Chino Commercial Bancorp Reports Record Earnings
CHINO, Calif., Jan. 17, 2025 (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 fourth quarter ended December 31, 2024.
Net earnings for the fourth quarter of 2024, were $1.40 million, which represents an increase of $169.3 thousand or 13.8% in comparison with the same quarter last year. Net earnings per basic and diluted share were $0.43 for the fourth quarter of 2024 and $0.38 for the same quarter in 2023, respectively.
Net earnings year-to-date increased by 4.10% or by $202.5 thousand, to $5.1 million, as compared to $4.9 million for the previous year. For the full year of 2024, net earnings per share was $1.60, as compared with $1.54 for the full year of 2023.
Dann H. Bowman, President and Chief Executive Officer, stated, “2024 was a very good year for the Bank, with new records set for total assets, deposits, loans, revenue and consolidated net profit. In addition, credit quality remains strong, with the Bank having no delinquent loans at year-end.
During 2024 the Bank purchased a building in Corona and plans to open its fifth branch office in 1Q’25. So far, business development efforts have been very productive, with the new branch having over $9 million in deposits at year-end.
In 2023 the Bank became a member of the Card Brand Association and began to offer Credit Card processing (or Merchant Services) to its customers. Not only does this service provide an additional non-interest source of revenue, but the Bank has also been able to provide significant savings and transparency to its customers. For 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.”
Financial Condition
At December 31, 2024, total assets were $466.7 million, an increase of $20.3 million or 4.54% over $446.4 million at December 31, 2023. Total deposits increased by $29.0 million or 9.08% to $348.8 million as of December 31, 2024, compared to $319.8 million as of December 31, 2023. At December 31, 2024, the Company’s core deposits represent 97.31% of the total deposits.
Gross loans increased by $25.9 million or 14.45% to $205.2 million as of December 31, 2024, compared to $179.3 million as of December 31, 2023. The Bank had three non-performing loans for the quarter ended December 31, 2024, and two as of December 31, 2023. OREO properties remained at zero as of December 31, 2024 and December 31, 2023 respectively.
Earnings
The Company posted net interest income of $3.8 million for the three months ended December 31, 2024 and $3.3 million for the same quarter last year. Average interest-earning assets were $433.5 million with average interest-bearing liabilities of $234.0 million, yielding a net interest margin of 3.45% for the fourth quarter of 2024, as compared to the average interest-earning assets of $437.5 million with average interest-bearing liabilities of $238.8 million, yielding a net interest margin of 2.98% for the fourth quarter of 2023.
Non-interest income totaled $816.5 thousand for the fourth quarter of 2024, or an increase of 20.5% as compared with $677.6 thousand earned during the same quarter last year. The majority of the increase is attributed to the Company’s merchant services processing revenue that reached $134.0 thousand, representing an increase of $77.1 thousand during the fourth quarter as compared to $56.8 thousand for the same period last year.
General and administrative expenses were $2.6 million for the three months ended December 31, 2024, and $2.2 million for the same period last year. The largest component of general and administrative expenses was salary and benefits expense of $1.6 million for the fourth quarter of 2024 and $1.4 million for the same period last year.
Income tax expense was $555.0 thousand, which represents an increase of $64.2 thousand or 13.1% for the three months ended December 31, 2024, as compared to $490.6 thousand for the same quarter last year. The effective income tax rate for the fourth quarter of 2024 and 2023 was approximately 28.5%.
