Cornerstone Community Bank (CRSB) Q4 2024 earnings summary

Executive summary

• Reported Q4 2024 net income of $1.81M, down from $1.89M in Q4 2023; full-year 2024 net loss of $785K vs. $7.37M net income in 2023, mainly due to $9.4M charge-off on agricultural loans in Q3 2024.

• Diluted EPS for Q4 2024 was $1.18, compared to $1.24 in Q4 2023; full-year diluted loss per share was $(0.51) vs. $4.84 EPS in 2023.

• Announced definitive merger agreement with Plumas Bancorp.

Financial highlights

• Net interest income for Q4 2024 was $5.17M, down from $5.44M in Q4 2023; full-year net interest income was $19.58M, down from $21.81M in 2023.

• Non-interest income for Q4 2024 was $374K, up from $358K in Q4 2023; full-year non-interest income was $1.45M, up from $1.39M in 2023.

• Non-interest expense for Q4 2024 was $3.23M, up from $3.17M in Q4 2023; full-year non-interest expense was $12.82M, up from $12.45M in 2023.

• Total loans at year-end 2024 were $498.9M, up from $482.2M at year-end 2023; total deposits were $584.3M, up from $564.5M.

Outlook and guidance

• Management expressed optimism about the merger with Plumas Bancorp and the combined entity's ability to deliver superior products and services.