Chino Commercial Bancorp Reports 104.1% Increase In Third Quarter Earnings
CHINO, Calif., Oct. 25, 2010 (GLOBE NEWSWIRE) -- The Board of Directors of Chino Commercial Bancorp (OTCBB: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 third quarter ended September 30, 2010 with net earnings of $194,041, a 104.1% increase from net income of $95,080 for the third quarter of last year. The net earnings for the most recent quarter represent $0.26 per diluted share, as compared with $0.13 per diluted share from the same quarter last year. The Company's profit year-to-date decreased 13.3% to $249,519 or $0.35 per diluted share as compared with net earnings of $287,878 or $0.39 per diluted share for the same period last year.
Dann H. Bowman, President and Chief Executive Officer, stated, "We are very pleased with the performance of the Bank during the third quarter. Not only did the Bank post a significant improvement in net earnings, but even more important was that we had no delinquent loans at the quarter-end. At this time in the economic cycle, we are very fortunate to be experiencing such strong performance and earnings."
Financial ConditionBalance sheet changes during the nine months of 2010 include a sizeable increase in deposits and a slight decrease in loans. Total deposits increased by $9.5 million, or 10.2%, to $101.7 million at September 30, 2010. Much of the growth was in demand deposits which increased $6.1 million, or 16.9%. Time deposits decreased $1.7 million or 6.9% during the nine months of 2010, ending at $22.6 million at September 30, 2010. Combined NOW and money market demand accounts increased to $4.7 million at September 30, 2010, a 15.2% increase from $31.1 million at December 31, 2009, while savings accounts increased 33.3% from $1.0 million at December 31, 2009 to $1.3 million at September 30, 2010.
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