Welcome!

.NET Authors: Jim Kaskade, Adine Deford, TJ Randall, Sandi Mappic, Ivan Antsipau

News Feed Item

Chino Commercial Bancorp Reports 31% Increase In First Quarter Earnings

CHINO, Calif., April 21, 2014 /PRNewswire/ -- The Board of Directors of Chino Commercial Bancorp (OTC BB: 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, 2014 with net earnings of $224,422, or an increase of 31.5% compared with net income of $170,640 for the same quarter last year. Net income per basic share for the first quarter of 2014 was $0.27 as compared $0.21 for the same quarter last year.

Dann H. Bowman, President and Chief Executive Officer, stated, "We are very pleased with the performance of the Bank during the first quarter.  In addition to very strong net earnings, the Bank also had no delinquent loans and suffered no credit losses during the first quarter.

Economic conditions appear to be rapidly 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."

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, 2014, total assets were $123.9 million, an increase of $0.8 million or 0.6% over $123.1 million at December 31, 2013. The increase is a direct result of growth in the Bank's deposits which increased by 0.6% to $110.2 million at March 31, 2014, or an increase from $109.6 million at December 31, 2013. At March 31, 2014, the Company's core deposits represent 96.5% of the total deposits.

Gross loans increased by 1.4% or $0.9 million during the first quarter to $65.2 million as compared with $64.3 million as of December 31, 2013.  The Bank's loan quality also improved during the first quarter as the level of nonperforming assets to total loans and OREO decreased from 0.17% at December 31, 2013 to 0.16% at March 31, 2014.

Earnings

The Company posted net interest income of $937,047 for the quarter ended March 31, 2014 as compared to $990,365 for the quarter ended March 31, 2013. Although average earning assets increased, the yield on earning assets decreased by 0.36% to 3.82%.  Average interest-earning assets were $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; as compared to the average interest-earning assets of $104.0 million with average interest-bearing liabilities of $58.0 million, yielding a net interest margin of 3.86% for the first quarter of 2013.

Non-interest income totaled $439,560 for the first quarter of 2014, or an increase of 41.0% as compared with $311,783 earned during the first quarter last year. Service charges on deposit accounts increased 25.5% to $351,376 due to increased income from returned items and overdraft charges. Other miscellaneous income increased to $48,052 for the first quarter of 2014, compared to $10,736 for the same quarter in 2013, due to reimbursement of Fees in 2014 for a failed software solution; and income from leased premises received in 2014. Due to the purchase of additional BOLI, income from bank-owned life insurance increased from $16,313 in the first quarter of 2013 to $25,815 in the first quarter of 2014.

General and administrative expenses were $1,019,711 for the three months ended March 31, 2014, as compared to $1,028,012 for the first quarter of 2013. The largest component of general and administrative expenses was salary and benefits expense of $587,396 for the first quarter of 2014, as compared to $571,023 for the same quarter last year.  Regulatory assessments decreased by $29.547 or 51.1% to $28,221 in the first quarter of 2014 compared to $57,768 in the first quarter of 2013 due to the termination of the Formal Agreement with the Office of the Comptroller of the Currency; in addition to a more favorable rating received from regulators in the fourth quarter of 2013. Advertising and marketing expenses increased 76.0% to $23,743 in the first quarter of 2014 from $13,489 for the same period last year.

Income tax expense was $131,563 for the three months ended March 31, 2014 as compared to $100,864 for the three months ended March 31, 2013. The effective income tax rate for the first quarter of 2014 and 2013 is approximately 37.0% and 37.2%, 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.

Contact: Dann H. Bowman, President and CEO or Sandra F. Pender, Senior 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, 2014 and December 31, 2013



March 31, 2014


December 31, 2013


(unaudited)


(audited)

ASSETS:




Cash and due from banks

$     20,988,068


$     25,538,999

Federal funds sold

50,798


50,773

Total cash and cash equivalents

21,038,866


25,589,772





Interest-bearing deposits in other banks

19,982,000


18,990,000

Investment securities available for sale

1,834,366


1,887,251

Investment securities held to maturity (fair value approximates




$6,819,000 at March 31, 2014 and $3,195,000 at December 31, 2013)

