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Chino Commercial Bancorp Reports 59% Increase In Profits

CHINO, Calif., Jan. 22, 2014 /PRNewswire/ -- The Board of Directors of Chino Commercial Bancorp (OTC BB: CCBC), the parent company of Chino Commercial Bank NA, announced the results of operations for the Bank and the consolidated holding company for the three and twelve months ended December 31, 2013. For the full year ended December 31, 2013 the company posted a consolidated net income of $940,727, an increase of 59.5% over net income of $589,766 for the year ended December 31, 2012. Net income for the quarter ended December 31, 2013 increased 174.6% to $295,970 from $107,796 for quarter ended December 31, 2012. Net income per basic share and fully diluted share was $1.13 for the year ended December 31, 2013, a 54.8% increase over $0.73 per share for the year ended December 31, 2012. Earnings per basic share and diluted share for the fourth quarter ended December 31, 2013 were $0.36 as compared to $0.13 for the fourth quarter of 2012.

Dann H. Bowman, President and Chief Executive Officer stated, "We are very pleased with the continued growth and profitability of the Bank as the national and local economies improve.  The Company's net earnings for fiscal year 2013 were up 59% over the previous year, representing a return on beginning equity of 10.78%.  Deposit and Loan balances increased during the year by 7.28% and 3.87% respectively, allowing the Bank to show improved stability of earnings and efficiency.  In addition to the growth, at fiscal year end the Bank reported no OREO, no loan delinquencies and no loan losses for the entire year."

Financial Condition
Non-interest bearing deposits increased 15.9% to $56.6 million at December 31, 2013 from $48.8 million at December 31, 2012. Total deposits at December 31, 2013 totaled $109.6 million, an increase of 7.3% from $102.2 million at December 31, 2012. Core deposits increased 10.3%, to $101.2 million at December 31, 2013 from $91.7 million at December 31, 2012. The Bank's core deposits to total deposits increased to a very favorable 92.3% of total deposits at December 31, 2013 from 89.8% at December 31, 2012.

At December 31, 2013, total assets were $123.1 million, an increase of $8.5 million or 7.4% from 114.6 million at December 31, 2012.

Gross loans increased to $64.4 million at December 31, 2013 from $62.0 million at December 31, 2012, or an increase of 3.9%, and total investments and Federal funds sold increased to $45.4 million from $41.4 million at December 31, 2012, a 9.5% increase.

The level of "non-performing" loans decreased during the year to one loan at $207,942 at December 31, 2013, from six loans totaling $1.2 million at December 31, 2012 or an 82.9% decrease. At year-end this non-performing loan was current on its scheduled payments. At year-end the Bank had only two overdrafts which were more than 30 days delinquent for $29.50.

The level of net loan charge-offs decreased during the year to a net recovery of $57,442 in 2013 from net loss $219,438 in 2012, or a difference of $276,880. Net loan loss (recovery) as a percent of gross loans was (0.09%) and 0.35% for years ended December 31, 2013 and 2012, respectively. It is important to note, however, that the charge-offs taken in 2013 of $79,503 and in 2012 of $287,366, were charge-offs against loans that were paying as agreed.

Earnings
The Company posted net interest income of $4,092,972 for the year ended December 31, 2013 as compared to $3,654,006 for the year ended December 31, 2012. Average interest-earning assets were $105.3 million with average interest-bearing liabilities of $53.4 million yielding a net interest margin of 3.89% for the year ended December 31, 2013; as compared to average interest-earning assets of $98.2 million with average interest-bearing liabilities of $53.9 million, yielding a net interest margin of 3.73% for the year ended December 31, 2012.

The Bank posted net interest income of $1,084,011 for the three months ended December 31, 2013 as compared to $956,008 for the three months ended December 31, 2012. Average interest-earning assets were $106.8 million with average interest-bearing liabilities of $51.3 million, yielding a net interest margin of 4.03% for the fourth quarter of 2013; as compared to average interest-earning assets of $104.6 million with average interest-bearing liabilities of $57.5 million, yielding a net interest margin of 3.64% for the three months ended December 31, 2012.

Non-interest income totaled $1,497,094, or an increase of 16.5% from $1,436,537, earned in the year ended December 31, 2012. Service charges on deposit accounts increased $148,465 or 12.9% to $1,299,094 in 2013 due the reversal of $21,943 of collected income from customers with loans on non-accrual status. Gain on sale of foreclosed assets was $61,151 for the year ended December 31, 2012 while in 2013, the Bank had no foreclosed assets and therefore no gain.

