Le Lézard
Classified in: Business
Subject: ERN

CORNERSTONE BANCORP, INC. QUARTERLY REPORT - MARCH 31, 2024


PALATINE, Ill., April 16, 2024 /PRNewswire/ --

CORNERSTONE BANCORP, INC.
FIRST QUARTER 2024 HIGHLIGHTS (At or for period ended 3/31/2024)

Income Statement Highlights

Balance Sheet Highlights

Trust and Wealth Management

About Cornerstone Bancorp, Inc.
Founded in 2000, Cornerstone Bancorp, Inc., and its wholly-owned subsidiary, Cornerstone National Bank & Trust Company (collectively "Cornerstone") is committed to serving the commercial banking and investment needs of families and family-owned businesses. Cornerstone serves its clients by investing heavily in people and technology, providing an uncommon relationship experience. Cornerstone has been successful in attracting new clients and talent as the Chicago market consolidates and large banks deemphasize relationships in favor of an institutional approach.

Cornerstone is a leader in commercial lending services including equipment, real estate and construction loans and operating lines of credit as well as business treasury management services and association loans for condominium and townhome associations.

For individuals and families, wealth management services are offered, including investment management, trust and custody services, retirement plans, and estate and guardianship administration.

Headquartered in Palatine, Illinois, Cornerstone maintains offices in Crystal Lake, Deer Park, Naperville and Schaumburg. Visit us on the web at www.cnbtc.bank.

Forward Looking Statement
This release may contain "forward-looking statements" that are subject to risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy and management's plans and objectives for future operations are forward-looking statements. When used in this report, the words "anticipate," "believe," "estimate," "expect," and "intend" and words or phrases of similar meaning, as they relate to Cornerstone or management, are intended to help identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe that management's expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include our ability to maintain or expand our market share or net interest margins, and to implement our marketing and growth strategies. Further, actual results may be affected by our ability to compete on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy, as those factors relate to our cost of funds and return on assets. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates. Many of these risks, as well as other risks may have a material adverse impact on our operations and business.

Financial Highlights (Unaudited)

 ($ in Thousands, Except Share and Per Share Data)









For the Quarter Ending


Year To Date

Income Statement

31-Mar-24

31-Mar-23

% Change


31-Dec-23

31-Dec-22

Net Interest Income

$                 8,192

$                 8,651

-5.3 %


$               34,176

$               31,997

Provision for Loan Losses

150

-

N\A


54

-

Noninterest Income

1,341

1,325

1.2 %


5,201

5,992

Noninterest Expense

6,361

5,859

8.6 %


24,005

23,314

Provision for Income Taxes

867

1,162

-25.4 %


4,441

4,193

Net Income

$                 2,155

$                 2,955

-27.1 %


$               10,877

$               10,482








Ratios







Return on Average Assets *

0.88 %

1.21 %

-26.9 %


1.11 %

1.00 %

Return on Average Stockholders' Equity *

11.21 %

17.20 %

-34.9 %


14.83 %

16.83 %

Net Interest Margin

3.39 %

3.57 %

-4.8 %


3.56 %

3.14 %

Allowance for Loan Losses to Gross Loans **

1.31 %

1.30 %

0.5 %


1.26 %

1.34 %

Dividends Per Share

$                  2.50

$                        -

N\A


$                       -

$                       -

Earnings Per Share

$                  2.19

$                  2.97

-26.3 %


$              11.01

$              10.54









End of Period


End of Period

Balance Sheet Data

31-Mar-24

31-Mar-23

% Change


31-Dec-23

31-Dec-22

Total Assets

$            982,760

$            957,763

2.6 %


$            958,795

$             989,110

Loans, Net of Allowance for Loan Loss

$            625,010

$            617,394

1.2 %


$            639,509

$             600,999

Deposits and Repurchase Agreements

$            884,155

$            867,327

1.9 %


$            861,203

$             899,327

Trust Preferred Securities

$              10,310

$              10,310

0.0 %


$              10,310

$               10,310

Other Borrowings

$                7,763

$                7,763

0.0 %


$                7,763

$               12,763

Tangible Stockholders' Equity

$              72,715

$              65,250

11.4 %


$              73,246

$               61,364

Trust and Wealth Management Assets

$            993,242

$            881,918

12.6 %


$            954,480

$             848,711








Stock Value Per Common Share Data







Price-To-Earnings Ratio *

8.01

5.43

47.4 %


6.31

6.10

Price-To-Tangible Book Value Ratio

0.95

1.00

-4.5 %


0.93

1.04

Tangible Book Value Per Share

$                 74.06

$                 65.64

12.8 %


$                 74.36

$                 61.73

Number of Shares Outstanding

981,839

994,088



985,039

994,088

Average Number of Shares Outstanding

982,106

994,088



982,767

994,088

Stock Price - High

$                 71.00

$                 65.50



$                 70.00

$                 64.30

                       Low

$                 69.00

$                 64.10



$                 66.75

$                 63.10

                       Ending

$                 70.60

$                 65.50



$                 69.50

$                 64.30





*    - Quarter returns are based on annualized Net Income; Year-To-Date returns are based on the Last Twelve Months' (LTM) Net Income

**    - Excludes PPP loans which are 100% SBA guaranteed

 

 

SOURCE Cornerstone Bancorp, Inc.


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