Chino Commercial Bancorp Reports 2% Increase in YTD Net Earnings
Chino Commercial Bancorp (OTC: CCBC) reported a 1.65% increase in year-to-date net earnings to $2.48 million for Q2 2024. Net earnings per share rose to $0.77 from $0.76 year-over-year. However, Q2 2024 net earnings decreased by 2.7% to $1.23 million compared to the same quarter last year. Total assets grew by 4.84% to $468.0 million, while deposits increased by 6.2% to $339.7 million. Gross loans saw an 8.7% increase to $194.6 million. The bank's loan quality remains strong with no delinquent loans or foreclosures. CCBC also expanded its services, including merchant services processing, and received approval to open a new branch in Corona, expected in Q4 2024.
Chino Commercial Bancorp (OTC: CCBC) ha riportato un aumento del 1,65% degli utili netti da inizio anno, raggiungendo 2,48 milioni di dollari per il secondo trimestre del 2024. Gli utili netti per azione sono aumentati a 0,77 dollari rispetto a 0,76 dollari dell'anno precedente. Tuttavia, gli utili netti del secondo trimestre 2024 sono diminuiti del 2,7%, scendendo a 1,23 milioni di dollari rispetto allo stesso trimestre dell'anno scorso. Il totale degli attivi è aumentato del 4,84%, raggiungendo 468,0 milioni di dollari, mentre i depositi sono aumentati del 6,2%, arrivando a 339,7 milioni di dollari. I prestiti lordi hanno visto un aumento dell'8,7%, raggiungendo 194,6 milioni di dollari. La qualità dei prestiti della banca rimane forte, senza prestiti in sofferenza o pignoramenti. CCBC ha anche ampliato i suoi servizi, inclusi i servizi di elaborazione per i commercianti, e ha ricevuto l'approvazione per aprire una nuova filiale a Corona, prevista per il quarto trimestre del 2024.
Chino Commercial Bancorp (OTC: CCBC) informó un aumento del 1,65% en los ingresos netos acumulados del año, alcanzando 2,48 millones de dólares en el segundo trimestre de 2024. Los ingresos netos por acción aumentaron a 0,77 dólares desde 0,76 dólares en comparación con el año anterior. Sin embargo, los ingresos netos del segundo trimestre de 2024 disminuyeron un 2,7% a 1,23 millones de dólares en comparación con el mismo trimestre del año pasado. Los activos totales crecieron un 4,84% hasta alcanzar los 468,0 millones de dólares, mientras que los depósitos aumentaron un 6,2% hasta los 339,7 millones de dólares. Los préstamos brutos mostraron un aumento del 8,7% a 194,6 millones de dólares. La calidad de los préstamos del banco se mantiene sólida, sin préstamos vencidos ni ejecuciones hipotecarias. CCBC también amplió sus servicios, incluyendo el procesamiento de servicios para comerciantes, y recibió aprobación para abrir una nueva sucursal en Corona, que se espera para el cuarto trimestre de 2024.
Chino Commercial Bancorp (OTC: CCBC)는 2024년 2분기 동안 연초 대비 1.65% 증가한 순이익 248만 달러를 보고했습니다. 주당 순이익은 지난해 76센트에서 77센트로 증가했습니다. 그러나 2024년 2분기 순이익은 지난해 같은 분기와 비교하여 2.7% 감소한 123만 달러로 나타났습니다. 총 자산은 4.84% 증가하여 4억 6800만 달러에 달하며, 예금은 6.2% 증가하여 3억 3970만 달러에 이르렀습니다. 총 대출금은 8.7% 증가하여 1억 9460만 달러에 달했습니다. 은행의 대출 품질은 양호하며 연체 대출이나 압류가 없습니다. CCBC는 상인 서비스 처리 등 서비스도 확장하였으며, 2024년 4분기에 코로나에 새로운 지점을 열기 위해 승인을 받았습니다.
