• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • Sponsored Placement
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

Chino Commercial Bancorp Reports 21% Increase In Profits


News provided by

Chino Commercial Bancorp

Jan 19, 2015, 11:06 ET

Share this article

Share this article


CHINO, Calif., Jan. 19, 2015 /PRNewswire/ -- The Board of Directors of Chino Commercial Bancorp ("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, 2014. For the full year ended December 31, 2014 the company posted a consolidated net income of $1,139,773, an increase of 21.2% over net income of $940,728 for the year ended December 31, 2013. Net income for the quarter ended December 31, 2014 decreased 11.5% to $261,887 from $295,970 for quarter ended December 31, 2013. Net income per basic share and fully diluted share was $1.30 for the year ended December 31, 2014, a 21.2% increase over $1.13 per share for the year ended December 31, 2013. Earnings per basic share and diluted share for the fourth quarter ended December 31, 2014 were $0.30 as compared to $0.36 for the fourth quarter of 2013.

Dann H. Bowman, President and Chief Executive Officer stated, "We are very pleased with the performance of the Bank in 2014. This year the Bank set new records for earnings, earnings per share, total deposits and total loans. The Company's net earnings for fiscal year 2014 were up 21% over the previous year, representing a return on beginning equity of 11.8%. Deposit and Loan balances increased during the year by 5.3% and 29.7% 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, and only one delinquent loan."

Financial Condition
Non-interest bearing deposits increased 14.3% to $64.7 million at December 31, 2014 from $56.6 million at December 31, 2013. Total deposits at December 31, 2014 totaled $115.4 million, an increase of 5.3% from $109.6 million at December 31, 2013. Core deposits increased 7.5% to $108.8 million at December 31, 2014 from $101.2 million at December 31, 2013. The Bank's core deposits to total deposits increased to a very favorable 94.3% of total deposits at December 31, 2014 from 92.3% at December 31, 2013.

At December 31, 2014, total assets were $130.1 million, an increase of $7.0 million or 5.7% from $123.1 million at December 31, 2013.

Gross loans increased to $83.5 million at December 31, 2014 from $64.4 million at December 31, 2013, or an increase of 29.7%, and total investments increased to $32.1 million from $24.0 million at December 31, 2013, a 33.7% increase.

The level of "non-performing" loans decreased during the year to $0 at December 31, 2014, from one loan totaling $207,942 at December 31, 2013 or a 100% decrease. At year-end the Bank had only one overdrawn account which was more than 30 days delinquent for $285.63.

The company continued to experience net loan recoveries amounting to $163,738 in 2014 as compared with a net recovery of $57,442 in 2013, or an increase in recoveries of $106,296. Net loan loss (recovery) as a percent of gross loans was (0.20%) and (0.09%) for the years ended December 31, 2014 and 2013, respectively.

Earnings
The Company posted net interest income of $4,258,257 for the year ended December 31, 2014, as compared to $4,092,971 for the year ended December 31, 2013. Average interest-earning assets were $112.4 million with average interest-bearing liabilities of $51.6 million, yielding a net interest margin of 3.79% for the year ended December 31, 2013; as compared to average interest-earning assets of $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.

The Bank posted net interest income of $1,170,794 for the three months ended December 31, 2014 as compared to $1,084,011 for the three months ended December 31, 2013. Average interest-earning assets were $115.1 million with average interest-bearing liabilities of $52.6 million, yielding a net interest margin of 4.03% for the fourth quarter of 2014; as compared to average interest-earning assets of $106.8 million with average interest-bearing liabilities of $50.6 million, yielding a net interest margin of 4.03% for the three months ended December 31, 2013.

Non-interest income totaled $1,605,099, or an increase of 7.2% from $1,497,094, earned in the year ended December 31, 2013. Service charges on deposit accounts increased $44,399 or 3.4% to $1,344,099 in 2014.

Non-interest income for the quarter ended December 31, 2014 totaled $367,964 or a 5.9% decrease from the fourth quarter of 2013.

