Welcome!

Microsoft Cloud Authors: Janakiram MSV, Pat Romanski, Steven Mandel, John Basso, Liz McMillan

News Feed Item

Chino Commercial Bancorp Reports 33.6% Increase In Profits

CHINO, Calif., Jan. 18, 2013 /PRNewswire/ -- The Board of Directors of Chino Commercial Bancorp (OTCBB: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, 2011. For the full year ended December 31, 2011 the company posted a consolidated net income of $589,766, an increase of 33.6% over net income of $441,401 for the year end 2011. Net income for the quarter ended December 31, 2012 decreased 35.8% to $107,796 from $167,928 for quarter ended December 31, 2011. Net income per basic share and fully diluted share was $0.72 for the year ended December 31, 2012 a 22.0% increase over $0.59 per share for the year ended December 31, 2011. Earnings basic share and diluted share for the fourth quarter ended December 31, 2012 were $0.13, as compared to $0.22 for the fourth quarter of 2011.

Dann H. Bowman, President and Chief Executive Officer stated, "We are very pleased to report that the Company had an excellent year, with net earnings increasing 33% over last year and loan quality improving.  At year-end the Bank had only one delinquent loan; and though economic conditions have not fully recovered, we are becoming increasingly optimistic regarding the economy and the Inland Empire Region in general. Many of our borrowers are reporting higher earnings and improved business conditions.  During the year the Bank's deposits increased 4.1% and loans increased 9.1%. Though the economy is not out of the woods yet, we believe the Bank is well positioned to benefit from the improved economic and business conditions."

Financial Condition

Non-interest bearing deposits increased 3.5% to $48.8 million at December 31, 2012 from $47.2 million at December 31, 2011. Total deposits at December 31, 2012 totaled $102.2 million, an increase of 4.1% from $98.1 million at December 31, 2011. Core deposits decreased 0.8%, to $85.9 million at December 31, 2011 from $86.6 million at December 31, 2010. The Bank's core deposits to total deposits increased to a very favorable 89.8% of total deposits at December 31, 2012 from 89.6% at December 31, 2011.

At December 31, 2012, total assets were $114.6 million, an increase of $4.9 million or 4.5% from 109.7 million at December 31, 2011.

Gross loans increased to $62.0 million at December 31, 2012 from $56.8 million at December 31, 2011, or an increase of 9.1%, and total investments and Federal funds sold increased slightly to $41.4 million from $40.1 million at December 31, 2011, a 3.2% decrease.

The level of "non-performing" loans decreased during the year to $1.2 million at December 31, 2012 from $3.6 million at December 31, 2011 or a 66.3% decrease. Many of these loans have been graded as non-performing based on information contained in the borrower's income tax returns. At year-end all of the non-performing loans except one, were current on their scheduled payments. At year-end the Bank had only one loan which was more than 30 days delinquent for $517,916.

The level of net loan charge-offs increased during the year to $219,428 in 2012 from $185,909 in 2011, or an increase of $33,529. Net loan loss as a percent of gross loans was 0.35% and 0.33% for years ended December 31, 2012 and 2011, respectively. It is important to note, however, that of the charge-offs taken in 2012 of $82,744 and in 2011 of $127,035 were charge-offs against loans that were paying as agreed. In many cases these charge-offs were taken to reflect reduced real estate collateral values.

Earnings

The Company posted net interest income of $3,654,006 for the year ended December 31, 2012 as compared to $3,732,455 for the year ended December 31, 2011. Average interest-earning assets were $98.2 million with average interest-bearing liabilities of $54.7 million yielding a net interest margin of 3.72% for the year ended December 31, 2012 as compared to average interest-earning assets of $93.7 million with average interest-bearing liabilities of $56.0 million yielding a net interest margin of 3.97% for the year ended December 31, 2011.

The Bank posted net interest income of $956,008 for the three months ended December 31, 2012 as compared to $926,160 for the three months ended December 31, 2011. Average interest-earning assets were $104.6 million with average interest-bearing liabilities of $57.5 million yielding a net interest margin of 3.64% for the fourth quarter of 2012 as compared to average interest-earning assets of $93.9 million with average interest-bearing liabilities of $54.1 million yielding a net interest margin of 3.91% for the three months ended December 31, 2011.

