Chino Commercial Bancorp Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 19, 2018 at 04:40 pm
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Chino Commercial Bancorp announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income of $1,830,829 against $1,588,601 a year ago. Net interest income was $1,636,488 against $1,478,869 a year ago. Income before income taxes expense was $587,686 against $538,506 a year ago. Net income was $280,358 against $329,476 a year ago. Basic and diluted earnings per share were $0.18 against $0.27 a year ago. Annualized return on average equity was 6.25% against 9.82% a year ago. Annualized return on average assets was 0.58% against 0.75% a year ago. The decrease in net income for the fourth quarter 2017 was attributable to a one-time deferred tax adjustment in order to comply with the Tax Reform Act signed into law in December 2017.
For the full year, the company reported total interest income of $7,024,550 against $6,179,244 a year ago. Net interest income was $6,352,534 against $5,768,232 a year ago. Income before income taxes expense was $2,718,178 against $2,381,041 a year ago. Net income was $1,570,954 against $1,453,103 a year ago. Basic and diluted earnings per share were $1.17 against $1.18 a year ago. Annualized return on average equity was 10.45% against 11.31% a year ago. Annualized return on average assets was 0.84% against 0.85% 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.