Welcome to our dedicated page for Cornerstone Community Bancorp news (Ticker: CRSB), a resource for investors and traders seeking the latest updates and insights on Cornerstone Community Bancorp stock.
Cornerstone Community Bancorp (CRSB) generates a steady flow of news through its regular financial reporting and corporate announcements. As a bank holding company headquartered in Red Bluff, California, Cornerstone Community Bancorp reports detailed quarterly and annual results for its subsidiary, Cornerstone Community Bank, which serves the Red Bluff, Redding and Anderson communities.
News coverage for CRSB often centers on quarterly earnings releases, where the company discloses net income or net loss, earnings per share, net interest income, tax-equivalent net interest margin, and key performance measures such as return on average assets, return on average equity and efficiency ratio. These releases also summarize balance sheet trends, including total loans, total deposits, shareholders’ equity and book value per share.
Another important category of news involves credit quality and loan portfolio developments. For example, Cornerstone Community Bancorp has reported on provisions for credit losses on loans, allowance for credit losses as a percentage of loans, and nonperforming asset levels. In 2024, the company issued specific announcements regarding the charge-off of three related agricultural loans totaling $9.4 million and the resulting impact on its provision for credit losses and quarterly results.
Corporate and strategic updates also feature in CRSB news. The company has announced its inclusion in American Banker’s Top 200 Publicly Traded Community Banks and Thrifts list, where Cornerstone Community Bank was ranked 6th based on three-year average return on equity as of December 31, 2022. In addition, Cornerstone Community Bancorp has disclosed the signing of a definitive merger agreement with Plumas Bancorp and has described an upcoming partnership that is expected to combine the two organizations.
Investors and observers who follow CRSB news can use this page to review historical and recent announcements related to financial performance, credit events, regulatory capital status, and significant strategic transactions affecting Cornerstone Community Bancorp and Cornerstone Community Bank.
Cornerstone Community Bancorp (OTC Pink: CRSB) reported a net income of $1,695,000 for Q1 2023, slightly up from $1,675,000 the previous year. Diluted earnings per share increased to $1.11, up from $1.09. The return on average assets was 1.13% and return on average equity reached 19.20%. The bank's net interest income rose to $5,180,000 compared to $4,350,000 last year, alongside an increase in total loans to $431.5 million.
Cornerstone also saw deposit growth, with total deposits at $565.7 million. Credit losses increased to $110,000 from $18,000, with nonperforming assets at $233,000. Shareholders’ equity grew to $36.4 million, and the book value per share rose to $24.57.
Cornerstone Community Bancorp (CRSB) reported its fourth-quarter and full-year financial results for 2022, with a net income of $1.93 million for Q4, slightly down from $1.97 million last year. Diluted EPS for Q4 stood at $1.27, down from $1.29. The company's net interest income rose to $5.16 million for Q4, while total loans increased to $420.4 million. However, non-interest income fell sharply to $265,000 in Q4 compared to $339,000 in the previous year. For the full year, net income declined to $7.24 million from $7.92 million in 2021. Despite challenges, the company remains well-capitalized with a total risk-based capital ratio of 12.61%.
Cornerstone Community Bancorp (CRSB) reported third-quarter financial results, showing a net income of $1.94 million, down from $2.09 million year-over-year. Diluted earnings per share decreased to $1.27 from $1.38. The net interest income rose to $5.20 million, up from $4.76 million a year earlier. However, non-interest income fell sharply to $265,000 from $652,000. The efficiency ratio increased to 49.42%, while total loans reached $400.5 million, an increase from $388.5 million. Shareholders’ equity declined to $30.6 million from $35.5 million year-over-year.
Cornerstone Community Bancorp (OTC Pink: CRSB) reported its second-quarter financial results for the period ended June 30, 2022. The company posted a net income of $1.706 million, a decline from $1.816 million year-over-year. Diluted earnings per share were $1.12, compared to $1.20 in the prior year. While net interest income increased to $4.605 million, non-interest income fell to $266,000. The return on average assets was 1.18%, and the efficiency ratio worsened to 49.80%. The total loans rose to $399.2 million, and total deposits increased to $539.6 million.
Cornerstone Community Bancorp (OTC Pink: CRSB) reported a net income of $1,675,000 for Q1 2022, down from $2,046,000 in Q1 2021. Diluted EPS fell to $1.09 from $1.38. The decline in PPP fees impacted revenues, while net interest income increased to $4,350,000. Non-interest income dropped significantly to $264,000 from $877,000. Total deposits grew to $532.3 million, up from $485.3 million, and total loans decreased to $375.4 million. The return on average assets was 1.15%, and the efficiency ratio rose to 48.61%. Shareholders’ equity increased to $33.7 million.
Cornerstone Community Bancorp (OTC Pink: CRSB) reported its financial results for Q4 and the full year ending December 31, 2021. Net income for Q4 was $1,967,000, down from $2,059,000 year-over-year, with diluted EPS at $1.29 compared to $1.36. For the full year, net income increased to a record $7,915,000 from $4,626,000, with diluted EPS rising to $5.25 from $3.04. Total loans reached $387.4 million and deposits $547.7 million, reflecting strong growth. The company announced plans to open a new branch in Anderson in Q1 2022.
Cornerstone Community Bancorp (OTC Pink: CRSB) has announced a leadership transition effective July 1, 2022.
Cornerstone Community Bancorp (OTC Pink: CRSB) reported record net income of $2,085,000 for Q3 2021, up from $1,236,000 year-over-year. Diluted earnings per share rose to $1.38 from $0.81. The company achieved a return on average assets of 1.53% and a return on average equity of 23.52%. Net interest income climbed to $4,756,000 from $3,376,000, while non-interest income increased to $714,000. Total loans reached $388.5 million, and deposits totaled $500.1 million, reflecting growth from the previous year.
Cornerstone Community Bancorp (OTC Pink: CRSB) reported strong financial results for Q2 2021, with net income of $1,816,000, up from $1,284,000 year-over-year. Diluted EPS rose to $1.20 from $0.84. Key metrics included a return on average assets of 1.35% and a return on average equity of 22.17%. Net interest income increased to $4,239,000, and total loans reached $390.7 million, while deposits surged to $473.3 million. There were no nonperforming assets, highlighting robust asset quality and a strong balance sheet, with shareholders’ equity rising to $33.8 million.
Cornerstone Community Bancorp (OTC Pink: CRSB) reported impressive financial results for Q1 2021, with net income surging to $2,046,000 from $47,000 year-over-year. Diluted earnings per share improved to $1.38, up from $0.03. The return on average assets reached 1.56%, while return on average equity was 26.41%. Total loans rose to $382.3 million and deposits increased to $485.3 million, compared to $250.4 million and $268.0 million a year ago. The efficiency ratio also demonstrated improvement at 35.61% compared to 58.65% last year.