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Cornerstone Community Bancorp Reports Financial Results For the First Quarter Ended March 31, 2021

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
 
ASSETS
Cash and due from banks

$

5,417

 

$

3,811

 

$

5,455

 

$

6,350

 

$

4,965

 

Federal funds sold

 

5,761

 

 

14,166

 

 

5,045

 

 

10,402

 

 

17,385

 

Interest-bearing deposits

 

68,283

 

 

77,045

 

 

62,110

 

 

73,310

 

 

18,928

 

Investment securities

 

52,084

 

 

50,336

 

 

50,699

 

 

16,173

 

 

13,144

 

Loans held for sale

 

1,102

 

 

-

 

 

-

 

 

-

 

 

-

 

Loans, net of unearned income

 

382,253

 

 

332,176

 

 

342,416

 

 

333,620

 

 

250,353

 

Allowance for loan losses

 

(4,409

)

 

(4,009

)

 

(4,009

)

 

(4,009

)

 

(3,859

)

Loans, net

 

377,844

 

 

328,167

 

 

338,407

 

 

329,611

 

 

246,494

 

Premises and equipment, net

 

12,767

 

 

11,581

 

 

10,992

 

 

11,095

 

 

11,180

 

Other assets

 

13,974

 

 

12,724

 

 

12,577

 

 

11,882

 

 

11,330

 

Total assets

$

537,232

 

$

497,830

 

$

485,285

 

$

458,823

 

$

323,426

 

 
LIABILITIES
Deposits:
Demand noninterest-bearing

$

126,481

 

$

108,147

 

$

103,824

 

$

96,395

 

$

58,357

 

Demand interest-bearing

 

122,506

 

 

108,097

 

 

104,819

 

 

90,633

 

 

51,608

 

Money market and savings

 

163,232

 

 

146,655

 

 

87,035

 

 

79,550

 

 

77,273

 

Time deposits of less than $100,000

 

15,812

 

 

15,418

 

 

21,103

 

 

22,925

 

 

26,503

 

Time deposits of $100,000 or more

 

57,299

 

 

55,021

 

 

54,695

 

 

51,919

 

 

54,274

 

Total deposits

 

485,330

 

 

433,338

 

 

371,476

 

 

341,422

 

 

268,015

 

Borrowings and other obligations

 

5,000

 

 

15,000

 

 

78,136

 

 

83,136

 

 

23,000

 

Subordinated debentures

 

11,703

 

 

16,645

 

 

4,923

 

 

4,920

 

 

4,917

 

Interest payable and other liabilities

 

3,776

 

 

2,763

 

 

1,854

 

 

1,765

 

 

1,382

 

Total liabilities

 

505,809

 

 

467,746

 

 

456,389

 

 

431,243

 

 

297,314

 

 
SHAREHOLDERS' EQUITY
Common stock

 

14,681

 

 

14,584

 

 

15,462

 

 

15,440

 

 

15,336

 

Retained Earnings

 

17,183

 

 

15,136

 

 

13,077

 

 

11,841

 

 

10,557

 

Accumulated other comprehensive income (loss)

 

(441

)

 

364

 

 

357

 

 

299

 

 

219

 

Total shareholders' equity

 

31,423

 

 

30,084

 

 

28,896

 

 

27,580

 

 

26,112

 

Total liabilities and shareholders' equity

$

537,232

 

$

497,830

 

$

485,285

 

$

458,823

 

$

323,426

 

 
Total equity / total assets

 

5.85

%

 

6.04

%

 

5.95

%

 

6.01

%

 

8.07

%

Book value per share

$

21.65

 

$

20.87

 

$

19.38

 

$

18.50

 

$

17.63

 

Shares outstanding

 

1,451,091

 

 

1,441,241

 

 

1,491,041

 

 

1,491,041

 

 

1,481,041

 

CORNERSTONE COMMUNITY BANCORP
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in Thousands)
 
Three months ended
03/31/21 12/31/20 03/31/20
 
INTEREST INCOME
Loans

$

4,451

 

$

4,761

 

$

3,356

 

Federal funds sold

 

2

 

 

2

 

 

17

 

Investment securities

 

162

 

 

162

 

 

90

 

Other

 

32

 

 

51

 

 

45

 

Total interest income

 

4,647

 

 

4,976

 

 

3,508

 

 
INTEREST EXPENSE
Deposits:
Interest-bearing demand

 

47

 

 

55

 

 

35

 

Money market and savings

 

87

 

 

80

 

 

186

 

Time deposits

 

124

 

 

155

 

 

331

 

Other

 

172

 

 

221

 

 

114

 

Total interest expense

 

430

 

 

511

 

 

666

 

 
Net interest income

 

4,217

 

 

4,465

 

 

2,842

 

Provision for credit losses

 

400

 

 

-

 

 

1,450

 

Net interest income after provision
for credit losses

 

3,817

 

 

4,465

 

 

1,392

 

 
NON-INTEREST INCOME
Service charges on deposit accounts

 

58

 

 

55

 

 

72

 

Gain on sale of loans

 

700

 

 

61

 

 

186

 

Gain (loss) on sale of other real estate owned

 

-

 

 

-

 

 

-

 

Gain (loss) on sale of securities

 

(45

)

 

-

 

 

-

 

Other non-interest income

 

164

 

 

229

 

 

136

 

Total non-interest income

 

877

 

 

345

 

 

394

 

 
OPERATING EXPENSES
Salaries and benefits

 

679

 

 

970

 

 

939

 

Premises and fixed assets

 

179

 

 

182

 

 

252

 

Other

 

956

 

 

757

 

 

707

 

Total operating expenses

 

1,814

 

 

1,909

 

 

1,898

 

 
Income before income taxes

 

2,880

 

 

2,901

 

 

(112

)

Income taxes

 

834

 

 

842

 

 

(159

)

 
NET INCOME

$

2,046

 

$

2,059

 

$

47

 

 
EARNINGS PER SHARE
Basic earnings per share

$

1.41

 

$

1.39

 

$

0.03

 

Diluted earnings per share

$

1.38

 

$

1.36

 

$

0.03

 

Average common shares outstanding

 

1,447,763

 

 

1,477,361

 

 

1,480,668

 

Average common and equivalent
shares outstanding

 

1,485,953

 

 

1,511,365

 

 

1,532,685

 

 
PERFORMANCE MEASURES
Return on average assets

 

1.56

%

 

1.68

%

 

0.06

%

Return on average equity

 

26.41

%

 

27.70

%

 

0.71

%

Tax-equivalent net interest margin

 

3.43

%

 

3.81

%

 

4.09

%

Efficiency ratio

 

35.61

%

 

39.69

%

 

58.65

%

 

Contacts

Jeffrey P. Finck

President & CEO

530.222.1460



Patrick E. Phelan

Chief Financial Officer

530.222.1460

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