid-19 pandemic; successfully realizing the benefits of our business strategy and plans,; changes in general economic and financial market conditions, either nationally or locally, in areas in which First Pacific Bank conducts its operations; effects of inflation and changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; impact of any natural disasters, including earthquakes; effect of governmental supervision and regulation, including any regulatory or other enforcement actions; legislation or regulatory changes which adversely affect First Pacific Bank’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company does not undertake, and specifically disclaims any obligation to update any forward-looking statements to reflect occurrences or unanticipated events, or circumstances after the date of such statements except as required by law.
Contacts
Investor Relations Contact
Jim Burgess
858.461.7302
jburgess@firstpacbank.com
Media Relations Contact
Amanda Conover
562.501.9062
aconover@firstpacbank.com
