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Cornerstone Community Bancorp Reports Financial Results For the First Quarter Ended March 31, 2024

Cornerstone Community Bancorp (OTC Pink: CRSB) announced today its financial results for the first quarter ended March 31, 2024.

The Company reported net income of $1,394,000 for the three months ended March 31, 2024 compared to net income of $1,695,000 for the same period last year. Diluted earnings per share were $0.91 for the three months ended March 31, 2024 compared to $1.11 for the same period last year.

The return on average assets for the three months ended March 31, 2024 was 0.86% and the return on average equity was 12.69%. The tax-equivalent net interest margin was 3.18% for the three months ended March 31, 2024 compared to 3.65% for the same period last year.

President and CEO, Matt Moseley stated, “The banking industry as a whole continues to be challenged with increasing liability costs and deposit competition. While Cornerstone has experienced an increase in cost of funds, the rate of increase is stabilizing and we continue to gain market share in the communities we serve. In March, Cornerstone rolled out a new and state of the art digital banking platform. The investment in new customer facing technology is already paying off and we have acquired new relationships as a result. In April, recognizing an opportune time to hedge interest rate risk, Cornerstone entered into an interest rate swap agreement that provides protection in a rising rate environment with limited overall cost if rates fall. While the economy will certainly present challenges, as it always does, our team is well prepared and will continue to execute on our strategy to run a safe and sound community bank that generates strong returns for our shareholders.”

Net Interest Income

Net interest income decreased to $4,884,000 for the quarter ended March 31, 2024 compared to $5,180,000 for the same quarter last year.

Provision for credit losses on loans

The Company recorded a $144,000 provision for credit losses on loans for the quarter ended March 31, 2024 compared to $110,000 for the same period last year.

Non-Interest Income

Non-interest income for the quarter ended March 31, 2024 was $356,000 compared to $310,000 for the quarter ended March 31, 2023.

Non-Interest Expense

Non-interest expense was $3,202,000 for the quarter ended March 31, 2024 compared to $3,024,000 for the same period last year.

Balance Sheet

Total loans, net of unearned income, at March 31, 2024 were $488.2 million compared to $431.5 million at March 31, 2023.

Total deposits were $590.0 million at March 31, 2024 compared to total deposits of $565.7 million at March 31, 2023.

Credit Quality

The allowance for credit losses on loans was $5,957,000, or 1.22% of loans, net of unearned income, at March 31, 2024, compared to $5,397,000, or 1.25% of loans, net of unearned income, at March 31, 2023. There were no nonperforming assets at March 31, 2024 compared to $233,000 at March 31, 2023.

Capital

At March 31, 2024, shareholders’ equity totaled $44.6 million compared to $36.4 million at March 31, 2023. At March 31, 2024, the Company's book value per common share was $29.99 compared to $24.57 at March 31, 2023.

At March 31, 2024, the Bank’s estimated total risk-based capital ratio was 12.89% and its tier 1 capital to risk weighted assets ratio was 11.80%. The Bank remains well capitalized under the regulatory framework for prompt corrective action.

About Cornerstone Community Bancorp

Cornerstone Community Bancorp, a bank holding company headquartered in Red Bluff, California, serves the Red Bluff, Redding and Anderson communities through its wholly-owned subsidiary, Cornerstone Community Bank with a headquarters office in Red Bluff, two banking offices in Redding and one in Anderson. The Bank provides commercial banking services to small and mid-size businesses, including professional service firms, real estate developers and investors and not-for-profit organizations and to their owners and other individuals. Additional information about the Bank is available on its website at www.bankcornerstone.com

Forward-Looking Statements

This release may contain certain forward-looking statements that are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact Cornerstone Community Bancorp's earnings in future periods. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Factors that could cause future results to vary materially from current management expectations include, but are not limited to, natural disasters (such as wildfires and earthquakes), pandemics such as COVID-19 and the economic impact caused directly by the disease and by government responses thereto, general economic conditions, economic uncertainty in the United States and abroad, changes in interest rates, deposit flows, real estate values, costs or effects of acquisitions, competition, changes in accounting principles, policies or guidelines, legislation or regulation (including the Coronavirus Aid, Relief and Economic Security Act of 2022), interruptions of utility service in our markets for sustained periods, and other economic, competitive, governmental, regulatory and technological factors (including external fraud and cybersecurity threats) affecting Cornerstone Community Bancorp's operations, pricing, products and services. Forward-looking statements speak only as of the date they are made. Except as required by law, Cornerstone Community Bancorp does not undertake to update forward-looking statements to reflect subsequent circumstances or events.

CORNERSTONE COMMUNITY BANCORP
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in Thousands)
 
03/31/24 12/31/23 09/30/23 06/30/23 03/31/23
 
ASSETS
Cash and due from banks

$

6,389

 

$

8,623

 

$

5,492

 

$

8,482

 

$

7,365

 

Federal funds sold

 

-

 

 

-

 

 

-

 

 

-

 

 

124

 

Interest bearing deposits in other financial institutions

 

45,955

 

 

19,694

 

 

23,970

 

 

34,076

 

 

44,706

 

Available for sale debt securities, at fair value

 

90,767

 

 

93,065

 

 

90,086

 

 

93,889

 

 

95,139

 

Loans held for sale

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Loans, net of unearned income

 

488,179

 

 

482,212

 

 

470,060

 

 

447,339

 

 

431,475

 

Allowance for credit losses on loans

 

(5,957

)

 

(5,813

)

 

(5,813

)

 

(5,617

)

 

(5,397

)

Loans, net

 

482,222

 

 

476,399

 

 

464,247

 

 

441,722

 

 

426,079

 

Premises and equipment, net

 

