Business
Chino Commercial Bancorp Reports 6% Increase In Net Earnings
Chino Commercial Bancorp Reports 6% Increase In Net Earnings.
About this update from Chino Commercial Bancorp
[{"type":"text","content":"\n CHINO, Calif., April 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 first quarter ended March 31, 2024. Net earnings for the first quarter of 2024, were $1.24 million, which represents an increase of $75.2 thousand or 6.4% in comparison with the same quarter last year. Net earnings per basic and diluted share were $0.39 for the first quarter of 2024 and $0.36 for the same quarter in 2023, respectively. Dann H. Bowman, President and Chief Executive Officer, stated, “We are very pleased with the Bank’s performance in Q1’24. Loan quality remains very strong, with the Bank having only one delinquent loan at quarter-end, and no pending foreclosures, or OREO. Despite rising costs of doing business, so far, our small business customers have been able to adjust, and in several cases we have even seen improved financial performance. At this time the Bank has adequate capital and liquidity to continue to lend to its customers, and is expanding lending in the Inland Empire. 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. Since the Pandemic of 2020, efficient and cost effective processing of electronic payments has become a very important part of managing cash flow and business operations. 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 OCC 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 March 31, 2024, total assets were $461.5 million, an increase of $15.1 mil...