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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

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