Cornerstone Community Bancorp Reports Loan Charge-Offs
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 (OTC Pink: CRSB) ha annunciato significativi ammortamenti su prestiti per un totale di $9,4 milioni relativi a tre prestiti agricoli correlati. Questa decisione è stata presa a causa del deterioramento delle condizioni finanziarie dei mutuatari e rappresenta il 100% dell'esposizione dell'azienda a questi prestiti. Di conseguenza, CRSB ha registrato una riserva di $9,4 milioni per perdite su crediti sui prestiti.
Nonostante un prestito sia garantito da attrezzature e tutti e tre abbiano garanti, la banca non può ragionevolmente prevedere alcun recupero futuro. Tuttavia, CRSB sottolinea che la qualità complessiva del credito nel portafoglio prestiti rimane solida, escludendo questi crediti specifici. La banca mantiene anche una forte posizione di capitale, superando i requisiti normativi per una buona capitalizzazione.
Cornerstone Community Bancorp (OTC Pink: CRSB) ha anunciado importantes bajas de préstamos por un total de $9.4 millones para tres préstamos agrícolas relacionados. Esta acción se tomó debido al deterioro de la situación financiera de los prestatarios y representa el 100% de la exposición de la empresa a estos préstamos. Como resultado, CRSB ha registrado una provisión de $9.4 millones para pérdidas crediticias sobre los préstamos.
A pesar de que un préstamo está asegurado por equipos y los tres tienen garantes, el banco no puede predecir razonablemente ninguna recuperación futura. Sin embargo, CRSB enfatiza que la calidad general del crédito en la cartera de préstamos sigue siendo sólida, excluyendo estos créditos específicos. El banco también mantiene una fuerte posición de capital, superando ampliamente los requisitos regulatorios de capitalización.
코너스톤 커뮤니티 뱅콥 (OTC Pink: CRSB)는 세 개의 관련 농업 대출에 대해 총 $9.4 백만의 상당한 대출 손실을 발표했습니다. 이 조치는 차입자의 재무 상태 악화로 인한 것이며, 이 대출에 대한 회사의 노출을 100% 차지합니다. 그 결과, CRSB는 대출에 대한 $9.4 백만의 신용 손실 충당금을 기록했습니다.
하나의 대출이 장비로 담보되었고 세 개 모두 보증인이 있음에도 불구하고, 은행은 향후 회수를 합리적으로 예측할 수 없습니다. 그러나 CRSB는 대출 포트폴리오 내 전체 신용 품질은 여전히 건전하다고 강조하며, 이 특정 신용을 제외했습니다. 또한 은행은 강력한 자본 위치를 유지하고 있으며, 규제 자본 요건을 잘 초과하고 있습니다.
Cornerstone Community Bancorp (OTC Pink: CRSB) a annoncé des amortissements de prêts significatifs totalisant 9,4 millions de dollars pour trois prêts agricoles connexes. Cette décision a été prise en raison de la détérioration de la situation financière des emprunteurs et représente 100 % de l'exposition de l'entreprise à ces prêts. En conséquence, CRSB a enregistré une provision de 9,4 millions de dollars pour pertes de crédit sur les prêts.
Bien qu'un prêt soit garanti par des équipements et que les trois aient des garants, la banque ne peut raisonnablement prévoir aucun recouvrement futur. Cependant, CRSB souligne que la qualité globale du crédit dans le portefeuille de prêts reste solide, à l'exception de ces crédits spécifiques. La banque maintient également une forte position de capital, dépassant largement les exigences réglementaires de capitalisation.
Cornerstone Community Bancorp (OTC Pink: CRSB) hat signifikante Kreditabgänge in Höhe von 9,4 Millionen US-Dollar für drei verwandte Agrarkredite angekündigt. Diese Maßnahme wurde aufgrund der verschlechterten finanziellen Lage der Kreditnehmer ergriffen und stellt 100 % der Exposition des Unternehmens gegenüber diesen Krediten dar. Infolgedessen hat CRSB eine Rückstellung für Kreditverluste in Höhe von 9,4 Millionen US-Dollar auf Kredite gebucht.
Obwohl ein Kredit durch Geräte gesichert ist und alle drei Kreditnehmer Bürgen haben, kann die Bank keine zukünftigen Rückflüsse vernünftigerweise vorhersagen. CRSB betont jedoch, dass die Gesamtheit der Kreditqualität im Kreditportfolio solide bleibt, abgesehen von diesen spezifischen Krediten. Die Bank hat zudem eine starke Kapitalposition, die die regulatorischen Anforderungen an eine gute Kapitalisierung deutlich übersteigt.
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With the exception of the credits mentioned above, overall credit quality remains solid in the loan portfolio. The bank continues to maintain a strong capital position that exceeds well-capitalized regulatory requirements.
About Cornerstone Community Bancorp
Cornerstone Community Bancorp, a bank holding company headquartered in
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
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Matthew B. Moseley
President & CEO
530.222.1460
Patrick E. Phelan
Chief Financial Officer
530.222.1460
Source: Cornerstone Community Bancorp
FAQ
What is the total amount of loan charge-offs announced by Cornerstone Community Bancorp (CRSB)?
Why did Cornerstone Community Bancorp (CRSB) charge off these loans?
How much did Cornerstone Community Bancorp (CRSB) record as a provision for credit losses?
Does Cornerstone Community Bancorp (CRSB) expect any future recoveries from these charged-off loans?
How does this event affect Cornerstone Community Bancorp's (CRSB) overall credit quality?
