CORNERSTONE BANCORP, INC. QUARTERLY REPORT - JUNE 30, 2024

In This Article:

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

CORNERSTONE BANCORP, INC.
SECOND QUARTER 2024 HIGHLIGHTS (At or for period ended 6/30/2024)

Income Statement Highlights

  • Consolidated net income was $2.0 million in 2Q24, or $2.05 per diluted share, compared to $2.7 million in 2Q23, or $2.74 per diluted share.

  • The net interest margin (NIM) was 3.27% for 2Q24, compared to 3.54% for 2Q23.

  • Interest earned on the Bank's interest-bearing deposit account at the Federal Reserve Bank was $1.5 million for 2Q24 compared to $2.5 million for 2Q23.

  • Interest earned on US Treasury securities was $1.5 million for 2Q24 compared to $157,000 for 2Q23. This interest is exempt from Illinois income taxes.

  • Noninterest expense was $6.4 million in 2Q24 compared to $6.0 million in 2Q23.

Balance Sheet Highlights

  • Total consolidated assets increased 1.5% to $986.0 million on June 30, 2024, compared to $971.9 million a year earlier.

  • Tangible shareholders' equity improved 10.8% to $74.1 million on June 30, 2024, compared to $66.9 million a year earlier.

  • Interest-bearing deposits at correspondent banks totaled $142.8 million on June 30, 2024 (14.4% of total assets) compared to $205.1 million a year earlier (21.1% of total assets).

  • The securities portfolio totaled $181.1 million on June 30, 2024, compared to $118.2 million a year earlier. The current portfolio includes $79.9 million of one-month US Treasury bills that were added during 2Q24. The weighted average remaining life approximates 1.6 years.

  • The loan portfolio totaled $640.2 million on June 30, 2024, $12.7 million, or 2.0%, higher than a year earlier.

  • Total deposits and repurchase agreements increased 0.6% to $885.6 million on June 30, 2024, compared to $879.9 million a year earlier.

  • The Corporation's other borrowings were $7.8 million on June 30, 2024, unchanged from a year earlier.

  • The Bank continues to be well-capitalized, with a Tier 1 Leverage Capital Ratio of 9.75% on June 30, 2024.

Trust and Wealth Management

  • Trust and wealth management assets totaled $975.9 million on June 30, 2024, compared to $896.5 million a year earlier.

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.


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