Business
Chino Commercial Bancorp Reports 42% Increase in Net Earnings
Chino Commercial Bancorp Reports 42% Increase in Net Earnings.
About this update from Chino Commercial Bancorp
[{"type":"text","content":"\n CHINO, Calif., July 22, 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 second quarter ended June 30, 2022. Net earnings for the second quarter of 2022, were $1.2 million, or an increase of 42.4%, as compared with earnings of $867 thousand for the same quarter last year. Net earnings per basic and diluted share was $0.46 for the second quarter of 2022, and $0.32 for the same quarter last year. Dann H. Bowman, President and Chief Executive Officer, stated, “Despite the setbacks of the last two years, the economy of the Inland Empire appears to be rebounding. We are excited about the opportunities for growth and expansion of the Bank as we offer new products and services to help small businesses to grow and prosper.” Financial Condition At June 30, 2022, total assets were $406.8 million, an increase of $28.3 million or 7.5% over $378.5 million at December 31, 2021. Total deposits increased by $28.2 million or 8.8% to $347.1 million as of June 30, 2022, compared to $318.9 million as of December 31, 2021. At June 30, 2022, the Company’s core deposits represent 98.4% of the total deposits. Gross loans decreased by 2.1% or $3.7 million as of June 30, 2022 to $172 million as compared with $176.2 million at December 31, 2021, primarily attributed to continued payoffs of PPP loans. The Bank had two non-performing loans for the quarter ended June 30, 2022, and one non-performing loan as of December 31, 2021.   OREO properties remained at zero as of June 30, 2022 and December 31, 2021 respectively. Earnings The Company posted net interest income of $3.3 million for the three months ended June 30, 2022 and $2.6 million for the same quarter last year. Average interest-earning assets were $385.4 million with average interest-bearing liabilities of $154.5 million, yielding a net interest margin of 3.43% for the second quarter of 2022, as compared to the average interest-earning assets of $326 million with average interest-bearing liabilities of $143.8 million, yielding a net interest margin of 3.17% for the second quarter of 2021. Non-interest income totaled $594.5.3 thousand for the second quarter of 2022, or an increase of 12.9%...