Cornerstone Community Bank Reports Financial
Results for the First Quarter Ended March 31,
May 04, 2010 02:37 PM Eastern Daylight Time
RED BLUFF, Calif.--(EON: Enhanced Online News)--Cornerstone Community Bank, (OTCBB:CRSB),
announced today its financial results for the first quarter ended March 31, 2010.
The Bank reported net income of $47,000, or $0.04 per diluted share, for the three months ended March 31, 2010
compared to a net loss of $(42,000), or $(0.04) per diluted share, for the same period last year. President and
CEO, Jeffrey Finck stated, “We are pleased that the progress the Bank made during 2009 has continued during the
first quarter of 2010. We will continue our focus on sound banking practices and risk management during 2010.”
Net Interest Income
Net interest income of $718,000 for the quarter ended March 31, 2010 represented an increase of approximately
$126,000, or 21%, from $592,000 for the same quarter one year earlier.
The Bank’s non-interest income for the quarter ended March 31, 2010 was $47,000 compared to $33,000 for the
same quarter one year ago.
Non-interest expense was $671,000 for the quarter ended March 31, 2010 compared to $623,000 for the same
period one year earlier, representing an increase of $48,000, or 8%. At March 31, 2010 and 2009, the Bank
employed 18 full-time equivalent employees (FTEs).
The Bank’s efficiency ratio, the ratio of non-interest expense to revenues, was 87.71% during the quarter ended
March 31, 2010 compared to 99.68% during same period last year.
The Bank had total assets at March 31, 2010 of $72.3 million, compared to $63.0 million at March 31, 2009,
representing growth of $9.3 million, or 15%.
Total loans outstanding at March 31, 2010, net of unearned income, were $48.4 million compared to $46.9 million
at March 31, 2009, representing an increase of $1.5 million, or 3%.
Total deposits were $63.2 million at March 31, 2010 compared to total deposits of $54.