Cornerstone Community Bancorp Reports Second Quarter Financial Results Ended June 30, 2021

Cornerstone Community Bancorp Reports Second Quarter Financial Results Ended June 30, 2021

Net interest income increased to $4,239,000 for the quarter ended June 30, 2021 compared to $3,153,000 for the same quarter last year. For the six months ended June 30, 2021, net interest income increased to $8,456,000 compared to $5,995,000 for the same period last year. Net Interest Income Provision for credit losses

The return on average assets for the six months ended June 30, 2021 was 1.45% and the return on average equity was 24.24%. For the six months ended June 30, 2021, the Company reported net income of $3,863,000 compared to net income of $1,331,000 for the same period last year. Diluted earnings per share were $2.58 for the six months ended June 30, 2021 compared to $0.87 for the same period last year.

President and CEO, Jeff Finck stated, “We continue to grow loans, deposits and earnings. Asset quality remains strong with no nonperforming assets.” The return on average assets for the three months ended June 30, 2021 was 1.35% and the return on average equity was 22.17%. The tax-equivalent net interest margin was 3.33% for the three months ended June 30, 2021 compared to 3.06% for the same period last year and the efficiency ratio was 43.23% for the three months ended June 30, 2021 compared to 42.00% for the same period last year.

Non-interest income for the quarter ended June 30, 2021 was $422,000 compared to $204,000 for the quarter ended June 30, 2020. For the six months ended June 30, 2021, non-interest income was $1,299,000 compared to $598,000 for the same period last year. Non-Interest Expense Non-Interest Income

Story continues Provision for credit losses were $100,000 for the quarter ended June 30, 2021 compared to $150,000 for the same quarter last year. For the six months ended June 30, 2021, the Company recorded a $500,000 provision for credit losses compared to $1,600,000 for the same period last year.

The News Highlights

  • Cornerstone Community Bancorp Reports Second Quarter Financial Results Ended June 30, 2021
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Required masks in New Orleans;  Louisiana may follow Monday
Required masks in New Orleans; Louisiana may follow Monday
Looming over the decision will be new findings from a big COVID-19 outbreak in Massachusetts. Scientists who studied the outbreak concluded vaccinated people ...
Dark Mode helps you save battery life, but you may not notice
Dark Mode helps you save battery life, but you may not notice
But while many people enable the setting because they believe it will extend the battery life of their phone (or other mobile device), research has now ...
Olympic attention to mental health: can news coverage rotate?
Olympic attention to mental health: can news coverage rotate?
In its coverage, NBC should make it a point to talk to athletes about their mental, not just physical, preparation for the games, said Hillary Cauthen, a ...
Baton Rouge Children's Hospital is nearly full, bracing for Covid's surge in cases ahead of the school year.
Baton Rouge Children’s Hospital is nearly full, bracing for Covid’s surge in cases ahead of the school year.
The hospital is currently treating seven Covid-19 patients, but Dunbar said they’ve had anywhere from eight to 12 patients per day. The hospital is up to about ...
Refurbished Sony XM4 ANC headphones are now $180
Refurbished Sony XM4 ANC headphones are now $180
  Today’s best deals are headlined by Sony’s popular XM4 ANC headphones dropping to $180. That’s alongside the Microsoft Surface Duo folding smartphone ...
The QuietComfort 45 headphones from Bose have been reintroduced to the Bose Music app
The QuietComfort 45 headphones from Bose have been reintroduced to the Bose Music app
As spotted by a CNET reader, the still-unannounced headphones have shown up in Bose’s Music app on iOS and Android when trying to pair a product with the app ...
Marlins coach Don Mattingly tests positive for COVID-19 and will miss series with Yankees
Marlins coach Don Mattingly tests positive for COVID-19 and will miss series with Yankees
As a player Mattingly spent 14 very productive seasons with the Yankees, Miami’s opponent this weekend. He was the 1985 AL MVP and received Hall of Fame ...
Overkill in Hong Kong’s Apple Daily
Overkill in Hong Kong’s Apple Daily
Mr. Chan says he has discovered that the company’s “senior management engaged in unlawful and fraudulent activities.” He’s now invoked the investigative ...
Taiwan’s economy loses steam as antivirus controls tighten
Taiwan’s economy loses steam as antivirus controls tighten
A resurgence of coronavirus cases prompted Taiwan’s government to tighten social distance measures for factories and retailing. Consumer spending fell 0.4% ...
Tunisia’s turmoil is being watched with caution around the world
Tunisia’s turmoil is being watched with caution around the world
And around the world, pro-democracy campaigners wonder if a country they held up as a beacon is losing its promise of democratic rule, as other nations ...
Show next
Compsmag - Latest News from tech, business and health
Logo