Welcome!

.NET Authors: Yeshim Deniz, Carmen Gonzalez, Greg O'Connor, Pat Romanski, Elizabeth White

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
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...

SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...

SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, aut...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether public, private, or in a hybrid form, clo...
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Be Among the First 100 to Attend & Receive a Smart Beacon. The Physical Web is an open web project within the Chrome team at Google. Scott Jenson leads a team that is working to leverage the scalability and openness of the web to talk to smart devices. The Physical Web uses bluetooth low energy beacons to broadcast an URL wirelessly using an open protocol. Nearby devices can find all URLs in the room, rank them and let the user pick one from a list. Each device is, in effect, a gateway to a web page. This unlocks entirely new use cases so devices can offer tiny bits of information or simple i...
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, will address the big issues involving these technologies and, more important, the results they will achieve. How important are public, private, and hybrid cloud to the enterprise? How does one define Big Data? And how is the IoT tying all this together?
TechCrunch reported that "Berlin-based relayr, maker of the WunderBar, an Internet of Things (IoT) hardware dev kit which resembles a chunky chocolate bar, has closed a $2.3 million seed round, from unnamed U.S. and Switzerland-based investors. The startup had previously raised a €250,000 friend and family round, and had been on track to close a €500,000 seed earlier this year — but received a higher funding offer from a different set of investors, which is the $2.3M round it’s reporting."
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital busines...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
The Internet of Things needs an entirely new security model, or does it? Can we save some old and tested controls for the latest emerging and different technology environments? In his session at Internet of @ThingsExpo, Davi Ottenheimer, EMC Senior Director of Trust, will review hands-on lessons with IoT devices and reveal privacy options and a new risk balance you might not expect.
IoT is still a vague buzzword for many people. In his session at Internet of @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, will discuss the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. The presentation will also discuss how IoT is perceived by investors and how venture capitalist access this space. Other topics to discuss are barriers to success, what is new, what is old, and what the future may hold.
Swiss innovators dizmo Inc. launches its ground-breaking software, which turns any digital surface into an immersive platform. The dizmo platform seamlessly connects digital and physical objects in the home and at the workplace. Dizmo breaks down traditional boundaries between device, operating systems, apps and software, transforming the way users work, play and live. It supports orchestration and collaboration in an unparalleled way enabling any data to instantaneously be accessed on any surface, anywhere and made interactive. Dizmo brings fantasies as seen in Sci-fi movies such as Iro...
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other mach...