6,763,617


3,095,803

Total investments

28,579,983


23,973,054

Loans




Real estate

49,561,133


49,370,423

Commercial

15,381,268


14,675,130

Installment

342,661


313,144

Gross loans

65,285,062


64,358,697

Unearned fees and discounts

(110,358)


(98,360)

Loans net of unearned fees and discount

65,174,704


64,260,337

Allowance for loan losses

(1,505,325)


(1,496,995)

 Net loans

63,669,379


62,763,342





Accrued interest receivable

249,882


270,106

Restricted stock

605,400


605,400

Fixed assets, net

6,094,422


6,140,958

Prepaid & other assets

3,668,555


3,783,159

Total assets

$   123,906,487


$   123,125,791





LIABILITIES:




Deposits




Non-interest bearing 

$     57,867,650


$     56,565,703

Interest bearing




NOW and money market

36,278,210


36,984,852

Savings

3,320,784


2,937,076

Time deposits less than $100,000

4,857,529


4,700,243

Time deposits of $100,000 or greater

7,875,911


8,415,988

Total deposits

110,200,084


109,603,862





Accrued interest payable

29,817


28,367

Accrued expenses & other payables

686,932


724,120

Subordinated notes payable to subsidiary trust

3,093,000


3,093,000

Total liabilities

114,009,833


113,449,349

SHAREHOLDERS' EQUITY




Common stock, authorized 10,000,000 shares with no par value, issued and outstanding 833,280 shares at March 31, 2014 and December 31, 2013.







3,463,912


3,463,912

Retained earnings

6,386,525


6,162,103

Accumulated other comprehensive income

46,217


50,428

Total shareholders' equity

9,896,654


9,676,443

Total liabilities & shareholders' equity

$   123,906,487


$   123,125,792

 

CHINO COMMERCIAL BANCORP

CONSOLIDATED STATEMENTS OF NET INCOME

(unaudited)






For the three months ended


March 31


2014


2013

Interest income




Investment securities and due from banks

$        81,999


$        70,147

Interest on Federal funds sold

10,087


12,228

Interest and fee income on loans 

914,348


989,910

  Total interest income

1,006,434


1,072,285

Interest expense




Deposits

54,977


67,010

Other borrowings

14,410


14,910

  Total interest expense

69,387


81,920

  Net interest income

937,047


990,365

Provision for loan losses

911


2,632

Net interest income after




provision for loan losses

936,136


987,733

Non-interest income




Service charges on deposit accounts

351,376


279,895

Other miscellaneous income

48,052


10,736

Dividend income from restricted stock

14,318


4,839

Income from bank-owned life insurance

25,814


16,313

  Total non-interest income

439,560


311,783

Non-interest expenses




Salaries and employee benefits

587,396


571,023

Occupancy and equipment

99,802


100,394

Data and item processing

96,982


98,815

Advertising and marketing

23,743


13,489

Legal and professional fees

60,314


56,509

Regulatory assessments

28,221


57,768

Insurance

8,413


12,247

Directors' fees and expenses

26,669


27,865

Other expenses

88,171


89,902

  Total non-interest expenses

1,019,711


1,028,012

Income before income tax expense

355,985


271,504

Income tax expense

131,563


100,864

  Net income

$      224,422


$      170,640

Basic earnings per share  

$            0.27


$            0.21

Diluted earnings per share 

$            0.27


$            0.21

 

CHINO COMMERCIAL BANCORP






For the three months ended


For the six months ended


March 31


March 31


2014


2013


2014


2013

KEY FINANCIAL RATIOS








(unaudited)








Annualized return on average equity

9.17%


7.72%


9.17%


7.72%

Annualized return on average assets

0.75%


0.59%


0.75%


0.59%

Net interest margin

3.56%


3.86%


3.56%


3.86%

Core efficiency ratio

74.07%


78.95%


74.07%


78.95%

Net chargeoffs to average loans

-0.01%


-0.03%


-0.01%


-0.03%









AVERAGE BALANCES








(thousands, unaudited)








Average assets

$    119,901


$    116,203


$    119,901


$    116,203

Average interest-earning assets

$    106,851


$    103,961


$    106,851


$    103,961

Average gross loans

$      64,330


$      61,438


$      64,330


$      61,438

Average deposits

$    106,244


$    103,536


$    106,244


$    103,536

Average equity

$        9,793


$        8,844


$        9,793


$        8,844

 

