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Cornerstone Community Bancorp (CRSB) delivers community-focused banking services through personalized financial solutions. This page provides investors and stakeholders with essential updates about CRSB's operational developments, strategic initiatives, and market positioning.
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Cornerstone Community Bancorp (CRSB) reported Q1 2025 financial results with net income of $1.27 million, down from $1.39 million in Q1 2024. Earnings per share decreased to $0.82 from $0.91 year-over-year.
Key financial metrics include: net interest income increased to $5.02 million (Q1 2025) from $4.88 million (Q1 2024), with net interest margin improving to 3.27% from 3.18%. Total loans reached $491.5 million, while deposits decreased to $571.9 million from $590.0 million. The company recorded a $60,000 provision for credit losses.
The bank maintains strong capitalization with a total risk-based capital ratio of 12.83%. Book value per share declined to $29.15 from $29.99. The company is preparing for a merger with Plumas Bancorp, incurring $193,000 in related costs during Q1 2025.
Cornerstone Community Bancorp (CRSB) reported mixed financial results for Q4 and full year 2024. The company posted Q4 net income of $1.809 million ($1.18 per diluted share), down from $1.892 million ($1.24 per share) in Q4 2023. For full-year 2024, CRSB reported a net loss of $785,000 ($(0.51) per share), compared to net income of $7.371 million ($4.84 per share) in 2023.
The annual loss was primarily attributed to a $9.4 million charge-off of three related agricultural loans in Q3 2024. Net interest income decreased to $5.17 million in Q4 2024 from $5.439 million year-over-year. Total loans increased to $498.9 million, while deposits grew to $584.3 million. The company announced a definitive merger agreement with Plumas Bancorp.
Cornerstone Community Bancorp (OTC Pink: CRSB) reported a net loss of $5,431,000 for Q3 2024, compared to a net income of $1,920,000 in Q3 2023. The diluted loss per share was $(3.56), down from $1.26 earnings per share last year. The company charged off three related agricultural loans totaling $9.4 million due to deteriorating borrower conditions, resulting in a $9.4 million provision for credit losses. For the nine months ended September 30, 2024, the net loss was $2,594,000 with a diluted loss per share of $(1.70).
Key financial highlights include:
- Net interest income decreased to $4,420,000 for Q3 2024
- Tax-equivalent net interest margin was 2.75% for Q3 2024
- Total loans increased to $487.1 million
- Total deposits rose to $589.1 million
- Shareholders' equity totaled $40.9 million
- Book value per common share was $27.44
Cornerstone Community Bancorp (OTC Pink: CRSB) has announced significant loan charge-offs totaling $9.4 million for three related agricultural loans. This action was taken due to the deteriorating financial condition of the borrowers and represents 100% of the company's exposure to these loans. As a result, CRSB has recorded a $9.4 million provision for credit losses on loans.
Despite one loan being secured by equipment and all three having guarantors, the bank cannot reasonably predict any future recoveries. However, CRSB emphasizes that overall credit quality in the loan portfolio remains solid, excluding these specific credits. The bank also maintains a strong capital position, exceeding well-capitalized regulatory requirements.
Cornerstone Community Bancorp (CRSB) reported its financial results for Q2 2024, ending June 30. The company's net income decreased to $1,443,000 from $1,864,000 in the same period last year. Diluted earnings per share dropped to $0.94 from $1.22. The return on average assets was 0.86%, and the return on average equity was 12.86%.
Key financial highlights include:
- Net interest income decreased to $5,107,000 for Q2 2024
- Provision for credit losses on loans was $169,000
- Non-interest income increased slightly to $367,000
- Total loans grew to $498.0 million
- Total deposits increased to $595.4 million
- Shareholders' equity rose to $45.8 million
Despite industry-wide margin pressure, CRSB saw a slight improvement in net interest margin, with expectations for this trend to continue in the near term.
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