Friendly Hills Bank announced unaudited earnings results for the twelve month period ended December 31, 2016. For the twelve month period ended December 31, 2016, the bank reported net income of $705,000 or $0.36 per diluted share of common stock. This figure includes a $200,000 tax benefit resulting from a reduction in the bank’s deferred tax valuation allowance and a $36,000 net gain on securities sold. The bank reported net income of $394,000 or $0.20 per diluted share of common stock for the twelve months ended December 31, 2015. This figure includes a $22,000 increase in the value of the interest rate caps and a $43,000 gain on other real estate owned. Book value per share was $8.18 against $7.86 a year ago. Net interest income was $4,259,000 against $4,091,000 a year ago. Income before provision for income taxes was $810,000 against $619,000 a year ago.