CREDIT QUALITY

End of period

(unaudited)

March 31, 2014


December 31, 2013

Non-performing loans

$                  198,766


$                  207,942

Non-performing loans to total loans

0.30%


0.32%

Non-performing loans to total assets

0.16%


0.17%

Allowance for loan losses to total loans

2.31%


2.33%

Nonperforming assets as a percentage of total loans and OREO

0.30%


0.32%

Allowance for loan losses to non-performing loans

757.34%


719.91%





OTHER PERIOD-END STATISTICS




(unaudited)

March 31, 2014


December 31, 2013

Shareholders equity to total assets

7.99%


7.86%

Net Loans to deposits

57.78%


57.26%

Non-interest bearing deposits to total deposits

52.51%


51.61%

Total capital to total risk-weighted assets

18.55%


18.18%

Tier 1 capital to total risk-weighted assets

17.54%


17.08%

Tier 1 leverage ratio

10.95%


10.69%

 

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 Harbinger Systems will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US and large in-house IT organizations.
SYS-CON Events announces a new pavilion on the Cloud Expo floor where WebRTC converges with the Internet of Things. Pavilion will showcase WebRTC and the Internet of Things. 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--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.
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...
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridsto...
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...
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at Internet of @ThingsExpo, Andrew Bolwell, Director of Innovation for HP’s Printing and Personal Systems Group, will discuss how key attributes of mobile technology – touch input, senso...
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...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics...
Internet of @ThingsExpo Silicon Valley announced on Thursday its first 12 all-star speakers and sessions for its upcoming event, which will take place November 4-6, 2014, at the Santa Clara Convention Center in California. @ThingsExpo, the first and largest IoT event in the world, debuted at the Javits Center in New York City in June 10-12, 2014 with over 6,000 delegates attending the conference. Among the first 12 announced world class speakers, IBM will present two highly popular IoT sessions, which will take place November 4-6, 2014 at the Santa Clara Convention Center in Santa Clara, Calif...
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at Internet of @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., will show what is needed to leverage the IoT to transform your business. He will discuss opportunities and challenges ahead for the IoT from a market and tec...
SYS-CON Events announced today that TeleStax, the main sponsor of Mobicents, 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. TeleStax provides Open Source Communications software and services that facilitate the shift from legacy SS7 based IN networks to IP based LTE and IMS networks hosted on private (on-premise), hybrid or public clouds. TeleStax products include Restcomm, JSLEE, SMSC Gateway, USSD Gateway, SS7 Resource Adaptors, SIP Servlets, Rich Multimedia Services, Presence Services/RCS, Diame...
From a software development perspective IoT is about programming "things," about connecting them with each other or integrating them with existing applications. In his session at @ThingsExpo, Yakov Fain, co-founder of Farata Systems and SuranceBay, will show you how small IoT-enabled devices from multiple manufacturers can be integrated into the workflow of an enterprise application. This is a practical demo of building a framework and components in HTML/Java/Mobile technologies to serve as a platform that can integrate new devices as they become available on the market.
SYS-CON Events announced today that O'Reilly Media has been named “Media Sponsor” of SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. O'Reilly Media spreads the knowledge of innovators through its books, online services, magazines, and conferences. Since 1978, O'Reilly Media has been a chronicler and catalyst of cutting-edge development, homing in on the technology trends that really matter and spurring their adoption by amplifying "faint signals" from the alpha geeks who are creating the future. An...
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.
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.
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.
As a disruptive technology, Web Real-Time Communication (WebRTC), which is an emerging standard of web communications, is redefining how brands and consumers communicate in real time. The on-going narrative around WebRTC has largely been around incorporating video, audio and chat functions to apps. In his session at Internet of @ThingsExpo, Alex Gouaillard, Founder and CTO of Temasys Communications, will look at a fourth element – data channels – and talk about its potential to move WebRTC beyond browsers and into the Internet of Things.
SYS-CON Events announced today that Gigaom Research has been named "Media Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Ashar Baig, Research Director, Cloud, at Gigaom Research, will also lead a Power Panel on the topic "Choosing the Right Cloud Option." Gigaom Research provides timely, in-depth analysis of emerging technologies for individual and corporate subscribers. Gigaom Research's network of 200+ independent analysts provides new content daily that bridges the gap between break...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
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.