At March 31, 2023, the Company's book value per common share was $24.57 compared to $22.93 at March 31, 2022.Īt March 31, 2023, the Bank’s estimated total risk-based capital ratio was 12.95% and its tier 1 capital to risk weighted assets ratio was 11.84%. The Company adopted this standard using a modified retrospective approach through a cumulative-effect adjustment to retained earnings of $26,191.Īt March 31, 2023, shareholders’ equity totaled $36.4 million compared to $33.7 million at March 31, 2022. Upon adoption of the CECL standard, the Company increased the allowance for credit losses on loans by $127,549 and reduced the allowance for credit losses on unfunded loan commitments by $90,366. The Company adopted the current expected credit loss ("CECL") accounting standard on January 1, 2023.
There were no nonperforming assets at March 31, 2022. Nonperforming assets totaled $233,000 at March 31, 2023. The allowance for credit losses on loans was $5,397,000, or 1.25% of loans, net of unearned income, at March 31, 2023, compared to $5,077,000, or 1.35% of loans, net of unearned income, at March 31, 2022. Total deposits were $565.7 million at Macompared to total deposits of $532.3 million at March 31, 2022. Total loans, net of unearned income, at Mawere $431.5 million compared to $375.4 million at March 31, 2022. Non-interest expense was $3,024,000 for the quarter ended Macompared to $2,243,000 for the same period last year. Non-interest income for the quarter ended Mawas $310,000 compared to $264,000 for the quarter ended March 31, 2022. The Company recorded a $110,000 provision for credit losses on loans during the three months ended Macompared to $18,000 for the same period last year. Net interest income increased to $5,180,000 for the quarter ended Macompared to $4,350,000 for the same quarter last year. We are confident that our business model and our presence in the communities we serve will continue to deliver positive results to our shareholders and customers alike.” We have and will continue to focus on our core business practices. Our estimated level of uninsured deposits at Mawas 37% and the bank maintains both on and off balance sheet liquidity of $283 million. The bank has a well-positioned liquidity profile with a diversified deposit base. While elevated levels of deposits have exited banks nation-wide, Cornerstone experienced deposit growth in the 1 st quarter compared to both year-end 2022 and 1 st quarter of 2022. President and CEO, Matt Moseley, stated, “Cornerstone Community Bank continues to be a well performing bank due to our strong team and loyal customer base. The tax-equivalent net interest margin was 3.65% for the three months ended Macompared to 3.17% for the same period last year.
The return on average assets for the three months ended Mawas 1.13% and the return on average equity was 19.20%. Diluted earnings per share were $1.11 for the three months ended Macompared to $1.09 for the same period last year. The Company reported net income of $1,695,000 for the three months ended Macompared to net income of $1,675,000 for the same period last year. RED BLUFF, Calif.-( BUSINESS WIRE)-Cornerstone Community Bancorp ( OTC Pink: CRSB) announced today its financial results for the first quarter ended March 31, 2023.
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