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Chino Commercial Bancorp Reports 7% Increase in Net Earnings

Chino Commercial Bancorp
Chino Commercial Bancorp

CHINO, Calif., April 22, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of Chino Commercial Bancorp (OTC: 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, 2022. Net earnings for the first quarter of 2022, were $900 thousand, or an increase of 7.4%, as compared with earnings of $838 thousand for the same quarter last year. Net earnings per basic and diluted share was $0.34 for the first quarter of 2022, and $0.31 for the same quarter last year.

Dann H. Bowman, President and Chief Executive Officer, stated, “Despite the setbacks of the last two years, the economy of the Inland Empire appears to be rebounding. We are excited about the opportunities for growth and expansion of the Bank as we offer new products and services to help small businesses to grow and prosper.”

Financial Condition

At March 31, 2022, total assets were $412.8 million, an increase of $34.3 million or 9.1% over $378.5 million at December 31, 2021. Total deposits increased by $34.8 million or 10.1% to $353.7 million as of March 31, 2022, compared to $318.9 million as of December 31, 2021. At March 31, 2022, the Company’s core deposits represent 98.4% of the total deposits.

Gross loans remained at $176 million both at March 31, 2022 and as of December 31, 2021. The Bank had two non-performing loans for the quarter ended March 31, 2022, and one non-performing loan as of December 31, 2021. OREO properties remained at zero as of March 31, 2022 and December 31, 2021 respectively.

Earnings

The Company posted net interest income of $2.7 million for the three months ended March 31, 2022 and $2.5 million for the same quarter last year. Average interest-earning assets were $367.3 million with average interest-bearing liabilities of $149.9 million, yielding a net interest margin of 2.72% for the first quarter of 2022, as compared to the average interest-earning assets of $305.5 million with average interest-bearing liabilities of $138.6 million, yielding a net interest margin of 3.59% for the first quarter of 2021.

Non-interest income totaled $540.3 thousand for the first quarter of 2022, or an increase of 16.6% as compared with $463.5 thousand earned during the same quarter last year. The majority of the increase is attribute to service charges on deposit accounts and other fees.

General and administrative expenses were $2.0 million for the three months ended March 31, 2022, and $1.8 million for the same period last year. The largest component of general and administrative expenses was salary and benefits expense of $1.2 million for the first quarter of 2022 and $1.0 million for the same period last year.

Income tax expense was $352 thousand which represents an increase of $23 thousand or 7.4% for the three months ended March 31, 2022, as compared to $328.6 thousand for the three months ended March 31, 2021. The effective income tax rate for the first quarter of 2022 and 2021 were approximately 28.1% and 28.2% 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 therefrom, and changes in interest rates, loan portfolio performance, and other factors.

Contact: Dann H. Bowman, President and CEO or Melinda M. Milincu, 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, 2022 and 2021

March 31, 2022

December 31, 2021

(unaudited)

(audited)

ASSETS:

Cash and due from banks

$

89,431,882

$

135,593,445

Federal funds sold

-

-

Total cash and cash equivalents

89,431,882

135,593,445

Investment securities available for sale

7,295,369

40,270,538

Investment securities held to maturity

125,048,973

12,435,291

Total investments

132,344,342

52,705,829

Loans

Construction

414,072

414,072

Real estate

130,638,340

125,894,826

Commercial

44,930,167

48,133,781

Installment

142,574

1,741,267

Gross loans

176,125,153

176,183,946

Unearned fees and discounts

(1,042,561

)

(1,419,084

)

Loans net of unearned fees and discount

175,082,592

174,764,862

Allowance for loan losses

(3,702,953

)

(3,888,480

)

Net loans

171,379,639

170,876,382

Fixed assets, net

5,825,761

5,897,342

Accrued interest receivable

1,030,047

877,104

Stock investments, restricted, at cost

2,045,200

7,871,339

Bank-owned life insurance

7,915,472

2,045,200

Other assets

2,825,788

2,647,812

Total assets

$

412,798,131

$

378,514,453

LIABILITIES:

Deposits

Non-interest bearing

$

224,198,426

$

195,274,304

Interest bearing

NOW and money market

93,314,320

85,144,889

Savings

24,666,318

25,147,965

Time deposits less than $250,000

8,954,762

3,695,546

Time deposits of $250,000 or greater

2,571,046

9,616,481

Total deposits

353,704,872

318,879,185

Accrued interest payable

179,534

130,327

Borrowings from Federal Home Loan Bank (FHLB)

15,000,000

15,000,000

Accrued expenses & other payables

1,781,243

1,817,705

Subordinated debt

10,000,000

10,000,000

Subordinated notes payable to subsidiary trust

3,093,000

3,093,000

Total liabilities

383,758,649

348,920,217

SHAREHOLDERS’ EQUITY

Common stock, authorized 10,000,000 shares with no par value, issued and outstanding 2,676,799 shares at March 31, 2022 and December 31, 2021, respectively.