Non-interest income for the quarter ended December 31, 2013 totaled $390,854 or a 16.5% increase from the fourth quarter of 2012. The increase is due mainly to the recognition in income from customers with loans on non-accrual, while in 2012 no income was recognized.

General and administrative expenses were $998,524 for the three months ended December 31, 2013 or a decrease of 1.0% as compared to $1,008,824 for the three months ended December 31, 2012. General and administrative expenses were $4,082,038 for the year ended December 31, 2013 as compared to $4,045,169 for the year ended December 31, 2012. The largest component of general and administrative expenses was salary and benefits expense which totaled $550,243 for the three months ended December 31, 2013 as compared to $545,229 for the three months ended December 31, 2012. Salary and benefits expense were $2,231,308 for the year ended December 31, 2013 as compared to $2,178,453 for the year ended December 31, 2012.

The consolidated Company's income tax expense was $181,266 for the three months ended December 31, 2013 as compared to $56,592 for the three months ended December 31, 2012. Income tax expenses were $566,545 for the year ended December 31, 2013 as compared to $335,336 for the year ended December 31, 2012. The effective income tax rate for 2013 and 2012 was approximately 37.6% and 36.2%, respectively.

Forward-Looking Statements
The statements contained in this press release that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward-looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties including but not limited to the health of the national and California economies, the Company's ability to attract and retain skilled employees, customers' service expectations, the Company's ability to successfully deploy new technology and gain efficiencies there from, changes in interest rates, loan portfolio performance, and other factors detailed in the Company's SEC filings.

 

CHINO COMMERCIAL BANCORP

CONSOLIDATED BALANCE SHEET

December 31, 2013 and December 31, 2012



December 31, 2013


December 31, 2012


(unaudited)


(audited)

ASSETS:




Cash and due from banks

$       4,202,632


$       2,946,454

Federal funds sold

21,387,140


17,041,826

Total cash and cash equivalents

25,589,772


19,988,280





Interest-bearing deposits in other banks

18,990,000


17,417,000

Investment securities available for sale

1,887,251


2,349,320

Investment securities held to maturity (fair value approximates




$3,195,000 at September 30, 2013 and $4,796,000 at December 31, 2012)

3,095,803


4,606,626

   Total investments

23,973,054


24,372,946

Loans




Real estate

49,370,423


49,121,409

Commercial

14,675,131


12,516,101

Installment

313,144


321,502

   Gross loans

64,358,698


61,959,012

Unearned fees and discounts

(98,360)


(169,090)

   Loans net of unearned fees and discount

64,260,338


61,789,922

Allowance for loan losses

(1,496,995)


(1,438,797)

    Net loans

62,763,343


60,351,125





Accrued interest receivable

270,106


286,812

Restricted stock

605,400


623,200

Fixed assets, net

6,140,958


6,258,728

Prepaid & other assets

3,783,159


2,753,820

Total assets

$   123,125,792


$   114,634,911





LIABILITIES:




Deposits




Non-interest bearing 

$     56,565,703


$     48,822,963

Interest bearing




   NOW and money market

36,984,852


36,340,045

   Savings

2,937,076


1,989,336

   Time deposits less than $100,000

4,700,243


4,565,281

   Time deposits of $100,000 or greater

8,415,988


10,433,009

   Total deposits

109,603,862


102,150,634





Accrued interest payable

28,367


35,674

Borrowings from Federal Home Loan Bank (FHLB)

0


0

Accrued expenses & other payables

724,120


633,705

Subordinated notes payable to subsidiary trust

3,093,000


3,093,000

Total liabilities

113,449,349


105,913,013

SHAREHOLDERS' EQUITY




Common stock, authorized 10,000,000 shares with no par value, issued and outstanding 833,280 shares and 829,602 shares at September 30, 2013 and December 31, 2012, respectively.







