HomeFinanceCornerstone Neighborhood Bancorp Reviews Monetary Outcomes For the Fourth Quarter and Full...

Cornerstone Neighborhood Bancorp Reviews Monetary Outcomes For the Fourth Quarter and Full 12 months Ended December 31, 2022


RED BLUFF, Calif., January 25, 2023–(BUSINESS WIRE)–Cornerstone Neighborhood Bancorp (OTC Pink: CRSB) introduced right this moment its monetary outcomes for the fourth quarter and full 12 months ended December 31, 2022.

The Firm reported internet earnings of $1,926,000 for the three months ended December 31, 2022 in comparison with internet earnings of $1,967,000 for a similar interval final 12 months. Diluted earnings per share have been $1.27 for the three months ended December 31, 2022 in comparison with $1.29 for a similar interval final 12 months.

The return on common property for the three months ended December 31, 2022 was 1.32% and the return on common fairness was 24.23%. The tax-equivalent internet curiosity margin was 3.61% for the three months ended December 31, 2022 in comparison with 3.59% for a similar interval final 12 months and the effectivity ratio was 50.73% for the three months ended December 31, 2022 in comparison with 43.14% for a similar interval final 12 months.

For the 12 months ended December 31, 2022, the Firm reported internet earnings of $7,243,000 in comparison with internet earnings of $7,915,000 for a similar interval final 12 months. Diluted earnings per share have been $4.74 for the 12 months ended December 31, 2022 in comparison with $5.25 for a similar interval final 12 months.

The return on common property for the 12 months ended December 31, 2022 was 1.24% and the return on common fairness was 21.36%.

President and CEO, Matt Moseley said, “We’re happy with our 2022 working outcomes. We’re excited to start the brand new 12 months with the crew and infrastructure we put in place in 2022.”

Web Curiosity Revenue

Web curiosity earnings elevated to $5,156,000 for the quarter ended December 31, 2022 in comparison with $4,781,000 for a similar quarter final 12 months. For the 12 months ended December 31, 2022, internet curiosity earnings elevated to $19,307,000 in comparison with $17,993,000 for a similar interval final 12 months.

Provision for credit score losses

There was no provision for credit score losses recorded for the quarter ended December 31, 2022 in comparison with $150,000 for a similar quarter final 12 months. For the 12 months ended December 31, 2022, the Firm recorded a $113,000 provision for credit score losses in comparison with $1,050,000 for a similar interval final 12 months.

Non-Curiosity Revenue

Non-interest earnings for the quarter ended December 31, 2022 was $265,000 in comparison with $339,000 for the quarter ended December 31, 2021. For the 12 months ended December 31, 2022, non-interest earnings was $1,060,000 in comparison with $2,245,000 for a similar interval final 12 months.

Non-Curiosity Expense

Non-interest expense was $2,750,000 for the quarter ended December 31, 2022 in comparison with $2,209,000 for a similar interval final 12 months. For the 12 months ended December 31, 2022, non-interest expense was $10,118,000 in comparison with $8,067,000 for a similar interval final 12 months.

Steadiness Sheet

Whole loans, internet of unearned earnings, at December 31, 2022 have been $420.4 million in comparison with $387.4 million at December 31, 2021.

Whole deposits have been $534.8 million at December 31, 2022 in comparison with complete deposits of $547.7 million at December 31, 2021.

Credit score High quality

The allowance for mortgage losses was $5,159,000, or 1.23% of loans, internet of unearned earnings, at December 31, 2022, in comparison with $5,059,000, or 1.31% of loans, internet of unearned earnings, at December 31, 2021. There have been no nonperforming property at December 31, 2022 and December 31, 2021.

Capital

At December 31, 2022, shareholders’ fairness totaled $33.3 million in comparison with $37.0 million at December 31, 2021. At December 31, 2022, the Firm’s e book worth per frequent share was $22.48 in comparison with $25.31 at December 31, 2021. In the course of the 12 months ended December 31, 2022, growing rates of interest resulted in a decline within the truthful worth of accessible on the market funding securities. This affect is mirrored within the decline in amassed different complete earnings (AOCI) to $(12,105,000) at December 31, 2022, in comparison with $(945,000) at December 31, 2021. Excluding AOCI, e book worth elevated to $30.66 at December 31, 2022, in comparison with $25.96 at December 31, 2021.

