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2024-09-02 18:41 Cornerstone Community Bancorp Reports Financial Results for the Third Quarter Ended September 30 , 2021 | Cornerstone Community Bank Cornerstone Community Bancorp Reports Financial Results for the Third Quarter Ended September 30 , 2021 Company Release - 10/19/2021 RED BLUFF , Calif .-- ( BUSINESS WIRE ) -- Cornerstone Community Bancorp ( OTC Pink : CRSB ) announced today its financial results for the third quarter ended September 30 , 2021 . The Company reported record net income of $ 2,085,000 for the three months ended September 30 , 2021 compared to net income of $ 1,236,000 for the same period last year . Diluted earnings per share were $ 1.38 for the three months ended September 30 , 2021 compared to $ 0.81 for the same period last year . The return on average assets for the three months ended September 30 , 2021 was 1.53 % and the return on average equity was 23.52 % . The tax - equivalent net interest margin was 3.66 % for the three months ended September 30 , 2021 compared to 2.99 % for the same period last year and the efficiency ratio was 39.07 % for the three months ended September 30 , 2021 compared to 52.81 % for the same period last year . For the nine months ended September 30 , 2021 , the Company reported net income of $ 5,948,000 compared to net income of $ 2,567,000 for the same period last year . Diluted earnings per share were $ 3.96 for the nine months ended September 30 , 2021 compared to $ 1.68 for the same period last year . The return on average assets for the nine months ended September 30 , 2021 was 1.48 % and the return on average equity was 23.98 % . President and CEO , Jeff Finck stated , " We posted record profits in the third quarter as loan and deposit totals continued to grow at a solid pace . " Net Interest Income Net interest income increased to $ 4,756,000 for the quarter ended September 30 , 2021 compared to $ 3,376,000 for the same quarter last year . For the nine months ended September 30 , 2021 , net interest income increased to $ 13,212,000 compared to $ 9,371,000 for the same period last year . Provision for credit losses Provision for credit losses were $ 400,000 for the quarter ended September 30 , 2021 compared to no provision for the same quarter last year . For the nine months ended September 30 , 2021 , the Company recorded a $ 900,000 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 September 30 , 2021 was $ 714,000 compared to $ 296,000 for the quarter ended September 30 , 2020. For the nine months ended September 30 , 2021 , non - interest income was $ 2,013,000 compared to $ 894,000 for the same period last year . Non - Interest Expense Non - interest expense was $ 2,137,000 for the quarter ended September 30 , 2021 compared to $ 1,939,000 for the same period last year . For the nine months ended September 30 , 2021 , non - interest expense was $ 5,965,000 compared to $ 5,247,000 for the same period last year . Balance Sheet Total loans , net of unearned income at September 30 , 2021 were $ 388.5 million compared to $ 342.4 million at September 30 , 2020 . Total deposits were $ 500.1 million at September 30 , 2021 compared to total deposits of $ 371.5 million at September 30 , 2020 . Credit Quality The allowance for loan losses was $ 4,909,000 , or 1.26 % of loans , net of unearned income at September 30 , 2021 , compared to $ 4,009,000 , or 1.17 % of loans , net of unearned income at September 30 , 2020. There were no nonperforming assets at September 30 , 2021 and September 30 , 2020 . Capital At September 30 , 2021 , shareholders ' equity totaled $ 35.5 million compared to $ 28.9 million at September 30 , 2020. Book value was $ 24.37 per share at September 30 , 2021 compared to $ 19.38 per share at September 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-Third-Quarter-Ended-September-30-2021/default.aspx 1/4