Cornerstone Community Bancorp Reports Financial Results For the Third Quarter Ended September 30, 2024
CORNERSTONE COMUTY BANCRP (CRSB)
NASDAQ:AMEX Investor Relations:
bankcornerstone.com/about-us/shareholder-information.html
Company Research
Source: Business Wire
RED BLUFF, Calif.--(BUSINESS WIRE)--Cornerstone Community Bancorp (OTC Pink: CRSB) announced today its financial results for the third quarter ended September 30, 2024.The Company reported a net loss of $5,431,000 for the three months ended September 30, 2024 compared to net income of $1,920,000 for the same period last year. Diluted loss per share was $(3.56) for the three months ended September 30, 2024 compared to diluted earnings per share of $1.26 for the same period last year.During the third quarter, the Company charged-off three related agricultural loans in the aggregate amount of $9.4 million due to the deteriorating financial condition of the borrowers. This represented 100% of the Company’s exposure. Although two of the loans were secured by certain equipment and all three loans have guarantors, any future recoveries cannot be reasonably predicted. As a result of these charge-offs, the Company recorded a $9.4 million provision for credit losses on loans for the third q
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