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, 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 Statements of Financial Condition | |||||||
| Dec-2024 Ending Balance | Dec-2023 Ending Balance | ||||||
| Assets | |||||||
| Cash and due from banks | $45,256,619 | $35,503,719 | |||||
| Cash and cash equivalents | $45,256,619 | $35,503,719 | |||||
| Fed Funds Sold | $31,029 | $25,218 | |||||
| Investment securities available for sale, net of zero allowance for credit losses | $6,558,341 | $6,736,976 | |||||
| Investment securities held to maturity , net of zero allowance for credit losses | $190,701,756 | $208,506,305 | |||||
| Total Investments | $197,260,097 | $215,243,281 | |||||
| Gross loans held for investments | $205,235,497 | $179,316,494 | |||||
| Allowance for Loan Losses | ($4,623,740 | ) | ($4,465,622 | ) | |||
| Net Loans | $200,611,757 | $174,850,872 | |||||
| Stock investments, restricted, at cost | $3,576,000 | $3,126,100 | |||||
| Fixed assets, net | $7,255,785 | $5,466,358 | |||||
| Accrued Interest Receivable | $1,539,505 | $1,439,178 | |||||
| Bank Owned Life Insurance | $8,482,043 | $8,247,174 | |||||
| Other Assets | $3,170,159 | $3,010,916 | |||||
| Total Assets | $466,678,432 | $446,414,238 | |||||
| Liabilities | |||||||
| Deposits | |||||||
| Noninterest-bearing | $166,639,133 | $167,131,411 | |||||
| Interest-bearing | $182,200,703 | $152,669,374 | |||||
| Total Deposits | $348,839,836 | $319,800,785 | |||||
| Federal Home Loan Bank advances | $0 | $15,000,000 | |||||
| Federal Reserve Bank borrowings | $60,000,000 | $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 | $132,812 | $2,156,153 | |||||
| Other Liabilities | $1,907,588 | $1,876,475 | |||||
| Total Liabilities | $423,973,236 | $408,926,413 | |||||
| Shareholder Equity | |||||||
| Common Stock ** | $10,502,558 | $10,502,558 | |||||
| Retained Earnings | $34,059,943 | $28,920,732 | |||||
| Unrealized Gain (Loss) AFS Securities | ($1,857,305 | ) | ($1,935,465 | ) | |||
| Total Shareholders' Equity | $42,705,196 | $37,487,825 | |||||
| Total Liab & Shareholders' Equity | $466,678,432 | $446,414,238 | |||||
| ** Common stock, no par value, 10,000,000 shares authorized and 3,211,970 shares issued and outstanding at 12/31/2024 and 12/31/2023 | |||||||
| Chino Commercial Bancorp | ||||||||||||
| Consolidated Statements of Net Income | ||||||||||||
| Dec-2024 QTD Balance | Dec-2023 QTD Balance | Dec-2024 YTD Balance | Dec-2023 YTD Balance | |||||||||
| Interest Income | ||||||||||||
| Interest & Fees On Loans | $3,359,803 | $2,577,443 | $11,924,729 | $9,823,006 | ||||||||
| Interest on Investment Securities | $1,678,970 | $1,364,796 | $7,404,335 | $4,808,931 | ||||||||
| Other Interest Income | $522,178 | $1,159,255 | $2,703,762 | $4,149,741 | ||||||||
| Total Interest Income | $5,560,951 | $5,101,494 | $22,032,826 | $18,781,678 | ||||||||
| Interest Expense | ||||||||||||
| Interest on Deposits | $1,159,323 | $940,935 | $4,415,006 | $2,776,069 | ||||||||
| Interest on Borrowings | $645,757 | $877,294 | $3,901,895 | $2,990,249 | ||||||||
| Total Interest Expense | $1,805,080 | $1,818,229 | $8,316,901 | $5,766,318 | ||||||||
| Net Interest Income | $3,755,871 | $3,283,265 | $13,715,925 | $13,015,360 | ||||||||
| Provision For Loan Losses | $3,186 | $1,366 | ($12,126 | ) | ($80,440 | ) | ||||||
| Net Interest Income After Provision for Loan Losses | $3,752,685 | $3,281,899 | $13,728,051 | $13,095,800 | ||||||||
| Noninterest Income | ||||||||||||
