Chino Commercial Bancorp Reports Unaudited Consolidate Earnings Results for the Fourth Quarter and Year Ended December 31, 2015
January 27, 2016 at 01:33 pm EST
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Chino Commercial Bancorp reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported net earnings of $318,620 or an increase of 21.7%, as compared with net income of $261,886 for the same quarter last year. Net income per basic and diluted share for the fourth quarter 2015 was $0.31, as compared to $0.26 for the same quarter last year. Net interest income was $1,355,351 and $1,170,793 for the three months ended December 31, 2015 and 2014, respectively, or an increase of $184,558 or 15.8%. Total interest income was $1,439,357 compared to $1,241,359 a year ago. Net interest income after provision for loan losses was $1,317,104 compared to $1,166,196 a year ago. Income before income tax expense was $516,075 compared to $419,629 a year ago. Annualized return on average equity was 10.63% compared to 9.80% a year ago. Annualized return on average assets was 0.77% compared to 0.82% a year ago.
For the year ended December 31, 2015 increased 16.5% to $1,327,370 or $1.29 per basic and diluted share, as compared with net earnings of $1,139,773 or $1.11 per basic and diluted share for the same period in 2014. Net interest income was $5,138,809, compared to $4,258,258 for the same period in 2014, or an increase of $880,551 or 20.7%. Total interest income was $5,454,705 compared to $4,538,606 a year ago. Net interest income after provision for loan losses was $5,096,521 compared to $4,382,750 a year ago. Income before income tax expense was $2,151,831 compared to $1,834,532 a year ago. Annualized return on average equity was 11.54% compared to 11.14% a year ago. Annualized return on average assets was 0.88% compared to 0.91% a year ago.
Chino Commercial Bancorp serves as the holding company for Chino Commercial Bank (The Bank), which is a nationally chartered bank. The Bank offers personal banking and business banking services. The Bank's personal banking services, such as personal checking and savings, individual retirement account, online banking, mobile banking, Cash on delivery, debit cards, direct deposit, e-statements, electronic tax payment services, night depository, notary services and savings bonds. Its business banking offers business checking and savings, business loans, online cash management, business mobile banking, remote deposit capture, merchant services and medical professionals. Its Commercial loan products include lines of credit, letters of credit, term loans and equipment loans, commercial real estate loans, accounts receivable financing, factoring, equipment leasing and other working capital financing. Its Financing products include home improvement lines of credit and MasterCard debit cards.