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4B Daily News – Friday, October 19, 2012 Bank, (OTCBB: CRSB), announced today its financial results for the third quarter ended September 30, 2012. Cornerstone Community The Bank reported net income of $414,000 for the three months ended September 30, 2012 repre- senting an increase of $237,000, or 134%, compared to net income of $177,000 for the same period last year. Diluted earnings per share for the three months ended September 30, 2012 were $0.32 compared to $0.14 for the same period last year. Net income for the nine months ended September 30, 2012 was $886,000, or $0.70 per diluted share compared to net income of $495,000, or $0.40 per diluted share, for the first nine months of 2011. The return on average assets for the three months ended Sep- tember 30, 2012 was 1.54% com- pared to 0.89% for the same peri- od last year. The return on average equity was 14.88% for the three months ended September 30, 2012 compared to 7.20% for the same period last year. For the nine months ended September 30, 2012, the return on average assets The Chico State Herbar- ium is presenting a full afternoon of events at its annual meeting on Satur- day, Nov. 3. A reception for the winners of the Native Plant Photo Contest begins at 3 p.m., followed by a talk by Erin Gottschalk Fisher, "Evaluating Vernal Pool was 1.17% and the return on aver- age equity was 11.03% compared to 0.84% and 7.02%, respectively, for the first nine months of 2011. "The bank continues to make solid progress in loan and deposit growth," stated Jeffrey Finck, President and CEO. "We look for- ward to our continued invest- ments in both the Red Bluff and Redding communities." Net Interest Income Cornerstone reports financial results for the Third Quarter Net interest income of $1,063,000 for the quarter ended September 30, 2012 represented an increase of $99,000, or 10%, from $964,000 for the same quar- ter one year earlier. The net inter- est margin decreased to 4.10% during the quarter ended Septem- ber 30, 2012 compared to 5.04% during the same quarter last year. For the nine months ended Sep- tember 30, 2012, net interest income was $3,240,000 com- pared to $2,783,000 for the first nine months of 2011 representing an increase of $457,000, or 16%. The net interest margin decreased to 4.47% for the first nine months of 2012 compared to 4.94% dur- ing the same period last year. Provision for credit losses Restoration for Two Rare Grasses," at 4 p.m. Both take place in Holt 129. A talk by Connie Millar, pale- oecologist with the USDA Forest Service, begins at 5 p.m. in Holt 268. effects of global climate change in the Sierra Neva- Millar will discuss the The provision for credit losses for the quarter ended September 30, 2012 was $150,000 compared to $60,000 for the quarter ended September 30, 2011. The provi- sion for credit losses for the nine months ended September 30, 2012 was $285,000 compared to $149,000 for the nine months ended September 30, 2011. Non-Interest Income The Bank's non-interest income for the quarter ended Sep- tember 30, 2012 was $454,000 compared to $110,000 for the quarter ended September 30, 2011. For the nine months ended September 30, 2012, non-interest income was $691,000 compared to $234,000 for the same period last year. The increase in non- interest income was primarily due to increases in mortgage loan fee income and a severance-related accrual reversal. Non-Interest Expense Non-interest expense was $977,000 for the quarter ended September 30, 2012 compared to $870,000 for the same period one year earlier. For the nine months ended September 30, 2012, non- interest expense was $2,832,000 da in her talk, "From Mountain Tops to Canyon Bottoms: Climate's Vari- able Effect on Sierran Ecosystems." Millar, who has a PhD in genetics from UC Berkeley, is currently researching the role of his- toric and ongoing climate change in high-elevation compared to $2,689,000 for the same period last year, represent- ing an increase of $143,000, or 5%. During the quarter ended Sep- tember 30, 2012, the Bank recog- nized an income tax benefit of $24,000 compared to $33,000 for the same period last year. These benefits were primarily due to the recognition of deferred tax assets. Balance Sheet Income Taxes The Bank had total assets at September 30, 2012 of $106.9 million, compared to $81.8 mil- lion at September 30, 2011, repre- senting growth of $25.1 million, or 31%. Total loans outstanding at Sep- tember 30, 2012, net of unearned income, were $72.2 million com- pared to $60.6 million at Septem- ber 30, 2011, representing an increase of $11.6 million, or 19%. Total deposits were $94.2 mil- lion at September 30, 2012 com- pared to total deposits of $71.2 million at September 30, 2011, representing an increase of $23.0 million, or 32%. Credit Quality The allowance for loan losses forest biogeography, demography and adapta- tion. She works at the Pacific Southwest Research Station in Albany, Calif. Most recent- ly, her research team has undertaken distributional and climatic studies of the American pika and its asso- was $1,469,000, or 2.03% of loans, net of unearned income at September 30, 2012, compared to $1,180,000, or 1.95% of loans, net of unearned income at Sep- tember 30, 2011. Nonperforming assets at September 30, 2012 were $75,000 compared to $89,000 at September 30, 2011. The bank recognized $86,000 in net loan charge-offs during the nine months ended September 30, 2012, representing 0.17% of aver- age loans on an annualized basis. Capital Adequacy At September 30, 2012, shareholders' equity totaled $11.4 million compared to $10.0 million at September 30, 2011. At September 30, 2012, the total risk-based capital ratio, tier one capital ratio, and leverage ratio was 14.43%, 13.17% and 10.12%, respectively, all exceed- ing the regulatory standards for "well-capitalized" institutions of 10.00%, 6.00% and 5.00%, respectively. Cornerstone Community Bank is a California state-chartered bank with its headquarters office in Red Bluff and a branch office in Redding. Herbarium to host talk on climate change's effects in the Sierra Nevada ciation with periglacial alpine landforms. The meeting and the talks are free and open to the public. For more infor- mation about Millar, visit www.csuchico.edu/biol/He rb/friends/Annual_Meet- ing_2012_speaker.html. The Chico State Herbar- ium, located in Holt Hall 129, is the most complete repository of native plant specimens from northeast- ern California. 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