10,502,558

10,502,557

Retained earnings

20,457,085

19,556,872

Accumulated other comprehensive income/(loss)

(1,920,161

)

(465,193

)

Total shareholders’ equity

29,039,482

29,594,236

Total liabilities & shareholders’ equity

$

412,798,131

$

378,514,453


CHINO COMMERCIAL BANCORP

CONSOLIDATED STATEMENTS OF NET INCOME

For the three months ended

March 31

2022

2021

(unaudited)

(unaudited)

Interest income

Interest and fee income on loans

$

2,313,197

$

2,648,462

Interest on federal funds sold and FRB deposits

53,187

16,265

Interest on time deposits in banks

-

-

Interest on investment securities

349,414

213,442

Total interest income

2,715,798

2,878,169

Interest Expense

Interest on deposits

42,517

49,794

Other borrowings

206,504

122,064

Total interest expense

249,021

171,858

Net interest income

2,466,777

2,706,311

Provision for loan losses

(200,000

)

200,000

Net interest income after provision for loan losses

2,666,777

2,506,311

Non-interest income

Service charges on deposit accounts

409,245

348,098

Other miscellaneous income

58,689

61,715

Dividend income from restricted stock

28,226

23,108

Income from bank-owned life insurance

44,133

30,564

Total non-interest income

540,293

463,485

Non-interest expenses

Salaries and employee benefits

1,244,311

1,048,224

Occupancy and equipment

159,763

156,286

Data and item processing

181,481

156,549

Advertising and marketing

23,798

20,337

Legal and professional fees

44,025

44,265

Regulatory assessments

42,668

33,480

Insurance

9,930

9,823

Directors’ fees and expenses

32,160

32,280

Other expenses

216,810

301,580

Total non-interest expenses

1,954,946

1,802,824

Income before income tax expense

1,252,124

1,166,972

Income tax expense

351,911

328,560

Net income

$

900,213

$

838,412

Basic earnings per share

$

0.34

$

0.31

Diluted earnings per share

$

0.34

$

0.31


For the three months ended

March 31

2022

2021

KEY FINANCIAL RATIOS

(unaudited)

Annualized return on average equity

12.41

%

12.38

%

Annualized return on average assets

0.92

%

1.02

%

Net interest margin

2.72

%

3.59

%

Core efficiency ratio

65.01

%

56.88

%

Net chargeoffs/(recoveries) to average loans

-0.011

%

-0.008

%

AVERAGE BALANCES

(thousands, unaudited)

Average assets

$

389,889

$

327,614

Average interest-earning assets

$

367,297

$

305,535

Average gross loans

$

174,298

$

195,983

Average deposits

$

340,439

$

270,019

Average equity

$

29,013

$

27,091

CREDIT QUALITY

End of period

(unaudited)

March 31, 2022

December 31, 2021

Non-performing loans

$

453,645

$

115,434

Non-performing loans to total loans

0.26

%

0.07

%

Non-performing loans to total assets

0.11

%

0.03

%

Allowance for loan losses to total loans

2.10

%

2.21

%

Nonperforming assets as a percentage of total loans and OREO

0.26

%

0.07

%

Allowance for loan losses to non-performing loans

816.27

%

3368.57

%

OTHER PERIOD-END STATISTICS

(unaudited)

Shareholders equity to total assets

7.03

%

7.82

%

Net loans to deposits

48.45

%

53.59

%

Non-interest bearing deposits to total deposits

63.39

%

61.24

%

Total capital to total risk-weighted assets

21.95

%

18.30

%

Tier 1 capital to total risk-weighted assets

25.08

%

20.16

%

Company Leverage Ratio

8.36

%

8.84

%