Non-interest income totaled $1,436,537, or an increase of 6.6% from $1,347,803, earned in the year ended December 31, 2011. Service charges on deposit accounts decreased $22,064 or 1.9% to $1,151,235 in 2012 due the reversal of $21,943 of collected income from customers with loans on non-accrual status. Gain on sale of foreclosed assets increased to $93,871 in 2012 from $61,151 for the year ended December 31, 2011 due to gain on sale OREO.

Non-interest income for the quarter ended December 31, 2012 totaled $335,428 or an 8.5% increase from the fourth quarter of 2011. The increase is due to legal expenses reimbursed from fees expensed in prior years.

General and administrative expenses were $1,008,824 for the three months ended December 31, 2012 or an increase of 4.17% as compared to $969,519 for the three months ended December 31, 2011. General and administrative expenses were $4,045,169 for the year ended December 31, 2012 as compared to $4,118,282 for the year ended December 31, 2011. The largest component of general and administrative expenses was salary and benefits expense which totaled $545,229 for the three months ended December 31, 2012 as compared to $535,442 for the three months ended December 31, 2011. Salary and benefits expense were $2,178,453 for the year ended December 31, 2012 as compared to $2,182,644 for the year ended December 31, 2011.

The consolidated Company's income tax expense was $56,592 for the three months ended December 31, 2012 as compared to $97,688 for the three months ended December 31, 2011. Income tax expenses were $335,336 for the year ended December 31, 2012 as compared to $229,685 for the year ended December 31, 2011. The effective income tax rate for 2012 and 2011 was approximately 36.2% and 34.2%, 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.

CHINO COMMERCIAL BANCORP

CONSOLIDATED BALANCE SHEET

December 31, 2012 and December 31, 2011



December 31, 2012


December 31, 2011


(unaudited)


(audited)

ASSETS:




Cash and due from banks

$       2,946,454


$       3,358,177

Federal funds sold

17,041,826


14,165,877

Total cash and cash equivalents

19,988,280


17,524,054





Interest-bearing deposits in other banks

17,417,000


13,339,252

Investment securities available for sale

2,349,320


2,972,420

Investment securities held to maturity (fair value approximates




$4,796,000 at December 31, 2012 and $9,861,000 at December 31, 2011)

4,606,626


9,652,630

Total investments

24,372,946


25,964,302

Loans




Construction

0


0

Real estate

49,121,409


46,184,898

Commercial

12,516,101


9,974,353

Installment

321,502


643,660

Gross loans

61,959,012


56,802,911

Unearned fees and discounts

(169,090)


(29,107)

Loans net of unearned fees and discount

61,789,922


56,773,804

Allowance for loan losses

(1,438,797)


(1,537,963)

 Net loans

60,351,125


55,235,841





Accrued interest receivable

286,812


275,976

Restricted stock

623,200


667,700

Fixed assets, net

6,258,728


6,443,753

Foreclosed assets

0


439,317

Prepaid & other assets

2,753,820


3,154,650

Total assets

$   114,634,911


$   109,705,593





LIABILITIES:




Deposits




Non-interest bearing 

$     48,822,963


$     47,188,644

Interest bearing




NOW and money market

36,340,045


32,241,986

Savings

1,989,336


1,809,536

Time deposits less than $100,000

4,565,281


4,700,126

Time deposits of $100,000 or greater

10,433,009


12,163,266

Total deposits

102,150,634


98,103,558





Accrued interest payable

35,674


139,646

Accrued expenses & other payables

633,705


897,363

Subordinated notes payable to subsidiary trust

3,093,000


3,093,000

Total liabilities

105,913,013


102,233,567

SHAREHOLDERS' EQUITY




Common stock, authorized 10,000,000 shares with no par value, issued and outstanding 829,602 shares and 749,540 shares at December 31, 2012 and December 31, 2011, respectively.







3,429,254


2,760,813

Retained earnings

5,221,375


4,631,609

Accumulated other comprehensive income

71,269


79,604

Total shareholders' equity

8,721,898


7,472,026

Total liabilities & shareholders' equity

$   114,634,911


$   109,705,593



CHINO COMMERCIAL BANCORP

CONSOLIDATED STATEMENTS OF NET INCOME

(unaudited)










