RED BLUFF, Calif., April 22, 2025--(BUSINESS WIRE)--Cornerstone Community Bancorp (OTC Pink: CRSB) announced today its financial results for the first quarter ended March 31, 2025.
The Company reported net income of $1,273,000 for the three months ended March 31, 2025 compared to net income of $1,394,000 for the same period last year. Diluted earnings per share were $0.82 for the three months ended March 31, 2025 compared to diluted earnings per share of $0.91 for the same period last year.
President and CEO, Matt Moseley stated, "The company’s balance sheet is well situated for continued, consistent earnings. Net interest margin is improving and non interest expense, absent of merger related costs, has remained relatively flat compared to the first quarter of last year. We are very excited about our upcoming partnership with Plumas Bancorp. The combination of the companies will create an even stronger financial institution that will greatly benefit both companies’ customers, shareholders, communities and employees."
Net Interest Income
Net interest income increased to $5,019,000 for the quarter ended March 31, 2025 compared to $4,884,000 for the same quarter last year.
The tax-equivalent net interest margin was 3.27% for the quarter ended March 31, 2025 compared to 3.18% for the same quarter of last year.
Provision for credit losses on loans
For the three months ended March 31, 2025, the Company recorded a $60,000 provision for credit losses on loans compared to $144,000 for the same period last year.
Non-Interest Income
Non-interest income for the quarter ended March 31, 2025 was $369,000 compared to $356,000 for the same period last year.
Non-Interest Expense
Non-interest expense was $3,533,000 for the quarter ended March 31, 2025 compared to $3,202,000 for the same period last year. $193,000 of this increase was due to costs associated with the pending acquisition by Plumas Bancorp.
Balance Sheet
Total loans, net of unearned income, at March 31, 2025 were $491.5 million compared to $488.2 million at March 31, 2024.
Total deposits were $571.9 million at March 31, 2025 compared to total deposits of $590.0 million at March 31, 2024.
Credit Quality
The allowance for credit losses on loans was $6,224,000, or 1.27% of loans, net of unearned income, at March 31, 2025, compared to $5,957,000, or 1.22% of loans, net of unearned income, at March 31, 2024. Nonperforming assets were $409,000 at March 31, 2025. There were no nonperforming assets at March 31, 2024.
Capital
At March 31, 2025, shareholders’ equity totaled $44.0 million compared to $44.6 million at March 31, 2024. At March 31, 2025, the Company's book value per common share was $29.15 compared to $29.99 at March 31, 2024.
At March 31, 2025, the Bank’s estimated total risk-based capital ratio was 12.83% and its tier 1 capital to risk weighted assets ratio was 11.68%. 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 2023), 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)
03/31/25
12/31/24
09/30/24
06/30/24
03/31/24
ASSETS
Cash and due from banks
$
8,392
$
4,837
$
9,127
$
7,571
$
6,389
Federal funds sold
-
-
-
-
-
Interest bearing deposits in other financial institutions
17,479
25,078
40,306
43,025
45,955
Available for sale debt securities, at fair value
87,888
87,492
90,616
89,089
90,767
Loans held for sale
-
-
-
-
-
Loans, net of unearned income
491,529
498,863
487,125
498,048
488,179
Allowance for credit losses on loans
(6,224
)
(6,164
)
(6,164
)
(6,126
)
(5,957
)
Loans, net
485,305
492,699
480,962
491,922
482,222
Premises and equipment, net
14,002
14,137
14,405
14,418
14,433
Other assets
35,105
33,683
33,780
32,514
30,812
Total assets
$
648,171
$
657,925
$
669,197
$
678,537
$
670,578
LIABILITIES
Deposits:
Demand noninterest-bearing
$
87,103
$
89,525
$
91,936
$
102,419
$
99,278
Demand interest-bearing
147,975
158,649
166,505
167,720
159,542
Money market and savings
187,432
186,642
186,186
176,644
182,797
Time deposits
149,379
149,452
144,443
148,582
148,384
Total deposits
571,889
584,269
589,069
595,365
590,001
Borrowings and other obligations
15,000
15,000
20,000
20,000
20,000
Subordinated debentures
11,801
11,795
11,788
11,781
11,775
Interest payable and other liabilities
5,432
4,275
7,409
5,637
4,252
Total liabilities
604,122
615,339
628,266
632,784
626,028
SHAREHOLDERS' EQUITY
Common stock
15,548
15,442
15,337
15,268
15,231
Retained Earnings
38,127
36,854
35,045
40,476
39,033
Accumulated other comprehensive income (loss)
(9,626
)
(9,709
)
(9,452
)
(9,991
)
(9,714
)
Total shareholders' equity
44,049
42,586
40,930
45,754
44,550
Total liabilities and shareholders' equity
$
648,171
$
657,925
$
669,197
$
678,537
$
670,578
Total equity / total assets
6.80
%
6.47
%
6.12
%
6.74
%
6.64
%
Book value per share
$
29.15
$
28.37
$
27.44
$
30.78
$
29.99
Shares outstanding
1,511,091
1,501,091
1,491,692
1,486,692
1,485,472
CORNERSTONE COMMUNITY BANCORP
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in Thousands)
Three months ended
03/31/25
12/31/24
03/31/24
INTEREST INCOME
Loans
$
7,282
$
7,292
$
7,006
Federal funds sold
-
-
-
Investment securities
638
664
728
Other
355
661
419
Total interest income
8,275
8,617
8,152
INTEREST EXPENSE
Deposits:
Interest-bearing demand
292
329
301
Money market and savings
1,128
1,196
1,146
Time deposits
1,519
1,617
1,432
Other
317
305
389
Total interest expense
3,256
3,447
3,268
Net interest income
5,019
5,170
4,884
Provision for credit losses on loans
60
-
144
Net interest income after provision for credit losses
