Dann H. Bowman, Chino's president and chief executive, said in a news release late Monday release that loan quality continued to improve and that by the end of 2011, the $110 million-asset bank only had one delinquent loan.
The bank's provision for loan losses for the fourth quarter dropped 75% compared to a year ago, to $59,000. For 2011, the loan-loss provision was $281,700, down 63% from 2010. Net loan chargeoffs for the year declined 69% from 2010, to $185,900.
Earnings per share for the year totaled 59 cents, 40.5% higher than 2010.
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