As another trading week begins investors are going to be looking into a number of stocks this morning and it is likely that many of them could well be looking into the Chino Commercial Bancorp (OTCMKTS:CCBC) stock.
On Friday, CCBC stock soared 2.56% to $14 with more than 5.80K shares, compared to its average volume of 618 shares. The stock moved within a range of $13.95 – 14.00 after opening trade at $13.95.
Chino Commercial Bancorp Reports 85% Increase In Net Earnings
The company was in the news on Friday after it announced its consolidated financial results for the fourth quarter ended on December 31, 2022 for both holding company as well as the bank. The company managed to bring in net earnings to the tune of as much as $1.3 million, which reflected a year on year rise of as much as 84.6%. In the prior year period, the net earnings had only been $706000.
On the other hand, the net earnings per basic and diluted share stood at $0.49 and that was also an improvement on the figure of $0.26 in the prior year period. The net earnings delivered by the company in the fiscal year came in at $4.7 million and that reflected a year on year rise of as much as 50.5%. In the fiscal year, the net earnings per basic and diluted share stood at $1.76 and that was higher figure than the $1.17 that had been recorded in the previous fiscal year.
Dann H. Bowman, President and Chief Executive Officer, stated “Despite the rapidly rising interest rate environment, 2022 was a very good year for the Bank, in setting new records for Deposits, Revenue and Earnings and Earnings Per Share. We do see some weakness in the economy over the next 18 months, however, even this has the potential to create opportunities to expand the customer base and grow the company. We are excited about the opportunities for growth and expansion of the Bank as we offer new products and services to help small businesses to grow and innovate as we navigate through challenging times.”