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Chino Commercial Bancorp Reports 42% Increase In First Quarter Earnings


News provided by

Chino Commercial Bancorp

Apr 20, 2015, 08:00 ET

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CHINO, Calif., April 20, 2015 /PRNewswire/ -- The Board of Directors of Chino Commercial Bancorp ("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, 2015 with net earnings of $318,868, or an increase of 42.1% compared with net income of $224,423 for the same quarter last year. Net income per basic share for the first quarter of 2015 was $0.31 as compared $0.22 for the same quarter last year.

Dann H. Bowman, President and Chief Executive Officer, stated, "The Company had an excellent first quarter with deposits increasing, loans increasing, and revenue increasing. In addition to very strong net earnings, the Bank also had only one delinquent loan and suffered no credit losses during the first quarter. At the end of the first quarter the Bank had no OREO.

Economic conditions appear to be 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."

During the first quarter, the Board of the Directors of the Company declared a 12% stock dividend to shareholders of record on March 6, 2015. The dividend was paid to the shareholders on March 27, 2015; and the earnings per share calculations have been adjusted to reflect the dividends paid.

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, 2015, total assets were $145.4 million, an increase of $15.3 million or 11.8% over $130.1 million at December 31, 2014. The increase is attributed to an overall growth across all areas of the Bank. Total deposits increased by 4.4% or $5.0 million during the first quarter to $120.5 million compared to $115.4 million as of December 31, 2014. At March 31, 2015, the Company's core deposits represent 94.6% of the total deposits.

Gross loans increased by 2.2% or $1.8 million during the first quarter to $85.3 million as compared with $83.5 million as of December 31, 2014.  The Bank's loan quality remained consistent during the first quarter as nonperforming assets and OREO were at zero both at December 31, 2014 and March 31, 2015.

Earnings
The Company posted net interest income of $1,225,212 for the quarter ended March 31, 2015 as compared to $937,047 for the quarter ended March 31, 2014. Average earning assets increased as well as the yield on earning assets increased by 0.58% to 4.40%.  Average interest-earning assets were $119.5 million with average interest-bearing liabilities of $57.2 million, yielding a net interest margin of 4.16% for the first quarter of 2015; as compared to the average interest-earning assets of $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.

Non-interest income totaled $368,668 for the first quarter of 2015, or a decrease of 16.1% as compared with $439,560 earned during the first quarter last year. Service charges on deposit accounts decreased 12.9% to $306,002 due to decrease in income from returned items and overdraft charges. Dividend income from restricted stock increased to $18,374 for the first quarter of 2015, compared to $14,318 for the same quarter in 2014, due to additional purchases of restricted stock.  Income from bank-owned life insurance remained consistent at $25,418 in the first quarter of 2015 and $25,814 in the first quarter of 2014.

General and administrative expenses were $1,075,780 for the three months ended March 31, 2015, as compared to $1,019,710 for the first quarter of 2014. The largest component of general and administrative expenses was salary and benefits expense of $663,539 for the first quarter of 2015, as compared to $587,396 for the same quarter last year.  Regulatory assessments increased by $2,298 or 8.1% to $30,519 in the first quarter of 2015 compared to $28,221 in the first quarter of 2014 due the continuous growth of the Bank.  Advertising and marketing expenses decreased 51.4% to $11,528 in the first quarter of 2015 from $23,743 for the same period last year.

Income tax expense was $197,774 for the three months ended March 31, 2015 as compared to $131,563 for the three months ended March 31, 2014. The effective income tax rate for the first quarter of 2015 and 2014 is approximately 38.3% and 37.0%, 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

March 31, 2015 and December 31, 2014



March 31, 2015


December 31, 2014


(unaudited)


(audited)

ASSETS:




Cash and due from banks

$     21,528,744


$             5,529,963

Total cash and cash equivalents

21,528,744


5,529,963





Interest-bearing deposits in other banks

16,320,000


$           19,048,000

Investment securities available for sale

1,592,894


1,637,579

Investment securities held to maturity (fair value approximates $12,495,000 at March 31, 2014 and $11,493,000 at December 31, 2014)




10,905,955


11,370,815

  Total investments

28,818,849


32,056,394

Loans




Construction

834,100


613,802

Real estate

64,704,547


65,070,148

Commercial

19,437,222


17,437,492

Installment

318,104


339,519

  Gross loans

85,293,973


83,460,961

Unearned fees and discounts

(236,973)


(211,142)

  Loans net of unearned fees and discount

85,057,000


83,249,819

Allowance for loan losses

(1,546,493)


(1,536,241)

 Net loans

83,510,507


81,713,578





Fixed assets, net

5,926,806


5,971,324

Accrued interest receivable

334,010


312,508

Stock investments, restricted, at cost

1,625,400


716,700

Bank-owned life insurance

3,106,212


3,080,794

Other assets

599,030


751,466

Total assets

$   145,449,558


$         130,132,727





LIABILITIES:




