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Chino Commercial Bancorp Reports 37% Increase in Net Earnings

/EIN News/ -- CHINO, Calif., April 16, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of Chino Commercial Bancorp (OTC: 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, 2021. Net earnings for the first quarter 2021, were $838 thousand, or an increase of 36.6%, as compared with earnings of $614 thousand for the same quarter last year. The increase in earnings is primarily attributed to the increase in loan interest and loan fee income. Net earnings per basic and diluted share was $0.38 for the first quarter of 2021, and $0.28 for the same quarter last year.  

Dann H. Bowman, President and Chief Executive Officer, stated: “The Bank continues to perform well during these difficult times. Stimulus programs like the SBA PPP program for small businesses have been very helpful in allowing small businesses to remain viable. It is during difficult times like these that the Bank’s value proposition of providing focused, personalized service to its customers becomes more important than ever. Having a telephone number and direct contact with your banker can make a big difference when you have to make a fast decision, or need immediate help.”

Financial Condition

At March 31, 2021, total assets were $338.7 million, an increase of $23.9 million or 7.6% over $314.8 million at December 31, 2020. Total deposits increased by 9.2% or $23.6 million to $281.3 million as of March 31, 2021, compared to $257.7 million as of December 31, 2020. At March 31, 2021, the Company’s core deposits represent 96.8% of the total deposits.

Gross loans increased by 4.0% or $7.7 million as of March 31, 2021 to $203.4 million, as compared with $195.7 million as of December 31, 2020.   The Bank had one non-performing loan for the quarters ended March 31, 2021, and December 31, 2020.   OREO properties remained at zero as of March 31, 2021 and December 31, 2020 respectively.

The increases in total assets, deposits and loans are attributed to Bank’s response to the overwhelming request of PPP loans. Overall, since the program started the Bank approved and funded 644 PPP loans with an outstanding balance of $58.2 million as of March 31, 2021.

Earnings

The Company posted net interest income of $2.7 million for the three months ended March 31, 2021 and $2.1 million for the same quarter last year. Average interest-earning assets were $305.5 million with average interest-bearing liabilities of $138.6 million, yielding a net interest margin of 3.59% for the first quarter of 2021, as compared to the average interest-earning assets of $184.0 million with average interest-bearing liabilities of $114.8 million, yielding a net interest margin of 4.56% for the first quarter of 2020.

Non-interest income totaled $463.5 thousand for the first quarter of 2021, or an increase of 1% as compared with $460.8 thousand earned during the same quarter last year. The majority of the increase is attribute to increases to dividend income and other fees.

General and administrative expenses were $1.8 million for the three months ended March 31, 2021, and $1.6 million for the same period last year. The largest component of general and administrative expenses was salary and benefits expense of $1.0 million for the first quarter of 2021 and for the same period last year.

Income tax expense was $328.6 thousand which represents an increase of $84 thousand or 34.4% for the three months ended March 31, 2021, as compared to $244.5 thousand for the three months ended March 31, 2020. The effective income tax rate for the first quarter of 2021 and 2020 were approximately 28.2% and 28.5% 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 therefrom, and changes in interest rates, loan portfolio performance, and other factors.

Contact: Dann H. Bowman, President and CEO or Melinda M. Milincu, 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, 2021 and December 31, 2020
 
  March 31, 2021   December 31, 2020
  (unaudited)   (audited)
ASSETS:      
Cash and due from banks $ 78,939,945     $ 58,075,217  
Federal funds sold   -       -  
Total cash and cash equivalents   78,939,945       58,075,217  
       
Interest-bearing deposits in other banks   -       -  
Investment securities available for sale   30,155,721       32,370,042  
Investment securities held to maturity (fair value approximates      
$17,669,746 at March 31, 2021 and $19,556,250 at December 31, 2020)   16,973,739       18,626,525  
Total investments   47,129,460       50,996,567  
Loans      
Construction   1,195,030       1,014,462  
Real estate   115,763,483       119,302,116  
Commercial   86,343,727       75,237,752  
Installment   102,386       110,475  
Gross loans   203,404,626       195,664,805  
Unearned fees and discounts   (2,337,377 )     (1,678,642 )
Loans net of unearned fees and discount   201,067,249       193,986,163  
Allowance for loan losses   (3,488,458 )     (3,271,921 )
Net loans   197,578,791       190,714,242  
       
Fixed assets, net   6,097,603       6,145,711  
Accrued interest receivable   979,621       1,013,732  
Stock investments, restricted, at cost   1,554,200       1,554,200  
Bank-owned life insurance   4,751,796       4,721,232  
Other assets   1,672,294       1,618,717  
Total assets $ 338,703,710     $ 314,839,618  
       