Chino Commercial Bancorp (OTC: CCBC) a rapporté une augmentation de 1,65% de ses bénéfices nets depuis le début de l'année, atteignant 2,48 millions de dollars pour le 2ème trimestre 2024. Le bénéfice net par action a augmenté de 0,76 dollar à 0,77 dollar par rapport à l'année précédente. Cependant, le bénéfice net du 2ème trimestre 2024 a diminué de 2,7% à 1,23 million de dollars par rapport au même trimestre de l'année dernière. Le total des actifs a augmenté de 4,84% pour atteindre 468,0 millions de dollars, tandis que les dépôts ont augmenté de 6,2% pour atteindre 339,7 millions de dollars. Les prêts bruts ont augmenté de 8,7% pour atteindre 194,6 millions de dollars. La qualité des prêts de la banque reste solide, sans prêts en souffrance ni saisies. CCBC a également élargi ses services, y compris le traitement des services aux commerçants, et a reçu l'approbation pour ouvrir une nouvelle succursale à Corona, prévue pour le 4ème trimestre 2024.
Chino Commercial Bancorp (OTC: CCBC) meldete einen Anstieg der Nettogewinne von 1,65% im bisherigen Jahr auf 2,48 Millionen US-Dollar für das 2. Quartal 2024. Der Nettogewinn pro Aktie stieg von 0,76 US-Dollar auf 0,77 US-Dollar im Jahresvergleich. Allerdings sank der Nettogewinn im 2. Quartal 2024 um 2,7% auf 1,23 Millionen US-Dollar im Vergleich zum gleichen Quartal des Vorjahres. Die gesamten Vermögenswerte wuchsen um 4,84% auf 468,0 Millionen US-Dollar, während die Einlagen um 6,2% auf 339,7 Millionen US-Dollar stiegen. Die Bruttokredite verzeichneten einen Anstieg um 8,7% auf 194,6 Millionen US-Dollar. Die Kreditqualität der Bank bleibt stark, ohne überfällige Kredite oder Zwangsvollstreckungen. CCBC hat auch seine Dienstleistungen ausgeweitet, einschließlich der Verarbeitung von Händlerdienstleistungen, und erhielt die Genehmigung zur Eröffnung einer neuen Filiale in Corona, die im 4. Quartal 2024 erwartet wird.
- Year-to-date net earnings increased by 1.65% to $2.48 million
- Total assets grew by 4.84% to $468.0 million
- Deposits increased by 6.2% to $339.7 million
- Gross loans rose by 8.7% to $194.6 million
- Loan quality remains strong with no delinquent loans or foreclosures
- New merchant services processing revenue reached $148.8 thousand, a significant increase from last year
- Received approval to open a new branch in Corona, expanding the bank's presence
- Q2 2024 net earnings decreased by 2.7% compared to the same quarter last year
- Net interest margin slightly decreased to 2.96% from 3.03% year-over-year
CHINO, Calif., July 19, 2024 (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 second quarter ended June 30, 2024.
Net earnings year-to-date increased by
Dann H. Bowman, President and Chief Executive Officer stated, “We are very pleased with the Bank’s performance during the second quarter, with total asset reaching new record levels. The economic strength of the Inland Empire remains very strong, allowing for tremendous growth opportunities for the Bank. In addition to the asset growth, Loan quality remains very strong, with the Bank having no delinquent loans at quarter-end, and no pending foreclosures, or OREO.
In 2023 the Bank became a member of the Card Brand Association and began to directly process Merchant Services for its customers. Not only does this service introduce an additional non-interest source of revenue, but the Bank has also been able to provide significant savings and transparency to a number of our small business customers. For virtually every business, efficient and cost effective processing of electronic payments has become a very important part of managing cash flow. In the future we can envision expanding this service outside of our immediate market; and the revenue from this service becoming an increasingly important part of the Bank’s business model.
In March, the Bank received preliminary approval from the Office of the Comptroller of the Currency to open a new branch office in Corona. During March the Bank also completed the purchase of a commercial office building, at 1035 Montecito Avenue, Corona, CA, which will serve as the new Corona branch office. The Corona branch will be the Bank’s fifth location, and is expected to open in 4Q’24.”
Financial Condition
At June 30, 2024, total assets were
Gross loans increased by
Earnings
The Company posted net interest income of
Non-interest income totaled
General and administrative expenses were
Income tax expense was
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.
