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Chino Commercial Bancorp Reports 16% Increase In Third Quarter Earnings


News provided by

Chino Commercial Bancorp

Oct 16, 2015, 11:32 ET

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CHINO, Calif., Oct. 16, 2015 /PRNewswire/ -- The Board of Directors of Chino Commercial Bancorp ("CCBC"), the parent company of Chino Commercial Bank, N.A., announced net earnings for the Company and the consolidated Bank for the third quarter ended September 30, 2015 with net earnings of $336,328 or an increase of 16%, as compared with net income of $289,916 for the same quarter last year. Net income per basic and diluted share for the third quarter 2015 was $0.33 as compared to $0.28 for the same quarter last year. The Company's income for the nine months ended September 30, 2015 increased 14.9% to $1,008,749 or $0.98 per basic and diluted share as compared with net earnings of $877,887 or $0.86 per basic and diluted share for the same period in 2014.

Dann H. Bowman, President and Chief Executive Officer, stated, "The Bank's operating performance in the third quarter and year-to-date has been very strong.  Credit quality remains solid with the Bank having no credit losses over the first three quarters, no Non-performing assets, and no foreclosed properties.

Economic conditions in the Inland Empire continue to improve and the business climate is very good.  With the Bank's strong balance sheet, we have the capacity to expand our lending within the community and grow the organization."

Financial Condition

At September 30, 2015, total assets were $164.3 million, which was an increase of $34.1 million or 26.2% over $130.1 million at December 31, 2014.  Deposits increased by $18.1 million or 15.7% to $133.5 million at September 30, 2015, from $115.4 million at December 31, 2014.

Loans net of unearned fees increased 4.8% in the nine months ended September 30, 2015 to $87.2 million from $83.2 million at December 31, 2014. The Bank's loan quality remained consistent during the second quarter as nonperforming assets and OREO remained at zero at September 30, 2015 and December 31, 2014, respectively.

Earnings

The Company posted net interest income of $1,310,757 and $1,081,338 for the three months ended September 30, 2015 and 2014, respectively, or an increase of $229,419 or 21.2%. For the nine months ended September 30, 2015 the Company posted net interest income of $3,783,457, compared to $3,087,463 for the same period in 2014, or an increase of $695,994 or 22.5%.

Average interest-earning assets were $143.0 million with average interest-bearing liabilities of $69.8 million, yielding a net interest margin of 3.64% for the third quarter of 2015; as compared to the average interest-earning assets of $114.9 million with average interest-bearing liabilities of $55.5 million, yielding a net interest margin of 3.73% for the third quarter of 2014.

Non-interest income totaled $350,622 for the third quarter of 2015, or a decrease of 11.9% from $398,190 earned during the third quarter of 2014. For the nine months ended September 30, 2015, non-interest income totaled $1,108,975 or a 10.4% decrease from $1,237,134 earned during the same period in 2014.

General and administrative expenses were $1,115,633 for the three months ended September 30, 2015, as compared to $1,012,807 for the third quarter of 2014. The largest component of general and administrative expenses was salary and benefits expense of $650,333 for the third quarter of 2015, as compared to $570,831 for the three months ended September 30, 2014. Regulatory assessments increased to $31,611 or 7.0% in the third quarter of 2015, compared to $29,537 in the third quarter of 2014. Legal, Audit, and Other Professional fees decreased by 44.2% to $32,980 in the third quarter of 2015, from $59,100 in the quarter ended September 30, 2014 due to an overall decrease in audit fees.

Income tax expense was $209,175 for the three months ended September 30, 2015, as compared to $176,805 for the three months ended September 30, 2014. The effective income tax rate for the third quarter of 2015 and 2014 is approximately 38.3% and 37.9%, 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.

CHINO COMMERCIAL BANCORP

CONSOLIDATED BALANCE SHEET

September 30, 2015 and December 31, 2014



September 30, 2015


December 31, 2014


(unaudited)


(audited)

ASSETS:




Cash and due from banks

$            36,595,837


$             5,529,963

Total cash and cash equivalents

36,595,837


5,529,963





Interest-bearing deposits in other banks

5,456,000


$           19,048,000

Investment securities available for sale

3,121,918


1,637,579

Investment securities held to maturity (fair value approximates




$21,998,000 at September 30, 2015 and $11,493,000 at December 31, 2014)

21,777,251


11,370,815

  Total investments

30,355,169


32,056,394

Loans




Construction

1,200,000


613,802

Real estate

65,527,204


65,070,148

Commercial

20,366,126


17,437,492

Installment

376,077


339,519

  Gross loans

87,469,407


83,460,961

Unearned fees and discounts

(222,732)


(211,142)

  Loans net of unearned fees and discount

87,246,675


83,249,819

Allowance for loan losses

(1,619,773)


(1,536,241)

 Net loans

85,626,902


81,713,578





Fixed assets, net

5,891,960


5,971,324

Accrued interest receivable

355,770


312,508

Stock investments, restricted, at cost

1,592,400


716,700

Bank-owned life insurance

3,157,372


3,080,794

Other assets

714,918


751,466

Total assets

$          164,290,328


$         130,132,727





LIABILITIES:




Deposits




Non-interest bearing 

$            77,092,870


$           64,657,125

Interest bearing




  NOW and money market

41,430,640


35,665,321

  Savings

4,338,307


4,119,507

  Time deposits less than $100,000

4,053,388


4,367,455

  Time deposits of $100,000 or greater

6,633,531


6,631,526

 Total deposits

133,548,736


115,440,934





Accrued interest payable

23,431


26,066

Borrowings from Federal Home Loan Bank (FHLB)

15,000,000


-

Accrued expenses & other payables

826,913


772,134

Subordinated notes payable to subsidiary trust

3,093,000


3,093,000

Total liabilities

152,492,080


119,332,134





SHAREHOLDERS' EQUITY




Common stock, authorized 10,000,000 shares with no par value, issued and outstanding 1,026,349 shares at September 30, 2015 and 916,550 December 31, 2014, respectively.







