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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.