Chino Commercial Bancorp Q1 net earnings down 77%
23rd April 2008
Chino Commercial Bancorp, the parent company of Chino Commercial Bank, has reported net earnings of $41,471 for the first quarter of 2008, a 76.7% decrease, compared to net income of $177,783 for the first quarter of 2007.
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- Chino Commercial reports drop in 2007 net income
22 Jan 2008 - Comerica Bank opens new location in California
26 Jun 2008 - Chino Commercial Bancorp Q1 net earnings down 77%
23 Apr 2008
The reduction in net income was caused in part by a significant out of pattern provision to loan loss reserve during the first quarter of $234,631. Net income per basic share for Q1 2008 was $0.06, as compared to $0.23 for Q1 2007.
The company posted net interest income of $884,585 for the quarter ended March 31, 2008, as compared to $1.07 million for the quarter ended March 31, 2007, due to decreased average balances in investment securities and federal funds sold. Non-interest income totaled $264,387 for Q1 2008, an increase of 24.8% from $211,870 earned during Q1 2007.
Dann Bowman, president and CEO of Chino Commercial Bancorp, said: "The bank made a significant provision to loan loss reserve during the first quarter, even though no actual credit losses were recognized. Looking at a number of economic events occurring in and around the real estate industries, the bank is taking a proactive and conservative approach to credit quality by making this provision.
"Though the provision resulted in lower earnings during the first quarter, in the long run we believe that these conservative credit practices will be a benefit to the bank ongoing."
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