Chino Commercial Bancorp and Subsidiary | |||||||
Consolidated Statements of Financial Condition | |||||||
As of | |||||||
6/30/2024 | 12/31/2023 | ||||||
unaudited | audited | ||||||
Assets | |||||||
Cash and due from banks | $ | 41,646,706 | $ | 35,503,719 | |||
Cash and cash equivalents | 41,646,706 | 35,503,719 | |||||
Fed funds sold | 33,525 | 25,218 | |||||
33,525 | 25,218 | ||||||
Investment securities available for sale , net of zero allowance for credit losses | 6,647,591 | 6,736,976 | |||||
Investment securities held to maturity , net of zero allowance for credit losses | 205,737,609 | 208,506,305 | |||||
Total investments | 212,385,201 | 215,243,282 | |||||
Loans held for investment, net of allowance for credit losses of | 189,541,846 | 174,352,293 | |||||
Stock investments, restricted, at cost | 3,576,000 | 3,126,100 | |||||
Fixed assets, net | 7,209,508 | 5,466,358 | |||||
Accrued interest receivable | 1,497,988 | 1,439,178 | |||||
Bank owned life insurance | 8,362,049 | 8,247,174 | |||||
Other assets | 3,773,487 | 3,010,916 | |||||
Total assets | $ | 468,026,309 | $ | 446,414,237 | |||
Liabilities | |||||||
Deposits | |||||||
Noninterest-bearing | 179,094,579 | 167,131,411 | |||||
Interest-bearing | 160,640,596 | 152,669,374 | |||||
Total deposits | 339,735,175 | 319,800,785 | |||||
Federal Home Loan Bank advances | 8,000,000 | 15,000,000 | |||||
Federal Reserve Bank borrowings | 64,000,000 | 57,000,000 | |||||
Subordinated debt | 10,000,000 | 10,000,000 | |||||
Subordinated notes payable to subsidiary trust | 3,093,000 | 3,093,000 | |||||
Accrued interest payable | 1,395,354 | 2,156,153 | |||||
Other liabilities | 1,799,851 | 1,876,474 | |||||
Total liabilities | 428,023,380 | 408,926,412 | |||||
Shareholders' Equity | |||||||
Common stock, no par value, 10,000,000 shares authorized and 3,211,970 shares issued and outstanding at June 30, 2024 and December 31, 2023 | 10,502,558 | 10,502,557 | |||||
Retained earnings | 31,396,156 | 28,920,732 | |||||
Accumulated other comprehensive loss - unrecognized loss on available for sale, net of taxes | (1,895,784 | ) | (1,935,464 | ) | |||
Total shareholders' equity | 40,002,930 | 37,487,824 | |||||
Total liabilities and shareholders' equity | $ | 468,026,309 | $ | 446,414,237 | |||
Chino Commercial Bancorp and Subsidiary | |||||||||||||||
Consolidated Statements of Net Income | |||||||||||||||
For the three month ended | For the six months ended | ||||||||||||||
30-Jun | 30-Jun | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
Interest income | |||||||||||||||
Interest and fees on loans | 2,801,198 | 2,388,004 | 5,528,999 | 4,778,163 | |||||||||||
Interest on investment securities | 1,945,563 | 1,144,162 | 3,881,668 | 2,277,748 | |||||||||||
Other interest income | 489,331 | 1,174,803 | 1,520,279 | 1,580,037 | |||||||||||
Total interest income | 5,236,092 | 4,706,968 | 10,930,945 | 8,635,948 | |||||||||||
Interest expense | |||||||||||||||
Interest on deposits | 1,054,734 | 616,992 | 2,087,669 | 993,852 | |||||||||||
Interest on borrowings | 997,524 | 864,373 | 2,310,217 | 1,235,776 | |||||||||||
Total interest expense | 2,052,258 | 1,481,364 | 4,397,886 | 2,229,628 | |||||||||||
Net interest income | 3,183,833 | 3,225,604 | 6,533,059 | 6,406,320 | |||||||||||
Provision for loan losses | 1,794 | (90,520 | ) | (1,139 | ) | (88,384 | ) | ||||||||
Net interest income after provision for loan losses | 3,182,040 | 3,316,124 | 6,534,198 | 6,494,704 | |||||||||||
Noninterest income | |||||||||||||||
