Cornerstone Community Bancorp - CRSB STOCK NEWS

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.

Cornerstone Community Bancorp (OTC Pink: CRSB) reported financial results for Q1 2024, with net income at $1,394,000, diluted earnings per share of $0.91, and a return on average assets of 0.86%. The company faced challenges in the banking industry but gained market share with a new digital banking platform. Net interest income decreased, provision for credit losses increased, non-interest income rose, and non-interest expense also increased. Total loans and deposits grew, credit quality improved, and shareholders' equity increased. The company remains well-capitalized.

Cornerstone Community Bancorp (CRSB) reported net income of $1,892,000 for Q4 2023, with diluted earnings per share at $1.24. The return on average assets was 1.19%, and the return on average equity was 18.94%. Net interest income increased to $5,439,000, and total loans were $482.2 million. Non-interest income and expenses also saw positive growth. The Company's book value per common share was $29.16, and the Bank remains well capitalized.

Cornerstone Community Bancorp reported net income of $1.92 million for Q3 2023, compared to $1.94 million for the same period last year. Diluted earnings per share were $1.26, and the return on average assets was 1.21%. Net interest income increased to $5.65 million, while non-interest income was $369,000. Total loans were $470.1 million, and total deposits were $575.7 million. Shareholders' equity totaled $38.5 million.

Cornerstone Community Bancorp (OTC Pink: CRSB) reported net income of $1,864,000 for Q2 2023, compared to $1,706,000 for the same period last year. Diluted earnings per share were $1.22, up from $1.12. Return on average assets was 1.20% and return on average equity was 19.71%. Net interest income increased to $5,541,000. Provision for credit losses on loans increased to $220,000. Non-interest income was $353,000. Non-interest expense was $3,085,000. Total loans were $447.3 million and total deposits were $569.3 million. Shareholders' equity was $38.3 million.

Cornerstone Community Bancorp has been included in American Banker magazine’s annual list of Top 200 Publicly Traded Community Banks and Thrifts. The company was ranked 6th based on three-year average return on equity.