Friendly Hills Bancorp - FHLB STOCK NEWS

First Pacific Bancorp, the holding company for First Pacific Bank, reported strong first quarter 2024 results with total assets reaching $441 million, total deposits at $350 million, and total loans at $275 million. The company experienced four consecutive quarters of profitability, with a pre-tax profit of $222 thousand and a net income of $162 thousand for Q1 2024. Asset quality remains excellent, with a leverage capital ratio of 8.6% and a total risk-based capital ratio of 12.2%. Cash and cash equivalents totaled $45 million, and unused borrowing capacity stood at over $146 million as of March 31, 2024.

First Pacific Bancorp (FPBC) reported strong financial results for Q4 2023 and the full year, with total assets reaching $420 million and total deposits increasing to $333 million. The company maintained a leverage capital ratio of 8.72% and a total risk-based capital ratio of 11.98%, considered 'well-capitalized'. Despite a pre-tax pre-provision profit decrease from Q3 2023, the company achieved a net income of $55 thousand for Q4 2023. The provision for credit losses was $102 thousand in Q4 2023 and $906 thousand for the full year 2023, with minimal non-performing assets and an allowance for credit losses of 1.13% of total loans. The company's business model, focusing on small and medium-sized businesses in Southern California, contributed to their success and they remain committed to delivering exceptional value for both customers and shareholders in 2024.

First Pacific Bancorp (OTC Pink: FPBC) reported consolidated results for Q3 2023, with total assets reaching $422 million, total deposits at $332 million, and total loans at $274 million. The Bank maintains a strong capital and liquidity position, with a leverage capital ratio of 8.72% and a total risk-based capital ratio of 12.02%. Net interest margin increased to 3.30% in Q3. The Company achieved a pre-tax pre-provision profit of $228 thousand and a net income of $52 thousand for the quarter.

Friendly Hills Bancorp completes corporate rebranding, changes name to First Pacific Bancorp and ticker symbol to FPBC

Friendly Hills Bancorp (OTC Pink: FHLB) reported a solid first quarter for 2023, with total assets reaching $393 million, up from $367 million at year-end 2022. Total deposits increased by $40 million (15%) to $305 million, with a significant $17 million growth in March. Loans surged $41 million (20%) to $246 million. The bank maintained excellent asset quality, with zero non-performing assets and a leverage capital ratio of 8.55%, indicating a well-capitalized status. Net interest income rose 7.1% to $3.1 million. Despite these positives, the company reported a net loss of $290,000 and basic earnings per share of (0.08). Overall, the bank remains well-positioned for sustainable growth amidst financial volatility.

Friendly Hills Bancorp (FHLB) announced strong financial results for its subsidiary, First Pacific Bank, for Q1 2023 amidst industry uncertainties. Total deposits surged to $306 million, a 15% increase from year-end 2022, with $40 million added this quarter alone. The Bank's total assets rose to $393 million, reflecting solid growth. Notably, total loans increased by 20% to $246 million, showcasing effective lending practices. The Bank maintains over $110 million in unused borrowing capacity, ensuring liquidity. Management emphasizes a well-capitalized position with excellent asset quality, reporting no significant changes in classified or non-performing assets. The Bank remains committed to serving its local community while preparing to release further operating results later this month.

Friendly Hills Bancorp (OTC Pink: FHLB) reported robust growth in its fourth quarter and year-end results for 2022. The company achieved a total loan portfolio of $205 million, a remarkable increase of 131% from 2021. A private placement of common stock raised $14.1 million, with $4.0 million closing in Q4. Total assets grew to $367 million, and noninterest-bearing deposits constituted 45% of total deposits. The net interest margin improved to 3.58%, and the company recorded a pre-tax profit of $40,000, up from a loss in Q3 2022. The bank aims to continue its growth trajectory, focusing on small business banking amid challenging economic conditions.