{"id":380856,"date":"2020-11-13T09:03:30","date_gmt":"2020-11-13T14:03:30","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=380856"},"modified":"2020-11-13T09:03:30","modified_gmt":"2020-11-13T14:03:30","slug":"friendly-hills-bank-reports-third-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/friendly-hills-bank-reports-third-quarter-results\/","title":{"rendered":"Friendly Hills Bank Reports Third Quarter Results"},"content":{"rendered":"
\n

\n WHITTIER, Calif., Nov. 13, 2020 (GLOBE NEWSWIRE) — <\/strong>Friendly Hills Bank (the \u201cbank\u201d) (OTCBB: FHLB) reported results for the third quarter of 2020.<\/p>\n

For the nine month period ending September 30, 2020, the bank reported net income of $622,000 or $0.31 per diluted share of common stock. This figure includes a $150,000 provision for loan losses. The bank reported net income of $933,000 (including a $50,000 gain on securities sold) or $0.48 per diluted share of common stock for the nine months ended September 30, 2019.<\/p>\n

As of September 30, 2020, the bank reported total assets of $236.3 million, a 47% increase from $160.2 million as of September 30, 2019. The bank\u2019s loan portfolio, net of unearned income, increased 36% from $102.9 million as of September 30, 2019, to $139.9 million as of September 30, 2020.\u00a0This figure includes $47.7 million in Paycheck Protection Program loans. The portfolio remains diversified with $79.0 million or 56% in Commercial & Industrial Loans to local businesses (including $23.7 million in Owner Occupied Commercial Real Estate Loans), $37.7 million or 27% in Commercial Real Estate Loans to investors and $20.3 million or 14% in Residential Real Estate Loans to investors. The bank has an additional $20.0 million in unfunded loan commitments.<\/p>\n

The bank\u2019s overall deposit base has increased 33% in the twelve months ended September 30, 2020, from $119.8 million as of September 30, 2019, to $159.6 million as of September 30, 2020. Non-interest bearing deposits remain a substantial part of the deposit base (48%), increasing from $53.5 million as of September 30, 2019, to $75.9 million as of September 30, 2020. During the same time period, interest-bearing deposits increased from $66.4 million as of September 30, 2019, to $83.7 million on September 30, 2020.<\/p>\n

At September 30, 2020, shareholders\u2019 equity was $20.1 million and the bank\u2019s total risk-based capital ratio was 20%, significantly exceeding the \u201cwell-capitalized\u201d 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.<\/p>\n

\u201cThe company continues to maintain strong liquidity as the significant increases in deposits from earlier in the year remain sustainable,\u201d commented Jeffrey K. Ball, Chief Executive Officer. \u201cWe have been able to serve this larger deposit base with control of our operating expenses and sufficient capital well above regulatory guidelines to handle the associated growth. Opportunities to invest that additional liquidity have been more challenging given market conditions and our desire to control risk exposure. This has resulted in reduced margins while asset quality remains strong as we continue to monitor market conditions and the needs of our client base. We still expect interest rate margins to be compressed for the foreseeable future. Contributing to this margin compression are the Paycheck Protection Program loans which accrue interest at just 1.00% and we are working diligently with those borrowers to submit their forgiveness applications to the Small Business Administration in an effort to accelerate the repayment of those low earning assets. We are proud of the work we have done under that CARES Act program to get the money into our local economy as quickly and efficiently as possible.\u201d<\/p>\n

\n Company Profile<\/strong>
\n :<\/strong>
\n
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<\/a> or call 562-947-1920.<\/p>\n

