Welcome to our dedicated page for FHLB news (Ticker: FHLB), a resource for investors and traders seeking the latest updates and insights on FHLB stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect FHLB's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of FHLB's position in the market.
Friendly Hills Bancorp (OTCBB: FHLB) reports a net income of $784,000 for the nine months ending September 30, 2021, a rise from $622,000 in 2020, aided by $494,000 from an Employee Retention Tax Credit. Total assets grew by 33% to $315.2 million, while total deposits increased by 69% to $269.9 million, largely due to the acquisition of three branches. However, the loan portfolio decreased by 33%, attributed to Paycheck Protection Program loan payoffs. CEO Jeffrey Ball will transition out by year's end, with Christopher Naghibi joining the Board. The total risk-based capital ratio stands at a strong 19%.
Friendly Hills Bancorp (OTCBB: FHLB) has finalized the acquisition of three branch offices from Bank of Southern California, effective September 24, 2021. The deal involves assuming approximately $81.2 million in deposits for a net purchase price of $1.3 million. The branches are located in Orange and Redlands, California, while consolidating the Santa Fe Springs branch. CEO Jeffrey K. Ball expressed optimism about enhancing service and relationship banking in these new markets, aiming for growth opportunities.
Friendly Hills Bank (OTCBB: FHLB) reported a net income of $409,000 for the six months ended June 30, 2021, highlighting a 5% decrease in total assets to $223.3 million and a significant 24% decline in its loan portfolio to $106.4 million. The bank's deposit base grew by 13% to $180.3 million, with non-interest bearing deposits representing 51%. The completion of a holding company reorganization has positioned the bank as a wholly owned subsidiary of Friendly Hills Bancorp. Additionally, two new directors were appointed to the board, aiming to strengthen leadership amid ongoing economic uncertainties.
Friendly Hills Bank (OTCBB: FHLB) reported a net income of $240,000 ($0.12 per diluted share) for Q1 2021, up from $164,000 ($0.08 per diluted share) in Q1 2020. Total assets grew 32% year-over-year to $214.1 million, with a 28% increase in net loans to $127.2 million. Deposits rose 46% to $171.4 million, with non-interest bearing deposits at 52%. The bank plans to form a holding company, Friendly Hills Bancorp, with approvals pending. Additionally, it aims to acquire three branches from Southern California Bancorp, expanding its market presence.
On April 19, 2021, Southern California Bancorp and Friendly Hills Bank announced a definitive agreement for Friendly Hills Bank to acquire three Bank of Southern California branches in California. This strategic move aims to align branch networks to support their respective banking models. The acquisition, subject to shareholder and regulatory approvals, is projected to finalize in the third quarter of 2021. Bank of Southern California focuses on commercial banking, while Friendly Hills Bank emphasizes community banking.
Southern California Bancorp (OTC Pink: BCAL) and Friendly Hills Bank (OTCBB: FHLB) announced a definitive agreement for the acquisition of three Bank of Southern California branches located in Orange, Redlands, and Santa Fe Springs, California. This strategic move aligns with the banks' commercial banking model, accommodating a consumer-focused approach. The transaction awaits shareholder and regulatory approvals, with an anticipated close in Q3 2021. D.A. Davidson & Co. and Piper Sandler & Co. acted as financial advisors for the respective banks.
Friendly Hills Bank (OTCBB: FHLB) reported a net income of $1.0 million, or $0.51 per diluted share, for 2020, marking a slight decline from $1.1 million in 2019. Total assets surged by 29% to $204.4 million, driven by a 31% increase in the loan portfolio, which reached $123.2 million. Non-interest-bearing deposits rose by 45% to $79.0 million, contributing to a total deposit growth of 37%. The bank's total risk-based capital ratio stood at a strong 20%. Despite profitability, narrowing interest rate margins due to monetary policies have impacted earnings.