Issue link: https://www.epageflip.net/i/11422
4A – Daily News – Wednesday, June 2, 2010 Commerce business By BILL HILL Red Bluff has big things happen- ing as our summer season kicks off. Anticipation is prevalent. "When will the weather be more like summer?," is the one I keep hearing though it has been terrif- ic getting bursts of rain in late May. All this rain has been perpetuating our mowing season. School will be out for the summer in the next few weeks giving time for family outings, vacations, summer camps, and just chilling. Many will be chilling in the Sacramento River as we eagerly await the dam being lowered soon and our Lake Red Bluff returning for a few months. The number of boaters dropping their boats down by the Chamber Office in the late afternoon for runs up the river, wakeboarding in the slew, and din- ner on the river tied up with other boaters are great summertime past times. We can anticipate Lake Red Bluff for at least two more years: enjoy it while you can. Coming up Fathers Day Weekend is the Crawdad Festival being hosted by the R Wild Horse Ranch. The Ranch, west on Hwy 36, is working hard to show us a different type of event than our community is used to and is guaranteed to be a good time. There will be Zydeco music and entertainment from Louisiana, carni- & val, 18 tons of crawdads being shipped and brought in for our tast- ing and enjoyment along with all kinds of vendors and a flavor of Mardi Gras. This event, when at its previous locale in Isleton, used to draw large crowds and the R Ranch has been promoting it at its new location in Red Bluff both in the Sacra- mento and San Francisco areas to draw on some of these craw- dad revelers. We hope this event is a huge success for the R Ranch and the opportunity for our community is to have folks visit our town, stay in our hotels, frequent our restaurants and shop. Help support this event by attending. Crawdads will be served beginning Friday afternoon, June 18, all the way through Sunday, June 20. Sunday, July 4, will be the Cham- ber of Commerce’s second annual Fourth of July Celebration. Our first was a huge success, our sedond will be better. At the celebration there will be a NAS Sanctioned Strong Man Competition, Lawnmower Racing, Horseshoe Tournament, Car Show, a children’s Water World Kid Zone, Talent Contest and BMX Rac- ing. Count on a variety of vendors and come hungry for good food. You can bet there will be a spectacular fireworks show. Come down to the fairgrounds early and stay late. As the chamber is hosting this enterprise Summer opportunities abound event we are working hard to sell a total of 300 Golden Tickets for a chance to win $10,000. One lucky winner, if all the $100 tickets are sold, will win the big prize. An addi- tional 46 other lucky winners will win a prize, so odds are excellent that there will be more than one lucky winner. Buy your Golden Tickets at the Chamber office or stop in at Cornerstone Bank or Buds Jolly Cone. Get them soon as they are moving quickly. No cost for parking, no cost for entering the fairgrounds and a $5 charge for the Main Grand- stand Events and Fireworks. Plan your 4th with friends and family at the Tehama District Fairground in Red Bluff. Farmers Markets will be starting soon both on Saturdays, June 5th, by the chamber office at River Park and Wednesdays, July 7, in front of the courthouse. Canoe Races will once again be on the river July 31 and you can count that there will be all kinds of other events and opportunities to enjoy in town. Keep current on what is going on by going to the chambers website and Facebook page, the Daily News for updates and, while shopping locally, see what is being posted in store front windows with event announcements. Have a safe, warm and fun summer. See you in town. Bill Hill is a board member for the Red Bluff-Tehama County Chamber of Commerce. Locally-based bank reports financials Cornerstone Commu- nity Bank has announced its financial results for the first quarter, which ended March 31. The bank reported net income of $47,000, or $0.04 per diluted share, for the three months ended March 31 com- pared to a net loss of $42,000, or $0.04 per diluted share, for the same period last year. “We are pleased that the progress the bank made during 2009 has continued during the first quarter of 2010. We will continue our focus on sound banking practices and risk management dur- ing 2010,” President and CEO, Jeffrey Finck said. Net Interest Income Net interest income of $718,000 for the quarter represented an increase of approximately $126,000, or 21 percent, from $592,000 for the same quarter one year earlier. Non-Interest Income Non-interest income for the quarter was $47,000 compared to $33,000 for the same quarter one year ago. Non-Interest Expense Non-interest expense was $671,000 compared to $623,000 for the same period one year earlier, representing an increase of $48,000, or 8 percent. At March 31, 2010 and 2009, the bank employed 18 full-time equivalent employees. The bank’s efficiency ratio, the ratio of non- interest