AOCI has no impact on Cornerstone Neighborhood Financial institution’s (the Financial institution) regulatory capital ratios because the Financial institution opted to exclude it from regulatory capital calculations. At December 31, 2022, the Financial institution’s estimated complete risk-based capital ratio was 12.61% and its tier 1 capital to danger weighted property ratio was 11.52%. The Financial institution stays nicely capitalized underneath the regulatory framework for immediate corrective motion.

About Cornerstone Neighborhood Bancorp

Cornerstone Neighborhood Bancorp, a financial institution holding firm headquartered in Pink Bluff, California, serves the Pink Bluff, Redding and Anderson communities via its wholly-owned subsidiary, Cornerstone Neighborhood Financial institution with a headquarters workplace in Pink Bluff, two banking workplaces in Redding and one in Anderson. The Financial institution supplies business banking companies to small and mid-size companies, together with skilled service companies, actual property builders and buyers and not-for-profit organizations and to their house owners and different people. Further details about the Financial institution is accessible on its web site at www.bankcornerstone.com

Ahead-Wanting Statements

This launch might comprise sure forward-looking statements which are primarily based on administration’s present expectations concerning financial, legislative, and regulatory points that will affect Cornerstone Neighborhood Bancorp’s earnings in future durations. Ahead-looking statements could be recognized by the truth that they don’t relate strictly to historic or present details. They typically embody the phrases “consider,” “anticipate,” “intend,” “estimate” or phrases of comparable that means, or future or conditional verbs resembling “will,” “would,” “ought to,” “may” or “might.” Elements that would trigger future outcomes to fluctuate materially from present administration expectations embody, however aren’t restricted to, pure disasters (resembling wildfires and earthquakes), pandemics resembling COVID-19 and the financial affect brought on immediately by the illness and by authorities responses thereto, common financial situations, financial uncertainty in america and overseas, adjustments in rates of interest, deposit flows, actual property values, prices or results of acquisitions, competitors, adjustments in accounting rules, insurance policies or pointers, laws or regulation (together with the Coronavirus Help, Aid and Financial Safety Act of 2022), interruptions of utility service in our markets for sustained durations, and different financial, aggressive, governmental, regulatory and technological elements (together with exterior fraud and cybersecurity threats) affecting Cornerstone Neighborhood Bancorp’s operations, pricing, services and products. Ahead-looking statements converse solely as of the date they’re made. Besides as required by legislation, Cornerstone Neighborhood Bancorp doesn’t undertake to replace forward-looking statements to replicate subsequent circumstances or occasions.

CORNERSTONE COMMUNITY BANCORP

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

({Dollars} in Hundreds)

12/31/22

09/30/22

06/30/22

03/31/22

12/31/21

ASSETS

Money and due from banks

$

5,628

$

6,011

$

5,230

$

4,175

$

4,552

Federal funds bought

123

122

121

121

121

Curiosity-bearing deposits

25,212

57,618

48,277

73,629

77,933

Funding securities

94,435

95,511

102,692

99,748

108,253

Loans held on the market

Loans, internet of unearned earnings

420,415

400,480

399,156

375,369

387,374

Allowance for mortgage losses

(5,159

)

(5,172

)

(5,132

)

(5,077

)

(5,059

)

Loans, internet

415,256

395,308

394,024

370,292

382,315

Premises and tools, internet

14,601

14,671

14,691

14,757

14,784

Different property

27,326

21,261

20,588

16,930

15,622

Whole property

$

582,581

$

590,502

$

585,623

$

579,652

$

603,580

LIABILITIES

Deposits:

