Friendly Hills Bancorp Reports Financial Results for the First Quarter of 2022

WHITTIER, Calif., May 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 first quarter of 2022. The comparability of consolidated financial information for the first quarter of 2022 to the same period of 2021 is affected by the acquisition of three branch offices from Bank of Southern California with $82 million in deposits effective September 24, 2021, after which the related operating results are also reflected in these consolidated financials.

First Quarter 2022 Highlights:

• Total assets ended the quarter at $282 million, down $11 million from the prior quarter as a result of paying off higher cost FHLB Advances.  
• Total loans increased 12% to $100 million as of March 31, 2022, from $89 million as of December 31, 2021.
• Total deposits ended the quarter at $258 million up slightly from the prior quarter, and noninterest-bearing deposits continue to reflect strong, relationship-based deposit sources at 51% of total deposits.
• Total risk-based capital ratio was 14.7% and considered “well-capitalized”, the highest regulatory capital category.
• Formed a specialty lending group dedicated to providing financing solutions for commercial trucks and vehicles.
  

For the first quarter ended March 31, 2022, the Company reported a net loss of $130,000 compared to net income of $240,000 for the comparable three months ended March 31, 2021. “During the first quarter of 2022, we established the framework for the Company, by executing upon our strategic plan to achieve faster growth in the loan portfolio and expansion into the San Diego market to better position the company for long-term growth and success. This included the addition of a new executive leadership team, the formation of a specialty lending group, and the hiring of key positions,” said Nathan Rogge, President and Chief Executive Officer of Friendly Hills Bank.

“Looking back on the first quarter of 2022, the Company delivered solid loan growth. Our lending portfolio grew from $89 million as of December 31, 2021, to $100 million as of March 31, 2022. The loan portfolio remains diversified with $37 million in Commercial Loans (including $26.5 million in Owner Occupied Commercial Real Estate Loans), $36.7 million in Other Commercial Real Estate Loans, and $25.9 million in Residential Real Estate Loans.

“As we look ahead, the Company is well positioned to continue to drive organic growth. We remain focused on enhancing shareholder value and are excited for continued opportunities on the road ahead.”

ABOUT FRIENDLY HILLS BANK

Friendly Hills Bank, a wholly owned subsidiary of Friendly Hills Bancorp, 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.

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 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. 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
858.461.7301
jburgess@friendlyhillsbank.com

Media Relations Contact
Amanda Conover
562.501.9062
aconover@friendlyhillsbank.com

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