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Cornerstone Community Bancorp (CRSB) reported mixed financial results for Q4 and full year 2024. The company posted Q4 net income of $1.809 million ($1.18 per diluted share), down from $1.892 million ($1.24 per share) in Q4 2023. For full-year 2024, CRSB reported a net loss of $785,000 ($(0.51) per share), compared to net income of $7.371 million ($4.84 per share) in 2023.
The annual loss was primarily attributed to a $9.4 million charge-off of three related agricultural loans in Q3 2024. Net interest income decreased to $5.17 million in Q4 2024 from $5.439 million year-over-year. Total loans increased to $498.9 million, while deposits grew to $584.3 million. The company announced a definitive merger agreement with Plumas Bancorp.
Cornerstone Community Bancorp (CRSB) ha riportato risultati finanziari misti per il quarto trimestre e l’intero anno 2024. L’azienda ha registrato un utile netto di 1.809 milioni di dollari (1,18 dollari per azione diluita) nel Q4, in calo rispetto ai 1.892 milioni di dollari (1,24 dollari per azione) del Q4 2023. Per l’intero anno 2024, CRSB ha segnalato una perdita netta di 785.000 dollari (-0,51 dollari per azione), rispetto a un utile netto di 7.371 milioni di dollari (4,84 dollari per azione) nel 2023.
La perdita annuale è stata principalmente attribuita a una cancellazione di 9,4 milioni di dollari di tre prestiti agricoli correlati nel Q3 2024. Il reddito netto da interessi è diminuito a 5,17 milioni di dollari nel Q4 2024 rispetto ai 5,439 milioni di dollari dell’anno precedente. I prestiti totali sono aumentati a 498,9 milioni di dollari, mentre i depositi sono cresciuti a 584,3 milioni di dollari. L’azienda ha annunciato un accordo di fusione definitivo con Plumas Bancorp.
Cornerstone Community Bancorp (CRSB) reportó resultados financieros mixtos para el cuarto trimestre y el año completo 2024. La compañía presentó un ingreso neto de 1.809 millones de dólares (1,18 dólares por acción diluida) en el Q4, una disminución frente a los 1.892 millones de dólares (1,24 dólares por acción) del Q4 2023. Para el año completo 2024, CRSB reportó una pérdida neta de 785.000 dólares (-0,51 dólares por acción), en comparación con un ingreso neto de 7.371 millones de dólares (4,84 dólares por acción) en 2023.
La pérdida anual se atribuyó principalmente a un cargo de 9,4 millones de dólares por la cancelación de tres préstamos agrícolas relacionados en el Q3 2024. Los ingresos netos por intereses disminuyeron a 5,17 millones de dólares en el Q4 2024 desde los 5,439 millones de dólares del año anterior. Los préstamos totales aumentaron a 498,9 millones de dólares, mientras que los depósitos crecieron a 584,3 millones de dólares. La empresa anunció un acuerdo de fusión definitivo con Plumas Bancorp.
코너스톤 커뮤니티 뱅코프 (CRSB)는 2024년 4분기 및 전체 연도에 대한 혼합된 재무 결과를 보고했습니다. 회사는 4분기에 180만 9천 달러(희석 주당 1.18달러)의 순이익을 기록했으며, 이는 2023년 4분기의 189만 2천 달러(주당 1.24달러)에서 감소한 수치입니다. 2024년 전체 연도에 대해 CRSB는 78만 5천 달러(-0.51달러) 순손실을 보고했으며, 이는 2023년의 737만 1천 달러(주당 4.84달러) 순이익과 비교됩니다.
연간 손실은 주로 2024년 3분기에 발생한 세 개의 관련 농업 대출에 대한 940만 달러의 충당금으로 설명됩니다. 순이자 수익은 2024년 4분기에 517만 달러로 감소했으며, 이는 전년 대비 543만 9천 달러였습니다. 총 대출은 4억 9890만 달러로 증가했고, 예금은 5억 8430만 달러로 증가했습니다. 이 회사는 플루마스 뱅코프와의 확정적인 합병 계약을 발표했습니다.
Cornerstone Community Bancorp (CRSB) a rapporté des résultats financiers mixtes pour le quatrième trimestre et l’année complète 2024. L’entreprise a affiché un bénéfice net de 1,809 million de dollars (1,18 dollar par action diluée) au Q4, en baisse par rapport à 1,892 million de dollars (1,24 dollar par action) au Q4 2023. Pour l’année complète 2024, CRSB a déclaré une perte nette de 785 000 dollars (-0,51 dollar par action), contre un bénéfice net de 7,371 millions de dollars (4,84 dollars par action) en 2023.