\n Forward Looking Statements:<\/strong>
\n
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.<\/p>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Friendly Hills Bank<\/strong>\n <\/td>\n<\/tr>\n
\n Balance Sheets (Unaudited)<\/strong>\n <\/td>\n<\/tr>\n
(in thousands, except per share information)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 9<\/u>
\n \/30<\/u>
\n \/20<\/u>\n <\/td>\n		\u00a0<\/td>\n\n 12\/31\/1<\/u>
\n 9<\/u>\n <\/td>\n		\u00a0<\/td>\n\n 9<\/u>
\n \/30\/19<\/u>\n <\/td>\n<\/tr>\n
\n ASSETS<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and due from banks<\/td>\n\u00a0<\/td>\n$<\/td>\n2,076<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3,203<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n5,309<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest bearing deposits with other financial institutions<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n61,506<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,855<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,821<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and Cash Equivalents<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n63,582<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,058<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,130<\/td>\n\u00a0<\/td>\n<\/tr>\n
Investment securities available-for-sale<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,767<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32,778<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n34,436<\/td>\n\u00a0<\/td>\n<\/tr>\n
Investment securities held-to-maturity<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Federal Home Loan Bank and other restricted stock<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,632<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,705<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,705<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loans, net of unearned income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n139,888<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n93,988<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n102,912<\/td>\n\u00a0<\/td>\n<\/tr>\n
Allowance for loan losses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,464<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,332<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,525<\/td>\n)<\/td>\n<\/tr>\n
Net Loans<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n138,424<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n92,656<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n101,387<\/td>\n\u00a0<\/td>\n<\/tr>\n
Premises and equipment, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n896<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n313<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n578<\/td>\n\u00a0<\/td>\n<\/tr>\n
Bank Owned Life Insurance<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,815<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,730<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,702<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred tax asset<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n65<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n305<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accrued interest receivable and other assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,154<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,175<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,003<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n236,335<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n158,434<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n160,246<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n LIABILITIES AND SHAREHOLDERS\u2019 EQUITY<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deposits<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Noninterest-bearing deposits<\/td>\n\u00a0<\/td>\n$<\/td>\n75,881<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n54,281<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n53,472<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest-bearing deposits<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n83,707<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n63,932<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n66,370<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Deposits<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n159,588<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n118,213<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n119,842<\/td>\n\u00a0<\/td>\n<\/tr>\n
Borrowed Funds<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n55,670<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,531<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,551<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accrued interest payable and other liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,015<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n644<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n993<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n216,273<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n139,388<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n141,386<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Shareholders\u2019 Equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common stock, no par value, 10,000,000 shares authorized:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
2,006,393 shares issued and outstanding as of 9\/30\/20<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,958<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,958<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,958<\/td>\n\u00a0<\/td>\n<\/tr>\n
1,997,993 shares issued and outstanding as of 9\/30\/19<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Additional paid-in-capital<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,553<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,470<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,454<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accumulated earnings<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,282<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,660<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,490<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accumulated other comprehensive income (loss)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n269<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(42<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(42<\/td>\n)<\/td>\n<\/tr>\n
\n Total Shareholders\u2019 Equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20,062<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19,046<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,860<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Liabilities and Shareholders\u2019 Equity<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n236,335<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n158,434<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n160,246<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Book Value Per Share<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n10.00<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n9.53<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n9.44<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Friendly Hills Bank<\/strong>\n <\/td>\n<\/tr>\n
\n Statements of Operations<\/strong>
\n (Unaudited)<\/strong>\n <\/td>\n<\/tr>\n
(in thousands, except per share information)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nFor the nine<\/td>\n\u00a0<\/td>\nFor the nine<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nmonths ended<\/td>\n\u00a0<\/td>\nmonths ended<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n9\/30\/20<\/td>\n\u00a0<\/td>\n9\/30\/19<\/td>\n<\/tr>\n
Interest Income<\/td>\n\u00a0<\/td>\n$<\/td>\n4,330<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,632<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest Expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n576<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n478<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Interest Income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,754<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,154<\/td>\n\u00a0<\/td>\n<\/tr>\n
Provision for Loan Losses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n150<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Interest Income after Provision for Loan Losses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,604<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,154<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Noninterest Income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n440<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n379<\/td>\n\u00a0<\/td>\n<\/tr>\n
Noninterest Expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,193<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,280<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-Recurring Items<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n50<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income before Provision for Income Taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n851<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,303<\/td>\n\u00a0<\/td>\n<\/tr>\n
(Provision) Benefit for Income Taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(229<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(370<\/td>\n)<\/td>\n<\/tr>\n
Net Income<\/td>\n\u00a0<\/td>\n$<\/td>\n622<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n933<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic and Diluted Earnings Per Share<\/td>\n\u00a0<\/td>\n$<\/td>\n0.31<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.48<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n
\n <\/strong>\n <\/p>\n

\n Contacts:<\/strong>
\n
Jeffrey K. Ball (President & CEO)
Viktor Uehlinger (EVP & CFO)
(562) 947-1920<\/p>\n

\n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

WHITTIER, Calif., Nov. 13, 2020 (GLOBE NEWSWIRE) — Friendly Hills Bank (the \u201cbank\u201d) (OTCBB: FHLB) reported results for the third quarter of 2020. For the nine month period ending September 30, 2020, the bank reported net income of $622,000 or $0.31 per diluted share of common stock. This figure includes a $150,000 provision for loan losses. The bank reported net income of $933,000 (including a $50,000 gain on securities sold) or $0.48 per diluted share of common stock for the nine months ended September 30, 2019. As of September 30, 2020, the bank reported total assets of $236.3 million, a 47% increase from $160.2 million as of September 30, 2019. The bank\u2019s loan portfolio, net of unearned income, increased 36% … <\/p>\n

Continue reading “Friendly Hills Bank Reports Third Quarter Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-380856","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nFriendly Hills Bank Reports Third Quarter Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/friendly-hills-bank-reports-third-quarter-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Friendly Hills Bank Reports Third Quarter Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"WHITTIER, Calif., Nov. 13, 2020 (GLOBE NEWSWIRE) — Friendly Hills Bank (the \u201cbank\u201d) (OTCBB: FHLB) reported results for the third quarter of 2020. For the nine month period ending September 30, 2020, the bank reported net income of $622,000 or $0.31 per diluted share of common stock. This figure includes a $150,000 provision for loan losses. The bank reported net income of $933,000 (including a $50,000 gain on securities sold) or $0.48 per diluted share of common stock for the nine months ended September 30, 2019. As of September 30, 2020, the bank reported total assets of $236.3 million, a 47% increase from $160.2 million as of September 30, 2019. 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