Le Lézard
Classified in: Business, Covid-19 virus
Subject: EARNINGS

Cornerstone Community Bancorp Reports Financial Results For the Fourth Quarter and Full Year Ended December 31, 2021


Cornerstone Community Bancorp (OTC Pink: CRSB) announced today its financial results for the fourth quarter and full year ended December 31, 2021.

The Company reported net income of $1,967,000 for the three months ended December 31, 2021 compared to net income of $2,059,000 for the same period last year. Diluted earnings per share were $1.29 for the three months ended December 31, 2021 compared to $1.36 for the same period last year.

The return on average assets for the three months ended December 31, 2021 was 1.41% and the return on average equity was 21.63%. The tax-equivalent net interest margin was 3.59% for the three months ended December 31, 2021 compared to 3.81% for the same period last year and the efficiency ratio was 43.43% for the three months ended December 31, 2021 compared to 39.69% for the same period last year.

For the year ended December 31, 2021, the Company reported record net income of $7,915,000 compared to net income of $4,626,000 for the same period last year. Diluted earnings per share were $5.25 for the year ended December 31, 2021 compared to $3.04 for the same period last year.

The return on average assets for the year ended December 31, 2021 was 1.46% and the return on average equity was 23.35%.

President and CEO, Jeff Finck stated, "We are very pleased with our 2021 results. Loans and deposits grew at a strong pace. We look forward to 2022 with the opening of our Anderson branch in the first quarter."

Net Interest Income

Net interest income increased to $4,781,000 for the quarter ended December 31, 2021 compared to $4,465,000 for the same quarter last year. For the year ended December 31, 2021, net interest income increased to $17,993,000 compared to $13,836,000 for the same period last year.

Provision for credit losses

Provision for credit losses were $150,000 for the quarter ended December 31, 2021 compared to no provision for the same quarter last year. For the year ended December 31, 2021, the Company recorded a $1,050,000 provision for credit losses compared to $1,600,000 for the same period last year.

Non-Interest Income

Non-interest income for the quarter ended December 31, 2021 was $365,000 compared to $345,000 for the quarter ended December 31, 2020. For the year ended December 31, 2021, non-interest income was $2,378,000 compared to $1,239,000 for the same period last year.

Non-Interest Expense

Non-interest expense was $2,235,000 for the quarter ended December 31, 2021 compared to $1,909,000 for the same period last year. For the year ended December 31, 2021, non-interest expense was $8,200,000 compared to $7,156,000 for the same period last year.

Balance Sheet

Total loans, net of unearned income at December 31, 2021 were $387.4 million compared to $332.2 million at December 31, 2020.

Total deposits were $547.7 million at December 31, 2021 compared to total deposits of $433.3 million at December 31, 2020.

Credit Quality

The allowance for loan losses was $5,059,000, or 1.31% of loans, net of unearned income at December 31, 2021, compared to $4,009,000, or 1.21% of loans, net of unearned income at December 31, 2020. There were no nonperforming assets at December 31, 2021 and December 31, 2020.

Capital

At December 31, 2021, shareholders' equity totaled $37.0 million compared to $30.1 million at December 31, 2020. Book value was $25.31 per share at December 31, 2021 compared to $20.87 per share at December 31, 2020.

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)
 
12/31/21 09/30/21 06/30/21 03/31/21 12/31/20
 
ASSETS
Cash and due from banks

$

4,552

 

$

4,765

 

$

5,450

 

$

5,417

 

$

3,811

 

Federal funds sold

 

121

 

 

2,600

 

 

2,256

 

 

5,761

 

 

14,166

 

Interest-bearing deposits

 

77,933

 

 

24,636

 

 

28,549

 

 

68,283

 

 

77,045

 

Investment securities

 

108,253

 

 

110,470

 

 

75,258

 

 

52,084

 

 

50,336

 

Loans held for sale

 

-

 

 

-

 

 

-

 

 

1,102

 

 

-

 

Loans, net of unearned income

 

387,374

 

 

388,532

 

 

390,748

 

 

382,253

 

 

332,176

 

Allowance for loan losses

 

(5,059

)

 

(4,909

)

 

(4,509

)

 

(4,409

)

 

(4,009

)

Loans, net

 

382,315

 

 

383,623

 

 

386,239

 

 

377,844

 

 

328,167

 

Premises and equipment, net

 

14,488

 

 

13,567

 

 

13,013

 

 

12,767

 

 

11,581

 

Other assets

 

15,622

 

 

14,863

 

 

14,972

 

 

13,974

 

 

12,724

 

Total assets

$

603,284

 

$

554,524

 

$

525,737

 

$

537,232

 

$

497,830

 

 
LIABILITIES
Deposits:
Demand noninterest-bearing

$

174,282

 

$

141,734

 

$

126,107

 

$

126,481

 

$

108,147

 

Demand interest-bearing

 

131,368

 

 

131,964

 

 

126,724

 

 

122,506

 

 

108,097

 

Money market and savings

 

163,946

 

 

150,149

 

 

150,086

 

 

163,232

 

 

146,655

 

Time deposits of less than $100,000

 

13,662

 

 

13,180

 

 

13,393

 

 

15,812

 

 

15,418

 

Time deposits of $100,000 or more

 

64,449

 

 

63,111

 

 

56,993

 

 

57,299

 

 

55,021

 

Total deposits

 

547,707

 

 

500,138

 

 

473,303

 

 

485,330

 

 

433,338

 

Borrowings and other obligations

 

5,000

 

 

5,000

 

 

5,000

 

 

5,000

 

 

15,000

 

