Cornerstone Community Bank (CRSB) Q2 2024 earnings summary

Executive summary

• Net income for Q2 2024 was $1.44 million, down from $1.86 million in Q2 2023.

• EPS for Q2 2024 was $0.94, compared to $1.22 in the same quarter last year.

• Six-month net income was $2.84 million, down from $3.56 million year-over-year.

• Management notes margin pressure but expects deposit cost increases to flatten and asset repricing to continue.

Financial highlights

• Net interest income for Q2 2024 was $5.11 million, down from $5.54 million in Q2 2023.

• Non-interest income for Q2 2024 was $367,000, up from $353,000 in Q2 2023.

• Non-interest expense for Q2 2024 was $3.31 million, up from $3.09 million in Q2 2023.

• Provision for credit losses was $169,000 in Q2 2024, compared to $180,000 in Q2 2023.

Key financial ratios and metrics

• Return on average assets for Q2 2024 was 0.86%; return on average equity was 12.86%.

• Tax-equivalent net interest margin was 3.21% for Q2 2024.

• Efficiency ratio was 60.47% for Q2 2024.

• Allowance for credit losses on loans was $6.13 million, or 1.23% of loans at June 30, 2024.