Welcome to our dedicated page for Cornerstone Banc news (Ticker: CNBP), a resource for investors and traders seeking the latest updates and insights on Cornerstone Banc stock.
Cornerstone Bancorp, Inc. (CNBP) provides investors and stakeholders with comprehensive updates through this centralized news resource. Track the Illinois-based bank's commercial lending activities, wealth management developments, and strategic initiatives in Chicago's competitive financial market.
This page aggregates official press releases, regulatory filings, and market analyses related to CNBP's operations. Users will find updates on loan portfolio performance, treasury management innovations, and leadership appointments, along with essential financial disclosures. The content supports informed decision-making by highlighting Cornerstone's relationship-driven banking approach and asset quality standards.
Key information categories include earnings reports, partnership announcements, and service expansions within the Chicago metropolitan area. All materials are curated to reflect Cornerstone's commitment to family-owned businesses and associations while adhering to financial compliance requirements.
Bookmark this page for streamlined access to CNBP's evolving market position and operational updates. Combine regular visits with professional financial advice when considering investment decisions related to regional banking institutions.
Cornerstone Bancorp (OTC Pink: CNBP) has announced two significant shareholder returns initiatives. First, the Board of Directors declared a special dividend of $2.50 per share, payable February 5, 2025, to shareholders of record as of January 31, 2025. This dividend represents 25% of unaudited 2024 earnings.
Additionally, the company announced a share repurchase program authorizing the buyback of up to 30,000 shares of common stock during 2025. The repurchase program will be executed through open market purchases or private transactions, with timing and volume based on market conditions and other factors. The program has no expiration date and can be modified or suspended at any time.
Cornerstone Bancorp (CNBP) reported Q4 2024 net income of $3.0 million ($3.02 per diluted share), up from $2.5 million ($2.54 per diluted share) in Q4 2023. However, full-year 2024 net income decreased 10.3% to $9.8 million compared to 2023's $10.9 million.
Key financial metrics include: total assets increased 1.9% to $976.9 million; tangible shareholders' equity improved 10.6% to $81.0 million; loan portfolio remained stable at $647.6 million; and trust assets grew 7.4% to $1.02 billion. The net interest margin declined to 3.32% in 2024 from 3.56% in 2023.
The bank maintains strong capitalization with a Tier 1 Leverage Capital Ratio of 10.00%, and paid $2.50 per share in dividends during 2024. Notable portfolio changes include reduced interest-bearing deposits at correspondent banks (8.9% of total assets) and increased securities holdings to $218.9 million, including $119.8 million in one-month US Treasury bills.
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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