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2024-09-02 18:43 Cornerstone Community Bancorp Reports Financial Results For the Second Quarter Ended June 30 , 2021 | Cornerstone Community Bank Cornerstone Community Bancorp Reports Financial Results For the Second Quarter Ended June 30 , 2021 Company Release - 7/22/2021 RED BLUFF , Calif .-- ( BUSINESS WIRE ) -- Cornerstone Community Bancorp ( OTC Pink : CRSB ) announced today its financial results for the second quarter ended June 30 , 2021 . The Company reported net income of $ 1,816,000 for the three months ended June 30 , 2021 compared to net income of $ 1,284,000 for the same period last year . Diluted earnings per share were $ 1.20 for the three months ended June 30 , 2021 compared to $ 0.84 for the same period last year . The return on average assets for the three months ended June 30 , 2021 was 1.35 % and the return on average equity was 22.17 % . The tax - equivalent net interest margin was 3.33 % for the three months ended June 30 , 2021 compared to 3.06 % for the same period last year and the efficiency ratio was 43.23 % for the three months ended June 30 , 2021 compared to 42.00 % for the same period last year . For the six months ended June 30 , 2021 , the Company reported net income of $ 3,863,000 compared to net income of $ 1,331,000 for the same period last year . Diluted earnings per share were $ 2.58 for the six months ended June 30 , 2021 compared to $ 0.87 for the same period last year . The return on average assets for the six months ended June 30 , 2021 was 1.45 % and the return on average equity was 24.24 % . President and CEO , Jeff Finck stated , " We continue to grow loans , deposits and earnings . Asset quality remains strong with no nonperforming assets . " Net Interest Income Net interest income increased to $ 4,239,000 for the quarter ended June 30 , 2021 compared to $ 3,153,000 for the same quarter last year . For the six months ended June 30 , 2021 , net interest income increased to $ 8,456,000 compared to $ 5,995,000 for the same period last year . Provision for credit losses Provision for credit losses were $ 100,000 for the quarter ended June 30 , 2021 compared to $ 150,000 for the same quarter last year . For the six months ended June 30 , 2021 , the Company recorded a $ 500,000 provision for credit losses compared to $ 1,600,000 for the same period last year . Non - Interest Income Non - interest income for the quarter ended June 30 , 2021 was $ 422,000 compared to $ 204,000 for the quarter ended June 30 , 2020. For the six months ended June 30 , 2021 , non - interest income was $ 1,299,000 compared to $ 598,000 for the same period last year . Non - Interest Expense Non - interest expense was $ 2,015,000 for the quarter ended June 30 , 2021 compared to $ 1,410,000 for the same period last year . For the six months ended June 30 , 2021 , non - interest expense was $ 3,828,000 compared to $ 3,308,000 for the same period last year . Balance Sheet Total loans , net of unearned income at June 30 , 2021 were $ 390.7 million compared to $ 333.6 million at June 30 , 2020 . Total deposits were $ 473.3 million at June 30 , 2021 compared to total deposits of $ 341.4 million at June 30 , 2020 . Credit Quality The allowance for loan losses was $ 4,509,000 , or 1.15 % of loans , net of unearned income at June 30 , 2021 , compared to $ 4,009,000 , or 1.20 % of loans , net of unearned income at June 30 , 2020. There were no nonperforming assets at June 30 , 2021 and June 30 , 2020 . Capital At June 30 , 2021 , shareholders ' equity totaled $ 33.8 million compared to $ 27.6 million at June 30 , 2020. Book value was $ 23.22 per share at June 30 , 2021 compared to $ 18.50 per share at June 30 , 2020 . 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 ) https://ir.bankcornerstone.com/news-market-information/press-releases/news-details/2021/Cornerstone-Community-Bancorp-Reports-Financial-Results-For-the-Second-Quarter-Ended-June-30-2021/default.aspx 1/4