LIABILITIES:      
Deposits      
Non-interest bearing $ 167,532,314     $ 145,433,815  
Interest bearing      
NOW and money market   76,524,209       76,774,242  
Savings   23,218,709       21,467,034  
Time deposits less than $250,000   9,996,990       4,473,409  
Time deposits of $250,000 or greater   4,036,340       9,563,300  
Total deposits   281,308,562       257,711,800  
       
Accrued interest payable   99,106       137,487  
Borrowings from Federal Home Loan Bank (FHLB)   25,000,000       25,000,000  
Accrued expenses & other payables   1,731,826       1,674,150  
Subordinated notes payable to subsidiary trust   3,093,000       3,093,000  
Total liabilities   311,132,494       287,616,437  
       
SHAREHOLDERS' EQUITY      
Common stock, authorized 10,000,000 shares with no par value, issued and outstanding 2,230,808 shares at March 31, 2021 and December 31, 2020, respectively.   10,502,558       10,502,557  
Retained earnings   17,266,670       16,428,258  
Accumulated other comprehensive income/(loss)   (298,012 )     292,366  
Total shareholders' equity   27,471,216       27,223,181  
Total liabilities & shareholders' equity $ 338,703,710     $ 314,839,618  


       
CHINO COMMERCIAL BANCORP
CONSOLIDATED STATEMENTS OF NET INCOME
       
  For the three months ended
  March 31
  2021   2020
  (unaudited)   (unaudited)
Interest income      
Interest and fee income on loans $ 2,648,462   $ 2,068,444
Interest on federal funds sold and FRB deposits   16,265     112,930
Interest on time deposits in banks   -     1,856
Interest on investment securities   213,442     214,152
Total interest income   2,878,169     2,397,382
       
Interest Expense      
Interest on deposits   49,794     177,833
Other borrowings   122,064     134,654
Total interest expense   171,858     312,487
Net interest income   2,706,311     2,084,895
Provision for loan losses   200,000     50,000
       
Net interest income after provision for loan losses   2,506,311     2,034,895
       
Non-interest income      
Service charges on deposit accounts   348,098     368,683
Other miscellaneous income   61,716     39,100
Dividend income from restricted stock   23,108     21,971
Income from bank-owned life insurance   30,564     31,035
Total non-interest income   463,486     460,789
       
Non-interest expenses      
Salaries and employee benefits   1,048,224     1,023,362
Occupancy and equipment   156,286     149,686
Data and item processing   156,549     134,488
Advertising and marketing   20,337     42,604
Legal and professional fees   44,265     44,640
Regulatory assessments   33,480     18,261
Insurance   9,823     8,834
Directors' fees and expenses   32,280     33,214
Other expenses   301,581     182,394
Total non-interest expenses   1,802,825     1,637,483
Income before income tax expense   1,166,972     858,201
Income tax expense   328,560     244,524
Net income $ 838,412   $ 613,677
       
Basic earnings per share $ 0.38   $ 0.28
Diluted earnings per share $ 0.38   $ 0.28
       


  For the three months ended
  March 31
  2021   2020
KEY FINANCIAL RATIOS      
(unaudited)      
Annualized return on average equity   12.38 %     9.89 %
Annualized return on average assets   1.02 %     1.05 %
Net interest margin   3.59 %     4.56 %
Core efficiency ratio   56.88 %     64.32 %
Net chargeoffs/(recoveries) to average loans   -0.008 %     -0.056 %
       
AVERAGE BALANCES      
(thousands, unaudited)      
Average assets $ 327,614     $ 233,703  
Average interest-earning assets $ 305,535     $ 184,016  
Average gross loans $ 195,983     $ 144,491  
Average deposits $ 270,019     $ 183,970  
Average equity $ 27,091     $ 24,809  
       
       
       
CREDIT QUALITY End of period
(unaudited) March 31, 2021   December 31, 2020
       
Non-performing loans $ 120,507     $ 107,672  
       
Non-performing loans to total loans   0.06 %     0.06 %
Non-performing loans to total assets   0.04 %     0.03 %
Allowance for loan losses to total loans   1.72 %     1.67 %
Nonperforming assets as a percentage of total loans and OREO   0.06 %     0.06 %
Allowance for loan losses to non-performing loans   2894.82 %     3038.79 %
       
OTHER PERIOD-END STATISTICS      
(unaudited)      
Shareholders equity to total assets   8.11 %     8.65 %
Net loans to deposits   70.24 %     74.00 %
Non-interest bearing deposits to total deposits   59.55 %     56.43 %
Total capital to total risk-weighted assets   20.81 %     18.30 %
Tier 1 capital to total risk-weighted assets   23.46 %     20.16 %
Community Bank Leverage Ratio   11.30 %     11.44 %

 

 


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