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21.07.2014 11:05
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PR Newswire
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Chino Commercial Bancorp Reports 40% Increase in Second Quarter Earnings
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PR Newswire
CHINO, Calif., July 21, 2014
CHINO, Calif., July 21, 2014 /PRNewswire/ -- The Board of Directors of Chino Commercial Bancorp ("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, 2014 with net earnings of $363,551, or an increase of 40.3% compared with net income of $259,167 for the same quarter last year. Net income per basic and diluted share for the second quarter in 2014 was $0.44 as compared $0.31 for the same quarter last year. The Company's income for the six months ended June 30, 2014 increased 36.8% to $587,971, or $0.71 per basic and diluted share as compared with net income of $429,807 or $0.52 per basic and diluted share for the same period in 2013.
Dann H. Bowman, President and Chief Executive Officer, stated, "The second quarter marks a new record for the Company in terms of earnings and growth. Total assets reached an all-time high during the second quarter; and the net earnings of 44 cents per diluted share represent an annualized Return on Average Equity of 14.5%.
We are also pleased to report that the Bank's loan quality is very strong, with only one delinquent loan, no non-performing Loans, and no OREO at quarter-end. We have also been very fortunate in having no credit losses year-to-date.
The economy appears to be improving rapidly and we are very optimistic regarding opportunities for expansion within our market."
Financial Condition
At June 30, 2014, total assets were $129.9 million, an increase of $6.8 million or 5.5% from $123.1 million at December 31, 2013. This is a direct result of the growth in the Company's deposits which increased by 5.6% to $115.8 million at June 30, 2014, an increase from $109.6 million at December 31, 2013. At June 30, 2014, the Company's non-interest bearing deposits represented 55.0% of total deposits and its core deposits represent 96.1% of the total deposits.
Loans increased slightly by $0.8 million or 1.3% during the first half of 2014 from December 31, 2013 with a remaining balance of $65.2 million at June 30, 2014 while the Company's asset quality improved in the first half of 2014 as the level of nonperforming assets to total loans and OREO decreased from 0.17% at December 31, 2013 to 0.00% at June 30, 2014.
Earnings
The Company posted net interest income of $1,069,079 for the quarter ended June 30, 2014 as compared to $1,074,032 for the quarter ended June 30, 2013. For the six months ended June 30, 2014, the Company posted net interest income of $2.0 million compared to $2.1 million for the first six months of 2013 or a decrease of $58,271 or 2.8%. One loan on non-accrual status paid off in June 2014 resulting in $64,500 in additional interest income during the second quarter of 2014; while in June 2013, two loans on non-accrual paid off resulting in $134,500 in additional interest income during the second quarter of 2013.
Although average earning assets increased, the average yield on earning assets decreased 31 basis points. Average interest-earning assets were $112.5 million with average interest-bearing liabilities of $50.6 million, yielding a net interest margin of 3.81% for the second quarter of 2014; as compared to the average interest-earning assets of $106.0 million with average interest-bearing liabilities of $54.5 million, yielding a net interest margin of 4.07% for the second quarter of 2013.
Due to the Company's loan loss recoveries and very strong loan quality, a negative loan loss provision of $130,000 was recognized in the second quarter of 2014,
Non-interest income totaled $399,385 for the second quarter of 2014, or an increase of 7.1% from $372,966 earned during the second quarter of 2013. Service charges on deposit accounts increased 5.6% to $343,529 due to increased income from returned items and overdraft charges. Other miscellaneous income increased to $20,812 for the second quarter of 2014, compared to $13,303 in the same quarter in 2013 due rental income received from the Bank's leased space in the Rancho Cucamonga office.
General and administrative expenses were $1,006,265 for the three months ended June 30, 2014, as compared to $1,029,523 for the second quarter of 2013. The largest component of general and administrative expenses was salary and benefits expense of $575,021 for the second quarter of 2014, as compared to $557,138 for the three months ended June 30, 2013. Regulatory assessments decreased $29,596 or 49.6% to $30,121 in the second quarter of 2014 compared to $59,717 in the second quarter of 2013 due to a more favorable rating received from regulators in the fourth quarter of 2013. Legal, Audit, and Other Professional fees decreased by 25.1% to $30,121 in the second quarter of 2014 from $59,717 in the quarter ended June 30, 2013 due to cessation of SEC reporting costs resulting from the Company's deregistration with the SEC in early 2013.
Income tax expense was $228,648 for the three months ended June 30, 2014 as compared to $159,536 for the three months ended June 30, 2013. The effective income tax rate for the second quarter of 2014 and 2013 is approximately 38.6% and 38.1%, 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.
| CHINO COMMERCIAL BANCORP | |||
| CONSOLIDATED BALANCE SHEET | |||
| June 30, 2014 and December 31, 2013 | |||
| | |||
| | June 30, 2014 | | December 31, 2013 |
| | (unaudited) | | (audited) |
| ASSETS: | | | |
| Cash and due from banks | $ 18,926,035 | | $ 25,538,999 |
| Federal funds sold | 50,818 | | 50,773 |
| Total cash and cash equivalents | 18,976,853 | | 25,589,772 |
| | | | |
| Interest-bearing deposits in other banks | 22,462,000 | | 18,990,000 |
| Investment securities available for sale | 1,766,114 | | 1,887,251 |
| Investment securities held to maturity (fair value approximates | | | |
| $12,495,000 at June 30, 2014 and $3,195,000 at December 31, 2013) | 12,391,175 | | 3,095,803 |
| Total investments | 36,619,289 | | 23,973,054 |
| Loans | | | |
| Construction | 73,100 | | 0 |
| Real estate | 49,431,010 | | 49,370,422 |
| Commercial | 15,342,737 | | 14,675,131 |
| Installment | 325,355 | | 313,144 |
| Gross loans | 65,172,202 | | 64,358,697 |
| Unearned fees and discounts | (132,436) | | (98,360) |
| Loans net of unearned fees and discount | 65,039,766 | | 64,260,337 |
| Allowance for loan losses | (1,512,377) | | (1,496,995) |
| Net loans | 63,527,389 | | 62,763,342 |
| | | | |
| Accrued interest receivable | 292,133 | | 270,106 |
| Restricted stock | 612,200 | | 605,400 |
| Fixed assets, net | 6,052,385 | | 6,140,958 |
| Prepaid & other assets | 3,814,996 | | 3,783,159 |
| Total assets | $ 129,895,245 | | $ 123,125,791 |
| | | | |
| LIABILITIES: | | | |
| Deposits | | | |
| Non-interest bearing | $ 63,731,050 | | $ 56,565,703 |
| Interest bearing | | | |
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