Cornerstone Bancorp, Inc. Quarterly Report - December 31, 2024
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) ha riportato un utile netto per il quarto trimestre del 2024 di 3,0 milioni di dollari (3,02 dollari per azione diluita), in aumento rispetto ai 2,5 milioni di dollari (2,54 dollari per azione diluita) del quarto trimestre del 2023. Tuttavia, l'utile netto per l'intero anno 2024 è diminuito del 10,3% a 9,8 milioni di dollari rispetto ai 10,9 milioni di dollari del 2023.
I principali indicatori finanziari includono: gli attivi totali sono aumentati dell'1,9% a 976,9 milioni di dollari; il patrimonio netto tangibile degli azionisti è migliorato del 10,6% a 81,0 milioni di dollari; il portafoglio prestiti è rimasto stabile a 647,6 milioni di dollari; e gli attivi fiduciari sono cresciuti del 7,4% a 1,02 miliardi di dollari. Il margine di interesse netto è sceso al 3,32% nel 2024 rispetto al 3,56% nel 2023.
La banca mantiene una forte capitalizzazione con un rapporto di capitale di leva Tier 1 dell'10,00% e ha pagato 2,50 dollari per azione in dividendi durante il 2024. Le notevoli modifiche del portafoglio includono la riduzione dei depositi a interesse presso banche corrispondenti (8,9% degli attivi totali) e un aumento delle partecipazioni in titoli a 218,9 milioni di dollari, compresi 119,8 milioni di dollari in buoni del Tesoro statunitensi a un mese.
Cornerstone Bancorp (CNBP) reportó un ingreso neto en el cuarto trimestre de 2024 de 3.0 millones de dólares (3.02 dólares por acción diluida), un aumento respecto a los 2.5 millones de dólares (2.54 dólares por acción diluida) del cuarto trimestre de 2023. Sin embargo, el ingreso neto del año completo 2024 disminuyó un 10.3% a 9.8 millones de dólares en comparación con los 10.9 millones de dólares de 2023.
Los principales indicadores financieros incluyen: los activos totales aumentaron un 1.9% a 976.9 millones de dólares; el patrimonio neto tangible de los accionistas mejoró un 10.6% a 81.0 millones de dólares; la cartera de préstamos se mantuvo estable en 647.6 millones de dólares; y los activos fiduciarios crecieron un 7.4% a 1.02 mil millones de dólares. El margen de interés neto bajó al 3.32% en 2024 desde el 3.56% en 2023.
El banco mantiene una sólida capitalización con un Ratio de Capital de Apalancamiento de Tier 1 del 10.00%, y pagó 2.50 dólares por acción en dividendos durante 2024. Los cambios notables en la cartera incluyen una reducción en los depósitos a interés en bancos corresponsales (8.9% de los activos totales) y un aumento en la tenencia de valores a 218.9 millones de dólares, incluyendo 119.8 millones de dólares en bonos del Tesoro de EE.UU. a un mes.
코너스톤 뱅콥 (CNBP)는 2024년 4분기 순이익이 300만 달러(주당 희석 기준 3.02달러)로 보고되었으며, 이는 2023년 4분기 250만 달러(주당 희석 기준 2.54달러)에서 증가한 것입니다. 그러나 2024년 전체 순이익은 2023년 1천090만 달러에서 10.3% 감소한 980만 달러로 나타났습니다.
주요 재무 지표로는 총 자산이 1.9% 증가하여 9억7690만 달러에 달했으며, 유형 주주 자본은 10.6% 증가하여 8100만 달러에 이르렀습니다. 대출 포트폴리오는 6억4760만 달러로 안정적으로 유지되었고, 신탁 자산은 7.4% 증가하여 10억2000만 달러가 되었습니다. 순이자 마진은 2023년 3.56%에서 2024년 3.32%로 감소했습니다.
은행은 티어 1 레버리지 자본 비율이 10.00%로 강력한 자본 구조를 유지하고 있으며, 2024년 동안 주당 2.50달러의 배당금을 지급했습니다. 주목할 만한 포트폴리오 변경 사항으로는 커런트 뱅크의 이자 발생 예금이 감소하고(총 자산의 8.9%) 증권 보유가 2억1천890만 달러로 증가했으며, 이에는 한 달 만기 미 국채가 1억1천980만 달러 포함됩니다.