Cette perte annuelle a été principalement attribuée à une radiation de 9,4 millions de dollars sur trois prêts agricoles connexes au T3 2024. Les revenus nets d’intérêts ont diminué à 5,17 millions de dollars au Q4 2024, contre 5,439 millions de dollars l’année précédente. Le total des prêts a augmenté à 498,9 millions de dollars, tandis que les dépôts ont crû à 584,3 millions de dollars. L’entreprise a annoncé un accord de fusion définitif avec Plumas Bancorp.
Cornerstone Community Bancorp (CRSB) berichtete über gemischte Finanzresultate für das vierte Quartal und das gesamte Jahr 2024. Das Unternehmen vermeldete einen Nettogewinn von 1,809 Millionen Dollar (1,18 Dollar je verwässerte Aktie) im Q4, ein Rückgang gegenüber 1,892 Millionen Dollar (1,24 Dollar je Aktie) im Q4 2023. Für das Gesamtjahr 2024 meldete CRSB einen Nettoverlust von 785.000 Dollar (-0,51 Dollar je Aktie), im Vergleich zu einem Nettogewinn von 7,371 Millionen Dollar (4,84 Dollar je Aktie) im Jahr 2023.
Der jährliche Verlust wurde hauptsächlich auf eine Belastung von 9,4 Millionen Dollar aus drei verwandten Agrarkrediten im Q3 2024 zurückgeführt. Die Nettozinseinnahmen sanken im Q4 2024 auf 5,17 Millionen Dollar, verglichen mit 5,439 Millionen Dollar im Vorjahr. Die Gesamtkredite stiegen auf 498,9 Millionen Dollar, während die Einlagen auf 584,3 Millionen Dollar zunahmen. Das Unternehmen kündigte eine endgültige Fusionsvereinbarung mit Plumas Bancorp an.
Positive
- Strong Q4 performance with $1.8M net income and 17.28% return on equity
- Total loans increased to $498.9M from $482.2M year-over-year
- Total deposits grew to $584.3M from $564.5M year-over-year
- Strategic merger agreement signed with Plumas Bancorp
Negative
- Full-year 2024 net loss of $785,000 versus $7.371M profit in 2023
- $9.4M charge-off from three agricultural loans in Q3 2024
- Net interest margin declined to 3.23% from 3.55% year-over-year
- Nonperforming assets increased to $409,000 from zero in 2023
- Book value per share decreased to $28.37 from $29.16 year-over-year
RED BLUFF, Calif.–(BUSINESS WIRE)– Cornerstone Community Bancorp (OTC Pink: CRSB) announced today its financial results for the fourth quarter and full year ended December 31, 2024.
The Company reported net income of $1,809,000 for the three months ended December 31, 2024 compared to net income of $1,892,000 for the same period last year. Diluted earnings per share were $1.18 for the three months ended December 31, 2024 compared to diluted earnings per share of $1.24 for the same period last year.
For the year ended December 31, 2024, the Company reported a net loss of $785,000 compared to net income of $7,371,000 for the same period last year. Diluted loss per share was $(0.51) for the year ended December 31, 2024 compared to earnings per share of $4.84 for the same period last year. The net loss for the year was primarily due to the charge-off of three related agricultural loans in the aggregate amount of $9.4 million during the third quarter of 2024.
President and CEO, Matt Moseley stated, “We reported a strong fourth quarter with $1.8 million in net income, a 1.08% return on average assets and a 17.28% return on average equity. This morning, Plumas Bancorp and Cornerstone Community Bancorp jointly announced the signing of a definitive merger agreement. We are excited about the opportunity to join forces with Plumas, bringing our banks together to carry on our focus of providing our customers, employees and all of our stakeholders with superior products, services and support.”
Net Interest Income
Net interest income decreased to $5,170,000 for the quarter ended December 31, 2024 compared to $5,439,000 for the same quarter last year. For the year ended December 31, 2024, net interest income decreased to $19,582,000 compared to $21,805,000 for the same period last year.
The tax-equivalent net interest margin was 3.23% for the quarter ended December 31, 2024 compared to 3.55% for the same quarter of last year. For the year ended December 31, 2024, the tax-equivalent net interest margin was 3.09% compared to 3.65% for the same period last year.
Provision for credit losses on loans
No provision for credit losses on loans was recorded during the three months ended December 31, 2024 and December 31, 2023. For the year ended December 31, 2024, the Company recorded a $9.7 million provision for credit losses on loans compared to $530,000 for the same period last year.