Subordinated debentures

 

11,720

 

 

11,715

 

 

11,709

 

 

11,703

 

 

16,645

 

Interest payable and other liabilities

 

1,838

 

 

2,151

 

 

1,933

 

 

3,776

 

 

2,763

 

Total liabilities

 

566,265

 

 

519,004

 

 

491,945

 

 

505,809

 

 

467,746

 

 
SHAREHOLDERS' EQUITY
Common stock

 

14,913

 

 

14,814

 

 

14,771

 

 

14,681

 

 

14,584

 

Retained Earnings

 

23,051

 

 

21,084

 

 

18,999

 

 

17,183

 

 

15,136

 

Accumulated other comprehensive income (loss)

 

(945

)

 

(378

)

 

22

 

 

(441

)

 

364

 

Total shareholders' equity

 

37,019

 

 

35,520

 

 

33,792

 

 

31,423

 

 

30,084

 

Total liabilities and shareholders' equity

$

603,284

 

$

554,524

 

$

525,737

 

$

537,232

 

$

497,830

 

 
Total equity / total assets

 

6.14

%

 

6.41

%

 

6.43

%

 

5.85

%

 

6.04

%

Book value per share

$

25.31

 

$

24.37

 

$

23.22

 

$

21.65

 

$

20.87

 

Shares outstanding

 

1,462,591

 

 

1,457,591

 

 

1,455,091

 

 

1,451,091

 

 

1,441,241

 

CORNERSTONE COMMUNITY BANCORP
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in Thousands)
 
Three months ended Year ended
12/31/21 09/30/21 12/31/20 12/31/21 12/31/20
 
INTEREST INCOME
Loans

$

4,759

 

$

4,772

 

$

4,761

 

$

18,361

 

$

15,424

 

Federal funds sold

 

1

 

 

-

 

 

2

 

 

4

 

 

24

 

Investment securities

 

385

 

 

360

 

 

162

 

 

1,124

 

 

495

 

Other

 

60

 

 

35

 

 

51

 

 

180

 

 

174

 

Total interest income

 

5,205

 

 

5,167

 

 

4,976

 

 

19,669

 

 

16,117

 

 
INTEREST EXPENSE
Deposits:
Interest-bearing demand

 

49

 

 

46

 

 

55

 

 

187

 

 

181

 

Money market and savings

 

109

 

 

96

 

 

80

 

 

385

 

 

464

 

Time deposits

 

107

 

 

107

 

 

155

 

 

452

 

 

944

 

Other

 

159

 

 

162

 

 

221

 

 

652

 

 

692

 

Total interest expense

 

424

 

 

411

 

 

511

 

 

1,676

 

 

2,281

 

 
Net interest income

 

4,781

 

 

4,756

 

 

4,465

 

 

17,993

 

 

13,836

 

Provision for credit losses

 

150

 

 

400

 

 

-

 

 

1,050

 

 

1,600

 

Net interest income after provision for credit losses

 

4,631

 

 

4,356

 

 

4,465

 

 

16,943

 

 

12,236

 

 
NON-INTEREST INCOME
Service charges on deposit accounts

 

65

 

 

62

 

 

55

 

 

244

 

 

222

 

Gain on sale of loans

 

-

 

 

396

 

 

61

 

 

1,231

 

 

247

 

Gain (loss) on sale of other real estate owned

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Gain (loss) on sale of securities

 

-

 

 

-

 

 

-

 

 

(45

)

 

91

 

Other non-interest income

 

300

 

 

256

 

 

229

 

 

948

 

 

679

 

Total non-interest income

 

365

 

 

714

 

 

345

 

 

2,378

 

 

1,239

 

 
OPERATING EXPENSES
Salaries and benefits

 

1,175

 

 

1,048

 

 

970

 

 

3,870

 

 

3,280

 

Premises and fixed assets

 

192

 

 

212

 

 

182

 

 

782

 

 

891

 

Other

 

868

 

 

877

 

 

757

 

 

3,548

 

 

2,985

 

Total operating expenses

 

2,235

 

 

2,137

 

 

1,909

 

 

8,200

 

 

7,156

 

 
Income before income taxes

 

2,761

 

 

2,933

 

 

2,901

 

 

11,121

 

 

6,319

 

Income taxes

 

794

 

 

848

 

 

842

 

 

3,206

 

 

1,693

 

 
NET INCOME

$

1,967

 

$

2,085

 

$

2,059

 

$

7,915

 

$

4,626

 

 
EARNINGS PER SHARE
Basic earnings per share

$

1.35

 

$

1.43

 

$

1.39

 

$

5.44

 

$

3.12

 

Diluted earnings per share

$

1.29

 

$

1.38

 

$

1.36

 

$

5.25

 

$

3.04

 

Average common shares outstanding

 

1,459,667

 

 

1,456,531

 

 

1,477,361

 

 

1,454,507

 

 

1,483,575

 

Average common and equivalent shares outstanding

 

1,518,908

 

 

1,512,738

 

 

1,511,365

 

 

1,507,561

 

 

1,522,714

 

 
PERFORMANCE MEASURES
Return on average assets

 

1.41

%

 

1.53

%

 

1.68

%

 

1.46

%

 

1.09

%

Return on average equity

 

21.63

%

 

23.52

%

 

27.70

%

 

23.35

%

 

16.53

%

Tax-equivalent net interest margin

 

3.59

%

 

3.66

%

 

3.81

%

 

3.50

%

 

3.45

%

Efficiency ratio

 

43.43

%

 

39.07

%

 

39.69

%

 

40.25

%

 

47.47

%

 


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