General and administrative expenses were $1,114,531 for the three months ended December 31, 2014 or an increase of 11.6% as compared to $998,524 for the three months ended December 31, 2013. General and administrative expenses were $4,153,316 for the year ended December 31, 2014 as compared to $4,082,037 for the year ended December 31, 2013. The largest component of general and administrative expenses was salary and benefits expense, which totaled $665,516 for the three months, ended December 31, 2014 as compared to $550,243 for the three months ended December 31, 2013. Salary and benefits expense were $2,398,764 for the year ended December 31, 2014 as compared to $2,231,308 for the year ended December 31, 2013.

The consolidated Company's income tax expense was $157,743 for the three months ended December 31, 2014 as compared to $181,266 for the three months ended December 31, 2013. Income tax expenses were $694,759 for the year ended December 31, 2014 as compared to $566,545 for the year ended December 31, 2013. The effective income tax rate for 2014 and 2013 was approximately 37.9% and 37.6%, 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, 2014 and December 31, 2013



December 31, 2014


December 31, 2013


(unaudited)


(audited)

ASSETS:




Cash and due from banks

$       5,529,963


$     25,538,999

Federal funds sold

-


50,773

Total cash and cash equivalents

5,529,963


25,589,772





Interest-bearing deposits in other banks

19,048,000


18,990,000

Investment securities available for sale

1,637,579


1,887,251

Investment securities held to maturity (fair value approximates $11,493,000 at December 31, 2014 and $3,195,000 at December 31, 2013)




11,370,814


3,095,803

Total investments

32,056,393


23,973,054

Loans




Construction

613,802


-

Real estate

65,070,148


49,370,422

Commercial

17,437,492


14,675,131

Installment

339,520


313,144

  Gross loans

83,460,962


64,358,697

Unearned fees and discounts

(211,141)


(98,360)

  Loans net of unearned fees and discount

83,249,821


64,260,337

Allowance for loan losses

(1,536,241)


(1,496,995)

   Net loans

81,713,580


62,763,342





Accrued interest receivable

312,508


270,106

Restricted stock

716,700


605,400

Fixed assets, net

5,971,324


6,140,958

Foreclosed assets

0


0

Prepaid & other assets

3,832,260


3,783,159

Total assets

$   130,132,728


$   123,125,791





LIABILITIES:




Deposits




Non-interest bearing 

$     64,657,125


$     56,565,703

Interest bearing




  NOW and money market

35,665,321


36,984,851

  Savings

4,119,507


2,937,076

  Time deposits less than $100,000

4,367,455


4,700,243

  Time deposits of $100,000 or greater

6,631,526


8,415,988

  Total deposits

115,440,934


109,603,861





Accrued interest payable

26,066


28,367

Accrued expenses & other payables

772,135


724,120

Subordinated notes payable to subsidiary trust

3,093,000


3,093,000

Total liabilities

119,332,135


113,449,348

SHAREHOLDERS' EQUITY




Common stock, authorized 10,000,000 shares with no par value, issued and outstanding 916,550 shares at December 31, 2014 and 833,280 shares at December 31, 2013.

4,579,730


3,463,912

Retained earnings

6,185,281


6,162,103

Common stock distributable

0


0

Accumulated other comprehensive income

35,582


50,428

Total shareholders' equity

10,800,593


9,676,443

Total liabilities & shareholders' equity

$   130,132,728


$   123,125,791

CHINO COMMERCIAL BANCORP

CONSOLIDATED STATEMENTS OF NET INCOME

(unaudited)



For the three months ended

December 31


For the year ended

December 31




2014


2013


2014


2013

Interest income








Investment securities and due from banks

$  121,569


$    80,930


$  453,482


$  320,207

Interest on Federal funds sold

29


32


125


130

Interest and fee income on loans 

1,119,762


1,074,190


4,084,997


4,081,506

  Total interest income

1,241,360


1,155,152


4,538,604


4,401,843

Interest expense








Deposits

55,204


56,326


221,418


249,378

Other interest expense

687


-


687


-

Other borrowings

14,675


14,815


58,243


59,493

  Total interest expense

70,566


71,141


280,348


308,871

 Net interest income

1,170,794


1,084,011


4,258,257


4,092,972

Provision for loan losses

4,597


(895)