Non-Interest Income
Non-interest income for the quarter ended December 31, 2024 was $374,000 compared to $358,000 for the quarter ended December 31, 2023. For the year ended December 31, 2024, noninterest income was $1,451,000 compared to $1,389,000 for the same period last year.
Non-Interest Expense
Non-interest expense was $3,227,000 for the quarter ended December 31, 2024 compared to $3,173,000 for the same period last year. For the year ended December 31, 2024, non-interest expense was $12,824,000 compared to $12,449,000 for the same period last year.
Balance Sheet
Total loans, net of unearned income, at December 31, 2024 were $498.9 million compared to $482.2 million at December 31, 2023.
Total deposits were $584.3 million at December 31, 2024 compared to total deposits of $564.5 million at December 31, 2023.
Credit Quality
The allowance for credit losses on loans was $6,164,000, or 1.24% of loans, net of unearned income, at December 31, 2024, compared to $5,813,000, or 1.21% of loans, net of unearned income, at December 31, 2023. Nonperforming assets were $409,000 at December 31, 2024. There were no nonperforming assets at December 31, 2023.
Capital
At December 31, 2024, shareholders’ equity totaled $42.6 million compared to $43.2 million at December 31, 2023. At December 31, 2024, the Company’s book value per common share was $28.37 compared to $29.16 at December 31, 2023.
At December 31, 2024, the Bank’s estimated total risk-based capital ratio was 12.38% and its tier 1 capital to risk weighted assets ratio was 11.25%. The Bank remains well capitalized under the regulatory framework for prompt corrective action.
About Cornerstone Community Bancorp
Cornerstone Community Bancorp, a bank holding company headquartered in Red Bluff, California, serves the Red Bluff, Redding and Anderson communities through its wholly-owned subsidiary, Cornerstone Community Bank with a headquarters office in Red Bluff, two banking offices in Redding and one in Anderson. 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 Coronavirus Aid, Relief and Economic Security Act of 2023), 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) | ||||||||||||||||||||
|
12/31/24 |
|
09/30/24 |
|
06/30/24 |
|
03/31/24 |
|
12/31/23 |
||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and due from banks |
$ |
4,837 |
|
$ |
9,127 |
|
$ |
7,571 |
|
$ |
6,389 |
|
$ |
8,623 |
|
|||||
| Federal funds sold |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||
| Interest bearing deposits in other financial institutions |
|
25,078 |
|
|
40,306 |
|
|
43,025 |
|
|
45,955 |
|
|
19,694 |
|
|||||
| Available for sale debt securities, at fair value |
|
87,492 |
|
|
90,616 |
|
|
89,089 |
|
|
90,767 |
|
|
93,065 |
|
|||||
| Loans held for sale |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||
| Loans, net of unearned income |
|
498,863 |
|
|
487,125 |
|
|
498,048 |
|
|
488,179 |
|
|
482,212 |
|
|||||
| Allowance for credit losses on loans |
|
(6,164 |
) |
|
(6,164 |
) |
|
(6,126 |
) |
|
(5,957 |
) |
|
(5,813 |
) |
|||||
| Loans, net |
|
492,699 |
|
|
480,962 |
|
|
491,922 |
|
|
482,222 |
|
|
476,399 |
|
|||||
| Premises and equipment, net |
|
14,137 |
|
|
14,405 |
|
|
14,418 |
|
|
14,433 |
|
|
14,326 |
|
|||||
| Other assets |
|
33,683 |
|
|
33,780 |
|
|
32,514 |
|
|
30,812 |
|
|
30,827 |
|
|||||
| Total assets |
$ |
657,925 |
|
$ |
669,197 |
|
$ |
678,537 |
|
$ |