3,463,912


3,429,254

Retained earnings

6,162,103


5,221,375

Accumulated other comprehensive income

50,428


71,269

Total shareholders' equity

9,676,443


8,721,898

Total liabilities & shareholders' equity

$   123,125,792


$   114,634,911





 

CHINO COMMERCIAL BANCORP

CONSOLIDATED STATEMENTS OF NET INCOME

(unaudited)










For the three months ended


For the year ended


December 31


December 31


2013


2012


2013


2012

Interest income








Investment securities and due from banks

$        68,125


$        74,754


$      268,624


$      352,513

Interest on Federal funds sold

12,837


13,679


51,713


43,781

Interest and fee income on loans 

1,074,190


968,844


4,081,506


3,660,419

   Total interest income

1,155,152


1,057,277


4,401,843


4,056,713

Interest expense








Deposits

56,326


85,781


249,378


334,424

Other borrowings

14,815


15,488


59,493


68,283

   Total interest expense

71,141


101,269


308,871


402,707

   Net interest income

1,084,011


956,008


4,092,972


3,654,006

Provision for loan losses

(895)


118,224


756


120,272

Net interest income after








provision for loan losses

1,084,906


837,784


4,092,216


3,533,734

Non-interest income








Service charges on deposit accounts

338,529


274,262


1,299,700


1,151,235

Gain on sale of foreclosed assets

0


0


0


93,871

Other miscellaneous income

17,891


34,070


73,874


100,235

Dividend income from restricted stock

8,035


10,124


34,348


23,083

Income from bank-owned life insurance

26,399


16,972


89,172


68,113

   Total non-interest income

390,854


335,428


1,497,094


1,436,537

Non-interest expenses








Salaries and employee benefits

550,243


545,229


2,231,308


2,178,453

Occupancy and equipment

103,561


109,705


412,043


428,676

Data and item processing

108,744


94,126


408,109


359,818

Advertising and marketing

20,493


12,942


69,554


51,766

Legal and professional fees

44,238


59,913


215,411


272,897

Regulatory assessments

39,643


56,722


218,269


222,917

Insurance

8,509


12,249


44,150


48,745

Directors' fees and expenses

27,795


27,595


112,117


107,802

Other expenses

95,298


90,343


371,077


374,095

   Total non-interest expenses

998,524


1,008,824


4,082,038


4,045,169

Income before income tax expense

477,236


164,388


1,507,272


925,102

Income tax expense

181,266


56,592


566,545


335,336

Net income

$      295,970


$      107,796


$      940,727


$      589,766

Basic earnings per share  

$            0.36


$            0.13


$            1.13


$            0.73

Diluted earnings per share 

$            0.36


$            0.13


$            1.13


$            0.73









 

CHINO COMMERCIAL BANCORP

Other Financial Information

(unaudited)



CREDIT QUALITY

End of period

(unaudited)

December 31, 2013


December 31, 2012

Non-performing loans

$                  207,942


$               1,216,253

Non-performing loans to total loans

0.32%


1.96%

Non-performing loans to total assets

0.17%


1.06%

Allowance for loan losses to total loans

2.33%


2.32%

Nonperforming assets as a percentage of total loans and OREO

0.32%


3.74%

Allowance for loan losses to non-performing loans

719.91%


118.30%





OTHER PERIOD-END STATISTICS




(unaudited)

December 31, 2013


December 31, 2012

Shareholders equity to total assets

7.86%


7.61%

Net Loans to deposits

57.26%


59.08%

Non-interest bearing deposits to total deposits

51.61%


47.80%

Total capital to total risk-weighted assets

18.19%


17.50%

Tier 1 capital to total risk-weighted assets

17.08%


15.95%

Tier 1 leverage ratio

10.69%


9.86%

 


For the three months ended


For the year ended


December 31


December 31


2013


2012


2013


2012

KEY FINANCIAL RATIOS








(unaudited)








Annualized return on average equity

12.47%


4.96%


10.28%


7.07%

Annualized return on average assets

0.99%


0.37%


0.80%


0.53%

Net interest margin

4.03%


3.64%


3.89%


3.73%

Core efficiency ratio

67.70%


78.12%


73.02%


80.96%

Net chargeoffs to average loans

-0.09%


0.05%


-0.09%


0.18%









AVERAGE BALANCES








(thousands, unaudited)








Average assets

$    119,929


$    116,934


$    118,138


$    110,808

Average interest-earning assets

$    106,771


$    104,594


$    105,322


$      98,205

Average gross loans

$      62,839


$      60,092


$      62,490


$      57,228

Average deposits

$    102,145


$    104,359


$    101,635


$      98,436

Average equity

$        9,492


$        8,688


$        9,155


$        8,336

 

 

SOURCE Chino Commercial Bancorp

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