Chino Commercial Bancorp reports 2% increase in year-to-date net earnings, showing positive growth

From GlobeNewswire: 2024-07-19 14:04:00

Chino Commercial Bancorp announced net earnings of $2.48 million year-to-date, a 1.65% increase from last year, with a net earnings per share of $0.77. President Dann H. Bowman expressed satisfaction with the Bank’s performance and growth opportunities in the Inland Empire, highlighting no delinquent loans or foreclosures.

The Bank became a Card Brand Association member in 2023, offering Merchant Services directly. This service brought additional non-interest revenue and savings for small businesses. Plans to expand this service beyond the current market are being considered, anticipating increased revenue contribution to the Bank’s business model.

Chino Commercial Bancorp’s total assets reached $468.0 million at the end of June 2024, a 4.84% increase from December 2023. Deposits rose by 6.2% to $339.7 million, with core deposits representing 97.76%. Gross loans increased by 8.7%, totaling $194.6 million. The Bank maintained zero non-performing loans and OREO properties.

For the quarter ending June 30, 2024, the Bank reported a net interest income of $3.2 million and non-interest income of $822,000, with a 27.29% increase in merchant services processing revenue. Operating expenses totaled $2.3 million. Income tax expense decreased by 3.58%, resulting in a net income of $1.23 million.

Key financial ratios for Chino Commercial Bancorp include an annualized return on average equity of 12.65%, a net interest margin of 2.96%, and a core efficiency ratio of 57.09%. Non-performing loans stood at 0.24% of total loans, with an allowance for credit losses at 2.29%. Shareholders’ equity to total assets was 8.55%, maintaining a strong financial position.



Read more at GlobeNewswire:: Chino Commercial Bancorp Reports 2% Increase in YTD Net