Cornerstone Community Bank Reports Financial
Results for the Fourth Quarter and Full Year
Ended December 31, 2009
March 03, 2010 08:47 PM Eastern Time
RED BLUFF, Calif.--(EON: Enhanced Online News)--Cornerstone Community Bank, (OTCBB:CRSB),
announced today its financial results for the fourth quarter and full year ended December 31, 2009.
The Bank reported net income of $64,000, or $0.05 per diluted share, for the three months ended December 31,
2009 compared to a net loss of $(573,000), or $(0.48) per diluted share, for the same period last year. Net income
for the year ended December 31, 2009 was $75,000, or $0.06 per diluted share compared to a net loss of
$(1,333,000), or $(1.11) per diluted share, for the year ended 2008.
President and CEO, Jeffrey Finck stated, “We are very pleased to have reported our first annual profit. Even with
our 28% growth in assets, we were able to maintain excellent asset quality at December 31, 2009 with only $1,000
in nonperforming assets. We continue to be well above the 10% regulatory standard for “well-capitalized” institutions
with a total risk-based capital ratio at December 31, 2009 of 17.30%. We look forward to continued financial
progress as Northern California emerges from the recession.”
Net Interest Income
Net interest income of $700,000 for the quarter ended December 31, 2009 represented an increase of
approximately $127,000, or 22%, from $573,000 for the same quarter one year earlier. For the year ended
December 31, 2009, net interest income of $2,654,000 increased $576,000, or 28%, from $2,078,000 for the year
ended December 31, 2008.
The Bank’s non-interest income for the quarter and year ended December 31, 2009 was $78,000 and $280,000,
respectively, compared to $36,000 and $167,000, respectively, for the same periods one year ago.
Non-interest expense was $649,000 for the quarter ended December 31, 2009 compared to $787,000 for the
same period one year earlier, representing a decrease o