(124,492)


756

Net interest income after provision for loan losses

1,166,197


1,084,906


4,382,749


4,092,216

Non-interest income








Service charges on deposit accounts

312,524


338,529


1,344,099


1,299,700

Other miscellaneous income

19,171


17,891


108,344


73,874

Dividend income from restricted stock

9,882


8,035


48,339


34,348

Income from bank-owned life insurance

26,387


26,399


104,317


89,172

  Total non-interest income

367,964


390,854


1,605,099


1,497,094

Non-interest expenses








Salaries and employee benefits

665,516


550,243


2,398,764


2,231,308

Occupancy and equipment

123,112


103,561


438,251


412,043

Data and item processing

94,191


108,744


382,762


408,109

Advertising and marketing

30,129


20,493


100,168


69,554

Legal and professional fees

52,425


44,238


216,542


215,411

Regulatory assessments

20,446


39,643


108,325


218,269

Insurance

8,431


8,509


33,705


44,150

Directors' fees and expenses

27,456


27,795


109,925


112,117

Other expenses

92,825


95,298


364,874


371,076

  Total non-interest expenses

1,114,531


998,524


4,153,316


4,082,037

Income before income tax expense

419,630


477,236


1,834,532


1,507,273

Income tax expense

157,743


181,266


694,759


566,545

Net income

$  261,887


$  295,970


$ 1,139,773


$  940,728

Basic earnings per share  

$        0.30


$        0.36


$        1.30


$        1.13

Diluted earnings per share 

$        0.30


$        0.36


$        1.30


$        1.13

CHINO COMMERCIAL BANCORP
Other Financial Information
(unaudited)


CREDIT QUALITY

End of period

(unaudited)

December 31, 2014


December 31, 2013

Non-performing loans

$                                 0


$                207,942

Non-performing loans to total loans

0.00%


0.32%

Non-performing loans to total assets

0.00%


0.17%

Allowance for loan losses to total loans

1.84%


2.33%

Nonperforming assets as a percentage of total loans and OREO

0.00%


0.32%

Allowance for loan losses to non-performing loans

n/a


719.91%





OTHER PERIOD-END STATISTICS




(unaudited)

December 31, 2014


December 31, 2013

Shareholders equity to total assets

8.30%


7.86%

Net Loans to deposits

70.78%


57.26%

Non-interest bearing deposits to total deposits

56.01%


51.61%

Total capital to total risk-weighted assets

16.72%


18.18%

Tier 1 capital to total risk-weighted assets

16.02%


17.08%

Tier 1 leverage ratio

11.18%


10.69%


For the three months ended

December 31


For the year ended

December 31




2014


2013


2014


2013

KEY FINANCIAL RATIOS








(unaudited)








Annualized return on average equity

9.80%


12.47%


22.28%


20.55%

Annualized return on average assets

0.82%


0.99%


1.82%


1.59%

Net interest margin

4.03%


4.03%


3.79%


3.89%

Core efficiency ratio

72.43%


67.70%


70.84%


73.02%

Net chargeoffs to average loans

-0.01%


-0.01%


-0.24%


-0.03%









AVERAGE BALANCES








(thousands, unaudited)








Average assets

$  128,349


$       119,929


$  125,437


$  118,138

Average interest-earning assets

$  115,132


$       106,771


$  112,387


$  105,322

Average gross loans

$    79,834


$         62,839


$    69,360


$    62,490

Average deposits

$  108,752


$       101,542


$  107,061


$  101,022

Average equity

$    10,689


$           9,492


$    10,232


$      9,155

SOURCE Chino Commercial Bancorp

Related Links

http//:www.chinocommercialbank.com

Modal title

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2022 Cision US Inc.