Cornerstone Community Bancorp Reports Loan Charge-Offs
01 Agosto 2024 - 8:06AM
Business Wire
Cornerstone Community Bancorp (OTC Pink: CRSB) announced
today the charge-offs of three related agricultural loans in the
aggregate amount of $9.4 million due to the deteriorating financial
condition of the borrowers. This represents 100% of the Company’s
exposure. Although one of the loans is 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.
With the exception of the credits mentioned above, overall
credit quality remains solid in the loan portfolio. The bank
continues to maintain a strong capital position that exceeds
well-capitalized regulatory requirements.
About Cornerstone Community Bancorp
Cornerstone Community Bancorp, a bank holding company
headquartered in Red Bluff, California, serves the Red Bluff,
Redding and Anderson communities through its wholly-owned
subsidiary, Cornerstone Community Bank with a headquarters office
in Red Bluff, two banking offices in Redding and one in Anderson.
The Bank provides commercial banking services to small and mid-size
businesses, including professional service firms, real estate
developers and investors and not-for-profit organizations and to
their owners and other individuals. Additional information about
the Bank is available on its website at
www.bankcornerstone.com.
Forward-Looking Statements
This release may contain certain forward-looking statements that
are based on management's current expectations regarding economic,
legislative, and regulatory issues that may impact Cornerstone
Community Bancorp's earnings in future periods. Forward-looking
statements can be identified by the fact that they do not relate
strictly to historical or current facts. They often include the
words “believe,” “expect,” “intend,” “estimate” or words of similar
meaning, or future or conditional verbs such as “will,” “would,”
“should,” “could” or “may.” Factors that could cause future results
to vary materially from current management expectations include,
but are not limited to, natural disasters (such as wildfires and
earthquakes), pandemics such as COVID-19 and the economic impact
caused directly by the disease and by government responses thereto,
general economic conditions, economic uncertainty in the United
States and abroad, changes in interest rates, deposit flows, real
estate values, costs or effects of acquisitions, competition,
changes in accounting principles, policies or guidelines,
legislation or regulation (including the Coronavirus Aid, Relief
and Economic Security Act of 2023), interruptions of utility
service in our markets for sustained periods, and other economic,
competitive, governmental, regulatory and technological factors
(including external fraud and cybersecurity threats) affecting
Cornerstone Community Bancorp's operations, pricing, products and
services. Forward-looking statements speak only as of the date they
are made. Except as required by law, Cornerstone Community Bancorp
does not undertake to update forward-looking statements to reflect
subsequent circumstances or events.
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Matthew B. Moseley President & CEO 530.222.1460
Patrick E. Phelan Chief Financial Officer 530.222.1460