Cornerstone Bancorp (CNBP) a rapporté un revenu net de 3,0 millions de dollars (3,02 dollars par action diluée) pour le quatrième trimestre 2024, en hausse par rapport à 2,5 millions de dollars (2,54 dollars par action diluée) au quatrième trimestre 2023. Cependant, le revenu net pour l'année entière 2024 a diminué de 10,3 % pour atteindre 9,8 millions de dollars comparé aux 10,9 millions de dollars de 2023.
Les principaux indicateurs financiers incluent : les actifs totaux ont augmenté de 1,9 % pour atteindre 976,9 millions de dollars ; les capitaux propres tangibles des actionnaires ont augmenté de 10,6 % pour atteindre 81,0 millions de dollars ; le portefeuille de prêts est resté stable à 647,6 millions de dollars ; et les actifs en fiducie ont augmenté de 7,4 % pour atteindre 1,02 milliard de dollars. La marge d'intérêt nette a diminué à 3,32 % en 2024 contre 3,56 % en 2023.
La banque maintient une forte capitalisation avec un ratio de capital de levier de niveau 1 de 10,00 %, et a versé 2,50 dollars par action en dividendes pendant 2024. Les changements notables du portefeuille incluent une réduction des dépôts générant des intérêts auprès des banques correspondantes (8,9 % des actifs totaux) et une augmentation des titres détenus à 218,9 millions de dollars, y compris 119,8 millions de dollars en bons du Trésor américain à un mois.
Cornerstone Bancorp (CNBP) berichtete im 4. Quartal 2024 einen Nettogewinn von 3,0 Millionen USD (3,02 USD pro verwässerter Aktie), ein Anstieg von 2,5 Millionen USD (2,54 USD pro verwässerter Aktie) im 4. Quartal 2023. Der Nettogewinn für das Gesamtjahr 2024 fiel jedoch um 10,3% auf 9,8 Millionen USD im Vergleich zu 10,9 Millionen USD im Jahr 2023.
Wichtige Finanzkennzahlen umfassen: Die Gesamtaktiva nahmen um 1,9% auf 976,9 Millionen USD zu; das tatsächliche Eigenkapital der Aktionäre stieg um 10,6% auf 81,0 Millionen USD; das Darlehensportfolio blieb stabil bei 647,6 Millionen USD; und die Treuhandvermögen wuchsen um 7,4% auf 1,02 Milliarden USD. Die Nettozinsmarge sank 2024 auf 3,32% von 3,56% im Jahr 2023.
Die Bank weist eine starke Kapitalausstattung mit einem Tier-1-Leverage-Capital-Ratio von 10,00% auf und zahlte 2,50 USD pro Aktie an Dividenden während 2024. Erwähnenswerte Portfolioänderungen umfassen eine Reduzierung der zinstragenden Einlagen bei korrespondierenden Banken (8,9% der Gesamtaktiva) und einen Anstieg der Wertpapierbestände auf 218,9 Millionen USD, einschließlich 119,8 Millionen USD in einmonatigen US-Staatsanleihen.
- Q4 2024 net income increased 20% YoY to $3.0 million
- Tangible shareholders' equity improved 10.6% YoY to $81.0 million
- Trust assets grew 7.4% YoY to $1.02 billion
- Tangible book value per share increased 10.7% YoY to $82.33
- Tier 1 Leverage Capital Ratio improved to 10.00% from 9.60% YoY
- Full-year 2024 net income decreased 10.3% to $9.8 million
- Net interest margin declined to 3.32% from 3.56% YoY
- Interest-bearing deposits at correspondent banks decreased to 8.9% from 19.5% of total assets
For the year ended December 31, 2024, net income decreased
"Cornerstone's investment portfolio continues its very short duration and provides high levels of liquidity to take advantage of credit opportunities," stated Gerald F. Fitzgerald, Jr., Chairman of Cornerstone Bancorp, Inc.
"Cornerstone's loan portfolio experienced a number of large reductions as clients sold businesses and retired debt. Those reductions were replaced by new relationships that originated in 2024. Asset quality remained very high with only three individual credits on nonaccrual status totaling less than
Fourth Quarter and Full Year 2024 Highlights:
- Consolidated net income was
$3.0 million $3.02 $2.5 million $2.54 - For 2024, net income decreased
10.3% , to$9.8 million $9.95 $10.9 million $11.01 - The net interest margin (NIM) was
3.30% in the fourth quarter of 2024, compared to3.46% in the fourth quarter of 2024. For the full year 2024, the NIM was3.32% compared to3.56% in 2023. - Total assets increased
1.9% to$976.9 million $958.8 million - Tangible shareholders' equity improved
10.6% to$81.0 million $73.2 million - Interest-bearing deposits at correspondent banks totaled
$86.1 million 8.9% of total assets) compared to$187.3 million 19.5% of total assets). - The securities portfolio totaled
$218.9 million $103.9 million $119.8 million - The loan portfolio totaled
$647.6 million - Total deposits and repurchase agreements increased
1.2% to$871.5 million $861.2 million - Trust assets increased
7.4% to$1.02 billion $954.5 million - Tangible book value per share increased
10.7% to$82.33 $74.36 - Dividends to shareholders were
$2.50 - The Bank continues to be well-capitalized, with a Tier 1 Leverage Capital Ratio of
10.00% at December 31, 2024 compared to9.60% at December 31, 2023.