14,433

 

 

14,326

 

 

14,437

 

 

14,492

 

 

14,492

 

Other assets

 

30,812

 

 

30,827

 

 

31,241

 

 

29,724

 

 

28,906

 

Total assets

$

670,578

 

$

642,934

 

$

629,472

 

$

622,385

 

$

616,812

 

 
LIABILITIES
Deposits:
Demand noninterest-bearing

$

99,278

 

$

101,396

 

$

100,791

 

$

109,775

 

$

125,008

 

Demand interest-bearing

 

159,542

 

 

166,221

 

 

190,645

 

 

179,508

 

 

165,203

 

Money market and savings

 

182,797

 

 

174,882

 

 

176,373

 

 

177,976

 

 

180,996

 

Time deposits

 

148,384

 

 

122,035

 

 

107,894

 

 

101,991

 

 

94,542

 

Total deposits

 

590,001

 

 

564,534

 

 

575,703

 

 

569,250

 

 

565,749

 

Borrowings and other obligations

 

20,000

 

 

20,000

 

 

-

 

 

-

 

 

-

 

Subordinated debentures

 

11,775

 

 

11,769

 

 

11,762

 

 

11,756

 

 

11,750

 

Interest payable and other liabilities

 

4,252

 

 

3,464

 

 

3,512

 

 

3,070

 

 

2,954

 

Total liabilities

 

626,028

 

 

599,767

 

 

590,977

 

 

584,076

 

 

580,452

 

 
SHAREHOLDERS' EQUITY
Common stock

 

15,231

 

 

15,163

 

 

15,130

 

 

15,140

 

 

15,113

 

Retained Earnings

 

39,033

 

 

37,639

 

 

35,747

 

 

33,827

 

 

31,963

 

Accumulated other comprehensive income (loss)

 

(9,714

)

 

(9,635

)

 

(12,382

)

 

(10,658

)

 

(10,716

)

Total shareholders' equity

 

44,550

 

 

43,167

 

 

38,495

 

 

38,309

 

 

36,360

 

Total liabilities and shareholders' equity

$

670,578

 

$

642,934

 

$

629,472

 

$

622,385

 

$

616,812

 

 
Total equity / total assets

 

6.64

%

 

6.71

%

 

6.12

%

 

6.16

%

 

5.89

%

Book value per share

$

29.99

 

$

29.16

 

$

26.01

 

$

25.89

 

$

24.57

 

Shares outstanding

 

1,485,472

 

 

1,480,472

 

 

1,479,862

 

 

1,479,862

 

 

1,479,862

 

CORNERSTONE COMMUNITY BANCORP
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in Thousands)
 
Three months ended
03/31/24 12/31/23 03/31/23
 
INTEREST INCOME
Loans

$

7,006

 

$

6,862

 

$

5,551

 

Federal funds sold

 

-

 

 

-

 

 

1

 

Investment securities

 

728

 

 

751

 

 

724

 

Other

 

419

 

 

426

 

 

467

 

Total interest income

 

8,152

 

 

8,039

 

 

6,744

 

 
INTEREST EXPENSE
Deposits:
Interest-bearing demand

 

301

 

 

291

 

 

247

 

Money market and savings

 

1,146

 

 

904

 

 

579

 

Time deposits

 

1,432

 

 

1,245

 

 

589

 

Other

 

389

 

 

160

 

 

149

 

Total interest expense

 

3,268

 

 

2,600

 

 

1,564

 

 
Net interest income

 

4,884

 

 

5,439

 

 

5,180

 

Provision for credit losses

 

144

 

 

-

 

 

110

 

Net interest income after provision for credit losses

 

4,740

 

 

5,439

 

 

5,070

 

 
NON-INTEREST INCOME
Service charges on deposit accounts

 

75

 

 

70

 

 

62

 

Gain on sale of loans

 

-

 

 

-

 

 

-

 

Gain (loss) on sale of other real estate owned

 

-

 

 

-

 

 

-

 

Gain (loss) on sale of securities

 

-

 

 

-

 

 

-

 

Other non-interest income

 

281

 

 

288

 

 

247

 

Total non-interest income

 

356

 

 

358

 

 

310

 

 
OPERATING EXPENSES
Salaries and benefits

 

1,801

 

 

1,865

 

 

1,649

 

Premises and fixed assets

 

267

 

 

263

 

 

313

 

Other

 

1,134

 

 

1,045

 

 

1,061

 

Total operating expenses

 

3,202

 

 

3,173

 

 

3,024

 

 
Income before income taxes

 

1,894

 

 

2,624

 

 

2,355

 

Income taxes

 

500

 

 

732

 

 

660

 

 
NET INCOME

$

1,394

 

$

1,892

 

$

1,695

 

 
EARNINGS PER SHARE
Basic earnings per share

$

0.94

 

$

1.28

 

$

1.15

 

Diluted earnings per share

$

0.91

 

$

1.24

 

$

1.11

 

Average common shares outstanding

 

1,484,318

 

 

1,479,948

 

 

1,479,862

 

Average common and equivalent shares outstanding

 

1,529,931

 

 

1,523,488

 

 

1,525,267

 

 
PERFORMANCE MEASURES
Return on average assets

 

0.86

%

 

1.19

%

 

1.13

%

Return on average equity

 

12.69

%

 

18.94

%

 

19.20

%

Tax-equivalent net interest margin

 

3.18

%

 

3.55

%

 

3.65

%

Efficiency ratio

 

61.10

%

 

54.74

%

 

55.09

%

 

Contacts

Matthew B. Moseley

President & CEO

530.222.1460

Patrick E. Phelan

Chief Financial Officer

530.222.1460

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