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.

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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.

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Contacts

Matthew B. Moseley
President & CEO
530.222.1460

Patrick E. Phelan
Chief Monetary Officer
530.222.1460