Welcome!

News Feed Item

Chino Commercial Bancorp Reports 31% Increase In First Quarter Earnings

CHINO, Calif., April 21, 2014 /PRNewswire/ -- The Board of Directors of Chino Commercial Bancorp (OTC BB: CCBC), the parent company of Chino Commercial Bank, N.A., announced the results of operations for the Bank and the consolidated holding company for the first quarter ended March 31, 2014 with net earnings of $224,422, or an increase of 31.5% compared with net income of $170,640 for the same quarter last year. Net income per basic share for the first quarter of 2014 was $0.27 as compared $0.21 for the same quarter last year.

Dann H. Bowman, President and Chief Executive Officer, stated, "We are very pleased with the performance of the Bank during the first quarter.  In addition to very strong net earnings, the Bank also had no delinquent loans and suffered no credit losses during the first quarter.

Economic conditions appear to be rapidly improving in the Inland Empire, and many of our small business customers are reporting better than expected operating results.  We continue to remain optimistic about the economy, and are eager to lend to the businesses and consumers in our community."

Separately, the Bank recently reported that it had received recognition from the Findley Reports on Financial Institutions by again receiving their highest rating of Super Premier Performing.

Financial Condition

At March 31, 2014, total assets were $123.9 million, an increase of $0.8 million or 0.6% over $123.1 million at December 31, 2013. The increase is a direct result of growth in the Bank's deposits which increased by 0.6% to $110.2 million at March 31, 2014, or an increase from $109.6 million at December 31, 2013. At March 31, 2014, the Company's core deposits represent 96.5% of the total deposits.

Gross loans increased by 1.4% or $0.9 million during the first quarter to $65.2 million as compared with $64.3 million as of December 31, 2013.  The Bank's loan quality also improved during the first quarter as the level of nonperforming assets to total loans and OREO decreased from 0.17% at December 31, 2013 to 0.16% at March 31, 2014.

Earnings

The Company posted net interest income of $937,047 for the quarter ended March 31, 2014 as compared to $990,365 for the quarter ended March 31, 2013. Although average earning assets increased, the yield on earning assets decreased by 0.36% to 3.82%.  Average interest-earning assets were $106.9 million with average interest-bearing liabilities of $55.6 million, yielding a net interest margin of 3.56% for the first quarter of 2014; as compared to the average interest-earning assets of $104.0 million with average interest-bearing liabilities of $58.0 million, yielding a net interest margin of 3.86% for the first quarter of 2013.

Non-interest income totaled $439,560 for the first quarter of 2014, or an increase of 41.0% as compared with $311,783 earned during the first quarter last year. Service charges on deposit accounts increased 25.5% to $351,376 due to increased income from returned items and overdraft charges. Other miscellaneous income increased to $48,052 for the first quarter of 2014, compared to $10,736 for the same quarter in 2013, due to reimbursement of Fees in 2014 for a failed software solution; and income from leased premises received in 2014. Due to the purchase of additional BOLI, income from bank-owned life insurance increased from $16,313 in the first quarter of 2013 to $25,815 in the first quarter of 2014.

General and administrative expenses were $1,019,711 for the three months ended March 31, 2014, as compared to $1,028,012 for the first quarter of 2013. The largest component of general and administrative expenses was salary and benefits expense of $587,396 for the first quarter of 2014, as compared to $571,023 for the same quarter last year.  Regulatory assessments decreased by $29.547 or 51.1% to $28,221 in the first quarter of 2014 compared to $57,768 in the first quarter of 2013 due to the termination of the Formal Agreement with the Office of the Comptroller of the Currency; in addition to a more favorable rating received from regulators in the fourth quarter of 2013. Advertising and marketing expenses increased 76.0% to $23,743 in the first quarter of 2014 from $13,489 for the same period last year.

Income tax expense was $131,563 for the three months ended March 31, 2014 as compared to $100,864 for the three months ended March 31, 2013. The effective income tax rate for the first quarter of 2014 and 2013 is approximately 37.0% and 37.2%, 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.

Contact: Dann H. Bowman, President and CEO or Sandra F. Pender, Senior Vice President and CFO, Chino Commercial Bancorp and Chino Commercial Bank, N.A., 14245 Pipeline Avenue, Chino, Ca. 91710, (909) 393-8880.

 

CHINO COMMERCIAL BANCORP

CONSOLIDATED BALANCE SHEET

March 31, 2014 and December 31, 2013



March 31, 2014


December 31, 2013


(unaudited)


(audited)

ASSETS:




Cash and due from banks

$     20,988,068


$     25,538,999

Federal funds sold

50,798


50,773

Total cash and cash equivalents

21,038,866


25,589,772





Interest-bearing deposits in other banks

19,982,000


18,990,000

Investment securities available for sale

1,834,366


1,887,251

Investment securities held to maturity (fair value approximates




$6,819,000 at March 31, 2014 and $3,195,000 at December 31, 2013)

6,763,617


3,095,803

Total investments

28,579,983


23,973,054

Loans




Real estate

49,561,133


49,370,423

Commercial

15,381,268


14,675,130

Installment

342,661


313,144

Gross loans

65,285,062


64,358,697

Unearned fees and discounts

(110,358)


