Business
Chino Commercial Bancorp Reports Second Quarter Earnings
Chino Commercial Bancorp Reports Second Quarter Earnings.
About this update from Chino Commercial Bancorp
[{"type":"text","content":"\n CHINO, Calif., July 21, 2023 (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, 2023. Net earnings for the second quarter of 2023, were $1.3 million, or an increase of 2.53%, as compared with earnings of $1.2 million for the same quarter last year. Net earnings per basic and diluted share was $0.39 for the second quarter of 2023, and $0.38 for the same quarter last year. Net earnings year to date increased by 12.3% or by $300 thousand to $2.4 million, as compared to $2.1 million for the same period last year. Net earnings per basic and diluted share was $0.76 for the period ending June 30, 2023 and $0.76 for the same period last year. Dann H. Bowman, President and Chief Executive Officer, stated, “The fundamentals of the Company remain strong, with the Bank having only one delinquent loan at quarter-end, and revenue up significantly over the same period last year. The Net Interest Margin for the Bank, as a percent, has contracted slightly as deposits re-price faster than earning assets, however, this compression has been partially overcome through increased total assets. In general, we are optimistic about the opportunities for growth and expansion over the next several years. We believe the economic engine of the Inland Empire is strong and diverse, and the Bank is well positioned to help small business customers in our market.” Financial Condition At June 30, 2023, total assets were $453.4 million, an increase of $53.5 million or 13.4% over $399.8 million at December 31, 2022. Total deposits decreased by $6.7 million or 2.0% to $330.8 million as of June 30, 2023, compared to $337.5 million as of December 31, 2022. At June 30, 2022, the Company’s core deposits represent 97.7% of the total deposits. Gross loans decreased by $4.3 million or 2.37% to $177.0 million as of June 30, 2022, compared to $181.2 million as of December 31, 2022. The Bank had three non-performing loans for the quarter ended June 30, 2023, and two non-performing loans as of December 31, 2022.   OREO properties remained at zero as of June 30, 2023 and December 31, 2022 respectively.   Earnings The Company posted ne...