Business
Chino Commercial Bancorp Reports 19% Increase in Net Earnings
Chino Commercial Bancorp Reports 19% Increase in Net Earnings.
About this update from Chino Commercial Bancorp
[{"type":"text","content":"\n CHINO, Calif., Jan. 21, 2022 (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, and year ended December 31, 2021. Net earnings for the fourth quarter of 2021, were $707 thousand, or an increase of 1.2%, as compared with earnings of $699 thousand for the same quarter last year. Net earnings per basic and diluted share was $0.26 for the fourth quarter of 2021, and for the same quarter last year. Net earnings for the fiscal year ended December 31, 2021 increased by 19.3% or by $506 thousand to $3.1 million, as compared to $2.6 million for fiscal year 2020. Net earnings per basic and diluted share was $1.17 for the fiscal year 2021, and $0.98 for fiscal year 2020. Dann H. Bowman, President and Chief Executive Officer, stated, “We are very pleased with the performance of the Bank during 2021, which ended the year with record levels of Deposits, Revenue, Earnings and Earnings per Share. As we begin to emerge from the Pandemic, we are optimistic about the business opportunities available to the Bank; and we are looking forward to 2022.” Financial Condition At December 31, 2021, total assets were $378.5 million, an increase of $63.7 million or 20.02% over $314.8 million at December 31, 2020. Total deposits increased by $61.2 million or 23.7% to $318.9 million as of December 31, 2021, compared to $257.7 million as of December 31, 2020. At December 31, 2021, the Company’s core deposits represent 97.9% of the total deposits. Gross loans decreased by 10.0 % or $19.5 million as of December 31, 2021 to $176.2 million, as compared with $195.7 million as of December 31, 2020, primarily due to pay downs on loans made under the Payroll Protection Program.   The Bank had one non-performing loan for the quarters ended December 31, 2021, and December 31, 2020.   OREO properties remained at zero as of December 31, 2021 and December 31, 2020 respectively. Earnings The Company posted net interest income of $2.6 million for the three months ended December 31, 2021 and $2.9 million for the same quarter last year. Average interest-earning assets were $348.6 million with average interest-bearing liabilities of $145.9 million,...