In the news release, Chino Commercial Bancorp Reports 33.6% Increase In Profits, issued 18-Jan-2013
CHINO, Calif.
Dann H. Bowman
Financial Condition
Non-interest bearing deposits increased 3.5% to $48.8 million
At December 31, 2012
Gross loans increased to $62.0 million
The level of “non-performing” loans decreased during the year to $1.2 million
The level of net loan charge-offs increased during the year to $219,428
Earnings
The Company posted net interest income of $3,654,006
The Bank posted net interest income of $956,008
Non-interest income totaled $1,436,537 Non-interest income for the quarter ended December 31, 2012
General and administrative expenses were $1,008,824
The consolidated Company’s income tax expense was $56,592
Forward-Looking Statements
The statements contained in this press release that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward-looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties including but not limited to the health of the national and California
CHINO COMMERCIAL BANCORP
CONSOLIDATED BALANCE SHEET
December 31, 2012 and December 31, 2011 December 31, 2012 December 31, 2011 (unaudited)
(audited)
ASSETS:
Cash and due from banks $ 2,946,454 $ 3,358,177 Federal funds sold
17,041,826
14,165,877
Total cash and cash equivalents
19,988,280
17,524,054
Interest-bearing deposits in other banks
17,417,000
13,339,252
Investment securities available for sale
2,349,320
2,972,420
Investment securities held to maturity (fair value approximates
$4,796,000 at December 31, 2012 and $9,861,000 at December 31, 2011)
4,606,626
9,652,630
Total investments
24,372,946
25,964,302
Loans
Construction
0
0
Real estate
49,121,409
46,184,898
Commercial
12,516,101
9,974,353
Installment
321,502
643,660
Gross loans
61,959,012
56,802,911
Unearned fees and discounts
(169,090)
(29,107)
Loans net of unearned fees and discount
61,789,922
56,773,804
Allowance for loan losses
(1,438,797)
(1,537,963) Net loans 60,351,125
55,235,841
Accrued interest receivable
286,812
275,976
Restricted stock
623,200
667,700
Fixed assets, net
6,258,728
6,443,753
Foreclosed assets
0
439,317 Prepaid & other assets 2,753,820
3,154,650
Total assets $ 114,634,911 $ 109,705,593 LIABILITIES:
Deposits
Non-interest bearing $ 48,822,963 $ 47,188,644 Interest bearing
NOW and money market
36,340,045
32,241,986
Savings
1,989,336
1,809,536
Time deposits less than $100,000
4,565,281
4,700,126
Time deposits of $100,000 or greater
10,433,009
12,163,266
Total deposits
102,150,634
98,103,558
Accrued interest payable
35,674
139,646 Accrued expenses & other payables 633,705
897,363
Subordinated notes payable to subsidiary trust
3,093,000 3,093,000 Total liabilities
105,913,013
102,233,567
SHAREHOLDERS’ EQUITY
Common stock, authorized 10,000,000 shares with no par value, issued and outstanding 829,602 shares and 749,540 shares at December 31, 2012 and December 31, 2011, respectively.
3,429,254
2,760,813
Retained earnings
5,221,375
4,631,609
Accumulated other comprehensive income
71,269
79,604
Total shareholders’ equity
8,721,898
7,472,026 Total liabilities & shareholders’ equity $ 114,634,911 $ 109,705,593 CHINO COMMERCIAL BANCORP
CONSOLIDATED STATEMENTS OF NET INCOME
(unaudited)
For the three months ended
For the years ended
December 31 December 31 2012
2011
2012
2011
Interest income
Investment securities and due from banks $ 74,754 $ 114,463
$ 352,513
$ 570,394
Interest on Federal funds sold
13,679
7,596
43,781
16,248
Interest and fee income on loans 968,844
939,211
3,660,419
3,732,455
Total interest income
1,057,277
1,061,270
4,056,713
4,319,097
Interest expense
Deposits
85,781
89,656
334,424
397,396
Other interest expense
0
0
0 0 0 75
Other borrowings
15,488
45,454
68,283
198,342
Total interest expense
101,269
135,110
402,707
595,813
Net interest income
956,008
926,160
3,654,006
3,723,284
Provision for loan losses
118,224
59
120,272
281,719
Net interest income after
provision for loan losses
837,784
926,101
3,533,734
3,441,565
Non-interest income
Service charges on deposit accounts
274,262
280,982
1,151,235
1,173,299
Gain on sale of foreclosed assets
0
0
93,871
61,151
Other miscellaneous income
34,070
7,456
100,235
32,262
Dividend income from restricted stock
10,124
2,803
23,083
11,145
Income from bank-owned life insurance
16,972
17,793
68,113
69,946
Total non-interest income
335,428
309,034
1,436,537
1,347,803
Non-interest expenses
Salaries and employee benefits
545,229
535,442
2,178,453
2,182,644
Occupancy and equipment
109,705
103,317
428,676
429,111
Data and item processing
94,126
88,525
359,818
366,487
Advertising and marketing
12,942
17,647
51,766
59,830
Legal and professional fees
59,913
44,597
272,897
355,681
Regulatory assessments
56,722
53,911
222,917
231,329
Insurance
12,249
12,467
48,745
42,703
Directors’ fees and expenses
27,595
18,167
107,802
72,264
Other expenses
90,343
95,446
374,095
378,233
Total non-interest expenses
1,008,824
969,519
4,045,169
4,118,282
Income before income tax expense
164,388
265,616
925,102
671,086
Income tax expense
56,592
97,688
335,336
229,685
Net income
$ 107,796
$ 167,928
$ 589,766
$ 441,401
Basic earnings per share $ 0.13 $ 0.22 $ 0.72 $ 0.59 Diluted earnings per share $ 0.13 $ 0.22 $ 0.72 $ 0.59 CHINO COMMERCIAL BANCORP
Other Financial Information
(unaudited)
CREDIT QUALITY
End of period
(unaudited)
December 31, 2012
December 31, 2011
Non-performing loans $ 1,216,253 $ 3,605,142 Non-performing loans to total loans
1.96%
6.35%
Non-performing loans to total assets
1.06%
3.29%
Allowance for loan losses to total loans
2.32%
2.71%
Nonperforming assets as a percentage of total loans and OREO
3.74%
7.07%
Allowance for loan losses to non-performing loans
118.30%
42.66%
OTHER PERIOD-END STATISTICS
(unaudited)
December 31, 2012
December 31, 2011
Shareholders equity to total assets
7.61%
6.81%
Net Loans to deposits
59.08%
56.30%
Non-interest bearing deposits to total deposits
47.80%
48.10%
For the three months ended
For the twelve months ended
December 31 December 31 2012
2011
2012
2011
KEY FINANCIAL RATIOS
(unaudited)
Annualized return on average equity
4.96%
9.13%
7.07%
6.10%
Annualized return on average assets
0.37%
0.63%
0.53%
0.41%
Net interest margin
3.64%
3.91%
3.72%
3.97%
Core efficiency ratio
78.12%
78.49%
80.96%
82.20%
Net chargeoffs to average loans
0.05%
0.00%
0.18%
0.32%
AVERAGE BALANCES
(thousands, unaudited)
Average assets
$ 116,934
$ 107,300
$ 110,808
$ 107,443
Average interest-earning assets
$ 104,594 $ 93,942 $ 98,205 $ 93,744 Average gross loans $ 60,092 $ 56,916 $ 57,228 $ 58,793 Average deposits
$ 104,359 $ 95,891 $ 98,436 $ 96,137 Average equity $ 8,688 $ 7,360 $ 8,336 $ 7,235 SOURCE Chino Commercial Bancorp