Cornerstone Community Bank (Red Bluff, CA) announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net income of $325,000 or $0.25 per diluted share, representing an increase of $117,000, or 56%, compared to net income of $208,000 or $0.17 per diluted share for the same period last year. Total interest income was $1,277,000 against $1,142,000 a year ago. Net interest income was $1,107,000 for the quarter ended December 31, 2012 representing an increase of $132,000, or 14%, from $975,000 for the same quarter last year. Net interest income after provision for credit losses was $1,107,000 against $865,000 a year ago. Income before income taxes was $301,000 against $55,000 a year ago. The return on average assets for the three months ended December 31, 2012 was 1.19% compared to 0.95% for the same period last year. The return on average equity was 11.16% for the three months ended December 31, 2012 compared to 8.25% for the same period last year.

For the year, the company reported net income of $1,211,000, or $0.95 per diluted share compared to net income of $703,000, or $0.57 per diluted share for the year ended December 31, 2011. Total interest income was $5,055,000 against $4,414,000 a year ago. Net interest income was $4,347,000, representing an increase of $589,000, or 16%, from $3,758,000 for the year ending December 31, 2011. Net interest income after provision for credit losses was $4,062,000 against $3,499,000 a year ago. Income before income taxes was $1,115,000 against $234,000 a year ago. The return on average assets was 1.17% compared to 0.87% for the year ended December 31, 2011. The return on average equity was 11.06% compared to 7.34% for the year ended December 31, 2011.