Chino Commercial Bancorp (CA)(OTCMKTS:CCBC) Reports Impressive 31.5% Increase In Net Income

Chino Commercial Bancorp (CA)(OTCMKTS:CCBC) which is the holding company for the regional bank Chino Commercial Bank, N.A., reported results from its first quarter 2014 operations which ended on 31st March on 21st April.

Its net earnings came in at $0.224 million, which translates into a 31.5 percent increase over its net income of $0.17 million it had reported in 1Q13. Income per share for the reporting quarter came in at 27 cents as against the 21 cents it had reported in 1Q13.

CEO’s Outlook

In his commentary explaining the highlights of the earnings release and providing outlook for the rest of the year, Chino Commercial Bancorp (CA)(OTCMKTS:CCBC) Chief Executive Officer and President Dann H. Bowman has been quoted to have said that, “We are very pleased with the performance of the Bank during the first quarter. In addition to very strong net earnings, the Bank also had no delinquent loans and suffered no credit losses during the first quarter. Economic conditions appear to be rapidly improving in the Inland Empire, and many of our small business customers are reporting better than expected operating results”.

Mr Bowman went to on indicate that he continues to remain optimistic of the economy over the next three fiscals and hoped that the bank would be able to attract more businesses seeking credit to expand their base to meet the increase in demand.

Key Financial Highlights

Chino Commercial Bancorp (CA)(OTCMKTS:CCBC) reported that at the end of the first quarter, its total assets went up marginally by 0.6 percent to level out at $123.9 million in comparison to its 4Q13 asset base. The increase has been linked to the deposits increase which was witnessed during the reporting period. Loans farmed out went up by 1.4 percent to peak at $65.2 million. The increase in loan book was accomplished on the back of increase in the loan quality in the first quarter.

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