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Cornerstone Community Bank Reports Financial Results For the Third Quarter Ended September 30, 2009.

Publication: Business Wire
Publication Date: 03-NOV-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Cornerstone Community Bank Reports Financial Results For the Third Quarter Ended September 30, 2009.(Financial report)

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

The Bank reported net income of $74,000, or $0.06 per diluted share, for the three months ended September 30, 2009 compared to a net loss of $(219,000), or $(0.18) per diluted share, for the same period last year. Net income for the nine months ended September 30, 2009 was $11,000, or $0.01 per diluted share compared to a net loss of $(760,000), or $(0.63) per diluted share, for the first nine months of 2008.

President and CEO, Jeffrey Finck stated, "We are very pleased to have reported our first quarterly profit. Even in the current difficult economic environment, the bank had nonperforming assets of only $57,000, or 0.09% of assets. In addition, the bank's total risk-based capital ratio at September 30, 2009 of 17.68% is well above the regulatory standard for "well-capitalized" institutions of 10.00%."

Net Interest Income

Net interest income of $727,000 for the quarter ended September 30, 2009 represented an increase...

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