Chino Commercial Bancorp: Quarterly Earnings Report

Chino Commercial Bancorp (OTC: CCBC), the parent company of Chino Commercial Bank, N.A., recently announced its quarterly earnings for the period ending September 30, 2024. The report highlights the bank's strong operating performance and growth prospects.

The bank's net earnings year-to-date increased by 0.90% or $33.2 thousand, reaching $3.74 million compared to $3.71 million for the same period last year. Net earnings per share stood at $1.17 for the period ending September 30, 2024, a slight increase from $1.16 in the same period last year. However, net earnings for the third quarter of 2024 decreased by $7.6 thousand or 0.60% to $1.27 million compared to the same quarter last year. Net earnings per basic and diluted share were $0.39 for the third quarter of 2024, down from $0.40 in the same quarter in 2023.

The bank's robust financial condition is evident in its total assets, which grew by $19.5 million or 11.68% to $464.4 million at September 30, 2024, compared to $446.4 million at December 31, 2023. Total deposits increased by $46.4 million or 14.52% to $366.2 million, with core deposits representing 97.65% of the total deposits. Gross loans increased by $15.1 million or 8.4% to $194.4 million, reflecting the bank's ability to attract and retain customers.

The bank's earnings were driven by a combination of factors, including net interest income, non-interest income, and cost control. Net interest income for the three months ended September 30, 2024, was $3.4 million, a slight increase from $3.3 million in the same quarter last year. The bank's net interest margin improved to 3.08% for the third quarter of 2024, up from 2.98% in the same quarter last year.

Non-interest income totaled $793.1 thousand for the third quarter of 2024, an increase of 17.84% compared to $673.1 thousand earned during the same quarter last year. The majority of this increase is attributed to the bank's merchant services processing revenue, which reached $129.2 thousand, a significant increase from $53.5 thousand in the same period last year.

General and administrative expenses were $2.5 million for the three months ended September 30, 2024, an increase of $300 thousand from the same period last year. The largest component of general and administrative expenses was salary and benefits expense, which increased to $1.5 million from $1.4 million in the same period last year.

Income tax expense was $500 thousand, a decrease of $4 thousand or 0.77% from the same quarter last year. The effective income tax rate for the third quarter of 2024 and 2023 was approximately 28.3%.

In conclusion, Chino Commercial Bancorp's quarterly earnings report demonstrates the bank's strong financial performance and growth prospects. The bank's ability to attract and retain customers, coupled with its effective cost control measures, has contributed to its earnings growth. As the bank continues to expand its merchant services processing revenue and maintain a stable loan portfolio, it is well-positioned to capitalize on future growth opportunities.