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Friendly Hills Bancorp (OTCMKTS:FHLB) Stock Extends Rally On Earnings

Pete Matthews , , , ,

This past Friday Friendly Hills Bancorp (OTCMKTS:FHLB), which is actually the parent company of First Pacific Bank, had come on to the news cycle after it provided a key update. The company provided key financial information with regards to its financial position and it could be a good idea to take a look at some of the highlights.

Trading Data

On Thursday, FHLB stock moved up 3.33% to $6.20 with more than 600 shares, compared to volume of 1.43K shares. The stock moved within a range of $6.20 – 6.20 after opening trade at $6.20.

Friendly Hills Bancorp Reports Preliminary Q1 2023 Results and Provides Updates on Its Capital, Liquidity and Strong Financial Position

The updates were with regards to the bank’s capital strength, liquidity and other associated information. The company decided to provide such an update due to the events of the past month in the banking industry.

At the end of the first quarter, the total deposits with the bank stood at $306 million and reflected a rise of as much as 15% since the end of 2022. That worked out to a total rise of $40 million and out of that, as much as $17 million of the deposits had been made during the month of March.

At the end of March 31, 2023 the company had cash and cash equivalents to the tune of $19 million and that was inclusive of the overnight funds that it had. The unused borrowing capacity with the bank was $110 million.

Pete Matthews

Pete attended the University of Colorado and still calls the centennial state home. He chases trout in the summer and snowboards in the winter. He is fascinated with the markets and has a strong interest in nanocap stocks and crypto currency.