- Cornerstone Community Bancorp (CRSB, Financial) reported a net income of $1.27 million in Q1 2025, down from $1.39 million in Q1 2024.
- Total deposits declined by $18.1 million to $571.9 million in Q1 2025 compared to the same period last year.
- The net interest margin improved to 3.27% in Q1 2025 from 3.18% in Q1 2024.
Cornerstone Community Bancorp (CRSB) has announced its financial results for the first quarter ending March 31, 2025. The company reported a net income of $1.27 million, a decrease from $1.39 million in the same quarter the previous year. Diluted earnings per share were $0.82, down from $0.91 in Q1 2024.
Net interest income rose to $5.02 million for the quarter, up from $4.88 million a year ago. The tax-equivalent net interest margin also saw improvement, increasing to 3.27% from 3.18% in the previous year.
In terms of credit quality, the provision for credit losses on loans was recorded at $60,000, significantly lower than last year's $144,000 for the same period. The allowance for credit losses on loans was $6.22 million, or 1.27% of loans, net of unearned income, which is a slight increase from 1.22% a year earlier.
Total deposits at the end of Q1 2025 were $571.9 million, marking an $18.1 million decline from March 31, 2024. Total loans, net of unearned income, were $491.5 million, slightly up from $488.2 million at the end of Q1 2024.
Non-interest expenses rose to $3.53 million, compared to $3.20 million the previous year, with $193,000 attributed to costs related to the pending acquisition by Plumas Bancorp. This acquisition is expected to enhance the company's financial standing and benefit their clients, communities, and employees.
Shareholders’ equity amounted to $44.0 million, slightly down from $44.6 million a year earlier, with a book value per common share of $29.15, compared to $29.99 last year. The bank remains well-capitalized with a total risk-based capital ratio of 12.83% and a tier 1 capital to risk-weighted assets ratio of 11.68%.
