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Cornerstone Community Bancorp Reports Financial Results For the Fourth Quarter and Full Year Ended December 31, 2022

RED BLUFF, Calif.–()–Cornerstone Community Bancorp (OTC Pink: CRSB) announced today its financial results for the fourth quarter and full year ended December 31, 2022.

The Company reported net income of $1,926,000 for the three months ended December 31, 2022 compared to net income of $1,967,000 for the same period last year. Diluted earnings per share were $1.27 for the three months ended December 31, 2022 compared to $1.29 for the same period last year.

The return on average assets for the three months ended December 31, 2022 was 1.32% and the return on average equity was 24.23%. The tax-equivalent net interest margin was 3.61% for the three months ended December 31, 2022 compared to 3.59% for the same period last year and the efficiency ratio was 50.73% for the three months ended December 31, 2022 compared to 43.14% for the same period last year.

For the year ended December 31, 2022, the Company reported net income of $7,243,000 compared to net income of $7,915,000 for the same period last year. Diluted earnings per share were $4.74 for the year ended December 31, 2022 compared to $5.25 for the same period last year.

The return on average assets for the year ended December 31, 2022 was 1.24% and the return on average equity was 21.36%.

President and CEO, Matt Moseley stated, “We are pleased with our 2022 operating results. We are excited to begin the new year with the team and infrastructure we put in place in 2022.”

Net Interest Income

Net interest income increased to $5,156,000 for the quarter ended December 31, 2022 compared to $4,781,000 for the same quarter last year. For the year ended December 31, 2022, net interest income increased to $19,307,000 compared to $17,993,000 for the same period last year.

Provision for credit losses

There was no provision for credit losses recorded for the quarter ended December 31, 2022 compared to $150,000 for the same quarter last year. For the year ended December 31, 2022, the Company recorded a $113,000 provision for credit losses compared to $1,050,000 for the same period last year.

Non-Interest Income

Non-interest income for the quarter ended December 31, 2022 was $265,000 compared to $339,000 for the quarter ended December 31, 2021. For the year ended December 31, 2022, non-interest income was $1,060,000 compared to $2,245,000 for the same period last year.

Non-Interest Expense

Non-interest expense was $2,750,000 for the quarter ended December 31, 2022 compared to $2,209,000 for the same period last year. For the year ended December 31, 2022, non-interest expense was $10,118,000 compared to $8,067,000 for the same period last year.

Balance Sheet

Total loans, net of unearned income, at December 31, 2022 were $420.4 million compared to $387.4 million at December 31, 2021.

Total deposits were $534.8 million at December 31, 2022 compared to total deposits of $547.7 million at December 31, 2021.

Credit Quality

The allowance for loan losses was $5,159,000, or 1.23% of loans, net of unearned income, at December 31, 2022, compared to $5,059,000, or 1.31% of loans, net of unearned income, at December 31, 2021. There were no nonperforming assets at December 31, 2022 and December 31, 2021.

Capital

At December 31, 2022, shareholders’ equity totaled $33.3 million compared to $37.0 million at December 31, 2021. At December 31, 2022, the Company’s book value per common share was $22.48 compared to $25.31 at December 31, 2021. During the year ended December 31, 2022, increasing interest rates resulted in a decline in the fair value of available for sale investment securities. This impact is reflected in the decline in accumulated other comprehensive income (AOCI) to $(12,105,000) at December 31, 2022, compared to $(945,000) at December 31, 2021. Excluding AOCI, book value increased to $30.66 at December 31, 2022, compared to $25.96 at December 31, 2021.

