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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

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