Chino Commercial Bancorp Reports 8.7% Increase in Net Earnings

Core Viewpoint - Chino Commercial Bancorp reported strong financial performance for Q1 2025, with record levels in total assets, deposits, loans, and capital, alongside a notable increase in net earnings compared to the previous year [2][3]. Financial Performance - Net earnings for Q1 2025 were $1.35 million, an increase of $108.6 thousand, or 8.7%, from Q1 2024 [2]. - Basic and diluted earnings per share rose to $0.41 from $0.38 year-over-year [2]. - Net interest income increased to $3.6 million from $3.3 million in the same period last year, with a net interest margin of 3.51%, up from 2.86% [8]. - Non-interest income reached $855.6 thousand, a 10.6% increase from $773.5 thousand in Q1 2024, driven by higher service charges and fees [9]. Financial Condition - Total assets as of March 31, 2025, were $471.3 million, up $4.6 million, or 1.0%, from $466.7 million at the end of 2024 [6]. - Total deposits increased by $18.4 million, or 5.3%, to $367.3 million [6]. - Gross loans rose by $2.9 million, or 1.4%, totaling $208.2 million [7]. Operational Highlights - The bank has no delinquent loans and reported five non-performing loans, all in non-accrual status [7]. - The bank is set to open its fifth branch office in Corona in Q2 2025, following successful early business development efforts [4]. - The introduction of credit card processing services has created a new source of non-interest income and improved client cost savings [5]. Key Ratios and Metrics - Annualized return on average equity was 12.72%, down from 13.10% in Q1 2024 [20]. - Annualized return on average assets improved to 1.24% from 1.01% year-over-year [20]. - Core efficiency ratio was 57.58%, slightly improved from 58.04% in the previous year [20].