expense to rev- enues, was 87.71 percent compared to 99.68 per- cent during the same peri- od last year. Balance Sheet The bank had total assets of $72.3 million, compared to $63.0 mil- lion March 31, 2009, rep- resenting growth of $9.3 million, or 15 percent. Total loans outstand- ing, net of unearned income, were $48.4 mil- lion compared to $46.9 million at March 31, 2009, representing an increase of $1.5 million, or 3 percent. Total deposits were $63.2 million compared to total deposits of $54.2 million at March 31, 2009, representing an increase of $9.0 million, or 17 percent. Credit Quality The allowance for loan losses was $825,000, or 1.71 percent of total loans compared to $778,000, or 1.66 percent of total loans, at March 31, 2009. The provision for credit losses for the quarter was $47,000 compared to $43,000 for the quarter ended March 31, 2009. Nonperforming assets consisted of non-accrual loans of $138,000. There were no nonperforming assets at March 31, 2009. The bank recognized $65,000 in net loan charge-offs during the quarter compared to $55,000 for the same peri- od in the prior year. Capital Adequacy Shareholders’ equity totaled $8.9 million com- pared to $8.6 million at March 31, 2009. The total risk-based capital ratio, tier one capital ratio, and leverage ratio was 17.40 percent, 16.15 percent and 12.48 percent, respec- tively, all exceeding the regulatory standards for “well-capitalized” institu- tions of 10 percent, 6 per- cent, 5 percent, respec- tively. For information, visit www.ccbca.com. New gallery opens downtown Laurel Sparrow, who had a successful gallery in San Diego, has opened Sparrow Fine Arts and Antiques at 644 Main St. in Red Bluff. The business is open 10 to 5 p.m. Tues- day through Sunday. For information call 527-2783 or visit www.sparrowfineart.c om. Airport shuttle joins chamber • New Member – The Coring Chamber of Com- merce welcomes as a new member First Class Shuttle, P.O. Box 7, Palo Cedro, CA 96703. First Class of Redding will now provide a pick up and drop off in Red Bluff, Corning, Orland and Wil- lows for passengers flying out of the Sacramento Air- port. Save money, reduce wear on your vehicle and let them do the driving. All the details are online at www.FirstClassShuttle.net, click on "How it Works," or you can call the office at 605-0137 for more infor- mation. Only $85 round trip per person, with group rates available. • Corning in the Evening – You are invited to the chamber’s monthly get together on Thursday, June 10. The evening is being hosted by Second Chance Pet Rescue, 4312 Rawson Road. Take Corning Road over the freeway and go south at Rawson Road. Bring your business card for the drawing. Refreshments will be served. • Corning Junior Rodeo – Friday June 11, at 7 p.m. and Saturday, June 12 at 5 p.m. the largest junior rodeo in Northern California will be taking place at Estil Clark Park on Fig Lane off Marguerite Ave. There will be a hospitality mixer Thursday, June 10 at 6 p.m., when the crowning of the Senior Queen and Little Miss Rodeo Pageant will take place as well as the stick horse races. There will be a barbecue and the famous cow- chip bingo. Some of the rodeo events include mutton busting, steer riding, barrel racing, pole bending, goat tying, team roping, steer stopping, dummy steer roping, bull riding, bareback riding, calf roping and breakaway rop- ing. For more information call 824-4295 or 824-3777. • Employer Seminar – At 7:15 a.m., June 3, at the Tehama Job Training Center, 724 Main St. in Red Bluff, the Tehama County Employer Advisory Council in partnership with the Employment Development Department presents "Understanding Tax Credits for Hiring and other Cost Cutting Programs." Amanda Sharp and Kathy Garcia, local employment specialists, will be the presenters. Sharp has more than 10 years of economic and employment development experience at One-Stop Career Centers, the Employment Development Depart- ment, and other local agencies. Garcia is the Business Services and Marketing Man- ager of the Tehama County Job Training Center. Are you missing out on thousands of dollars in fed- eral tax credits? Find out how to take advantage of up to $9,000 when hiring new employees. Learn how to get assistance with new and existing employee devel- opment, on-the-job training, internships, and Jumpstart, a summer youth hiring program. Check in is at 7:15 a.m., and program starts at 7:30 a.m. There is no cost to members of TCEAC and only $20 for nonmembers. Go on line to www.tehama.ceac.org or contact Kathy Garcia, 529- 7000 or email kgarcia@ncen.org. ——— This column is prepared and submitted by the Corning Chamber of Commerce. Business news? e-mail: clerk@redbluffdailynews.com or Fax: 527-9251 Switch your DSL Get a Free Modem Switch your DSL Internet Service to Shasta.com and get • Free DSL Modem • Free Local Tech Support • Free Virus and Spam Protection • Free email address your name@redbluff.com Shop local it’s good for the community 530-224-68661-888-742-7828 833 Mistletoe Lane, St A1, Redding Expires 6/30/2010