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Cornerstone Bancorp, Inc., founded in 2000, along with its wholly-owned subsidiary, Cornerstone National Bank & Trust Company (collectively known as 'Cornerstone'), is dedicated to meeting the commercial banking and investment needs of families and family-owned businesses. Headquartered in Palatine, Illinois, Cornerstone extends its services through multiple offices located in Crystal Lake, Deer Park, Naperville, and Schaumburg.
Cornerstone has positioned itself as a leader in commercial lending, offering a range of services including equipment, real estate, and construction loans, operating lines of credit, and business treasury management services. The company also specializes in association loans for condominium and townhome associations. For individual clients and families, Cornerstone provides wealth management services, which encompass investment management, trust and custody services, retirement plans, and estate and guardianship administration.
Cornerstone's focus on investing in both people and technology ensures an exceptional relationship experience for its clients. Despite the trend of large banks moving towards an institutional approach, Cornerstone remains committed to building strong, personalized relationships with its clients. This approach has enabled the company to attract new clients and talent, especially as the Chicago market sees further consolidation.
In recent financial news, Cornerstone Bancorp, Inc. reported a net income of $2.5 million for the fourth quarter of 2023, highlighting a profitable year overall with a 3.8% increase in annual net income. The company's high liquidity and short-duration investment portfolio have contributed to these positive results, particularly in a rising rate environment. Additionally, the company's loan portfolio saw a significant increase of $39 million, maintaining high asset quality.
The company’s performance in early 2023 demonstrated stability, with the management team effectively guiding clients through industry-wide challenges. Cornerstone's continued success is attributed to its strategic focus on market expansion, maintaining net interest margins, and introducing new products and services that meet customer needs.
For more information, visit Cornerstone Bancorp, Inc. at www.cnbtc.bank.
Cornerstone Bancorp (CNBP) reported its Q2 2024 results, showing mixed performance. Consolidated net income decreased to $2.0 million ($2.05 per diluted share) from $2.7 million ($2.74 per diluted share) in Q2 2023. The net interest margin declined to 3.27% from 3.54% year-over-year. However, total consolidated assets grew 1.5% to $986.0 million, and tangible shareholders' equity improved 10.8% to $74.1 million.
The loan portfolio increased by 2.0% to $640.2 million, while total deposits and repurchase agreements rose 0.6% to $885.6 million. The securities portfolio significantly expanded to $181.1 million from $118.2 million, including $79.9 million in one-month US Treasury bills. Trust and wealth management assets grew to $975.9 million from $896.5 million a year earlier. The Bank maintains a strong capital position with a Tier 1 Leverage Capital Ratio of 9.75%.
Cornerstone Bancorp (OTC Pink: CNBP) reported a net income of $3.1 million for Q4 2022, equating to $3.12 per diluted share, a 49.1% increase from Q4 2021. For the full year 2022, net income grew 6.7% to $10.5 million, or $10.54 per diluted share. Strong core deposits and a robust net interest margin contributed to the profitability, bolstered by a $49 million rise in the loan portfolio. However, the Mortgage Division faced challenges due to rising rates. Share repurchase program authorized for up to 30,000 shares. Total assets rose 4.0% to $989.1 million.
Cornerstone Bancorp, Inc. (OTC Pink: CNBP) reported a net income of $2.08 million for Q4 2021, a decline from $2.29 million in Q4 2020. However, for the full year ending December 31, 2021, net income rose 17.3% to $9.83 million. Key factors for growth included core deposit growth and income from the SBA Paycheck Protection Program (PPP), totaling $320.9 million in funded loans. Trust assets also increased by 25.2% to $1 billion.
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