| Service Charges and Fees on Deposit Accounts | $463,392 | $421,554 | $1,809,083 | $1,605,884 | ||||||||
| Interchange Fees | $108,322 | $98,618 | $417,002 | $413,421 | ||||||||
| Earnings from Bank-Owned Life Insurance | $60,395 | $49,884 | $234,869 | $192,683 | ||||||||
| Merchant Services Processing | $133,953 | $56,832 | $544,675 | $197,737 | ||||||||
| Other Miscellaneous Income | $50,483 | $50,737 | $199,493 | $181,484 | ||||||||
| Total Noninterest Income | $816,545 | $677,625 | $3,205,122 | $2,591,209 | ||||||||
| Noninterest Expense | ||||||||||||
| Salaries and Employee Benefits | $1,611,953 | $1,377,483 | $6,056,072 | $5,478,872 | ||||||||
| Occupancy and Equipment | $177,419 | $147,390 | $692,705 | $632,892 | ||||||||
| Merchant Services Processing | $76,239 | $57,557 | $298,294 | $140,364 | ||||||||
| Other Expenses | $753,539 | $660,481 | $2,717,769 | $2,536,702 | ||||||||
| Total Noninterest Expense | $2,619,150 | $2,242,911 | $9,764,840 | $8,788,830 | ||||||||
| Income Before Income Tax Expense | $1,950,081 | $1,716,612 | $7,168,333 | $6,898,178 | ||||||||
| Provision For Income Tax | $554,799 | $490,624 | $2,029,122 | $1,961,483 | ||||||||
| Net Income | $1,395,282 | $1,225,988 | $5,139,211 | $4,936,695 | ||||||||
| Basic earnings per share | $0.43 | $0.38 | $1.60 | $1.54 | ||||||||
| Diluted earnings per share | $0.43 | $0.38 | $1.60 | $1.54 | ||||||||
| Chino Commercial Bancorp | ||||||||||||
| Financial Highlights | ||||||||||||
| Dec-2024 QTD | Dec-2023 QTD | Dec-2024 YTD | Dec-2023 YTD | |||||||||
| Key Financial Ratios | ||||||||||||
| Annualized Return on Average Equity | 13.20% | 13.39% | 12.85% | 14.26% | ||||||||
| Annualized Return on Average Assets | 1.21% | 1.06% | 1.10% | 1.11% | ||||||||
| Net Interest Margin | 3.45% | 2.98% | 3.09% | 3.07% | ||||||||
| Core Efficiency Ratio | 57.28% | 56.63% | 57.71% | 56.31% | ||||||||
| Net Chargeoffs/Recoveries to Average Loans | -0.079% | -0.008% | -0.089% | -0.025% | ||||||||
| 3 month ended Dec-2024 QTD Avg | 3 month ended Dec-2023 QTD Avg | Dec-2024 YTD Avg | Dec-2023 YTD Avg | |||||||||
| Average Balances | ||||||||||||
| (thousands, unaudited) | ||||||||||||
| Average assets | $458,297 | $459,186 | $468,908 | $444,588 | ||||||||
| Average interest-earning assets | $433,466 | $437,479 | $444,238 | $423,353 | ||||||||
| Average interest-bearing liabilities | $234,044 | $238,822 | $249,859 | $217,141 | ||||||||
| Average gross loans | $202,059 | $178,998 | $191,089 | $179,066 | ||||||||
| Average deposits | $358,936 | $333,662 | $341,122 | $333,335 | ||||||||
| Average equity | $42,040 | $36,315 | $39,986 | $34,618 | ||||||||
| Dec-2024 QTD | Dec-2023 YTD | |||||||||||
| Credit Quality | ||||||||||||
| Non-performing loans | $1,228,165 | $491,993 | ||||||||||
| Non-performing loans to total loans | 0.60% | 0.27% | ||||||||||
| Non-performing loans to total assets | 0.26% | 0.11% | ||||||||||
| Allowance for credit losses to total loans | 2.25% | 2.49% | ||||||||||
| Nonperforming assets as a percentage of total loans and OREO | 0.60% | 0.27% | ||||||||||
| Allowance for credit losses to non-performing loans | 376.48% | 907.66% | ||||||||||
| Other Period-end Statistics | ||||||||||||
| Shareholders equity to total assets | 9.15% | 8.40% | ||||||||||
| Net Loans to Deposits | 57.36% | 54.52% | ||||||||||
| Non-interest bearing deposits to total deposits | 47.77% | 52.26% | ||||||||||
| Company Leverage Ratio | 10.40% | 9.26% | ||||||||||
| Core Deposits / Total Deposits | 97.31% | 97.28% | ||||||||||
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