Hemet Bancorp Announces Quarterly Dividend and First Quarter Earnings

April 28, 2023

Hemet Bancorp, parent company of HCN Bank, is pleased to announce a cash dividend of $3.25 per share of common stock. The dividend will be paid to shareholders of record as of April 27, 2023. The disbursement to shareholders has been processed today.

The company also reports strong first quarter financial results, with unaudited net income of $6,366,000, an impressive increase of 29% from $4,937,000 in the same period of the prior year. This notable increase reflects HCN Bank's improved margins and the consistent performance of our loan portfolio, which reported non-performing loans at 0.00%.

As of March 31, 2023, total assets were $942.4 million, compared to $971.3 million at the end of last year. Moreover, total stockholders’ equity increased from $83.2 million to $88.8 million during the first quarter of 2023, indicating a solid growth in the company's financial health.

Regarding the company’s performance and on the banking industry uncertainty, Kevin R. Farrenkopf, CEO of HCN Bank and Vice Chairman of Hemet Bancorp commented, “Other than a few isolated cases, we see no material changes in the banking industry following the failure of Silicon Valley Bank and two other regional banks. We believe pressure on bank margins and stock prices will continue in the near term, and banks with solid business models will continue to thrive, as many have in the first quarter."

We appreciated your continued support of Hemet Bancorp.

About HCN Bank:

HCN Bank, formerly known as The Bank of Hemet, is a full-service community bank that has been serving the Hemet community since 1974. With a commitment to personalized service, innovative solutions, and strong community relationships, HCN Bank offers a comprehensive range of financial services to individuals, businesses, and organizations.