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Cornerstone Community Bank Reports Financial Results for the Second Quarter Ended June 30, 2009.

Publication: Business Wire
Publication Date: 28-JUL-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Cornerstone Community Bank Reports Financial Results for the Second Quarter Ended June 30, 2009.(Financial report)

Article Excerpt
RED BLUFF, Calif. -- Cornerstone Community Bank (OTCBB:CRSB) announced today its financial results for the second quarter ended June 30, 2009.

The Bank reported a net loss of $(21,000), or $(0.02) per diluted share, for the three months ended June 30, 2009 compared to a net loss of $(250,000), or $(0.21) per diluted share, for the same period last year. The net loss for the six months ended June 30, 2009 was $(63,000), or $(0.05) per diluted share compared to a net loss of $(541,000), or $(0.45) per diluted share, for the first six months of 2008.

President and CEO Jeffrey Finck stated, "We are continuing to make significant progress in reducing expenses and increasing revenues. The Bank is ahead of expectations for the first six months of 2009 and we look forward to continued financial progress as we approach the end of our third year of operations."

Net Interest Income and Margin

Net interest income of $679,000 for the quarter ended June 30, 2009 represented an increase of approximately $149,000, or 28%, from $530,000 for the same quarter one year earlier. Average earning assets of $61.2 million increased 51% from $40.6 million for the same quarter...

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