6,089,466


4,579,730

Retained earnings

5,681,956


6,185,281

Accumulated other comprehensive income

26,826


35,582

Total shareholders' equity

11,798,248


10,800,593

Total liabilities & shareholders' equity

$          164,290,328


$         130,132,727

CHINO COMMERCIAL BANCORP

CONSOLIDATED STATEMENTS OF NET INCOME

(unaudited)










For the three months ended


For the year ended


September 30


September 30


2015


2014


2015


2014

Interest income








Interest and fee income on loans 

$ 1,228,781


$ 1,021,331


$ 3,616,409


$ 2,965,236

Interest on federal funds sold and FRB deposits

16,161


5,921


27,375


27,361

Interest on time deposits in banks

15,004


38,095


68,193


101,323

Interest on investment securities

132,792


87,190


303,371


203,325

  Total interest income

1,392,738


1,152,537


4,015,348


3,297,245









Interest Expense








Interest on deposits

59,424


56,546


172,863


166,214

Other borrowings

22,557


14,653


59,028


43,568

  Total interest expense

81,981


71,199


231,891


209,782

 Net interest income

1,310,757


1,081,338


3,783,457


3,087,463

Provision for loan losses

243


-


4,041


(129,089)









  Net interest income after provision for loan losses

1,310,514


1,081,338


3,779,416


3,216,552









Non-interest income








Service charges on deposit accounts

265,693


336,670


873,089


1,031,575

Other miscellaneous income

21,343


20,268


59,878


89,171

Dividend income from restricted stock

37,951


15,119


99,430


38,457

Income from bank-owned life insurance

25,635


26,133


76,578


77,931

  Total non-interest income

350,622


398,190


1,108,975


1,237,134









Non-interest expenses








Salaries and employee benefits

650,333


570,831


1,964,562


1,733,248

Occupancy and equipment

108,305


112,808


310,585


315,138

Data and item processing

97,934


96,585


287,353


288,571

Advertising and marketing

13,714


26,033


39,998


70,038

Legal and professional fees

32,980


59,100


115,606


164,117

Regulatory assessments

31,611


29,537


92,813


87,879

Insurance

8,471


8,431


24,807


25,275

Directors' fees and expenses

26,771


27,628


80,850


82,469

Other expenses

145,514


81,854


336,062


272,048

  Total non-interest expenses

1,115,633


1,012,807


3,252,636


3,038,783

Income before income tax expense

545,503


466,721


1,635,755


1,414,903

Income tax expense

209,175


176,805


627,006


537,016

 Net income

$   336,328


$   289,916


$ 1,008,749


$   877,887









Basic earnings per share  

$         0.33


$         0.28


$          0.98


$         0.86

Diluted earnings per share 

$         0.33


$         0.28


$          0.98


$         0.86



For the three months ended


For the year ended



September 30


September 30



2015


2014


2015


2014

KEY FINANCIAL RATIOS









(unaudited)









Annualized return on average equity


11.55%


11.14%


11.86%


11.61%

Annualized return on average assets


0.86%


0.91%


0.93%


0.94%

Net interest margin


3.64%


3.73%


3.85%


3.70%

Core efficiency ratio


67.15%


68.45%


66.48%


70.27%

Net chargeoffs/(recoveries) to average loans


-0.07%


-0.02%


-0.09%


-0.24%










AVERAGE BALANCES









(thousands, unaudited)









Average assets


$    156,751


$  127,863


$ 145,101


$ 124,456

Average interest-earning assets


$    142,958


$  114,908


$ 131,394


$ 111,461

Average gross loans


$      85,866


$    69,029


$   86,529


$   65,830

Average deposits


$    121,976


$  113,482


$ 115,721


$ 110,467

Average equity


$      11,651


$    10,409


$   11,345


$   10,078

CREDIT QUALITY


End of period

(unaudited)


September 30, 2015


December 31, 2014






Non-performing loans


$                             -


$                            -






Non-performing loans to total loans


0.00%


0.00%

Non-performing loans to total assets


0.00%


0.00%

Allowance for loan losses to total loans


1.85%


1.84%

Nonperforming assets as a percentage of total loans and OREO


0.00%


0.00%

Allowance for loan losses to non-performing loans


n/a


n/a






OTHER PERIOD-END STATISTICS





(unaudited)


September 30, 2015


December 31, 2014

Shareholders equity to total assets


7.18%


8.30%

Net Loans to deposits


64.12%


70.78%

Non-interest bearing deposits to total deposits


57.73%


56.01%

Total capital to total risk-weighted assets


16.93%


16.72%

Tier 1 capital to total risk-weighted assets


16.55%


16.01%

Tier 1 leverage ratio


10.01%


11.18%

Common equity tier 1


16.55%


n/a

SOURCE Chino Commercial Bancorp

Related Links

http//:www.chinocommercialbank.com

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