AOCI has no effect on Cornerstone Community Bank’s (the Bank) regulatory capital ratios as the Bank opted to exclude it from regulatory capital calculations. At December 31, 2022, the Bank’s estimated total risk-based capital ratio was 12.61% and its tier 1 capital to risk weighted assets ratio was 11.52%. 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 2022), 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)
 
12/31/22 09/30/22 06/30/22 03/31/22 12/31/21
 
ASSETS
Cash and due from banks

$

5,628

$

6,011

$

5,230

$

4,175

$

4,552

Federal funds sold

123

122

121

121

121

Interest-bearing deposits

25,212

57,618

48,277

73,629

77,933

Investment securities

94,435

95,511

102,692

99,748

108,253

Loans held for sale

Loans, net of unearned income

420,415

400,480

399,156

375,369

387,374

Allowance for loan losses

(5,159

)

(5,172

)

(5,132

)

(5,077

)

(5,059

)

Loans, net

415,256

395,308

394,024

370,292

382,315

Premises and equipment, net

14,601

14,671

14,691

14,757

14,784

Other assets

27,326

21,261

20,588

16,930

15,622

Total assets

$

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

Money market and savings

182,787

201,316

201,106

196,653

163,946

Time deposits

88,430

76,121

76,576

78,167

78,111

Total deposits

534,818

545,303

539,554

532,287

547,707

Borrowings and other obligations

5,000

Subordinated debentures

11,744

11,738

11,732

11,726

11,720

Interest payable and other liabilities

2,755

2,892

2,631

1,899

2,134

Total liabilities

549,317

559,933

553,917

545,912

566,561

 
SHAREHOLDERS’ EQUITY
Common stock

15,075

14,964

15,079

15,009

14,913

Retained Earnings

30,294

28,368

26,432

24,726

23,051

Accumulated other comprehensive income (loss)

(12,105

)

(12,763

)

(9,805

)

(5,995

)

(945

)

Total shareholders’ equity

33,264

30,569

31,706

33,740

37,019

Total liabilities and shareholders’ equity

$

582,581

$

590,502

$

585,623

$

579,652

$

603,580

 
Total equity / total assets

5.71

%

5.18

%

5.41

%

5.82

%

6.13

%

Book value per share

$

22.48

$

20.81

$

21.51

$

22.93

$

25.31

Shares outstanding

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 Thousands)
 
Three months ended Year 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 sold

1

1

1

2

4

Investment securities

676

543

385

2,054

1,124

Other

515

354

60

1,073

180

Total interest income

6,370

5,916

5,205

22,158

19,669

 
INTEREST EXPENSE
Deposits:
Interest-bearing demand

214

130

49

454

187

Money market and savings

450

260

109

974

385

Time deposits

401

182

107

821

452

Other

149

148

159

602

652

Total interest expense

1,214

720

424

2,851

1,676

 
Net interest income

5,156

5,196

4,781

19,307

17,993

Provision for credit losses

40

150

113

1,050

Net interest income after provision for credit losses

5,156

5,156

4,631

19,194

16,943

 
NON-INTEREST INCOME
Service charges on deposit accounts

66

67

65

266

244

Gain on sale of loans

1,231

Gain (loss) on sale of other real estate owned

Gain (loss) on sale of securities

(45

)

Other non-interest income

199

198

274

794

815

Total non-interest income

265

265

339

1,060

2,245

 
OPERATING EXPENSES
Salaries and benefits

1,567

1,408

1,175

5,340

3,870

Premises and fixed assets

242

227

166

854

649

Other

941

1,064

868

3,924

3,548

Total operating expenses

2,750

2,699

2,209

10,118

8,067

 
Income before income taxes

2,671

2,722

2,761

10,136

11,121

Income taxes

745

786

794

2,893

3,206

 
NET INCOME

$

1,926

$

1,936

$

1,967

$

7,243

$

7,915

 
EARNINGS PER SHARE
Basic 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

Average common shares outstanding

1,474,754

1,473,276

1,459,667

1,472,381

1,454,507

Average common and equivalent shares outstanding

1,520,935

1,523,830

1,518,908

1,526,734

1,507,561

 
PERFORMANCE MEASURES
Return on average assets

1.32

%

1.30

%

1.41

%

1.24

%

1.46

%

Return on average equity

24.23

%

23.11

%

21.63

%

21.36

%

23.35

%

Tax-equivalent net interest margin

3.61

%

3.60

%

3.59

%

3.43

%

3.50

%

Efficiency ratio

50.73

%

49.42

%

43.14

%

49.68

%

39.86

%

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