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
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.
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
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 TABLES FOLLOW
Financial Highlights (Unaudited) | ||||||
($ in Thousands, Except Share and Per Share Data) | ||||||
For the Quarter Ending | Year To Date | |||||
Income Statement | 12-31-2024 | 31-Dec-23 | % Change | 12-31-2024 | 31-Dec-23 | |
Net Interest Income | $ 8,320 | $ 8,543 | -2.6 % | $ 32,780 | $ 34,176 | |
Provision for Credit Losses | 25 | 12 | 108.3 % | 325 | 54 | |
Noninterest Income | 1,365 | 1,270 | 7.5 % | 5,473 | 5,201 | |
Noninterest Expense | 6,154 | 6,194 | -0.6 % | 25,161 | 24,005 | |
Provision for Income Taxes | 535 | 1,112 | -51.9 % | 3,008 | 4,441 | |
Net Income | $ 2,972 | $ 2,495 | 19.1 % | $ 9,760 | $ 10,877 | |
Ratios | ||||||
Return on Average Assets | 1.16 % | 1.00 % | 16.1 % | 0.98 % | 1.11 % | |
Return on Average Stockholders' Equity | 13.49 % | 12.85 % | 4.9 % | 12.02 % | 14.83 % | |
Net Interest Margin | 3.30 % | 3.46 % | -4.7 % | 3.32 % | 3.56 % | |
Allowance for Loan Losses to Gross Loans | 1.35 % | 1.26 % | 7.4 % | 1.35 % | 1.26 % | |
Dividends Per Share | $ - | $ - | N\A | $ 2.50 | $ - | |
Earnings Per Share | $ 3.02 | $ 2.54 | 18.8 % | $ 9.95 | $ 11.01 | |
End of Period | End of Period | |||||
Balance Sheet Data | 12-31-2024 | 31-Dec-23 | % Change | 31-Dec-22 | 31-Dec-21 | |
Total Assets | $ 976,886 | $ 958,795 | 1.9 % | $ 989,110 | $ 950,731 | |
Loans, Net of Allowance for Loan Losses | $ 638,832 | $ 639,509 | -0.1 % | $ 600,999 | $ 583,423 | |
Deposits and Repurchase Agreements | $ 871,306 | $ 861,203 | 1.2 % | $ 899,327 | $ 860,067 | |
Trust Preferred Securities | $ 10,310 | $ 10,310 | 0.0 % | $ 10,310 | $ 10,310 | |
Other Borrowings | $ 7,763 | $ 7,763 | 0.0 % | $ 12,763 | $ 17,763 | |
Tangible Stockholders' Equity | $ 81,003 | $ 73,246 | 10.6 % | $ 61,364 | $ 56,865 | |
Trust Assets | $ 1,019,951 | $ 954,480 | 7.4 % | $ 848,711 | $ 1,016,393 | |
Stock Value Per Common Share Data | ||||||
Price-To-Earnings Ratio | 8.30 | 6.31 | 31.5 % | 6.10 | 6.47 | |
Price-To-Tangible Book Value Ratio | 1.00 | 0.93 | 7.3 % | 1.04 | 1.12 | |
Tangible Book Value Per Share | $ 82.33 | $ 74.36 | 10.7 % | $ 61.73 | $ 57.20 | |
Number of Shares Outstanding | 983,905 | 985,039 | 994,088 | 994,088 | ||
Average Number of Shares Outstanding | 983,386 | 982,767 | 994,088 | 994,088 | ||
Stock Price - High | $ 82.59 | $ 70.00 | $ 64.30 | $ 64.00 | ||
Low | $ 75.95 | $ 66.75 | $ 63.10 | $ 60.00 | ||
Ending | $ 82.59 | $ 69.50 | $ 64.30 | $ 64.00 | ||
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SOURCE Cornerstone Bancorp, Inc.
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