Service charges and fees on deposit accounts | 460,658 | 399,977 | 900,515 | 759,877 | |||||||||||
Interchange fees | 102,761 | 105,226 | 195,033 | 208,385 | |||||||||||
Earnings from bank-owned life insurance | 58,579 | 47,812 | 114,875 | 94,123 | |||||||||||
Merchant services processing | 148,770 | 46,436 | 281,538 | 87,391 | |||||||||||
Other miscellaneous income | 51,250 | 46,320 | 103,522 | 90,758 | |||||||||||
Total noninterest income | 822,019 | 645,770 | 1,595,483 | 1,240,533 | |||||||||||
Noninterest expense | |||||||||||||||
Salaries and employee benefits | 1,420,868 | 1,366,733 | 2,922,295 | 2,719,668 | |||||||||||
Occupancy and equipment | 168,404 | 158,968 | 332,473 | 321,409 | |||||||||||
Merchant services processing | 73,394 | 24,791 | 144,603 | 35,462 | |||||||||||
Other expenses | 624,150 | 641,742 | 1,280,128 | 1,256,687 | |||||||||||
Total noninterest expense | 2,286,816 | 2,192,234 | 4,679,499 | 4,333,226 | |||||||||||
Income before income tax expense | 1,717,243 | 1,769,660 | 3,450,182 | 3,402,010 | |||||||||||
Provision for income taxes | 485,492 | 503,534 | 974,758 | 967,435 | |||||||||||
Net income | $ | 1,231,751 | $ | 1,266,126 | $ | 2,475,424 | $ | 2,434,575 | |||||||
Basic earnings per share | $ | 0.38 | $ | 0.39 | $ | 0.77 | $ | 0.76 | |||||||
Diluted earnings per share | $ | 0.38 | $ | 0.39 | $ | 0.77 | $ | 0.76 | |||||||
Chino Commercial Bancorp and Subsidiary | |||||||||||
Financial Highlights | |||||||||||
For the three month ended | For the six months ended | ||||||||||
30-Jun | 30-Jun | ||||||||||
Key Financial Ratios | 2024 | 2023 | 2024 | 2023 | |||||||
(unaudited) | |||||||||||
Annualized return on average equity | 12.65 | % | 14.92 | % | 12.89 | % | 14.70 | % | |||
Annualized return on average assets | 1.07 | % | 1.12 | % | 1.05 | % | 1.14 | % | |||
Net interest margin | 2.96 | % | 3.00 | % | 2.91 | % | 3.18 | % | |||
Core efficiency ratio | 57.09 | % | 56.63 | % | 57.57 | % | 56.67 | % | |||
Net chargeoffs/(recoveries) to average loans | -0.008 | % | -0.010 | % | 0.002 | % | -0.017 | % | |||
Average Balances | |||||||||||
(thousands, unaudited) | |||||||||||
Average assets | 458,364 | 452,401 | 475,291 | 427,314 | |||||||
Average interest-earning assets | 432,215 | 431,488 | 450,774 | 406,253 | |||||||
Average interest-bearing liabilities | 240,214 | 224,283 | 258,566 | 196,631 | |||||||
Average gross loans | 187,788 | 177,412 | 184,961 | 179,516 | |||||||
Average deposits | 331,039 | 330,835 | 330,473 | 329,648 | |||||||
Average equity | 39,172 | 34,028 | 38,623 | 33,402 | |||||||
End of period | |||||||||||
6/30/2024 | 12/31/2023 | ||||||||||
Credit Quality | |||||||||||
Non-performing loans | 459,494 | 492,242 | |||||||||
Non-performing loans to total loans | 0.24 | % | 0.27 | % | |||||||
Non-performing loans to total assets | 0.10 | % | 0.11 | % | |||||||
Allowance for credit losses to total loans | 2.29 | % | 2.49 | % | |||||||
Nonperforming assets as a percentage of total loans and OREO | 0.24 | % | 0.27 | % | |||||||
Allowance for credit losses to non-performing loans | 970.65 | % | 907.20 | % | |||||||
Other Period-end Statistics | |||||||||||
Shareholders equity to total assets | 8.55 | % | 8.40 | % | |||||||
Net loans to deposits | 55.79 | % | 54.52 | % | |||||||
Non-interest bearing deposits to total deposits | 52.72 | % | 52.26 | % | |||||||
Company leverage ratio | 9.82 | % | 9.26 | % | |||||||
![](https://ml.globenewswire.com/media/ZTBiNzA0OWYtMDBjMi00NTliLTllZmYtM2Q5ODVjYmU5ZTA0LTEwMzc1NTA=/tiny/Chino-Commercial-Bancorp.png)
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