670,578 |
|
$ |
642,934 |
|
|||||
| LIABILITIES | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Demand noninterest-bearing |
$ |
89,525 |
|
$ |
91,936 |
|
$ |
102,419 |
|
$ |
99,278 |
|
$ |
101,396 |
|
|||||
| Demand interest-bearing |
|
158,649 |
|
|
166,505 |
|
|
167,720 |
|
|
159,542 |
|
|
166,221 |
|
|||||
| Money market and savings |
|
186,642 |
|
|
186,186 |
|
|
176,644 |
|
|
182,797 |
|
|
174,882 |
|
|||||
| Time deposits |
|
149,452 |
|
|
144,443 |
|
|
148,582 |
|
|
148,384 |
|
|
122,035 |
|
|||||
| Total deposits |
|
584,269 |
|
|
589,069 |
|
|
595,365 |
|
|
590,001 |
|
|
564,534 |
|
|||||
| Borrowings and other obligations |
|
15,000 |
|
|
20,000 |
|
|
20,000 |
|
|
20,000 |
|
|
20,000 |
|
|||||
| Subordinated debentures |
|
11,795 |
|
|
11,788 |
|
|
11,781 |
|
|
11,775 |
|
|
11,769 |
|
|||||
| Interest payable and other liabilities |
|
4,275 |
|
|
7,409 |
|
|
5,637 |
|
|
4,252 |
|
|
3,464 |
|
|||||
| Total liabilities |
|
615,339 |
|
|
628,266 |
|
|
632,784 |
|
|
626,028 |
|
|
599,767 |
|
|||||
| SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
| Common stock |
|
15,442 |
|
|
15,337 |
|
|
15,268 |
|
|
15,231 |
|
|
15,163 |
|
|||||
| Retained Earnings |
|
36,854 |
|
|
35,045 |
|
|
40,476 |
|
|
39,033 |
|
|
37,639 |
|
|||||
| Accumulated other comprehensive income (loss) |
|
(9,709 |
) |
|
(9,452 |
) |
|
(9,991 |
) |
|
(9,714 |
) |
|
(9,635 |
) |
|||||
| Total shareholders’ equity |
|
42,586 |
|
|
40,930 |
|
|
45,754 |
|
|
44,550 |
|
|
43,167 |
|
|||||
| Total liabilities and shareholders’ equity |
$ |
657,925 |
|
$ |
669,197 |
|
$ |
678,537 |
|
$ |
670,578 |
|
$ |
642,934 |
|
|||||
| Total equity / total assets |
|
6.47 |
% |
|
6.12 |
% |
|
6.74 |
% |
|
6.64 |
% |
|
6.71 |
% |
|||||
| Book value per share |
$ |
28.37 |
|
$ |
27.44 |
|
$ |
30.78 |
|
$ |
29.99 |
|
$ |
29.16 |
|
|||||
| Shares outstanding |
|
1,501,091 |
|
|
1,491,692 |
|
|
1,486,692 |
|
|
1,485,472 |
|
|
1,480,472 |
|
|||||
| CORNERSTONE COMMUNITY BANCORP | ||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||
| Three months ended | Year ended | |||||||||||||||||||
| 12/31/24 | 09/30/24 | 12/31/23 | 12/31/24 | 12/31/23 | ||||||||||||||||
| INTEREST INCOME | ||||||||||||||||||||
| Loans |
$ |
7,292 |
|
$ |
6,795 |
|
$ |
6,862 |
|
$ |
28,456 |
|
$ |
24,885 |
|
|||||
| Federal funds sold |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
3 |
|
|||||
| Investment securities |
|
664 |
|
|
819 |
|
|
751 |
|
|
3,003 |
|
|
2,948 |
|
|||||
| Other |
|
661 |
|
|
650 |
|
|
426 |
|
|
2,341 |
|
|
2,118 |
|
|||||
| Total interest income |
|
8,617 |
|
|
8,264 |
|
|
8,039 |
|
|
33,800 |
|
|
29,954 |
|
|||||
| INTEREST EXPENSE | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Interest-bearing demand |
|
329 |
|
|
378 |
|
|
291 |
|
|
1,339 |
|
|
1,036 |
|
|||||
| Money market and savings |
|
1,196 |
|
|
1,268 |
|
|
904 |
|
|
4,827 |
|
|
2,956 |
|
|||||
| Time deposits |
|
1,617 |
|
|
1,806 |
|
|
1,245 |
|
|
6,577 |
|
|
3,551 |
|
|||||
| Other |
|
305 |
|
|
392 |
|
|
160 |
|
|
1,475 |
|
|
606 |
|
|||||
| Total interest expense |
|
3,447 |
|
|
3,844 |
|
|
2,600 |
|
|
14,218 |
|
|
8,149 |
|
|||||
| Net interest income |
|
5,170 |
|
|
4,420 |
|
|
5,439 |
|
|
19,582 |
|
|
21,805 |
|
|||||
| Provision for credit losses on loans |
|
– |
|
|
9,400 |
|
|
– |
|
|
9,713 |
|
|
530 |
|
|||||
| Net interest income after provision for credit losses |
|
5,170 |
|
|
(4,980 |
) |
|