For the three months ended


For the years ended


December 31


December 31


2012


2011


2012


2011

Interest income








Investment securities and due from banks

$   74,754


$ 114,463


$ 352,513


$ 570,394

Interest on Federal funds sold

13,679


7,596


43,781


16,248

Interest and fee income on loans 

968,844


939,211


3,660,419


3,732,455

Total interest income

1,057,277


1,061,270


4,056,713


4,319,097

Interest expense








Deposits

85,781


89,656


334,424


397,396

Other interest expense

0


0


0


75

Other borrowings

15,488


45,454


68,283


198,342

Total interest expense

101,269


135,110


402,707


595,813

Net interest income

956,008


926,160


3,654,006


3,723,284

Provision for loan losses

118,224


59


120,272


281,719

Net interest income after








provision for loan losses

837,784


926,101


3,533,734


3,441,565

Non-interest income








Service charges on deposit accounts

274,262


280,982


1,151,235


1,173,299

Gain on sale of foreclosed assets

0


0


93,871


61,151

Other miscellaneous income

34,070


7,456


100,235


32,262

Dividend income from restricted stock

10,124


2,803


23,083


11,145

Income from bank-owned life insurance

16,972


17,793


68,113


69,946

Total non-interest income

335,428


309,034


1,436,537


1,347,803

Non-interest expenses








Salaries and employee benefits

545,229


535,442


2,178,453


2,182,644

Occupancy and equipment

109,705


103,317


428,676


429,111

Data and item processing

94,126


88,525


359,818


366,487

Advertising and marketing

12,942


17,647


51,766


59,830

Legal and professional fees

59,913


44,597


272,897


355,681

Regulatory assessments

56,722


53,911


222,917


231,329

Insurance

12,249


12,467


48,745


42,703

Directors' fees and expenses

27,595


18,167


107,802


72,264

Other expenses

90,343


95,446


374,095


378,233

Total non-interest expenses

1,008,824


969,519


4,045,169


4,118,282

Income before income tax expense

164,388


265,616


925,102


671,086

Income tax expense

56,592


97,688


335,336


229,685

Net income

$ 107,796


$ 167,928


$ 589,766


$ 441,401

Basic earnings per share  

$       0.13


$       0.22


$       0.72


$       0.59

Diluted earnings per share 

$       0.13


$       0.22


$       0.72


$       0.59



CHINO COMMERCIAL BANCORP

Other Financial Information

(unaudited)



CREDIT QUALITY

End of period

(unaudited)

December 31, 2012


December 31, 2011

Non-performing loans

$             1,216,253


$             3,605,142

Non-performing loans to total loans

1.96%


6.35%

Non-performing loans to total assets

1.06%


3.29%

Allowance for loan losses to total loans

2.32%


2.71%

Nonperforming assets as a percentage of total loans and OREO

3.74%


7.07%

Allowance for loan losses to non-performing loans

118.30%


42.66%





OTHER PERIOD-END STATISTICS




(unaudited)

December 31, 2012


December 31, 2011

Shareholders equity to total assets

7.61%


6.81%

Net Loans to deposits

59.08%


56.30%

Non-interest bearing deposits to total deposits

47.80%


48.10%


















For the three months ended


For the twelve months ended


December 31


December 31


2012


2011


2012


2011

KEY FINANCIAL RATIOS








(unaudited)








Annualized return on average equity

4.96%


9.13%


7.07%


6.10%

Annualized return on average assets

0.37%


0.63%


0.53%


0.41%

Net interest margin

3.64%


3.91%


3.72%


3.97%

Core efficiency ratio

78.12%


78.49%


80.96%


82.20%

Net chargeoffs to average loans

0.05%


0.00%


0.18%


0.32%









AVERAGE BALANCES








(thousands, unaudited)








Average assets

$ 116,934


$ 107,300


$ 110,808


$ 107,443

Average interest-earning assets

$ 104,594


$   93,942


$   98,205


$   93,744

Average gross loans

$   60,092


$   56,916


$   57,228


$   58,793

Average deposits

$ 104,359


$   95,891


$   98,436


$   96,137

Average equity

$     8,688


$     7,360


$     8,336


$     7,235









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.

@ThingsExpo Stories
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Although it has gained significant traction in the consumer space, IoT is still in the early stages of adoption in enterprises environments. However, many companies are working on initiatives like Industry 4.0 that includes IoT as one of the key disruptive technologies expected to reshape businesses of tomorrow. The key challenges will be availability, robustness and reliability of networks that connect devices in a business environment. Software Defined Wide Area Network (SD-WAN) is expected to...
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of (at least) three separate application components: the software embedded in the device, the back-end service, and the mobile application for the end user’s controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target –...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
As cloud adoption continues to transform business, today’s global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....