Chino Commercial Bank N.A. Reports Results for the Year-End 2000.Business Editors CHINO, Calif.--(BUSINESS WIRE)--March 20, 2001 The recently opened Chino Commercial Bank N.A. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CKNA) today reported its financial performance for the first four months of operation from inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. through Dec. 31, 2000. Accumulating deposits totaling $8.7 million during the first four months of operations, the bank's president and chief executive officer Dann DANN Defence Associations National Network (Réseau des Associations de la Défence Nationale - Canada) H. Bowman, stated, "We are very pleased with the community's response to the 'new' bank and the growth in our customer base and deposits." The bank was incorporated on Dec. 8, 1999, and began operations on Sept. 1, 2000. Prior to opening, the bank raised $5.4 million through an initial public offering of common stock. Net selling costs of $137,337 were recorded against capital. Net organizational costs totaled $224,836 for the period from Dec. 8, 1999 to Aug. 31, 2000. Net interest income was $205,394 for the four months ended Dec. 31, 2000. Average interest-earning assets were $9.2 million with average interest-bearing Adj. 1. interest-bearing - of financial obligations on which interest is paid liabilities of $1.8 million yielding a net interest margin of 6.72 percent for the four months ended Dec. 31, 2000. General and administrative expenses were $409,579 for the four months ended Dec. 31, 2000, with the largest component being salary and benefit expense of $198,032. The bank has nine full-time equivalent Full-time equivalent (FTE) is a way to measure a worker's involvement in a project, or a student's enrollment at an educational institution. An FTE of 1.0 means that the person is equivalent to a full-time worker, while an FTE of 0.5 signals that the worker is only half-time. staff. Although there were extraordinary expenses in the period due to start-up Start-up The earliest stage of a new business venture. costs, the expenses approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. the growth of the bank. The bank reported a net loss of $218,540 or 40 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the four months ended Dec. 31, 2000. Total assets were $13.6 million due primarily to the growth in deposits to $8.7 million. The asset growth was in federal funds Federal Funds Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements. Notes: These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve sold of $8.8 million, loans receivable of $1.7 million and investment securities available-for-sale of $1.3 million. Bowman said: "Our deposit growth has been primarily in non-interest bearing deposits. The non-interest bearing to interest bearing deposit mix continues to reflect a 65 percent to 35 percent split." Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. The statements contained in this release that are not historical facts are forward-looking statements based upon management's current expectations and beliefs concerning future developments and their potential effect on Chino Commercial Bank. There can be no assurances that future developments affecting Chino Commercial Bank will be the same as those anticipated by management. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties. These include, but are not limited to, the following risks: -- Changes in performance of the financial markets; -- Changes in the demand for and market acceptance of Chino Commercial Bank's products and services; -- Changes in general economic conditions including interest rates, presence of competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. with greater financial resources, and the impact of competitive products and pricing; -- The effect of Chino Commercial Bank's policies; -- The continued availability of adequate funding sources. Contact Dann H. Bowman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , or Jo Anne Anne, British princess Anne (Anne Elizabeth Alice Louise), 1950–, British princess, only daughter of Queen Elizabeth II and Prince Philip, duke of Edinburgh. She was educated at Benenden School. Painter painter, animal: see puma. A full-featured paint program for Macintosh and Windows from Corel. Part of Corel's illustration and design line of products, Painter is the most sophisticated paint program on the market with an array of tool palettes that is , vice president and CFO See Chief Financial Officer. , Chino Commercial Bank N.A., 14345 Pipeline Ave AVE Avenue AVE Average AVE Alta Velocidad Espanola (train between Madrid and Seville) AVE Alta Velocidad Española (Spanish: High Speed Train) AVE Audio Video Entertainment AVE Advertising Value Equivalent ., Chino, Calif. 91710; 909/393-8880.
CHINO COMMERCIAL BANK N.A.
BALANCE SHEET
Dec. 31, 2000
ASSETS
Cash and due from banks $ 1,162,083
Federal funds sold 8,790,000
Cash and cash equivalents 9,952,083
Investment securities available for sale 1,119,409
Federal Reserve Bank stock, at cost 159,100
Pacific Coast Bankers' Bank stock, at cost 50,000
Loans, net 1,652,756
Accrued interest receivable 29,784
Bank premises and equipment, net 588,549
Other assets 53,146
Total assets $13,604,827
LIABILITIES
Deposits
Non-interest bearing demand $ 5,617,940
Interest bearing
Money market 2,471,755
Savings 148,105
Time deposits of $100,000 or greater,
due in one year 200,000
Time deposits less than $100,000,
due in one year 239,146
Total deposits 8,676,946
Accrued interest payable 4,600
Other liabilities 56,709
Total liabilities 8,738,255
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock, authorized 10,000,000 shares
with a par value of $5 per share; issued
and outstanding 543,982 shares,
at Dec. 31, 2000 2,719,910
Additional paid-in capital 2,582,573
Accumulated deficit (443,376)
Accumulated other comprehensive income 7,465
Total stockholders' equity 4,866,572
Total liabilities and stockholders'
equity $13,604,827
CHINO COMMERCIAL BANK N.A.
STATEMENT OF INCOME
For the Period Sept. 1, 2000 (Inception)
through Dec. 31, 2000
Interest and dividend income:
Interest and fees on loans $ 43,983
Interest on Federal funds sold 161,084
Interest and dividends on investment securities 25,346
Total interest income 230,413
Interest expense on deposits:
Money market 19,649
Savings 417
Time deposits of $100,000 or greater 1,554
Time deposits less than $100,000 3,399
Total interest expense 25,019
Net interest income 205,394
Provision for loan losses 16,700
Net interest income after provision
for loan losses 188,694
Other noninterest income:
Service charges on deposit accounts 1,435
Customer fees and miscellaneous income 910
2,345
Operating noninterest expenses:
Salaries and employee benefits 198,032
Occupancy and equipment expenses 63,796
Other operating expenses 147,751
409,579
Loss before income taxes (218,540)
Provision for income taxes --
Net loss $(218,540)
Basic loss per share $ (0.40)
Diluted loss per share $ (0.39)
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