5,439 |
|
|
9,869 |
|
|
21,275 |
|
|||||
| NON-INTEREST INCOME | ||||||||||||||||||||
| Service charges on deposit accounts |
|
75 |
|
|
69 |
|
|
70 |
|
|
291 |
|
|
270 |
|
|||||
| Gain on sale of loans |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||
| Gain (loss) on sale of other real estate owned |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||
| Gain (loss) on sale of securities |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|||||
| Other non-interest income |
|
299 |
|
|
285 |
|
|
288 |
|
|
1,160 |
|
|
1,119 |
|
|||||
| Total non-interest income |
|
374 |
|
|
354 |
|
|
358 |
|
|
1,451 |
|
|
1,389 |
|
|||||
| OPERATING EXPENSES | ||||||||||||||||||||
| Salaries and benefits |
|
1,688 |
|
|
1,615 |
|
|
1,865 |
|
|
6,984 |
|
|
6,963 |
|
|||||
| Premises and fixed assets |
|
249 |
|
|
266 |
|
|
263 |
|
|
1,047 |
|
|
1,110 |
|
|||||
| Other |
|
1,290 |
|
|
1,204 |
|
|
1,045 |
|
|
4,793 |
|
|
4,376 |
|
|||||
| Total operating expenses |
|
3,227 |
|
|
3,085 |
|
|
3,173 |
|
|
12,824 |
|
|
12,449 |
|
|||||
| Income (loss) before income taxes |
|
2,317 |
|
|
(7,711 |
) |
|
2,624 |
|
|
(1,504 |
) |
|
10,215 |
|
|||||
| Income taxes (benefit) |
|
508 |
|
|
(2,280 |
) |
|
732 |
|
|
(719 |
) |
|
2,844 |
|
|||||
| NET (LOSS) INCOME |
$ |
1,809 |
|
$ |
(5,431 |
) |
$ |
1,892 |
|
$ |
(785 |
) |
$ |
7,371 |
|
|||||
| EARNINGS (LOSS) PER SHARE | ||||||||||||||||||||
| Basic earnings (loss) per share |
$ |
1.21 |
|
$ |
(3.65 |
) |
$ |
1.28 |
|
$ |
(0.53 |
) |
$ |
4.98 |
|
|||||
| Diluted earnings (loss) per share |
$ |
1.18 |
|
$ |
(3.56 |
) |
$ |
1.24 |
|
$ |
(0.51 |
) |
$ |
4.84 |
|
|||||
| Average common shares outstanding |
|
1,493,798 |
|
|
1,487,344 |
|
|
1,479,948 |
|
|
1,487,972 |
|
|
1,479,884 |
|
|||||
| Average common and equivalent shares outstanding |
|
1,527,533 |
|
|
1,525,781 |
|
|
1,523,488 |
|
|
1,528,269 |
|
|
1,523,893 |
|
|||||
| PERFORMANCE MEASURES | ||||||||||||||||||||
| Return on average assets |
|
1.08 |
% |
|
-3.24 |
% |
|
1.19 |
% |
|
-0.12 |
% |
|
1.18 |
% |
|||||
| Return on average equity |
|
17.28 |
% |
|
-51.59 |
% |
|
18.94 |
% |
|
-1.82 |
% |
|
19.36 |
% |
|||||
| Tax-equivalent net interest margin |
|
3.23 |
% |
|
2.75 |
% |
|
3.55 |
% |
|
3.09 |
% |
|
3.65 |
% |
|||||
| Efficiency ratio |
|
58.21 |
% |
|
64.62 |
% |
|
54.74 |
% |
|
60.97 |
% |
|
53.67 |
% |
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250129439101/en/
Matthew B. Moseley
President & CEO
530.222.1460
Patrick E. Phelan
Chief Financial Officer
530.222.1460
Source: Cornerstone Community Bancorp
FAQ
What caused CRSB’s net loss in 2024?
CRSB’s net loss in 2024 was primarily due to a $9.4 million charge-off of three related agricultural loans during the third quarter of 2024.
What is CRSB’s Q4 2024 earnings per share?
CRSB reported diluted earnings per share of $1.18 for Q4 2024, compared to $1.24 for the same period in 2023.
What is the status of CRSB’s merger with Plumas Bancorp?
CRSB and Plumas Bancorp announced the signing of a definitive merger agreement in 2024, though specific terms were not disclosed in the release.
How did CRSB’s deposits change in 2024?
CRSB’s total deposits increased to $584.3 million at December 31, 2024, from $564.5 million at December 31, 2023.
What is CRSB’s current allowance for credit losses?
CRSB’s allowance for credit losses on loans was $6,164,000, or 1.24% of loans, as of December 31, 2024.