Deposits




Non-interest bearing 

$     64,749,798


$           64,657,125

Interest bearing




  NOW and money market

40,835,905


35,665,321

  Savings

4,185,063


4,119,507

  Time deposits less than $100,000

4,249,746


4,367,455

  Time deposits of $100,000 or greater

6,468,102


6,631,526

Total deposits

120,488,614


115,440,934





Accrued interest payable

26,694


26,066

Borrowings from Federal Home Loan Bank (FHLB)

10,000,000


-

Accrued expenses & other payables

728,106


772,134

Subordinated notes payable to subsidiary trust

3,093,000


3,093,000

Total liabilities

134,336,414


119,332,134





SHAREHOLDERS' EQUITY




Common stock, authorized 10,000,000 shares with no par value, issued and outstanding 1,026,349 shares at March 31, 2015 and 916,550 December 31, 2013, respectively.







6,089,466


4,579,730

Retained earnings

4,992,075


6,185,281

Accumulated other comprehensive income

31,603


35,582

Total shareholders' equity

11,113,144


10,800,593

Total liabilities & shareholders' equity

$   145,449,558


$         130,132,727

CHINO COMMERCIAL BANCORP

CONSOLIDATED STATEMENTS OF NET INCOME

(unaudited)


For the three months ended


March 31


2015


2014

Interest income




Interest and fee income on loans 

$   1,185,445


$  914,348

Interest on federal funds sold and FRB deposits

1,112


10,087

Inerest on time deposits in banks

30,195


29,613

Interest on investment securities

80,646


52,386

  Total interest income

1,297,398


1,006,434





Interest Expense




Interest on deposits

55,818


54,977

Other borrowings

16,368


14,410

  Total interest expense

72,186


69,387

Net interest income

1,225,212


937,047

Provision for loan losses

1,458


911





  Net interest income after provision for loan losses

1,223,754


936,136





Non-interest income




Service charges on deposit accounts

306,002


351,376

Other miscellaneous income

18,874


48,052

Dividend income from restricted stock

18,374


14,318

Income from bank-owned life insurance

25,418


25,814

  Total non-interest income

368,668


439,560





Non-interest expenses




Salaries and employee benefits

663,539


587,396

Occupancy and equipment

103,001


99,802

Data and item processing

93,338


96,982

Advertising and marketing

11,528


23,743

Legal and professional fees

45,236


60,314

Regulatory assessments

30,519


28,221

Insurance

7,865


8,413

Directors' fees and expenses

26,417


26,669

Other expenses

94,337


88,170

  Total non-interest expenses

1,075,780


1,019,710

Income before income tax expense

516,642


355,986

Income tax expense

197,774


131,563

Net income

$      318,868


$  224,423





Basic earnings per share  

$           0.31


$       0.22

Diluted earnings per share 

$           0.31


$       0.22

CHINO COMMERCIAL BANCORP




For the three months ended



March 31



2015


2014

KEY FINANCIAL RATIOS





(unaudited)





Annualized return on average equity


11.54%


9.17%

Annualized return on average assets


0.96%


0.75%

Net interest margin


4.16%


3.56%

Core efficiency ratio


67.49%


74.07%

Net chargeoffs to average loans


-0.01%


-0.01%






AVERAGE BALANCES





(thousands, unaudited)





Average assets


$     132,848


$     119,901

Average interest-earning assets


$     119,493


$     106,850

Average gross loans


$       86,538


$       64,330

Average deposits


$     109,349


$     106,245

Average equity


$       11,057


$         9,793

CREDIT QUALITY

End of period

(unaudited)

March 31, 2015


March 31, 2014





Non-performing loans

$                         -


$             198,766





Non-performing loans to total loans

0.00%


0.24%

Non-performing loans to total assets

0.00%


0.15%

Allowance for loan losses to total loans

1.81%


1.84%

Nonperforming assets as a percentage of total loans and OREO

0.00%


0.24%

Allowance for loan losses to non-performing loans

n/a


772.89%





OTHER PERIOD-END STATISTICS




(unaudited)

March 31, 2015


March 31, 2014

Shareholders equity to total assets

7.64%


8.30%

Net Loans to deposits

69.31%


70.78%

Non-interest bearing deposits to total deposits

53.74%


56.01%

Total capital to total risk-weighted assets

16.82%


18.55%

Tier 1 capital to total risk-weighted assets

16.23%


17.54%

Tier 1 leverage ratio

11.12%


10.95%

Common equity tier 1

16.23%


n/a

SOURCE Chino Commercial Bancorp

Related Links

http//:www.chinocommercialbank.com

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