Chino Commercial Bancorp Reports 25% Increase in Net Earnings
CHINO, Calif., July 18, 2025 (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, 2025.
Net earnings for the second quarter of 2025 were $1.54 million, reflecting an increase of $308.5 thousand, or 25.04%, compared to the same period last year. Basic and diluted earnings per share were $0.48 for the second quarter of 2025, up from $0.38 for the same quarter in 2024. Net earnings year-to-date increased by 16.85% or by $417.1 thousand, to $2.89 million, as compared to $2.48 million for the same period last year. Net earnings per share was $0.90 for the period ending June 30, 2025, and $0.77 for the same period last year.
Dann H. Bowman, President and Chief Executive Officer, stated, "We are very pleased with the Bank's performance in the second quarter of 2025, which set new records for total Assets, total Deposits, net earnings, and total Capital. Loan quality also remains very strong, with the Bank having no delinquent loans at quarter-end.
We are also proud to announce the opening of the Bank's fifth location in Corona during the second quarter. Early business development efforts have been very productive, with the branch already having $20 million in new deposits.
The Bank's Merchant Services program continues to deliver reliable credit card processing services for its customers, with significant savings and improved cash-flow options."
Financial Condition
As of June 30, 2025, total assets reached $481.9 million, representing an increase of $15.3 million, or 3.3%, from $466.7 million on December 31, 2024. Total deposits rose by $22.7 million, or 6.5%, to $371.6 million, up from $348.9 million on December 31, 2024. Core deposits accounted for 97.01% of total deposits as of June 30, 2025.
Gross loans increased by $1.02 million, or 0.5%, totaling $206.3 million as of June 30, 2025, compared to $205.2 million as of December 31, 2024. The Bank reported no delinquent loans, and three non-performing loans on non-accrual status, as of June 30, 2025. As of December 31, 2024, the Bank reported no delinquent loans and five non-performing loans on all on nonaccrual status. There were no Other Real Estate Owned (OREO) properties reported at either date.
Earnings
The Company reported net interest income of $3.7 million for the three months ended June 30, 2025, compared to $3.2 million for the same period in 2024. Average interest-earning assets were $414.6 million, while average interest-bearing liabilities totaled $221.9 million, resulting in a net interest margin of 3.69% for the second quarter of 2025. This compares favorably to the prior year's second-quarter margin of 2.95%, based on average interest-earning assets of $432.2 million and average interest-bearing liabilities of $240.2 million.
Non-interest income totaled $1.0 million in the second quarter of 2025, an increase of 23.0% compared to $822.0 thousand in the second quarter of 2024. Most of the increase was driven by higher service charges and fees on deposit accounts, which rose to $527.2 thousand—an increase of $66.5 thousand, or 14.5%, compared to $460.6 thousand in the same period last year. Merchant services processing revenue also contributed to the growth, totaling $178.8 thousand for the quarter, up $30.0 thousand, or 20.2%, from $148.8 thousand in the second quarter of 2024.
General and administrative expenses totaled $2.7 million for the three months ended June 30, 2025, compared to $2.3 million for the same period in 2024. The largest component of these expenses was salary and benefits, which amounted to $1.6 million in the second quarter of 2025, up from $1.4 million in the prior year.
Income tax expense for the quarter was $614.9 thousand, reflecting an increase of $129.4 thousand, or 26.7%, compared to $485.5 thousand for the same period last year. The Company's effective income tax rate was approximately 28.5% for the period ending June 30, 2025, and 28.3 for the same period last year.
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 economies, the Company's ability to attract and retain skilled employees, customers' service expectations, the Company's ability to successfully deploy new technology and gain efficiencies therefrom, and changes in interest rates, loan portfolio performance, and other factors.
Contact: Dann H. Bowman, President and CEO or Melinda M. Milincu, Senior Vice President and CFO, Chino Commercial Bancorp and Chino Commercial Bank, N.A., 14245 Pipeline Avenue, Chino, CA. 91710, (909) 393-8880.
Consolidated Statements of Financial Condition
As of 6/30/2025
Jun-2025Ending Balance
Dec-2024Ending Balance
Assets
Cash and due from banks
$56,447,198
$45,256,619
Cash and cash equivalents
$56,447,198
$45,256,619
Fed Funds Sold
$9,060
$31,029
Investment securities available for sale, net of zero
allowance for credit losses
$6,082,331
$6,558,341
Investment securities held to maturity , net of zero
allowance for credit losses
$192,972,194
$190,701,756
Total Investments
$199,054,525
$197,260,097
Gross loans held for investments
$206,254,179
$205,235,497
Allowance for Loan Losses
($4,637,060
)
($4,623,740
)
Net Loans
$201,617,119
$200,611,757
Stock investments, restricted, at cost
$3,662,000
$3,576,000
Fixed assets, net
$8,069,987
$7,255,785
Accrued Interest Receivable
$1,532,213
$1,539,505
Bank Owned Life Insurance
$8,600,690
$8,482,043
Other Assets
$3,492,678
$3,170,159
Total Assets
$481,978,760
$466,678,432
Liabilities
Deposits
Noninterest-bearing
$172,049,944
$166,668,725
Interest-bearing
$199,527,255
$182,200,703
Total Deposits
$371,577,199
$348,869,428
Federal Home Loan Bank advances
$10,000,000
$0
Federal Reserve Bank borrowings
$40,000,000
$60,000,000
Subordinated debt
$10,000,000
$10,000,000
Subordinated notes payable to subsidiary trust
$3,093,000
$3,093,000
Accrued interest payable
$220,193
$132,812
Other Liabilities
$1,730,432
$1,877,996
Total Liabilities
$436,620,824
$423,973,236
Shareholder Equity
Common Stock **
$10,502,558
$10,502,558
Retained Earnings
$36,952,444
$34,059,943
Unrealized Gain (Loss) AFS Securities
($2,097,066
)
($1,857,305
)
Total Shareholders' Equity
$45,357,936
$42,705,196
Total Liab & Shareholders' Equity
$481,978,760
$466,678,432
** Common stock, no par value, 10,000,000 shares authorized and 3,211,970 shares issued and outstanding at 6/30/2025 and 12/31/2024
Consolidated Statements of Net Income
As of 6/30/2025
Jun-2025QTD Balance
Jun-2024QTD Balance
Jun-2025YTD Balance
