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2024-09-02 18:43 Cornerstone Community Bancorp Reports Financial Results For the First Quarter Ended March 31 , 2021 | Cornerstone Community Bank Cornerstone Community Bancorp Reports Financial Results For the First Quarter Ended March 31 , 2021 Company Release - 4/13/2021 RED BLUFF , Calif .-- ( BUSINESS WIRE ) -- Cornerstone Community Bancorp ( OTC Pink : CRSB ) announced today its financial results for the first quarter ended March 31 , 2021 . The Company reported net income of $ 2,046,000 for the three months ended March 31 , 2021 compared to net income of $ 47,000 for the same period last year . Diluted earnings per share were $ 1.38 for the three months ended March 31 , 2021 compared to $ 0.03 for the same period last year . The return on average assets for the three months ended March 31 , 2021 was 1.56 % and the return on average equity was 26.41 % . The tax - equivalent net interest margin was 3.43 % for the three months ended March 31 , 2021 compared to 4.09 % for the same period last year and the efficiency ratio declined to 35.61 % for the three months ended March 31 , 2021 compared to 58.65 % for the same period last year . President and CEO , Jeff Finck stated , " We had a solid performance in the first quarter . Our team continued to help both new and existing customers through the Paycheck Protection Program ( PPP ) application and forgiveness process . " Net Interest Income Net interest income increased to $ 4,217,000 for the quarter ended March 31 , 2021 compared to $ 2,842,000 for the same quarter last year . First quarter 2021 net interest income was driven by accelerated PPP fee recognition from borrower forgiveness processing . Provision for credit losses Provision for credit losses were $ 400,000 for the quarter ended March 31 , 2021 compared to $ 1,450,000 for the same quarter last year . Non - Interest Income Non - interest income for the quarter ended March 31 , 2021 was $ 877,000 compared to $ 394,000 for the quarter ended March 31 , 2020 . Non - Interest Expense Non - interest expense was $ 1,814,000 for the quarter ended March 31 , 2021 compared to $ 1,898,000 for the same period last year . Balance Sheet Total loans , net of unearned income at March 31 , 2021 were $ 382.3 million compared to $ 250.4 million at March 31 , 2020 . Total deposits were $ 485.3 million at March 31 , 2021 compared to total deposits of $ 268.0 million at March 31 , 2020 . Credit Quality The allowance for loan losses was $ 4,409,000 , or 1.15 % of loans , net of unearned income at March 31 , 2021 , compared to $ 3,859,000 , or 1.54 % of loans , net of unearned income at March 31 , 2020. There were no nonperforming assets at March 31 , 2021 and March 31 , 2020 . Capital At March 31 , 2021 , shareholders ' equity totaled $ 31.4 million compared to $ 26.1 million at March 31 , 2020. Book value was $ 21.65 per share at March 31 , 2021 compared to $ 17.63 per share at March 31 , 2020 . During the fourth quarter of 2021 , the Company repurchased 500 shares of its common stock for a total of $ 9,500 . About Cornerstone Community Bancorp Cornerstone Community Bancorp , a bank holding company headquartered in Red Bluff , California , serves the Red Bluff and Redding communities through its wholly - owned subsidiary , Cornerstone Community Bank with a headquarters office in Red Bluff and two banking offices in Redding . 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 Tax Cuts & Jobs Act of 2017 and the Coronavirus Aid , Relief and Economic Security Act of 2021 ) , 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 ) 03/31/21 12/31/20 09/30/20 06/30/20 03/31/20 https://ir.bankcornerstone.com/news-market-information/press-releases/news-details/2021/Cornerstone-Community-Bancorp-Reports-Financial-Results-For-the-First-Quarter-Ended-March-31-2021/default.aspx 1/4