Interest-bearing deposits in other banks 23,988,769 25,433,602 Investment securities available for sale 4,706,994 5,567,855 Investment securities held to maturity (fair value approximates $12,302,000 at December 31, 2010 and $2,332,000 at December 31, 2009) 12,153,915 2,291,962 Total investments 40,849,678 33,293,419
Loans Real estate 51,471,179 50,931,354 Commercial 8,411,117 9,621,310 Installment 638,157 855,564 Gross loans 60,520,453 61,408,228 Unearned fees and discounts (27,204) (17,887) Loans net of unearned fees and discount 60,493,249 61,390,341 Allowance for loan losses (1,442,153) (1,277,526) Net loans 59,051,096 60,112,815 Accrued interest receivable 382,943 326,206 Restricted stock 626,250 677,650 Fixed assets, net 6,342,670 3,100,183 Other real estate owned 516,534 24,861 Prepaid & other assets 3,072,683 2,956,242 Total assets $ 113,932,978 $ 103,580,676
LIABILITIES: Deposits Non-interest bearing $ 41,909,584 $ 35,872,495 Interest Bearing NOW and money market 36,241,586 31,148,654 Savings 2,085,092 1,003,290 Time deposits less than $100,000 6,377,430 6,722,558 Time deposits of $100,000 or greater 16,385,864 17,541,461 Total deposits 102,999,556 92,288,458 Accrued interest payable 104,967 125,823 Borrowings from Federal Home Loan Bank (FHLB) 0 994,000 Accrued expenses & other payables 700,046 612,667 Subordinated notes payable to subsidiary trust 3,093,000 3,093,000 Total liabilities 106,897,569 97,113,948
STOCKHOLDERS' EQUITY Common stock, authorized 10,000,000 shares with no par value, issued and outstanding 749,760 shares and 699,061 shares at December 31, 2010 and December 31, 2009, respectively. 2,769,437 2,498,664 Retained earnings 4,190,207 3,884,907 Accumulated other comprehensive income 75,765 83,157 Total stockholders' equity 7,035,409 6,466,728 Total liabilities & stockholders' equity $ 113,932,978 $ 103,580,676
CHINO COMMERCIAL BANCORP CONSOLIDATED STATEMENTS OF INCOME (unaudited) For the three months ended For the year ended December 31 December 31 2010 2009 2010 2009 Interest income Investment securities and due from banks $ 183,745 $ 180,119 $ 803,075 $ 783,094
Interest on Federal funds sold 10 0 10 102 Interest and fee income on loans 1,013,777 1,104,535 4,185,291 4,093,537 Total interest income 1,197,532 1,284,654 4,988,376 4,876,733 Interest expense Deposits 189,210 241,253 891,176 947,017 Other borrowings 50,968 50,996 204,425 204,702 Total interest expense 240,178 292,249 1,095,601 1,151,719 Net interest income 957,354 992,405 3,892,775 3,725,014 Provision for loan losses 239,756 347,343 769,752 779,048
Net interest income after provision for loan losses 717,598 645,062 3,123,023 2,945,966 Non-interest income Service charges on deposit accounts 304,249 280,645 1,166,555 985,202 Other miscellaneous income 88,281 1,594 207,499 15,537 Dividend income from restricted stock 2,892 2,825 7,310 9,430
Income from bank-owned life insurance 17,565 17,011 69,374 67,389 Total non-interest income 412,987 302,075 1,450,738 1,077,558 General and administrative expenses Salaries and employee benefits 555,760 516,093 2,193,710 1,899,192 Occupancy and equipment 120,825 80,332 436,964 322,854 Data and item processing 92,287 67,826 355,520 286,726 Advertising and marketing 39,626 14,538 63,119 64,107 Legal and professional fees 67,365 43,992 280,918 181,892 Regulatory assessments 60,361 52,982 222,599 220,652 Insurance 10,047 8,595 37,997 32,135 Directors' fees and expenses 16,518 17,516 67,477 72,136 Other expenses 96,696 58,420 480,512 426,840
Total general & administrative expenses 1,059,485 860,294 4,138,816 3,506,534 Income before income tax expense 71,100 86,843 434,945 516,990 Income tax expense 15,319 24,050 129,644 166,319 Net income $ 55,781 $ 62,793 $ 305,301 $ 350,671 Basic earnings per share $ 0.07 $ 0.09 $ 0.42 $ 0.50 Diluted earnings per share $ 0.07 $ 0.08 $ 0.42 $ 0.48 CHINO COMMERCIAL BANCORP Other Financial Information For the three months ended For the year ended December 31 December 31 2010 2009 2010 2009
KEY FINANCIAL RATIOS (unaudited) Return on average equity 3.30% 4.08% 4.61% 5.67% Return on average assets 0.20% 0.24% 0.27% 0.37% Net interest margin 3.81% 4.23% 3.89% 4.42% efficiency ratio 77.32% 66.46% 77.45% 73.01% Net chargeoffs to average loans 0.18% 0.32% 1.00% 0.36%
AVERAGE BALANCES (thousands, unaudited) Average assets $ 114,296 $ 103,811 $ 114,292 $ 94,489 Average interest-earning assets $ 99,566 $ 93,160 $ 100,173 $ 84,513 Average gross loans $ 59,900 $ 61,729 $ 60,679 $ 56,450 Average deposits $ 103,195 $ 93,342 $ 102,776 $ 83,764 Average equity $ 6,770 $ 6,172 $ 6,630 $ 6,193
CREDIT QUALITY End of period (unaudited) December 31, 2010 December 31, 2009 Non-performing loans $ 4,167,573 $ 1,493,919 Non-performing loans to total loans 6.89% 2.43% , Non-performing loans to total assets 3.66% 1.44% Allowance for loan losses to gross loans 2.38% 2.08%
OTHER PERIOD-END STATISTICS (unaudited) December 31, 2010 December 31, 2009 Shareholders equity to total assets 6.18% 6.24% Loans to deposits 58.76% 66.54% Non-interest bearing deposits to total deposits 40.69% 38.87% CONTACT: Dann H. Bowman, President and CEO Sandra F. Pender, Senior Vice President and CFO Chino Commercial Bank, N.A., 14245 Pipeline Avenue, Chino, Ca, 91710 (909) 393-8880
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