(98,360)

Loans net of unearned fees and discount

65,174,704


64,260,337

Allowance for loan losses

(1,505,325)


(1,496,995)

 Net loans

63,669,379


62,763,342





Accrued interest receivable

249,882


270,106

Restricted stock

605,400


605,400

Fixed assets, net

6,094,422


6,140,958

Prepaid & other assets

3,668,555


3,783,159

Total assets

$   123,906,487


$   123,125,791





LIABILITIES:




Deposits




Non-interest bearing 

$     57,867,650


$     56,565,703

Interest bearing




NOW and money market

36,278,210


36,984,852

Savings

3,320,784


2,937,076

Time deposits less than $100,000

4,857,529


4,700,243

Time deposits of $100,000 or greater

7,875,911


8,415,988

Total deposits

110,200,084


109,603,862





Accrued interest payable

29,817


28,367

Accrued expenses & other payables

686,932


724,120

Subordinated notes payable to subsidiary trust

3,093,000


3,093,000

Total liabilities

114,009,833


113,449,349

SHAREHOLDERS' EQUITY




Common stock, authorized 10,000,000 shares with no par value, issued and outstanding 833,280 shares at March 31, 2014 and December 31, 2013.







3,463,912


3,463,912

Retained earnings

6,386,525


6,162,103

Accumulated other comprehensive income

46,217


50,428

Total shareholders' equity

9,896,654


9,676,443

Total liabilities & shareholders' equity

$   123,906,487


$   123,125,792

 

CHINO COMMERCIAL BANCORP

CONSOLIDATED STATEMENTS OF NET INCOME

(unaudited)






For the three months ended


March 31


2014


2013

Interest income




Investment securities and due from banks

$        81,999


$        70,147

Interest on Federal funds sold

10,087


12,228

Interest and fee income on loans 

914,348


989,910

  Total interest income

1,006,434


1,072,285

Interest expense




Deposits

54,977


67,010

Other borrowings

14,410


14,910

  Total interest expense

69,387


81,920

  Net interest income

937,047


990,365

Provision for loan losses

911


2,632

Net interest income after




provision for loan losses

936,136


987,733

Non-interest income




Service charges on deposit accounts

351,376


279,895

Other miscellaneous income

48,052


10,736

Dividend income from restricted stock

14,318


4,839

Income from bank-owned life insurance

25,814


16,313

  Total non-interest income

439,560


311,783

Non-interest expenses




Salaries and employee benefits

587,396


571,023

Occupancy and equipment

99,802


100,394

Data and item processing

96,982


98,815

Advertising and marketing

23,743


13,489

Legal and professional fees

60,314


56,509

Regulatory assessments

28,221


57,768

Insurance

8,413


12,247

Directors' fees and expenses

26,669


27,865

Other expenses

88,171


89,902

  Total non-interest expenses

1,019,711


1,028,012

Income before income tax expense

355,985


271,504

Income tax expense

131,563


100,864

  Net income

$      224,422


$      170,640

Basic earnings per share  

$            0.27


$            0.21

Diluted earnings per share 

$            0.27


$            0.21

 

CHINO COMMERCIAL BANCORP






For the three months ended


For the six months ended


March 31


March 31


2014


2013


2014


2013

KEY FINANCIAL RATIOS








(unaudited)








Annualized return on average equity

9.17%


7.72%


9.17%


7.72%

Annualized return on average assets

0.75%


0.59%


0.75%


0.59%

Net interest margin

3.56%


3.86%


3.56%


3.86%

Core efficiency ratio

74.07%


78.95%


74.07%


78.95%

Net chargeoffs to average loans

-0.01%


-0.03%


-0.01%


-0.03%









AVERAGE BALANCES








(thousands, unaudited)








Average assets

$    119,901


$    116,203


$    119,901


$    116,203

Average interest-earning assets

$    106,851


$    103,961


$    106,851


$    103,961

Average gross loans

$      64,330


$      61,438


$      64,330


$      61,438

Average deposits

$    106,244


$    103,536


$    106,244


$    103,536

Average equity

$        9,793


$        8,844


$        9,793


$        8,844

 

CREDIT QUALITY

End of period

(unaudited)

March 31, 2014


December 31, 2013

Non-performing loans

$                  198,766


$                  207,942

Non-performing loans to total loans

0.30%


0.32%

Non-performing loans to total assets

0.16%


0.17%

Allowance for loan losses to total loans

2.31%


2.33%

Nonperforming assets as a percentage of total loans and OREO

0.30%


0.32%

Allowance for loan losses to non-performing loans

757.34%


719.91%





OTHER PERIOD-END STATISTICS




(unaudited)

March 31, 2014


December 31, 2013

Shareholders equity to total assets

7.99%


7.86%

Net Loans to deposits

57.78%


57.26%

Non-interest bearing deposits to total deposits

52.51%


51.61%

Total capital to total risk-weighted assets

18.55%


18.18%

Tier 1 capital to total risk-weighted assets

17.54%


17.08%

Tier 1 leverage ratio

10.95%


10.69%

 

SOURCE Chino Commercial Bancorp

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.