Demand noninterest-bearing

$

126,946

$

129,236

$

130,249

$

131,136

$

174,282

Demand interest-bearing

136,655

138,630

131,623

126,331

131,368

Cash market and financial savings

182,787

201,316

201,106

196,653

163,946

Time deposits

88,430

76,121

76,576

78,167

78,111

Whole deposits

534,818

545,303

539,554

532,287

547,707

Borrowings and different obligations

5,000

Subordinated debentures

11,744

11,738

11,732

11,726

11,720

Curiosity payable and different liabilities

2,755

2,892

2,631

1,899

2,134

Whole liabilities

549,317

559,933

553,917

545,912

566,561

SHAREHOLDERS’ EQUITY

Widespread inventory

15,075

14,964

15,079

15,009

14,913

Retained Earnings

30,294

28,368

26,432

24,726

23,051

Gathered different complete earnings (loss)

(12,105

)

(12,763

)

(9,805

)

(5,995

)

(945

)

Whole shareholders’ fairness

33,264

30,569

31,706

33,740

37,019

Whole liabilities and shareholders’ fairness

$

582,581

$

590,502

$

585,623

$

579,652

$

603,580

Whole fairness / complete property

5.71

%

5.18

%

5.41

%

5.82

%

6.13

%

E book worth per share

$

22.48

$

20.81

$

21.51

$

22.93

$

25.31

Shares excellent

1,479,862

1,469,091

1,474,091

1,471,591

1,462,591

CORNERSTONE COMMUNITY BANCORP

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

({Dollars} in Hundreds)

Three months ended

12 months ended

12/31/22

09/30/22

12/31/21

12/31/22

12/31/21

INTEREST INCOME

Loans

$

5,178

$

5,018

$

4,759

$

19,029

$

18,361

Federal funds bought

1

1

1

2

4

Funding securities

676

543

385

2,054

1,124

Different

515

354

60

1,073

180

Whole curiosity earnings

6,370

5,916

5,205

22,158

19,669

INTEREST EXPENSE

Deposits:

Curiosity-bearing demand

214

130

49

454

187

Cash market and financial savings

450

260

109

974

385

Time deposits

401

182

107

821

452

Different

149

148

159

602

652

Whole curiosity expense

1,214

720

424

2,851

1,676

Web curiosity earnings

5,156

5,196

4,781

19,307

17,993

Provision for credit score losses

40

150

113

1,050

Web curiosity earnings after provision for credit score losses

5,156

5,156

4,631

19,194

16,943

NON-INTEREST INCOME

Service costs on deposit accounts

66

67

65

266

244

Achieve on sale of loans

1,231

Achieve (loss) on sale of different actual property owned

Achieve (loss) on sale of securities

(45

)

Different non-interest earnings

199

198

274

794

815

Whole non-interest earnings

265

265

339

1,060

2,245

OPERATING EXPENSES

Salaries and advantages

1,567

1,408

1,175

5,340

3,870

Premises and glued property

242

227

166

854

649

Different

941

1,064

868

3,924

3,548

Whole working bills

2,750

2,699

2,209

10,118

8,067

Revenue earlier than earnings taxes

2,671

2,722

2,761

10,136

11,121

Revenue taxes

745

786

794

2,893

3,206

NET INCOME

$

1,926

$

1,936

$

1,967

$

7,243

$

7,915

EARNINGS PER SHARE

Primary earnings per share

$

1.31

$

1.31

$

1.35

$

4.92

$

5.44

Diluted earnings per share

$

1.27

$

1.27

$

1.29

$

4.74

$

5.25

Common frequent shares excellent

1,474,754

1,473,276

1,459,667

1,472,381

1,454,507

Common frequent and equal shares excellent

1,520,935

1,523,830

1,518,908

1,526,734

1,507,561

PERFORMANCE MEASURES

Return on common property

1.32

%

1.30

%

1.41

%

1.24

%

1.46

%

Return on common fairness

24.23

%

23.11

%

21.63

%

21.36

%

23.35

%

Tax-equivalent internet curiosity margin

3.61

%

3.60

%

3.59

%

3.43

%

3.50

%

Effectivity ratio

50.73

%

49.42

%

43.14

%

49.68

%

39.86

%

View supply model on businesswire.com: https://www.businesswire.com/information/house/20230124006133/en/

Contacts

Matthew B. Moseley
President & CEO
530.222.1460

Patrick E. Phelan
Chief Monetary Officer
530.222.1460



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