On the final day of the trading week, it may be a good time for investors to look into some stocks which may come into focus among investors today and also over the coming days. The bank holding company Cornerstone Community Bancorp (OTCMKTS:CRSB) is one of the companies that may well be worth looking into this morning owing to recent developments.
However, at the same time, in addition to looking into recent developments with regard to the company, investors could also consider taking a keener look at the nature of the company’s operations.
Trading Data
On Thursday, CRSB stock ended flat at $27.25 with more than 1.3K shares, compared to a volume of 268 shares. The stock moved within a range of $27.25 – 27.25 after opening trade at $27.25.
About Cornerstone Community Bancorp
The bank holding company is based out of Red Bluff in the state of California and serves the communities in the area through the Cornerstone Community Bank.
The bank is also based out of Red Bluff and serves the markets of Redding, Anderson, and Red Bluff. The bank boasts of two officers in Redding and a solitary one in Anderson. It is involved in providing standard commercial banking solutions to small and mid-sized enterprises in the area. In addition to that, it is also involved in doing business with real estate developers as well as not-for-profit organizations.
Investors probably have a fair idea about the nature of the company at this point and hence, it is now time to move on to the latest developments which may have an effect on the company’s stock.
Cornerstone Community Bancorp Reports Financial Results For the Second Quarter Ended June 30, 2022
Cornerstone Community Bancorp had come into the news cycle yesterday after it announced its financial results for the second fiscal quarter that ended on June 30, 2022. It may be a good idea now for investors to take a look at some of the highlights from the financial results in order to make up their minds about the stock.
In the second fiscal quarter, Cornerstone Community Bancorp managed to bring in net income to the tune of as much as $1706000 and that actually reflected a drop from the net income of $1816000 in the same quarter in 2021. The diluted earnings per share for the period came in at $1.12 a share and that was again lower than the $1.20 during the second quarter of 2021. On the other hand, it is also necessary to note that the return on average assets during the period came in at 1.18% while the return on average equity stood at 20.33%.
In this situation, it could also be a good idea to look into the numbers that were announced by Cornerstone Community Bancorp for the six-month period that ended on June 30, 2022. During the period the company managed to bring in a net income of as much as $3,381,000, which was a record in itself. In the prior period, the net income had actually been $3,863,000. Matt Moseley, who is the Chief Executive Officer and President of Cornerstone Community Bancorp noted that the company had managed to produce solid returns during the second quarter of the year despite the escalation in expenses.
Key Quote
President and CEO, Matt Moseley stated, “We produced solid returns in the second quarter even with the added expenses involved with opening our Anderson branch earlier this year and adding staff in some key positions in order to create the infrastructure needed for the bank’s continued growth.”
Technical Data
CRSB stock is trading above the 20-Day and 50-Day Moving averages of $28.83 and $30.40 respectively. Moreover, the stock is trading below the 200-Day moving average of $29.72. The company has a total market capitalization of $32.70 million. The stock is up 3% over the past month.
