Cornerstone Bancorp, Inc. Quarterly Report - June 30, 2025
CORNERSTONE BANCORP, INC.
SECOND QUARTER 2025 HIGHLIGHTS (At or for period ended 6/30/2025)
Income Statement Highlights
- Consolidated net income was
$2.8 million in 2Q25, or$2.81 per diluted share, compared to$2.0 million in 2Q24, or$2.05 per diluted share. - The net interest margin (NIM) was 3.65% for 2Q25, compared to 3.27% for 2Q24.
- Interest earned on the Bank's interest-bearing deposit accounts at correspondent banks was
$964,000 for 2Q25 compared to$1.5 million for 2Q24. - Interest earned on
US Treasury securities was$1.4 million for 2Q25 compared to$1.5 million for 2Q24. This interest is exempt fromIllinois income taxes. - Noninterest expense was
$6.5 million in 2Q25 compared to$6.4 million in 2Q24.
Balance Sheet Highlights
- Total consolidated assets increased 1.4% to
$1.0 billion onJune 30, 2025 , compared to$986.0 million a year earlier. - Tangible shareholders' equity improved 14.0% to
$84.5 million onJune 30, 2025 , compared to$74.1 million a year earlier. - Interest-bearing deposits at correspondent banks totaled
$89.2 million onJune 30, 2025 (8.9% of total assets) compared to$142.8 million a year earlier (14.4% of total assets). - The securities portfolio totaled
$206.2 million onJune 30, 2025 , compared to$181.1 million a year earlier. The weighted average remaining life approximates 1.2 years. - The loan portfolio totaled
$686.1 million onJune 30, 2025 ,$45.9 million , or 7.2%, higher than a year earlier. - Total deposits increased 0.7% to
$891.6 million onJune 30, 2025 , compared to$885.6 million a year earlier. - The Corporation's other borrowings were
$5.5 million onJune 30, 2025 , compared to$7.8 million a year earlier. - The Bank continues to be well-capitalized, with a Tier 1 Leverage Capital Ratio of 10.32% on
June 30, 2025 .
Trust and Wealth Management
- Trust and wealth management assets totaled
$1.06 billion onJune 30, 2025 , compared to$975.9 million a year earlier.
About
Founded in 2000,
Cornerstone is a leader in commercial lending services including equipment, real estate and construction loans and operating lines of credit. In addition, Cornerstone offers sophisticated treasury management services for businesses.
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.
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Financial Highlights (Unaudited) |
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($ in Thousands, Except Share and Per Share Data) |
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For the Quarter Ending |
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Year To Date |
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Income Statement |
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% Change |
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Net Interest Income |
$ 8,883 |
$ 7,918 |
12.2 % |
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$ 17,218 |
$ 16,110 |
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Provision for Loan Losses |
- |
150 |
-100.0 % |
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- |
300 |
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Noninterest Income |
1,425 |
1,285 |
10.9 % |
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2,801 |
2,626 |
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Noninterest Expense |
6,510 |
6,371 |
2.2 % |
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13,417 |
12,732 |
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Provision for Income Taxes |
1,035 |
684 |
51.3 % |
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1,809 |
1,551 |
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Net Income |
$ 2,763 |
$ 1,998 |
38.3 % |
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$ 4,793 |
$ 4,153 |
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Ratios |
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Return on Average Assets * |
1.12 % |
0.82 % |
37.2 % |
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1.05 % |
0.95 % |
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Return on Average Stockholders' Equity * |
12.92 % |
10.29 % |
25.5 % |
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12.25 % |
12.05 % |
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Net Interest Margin |
3.65 % |
3.27 % |
11.6 % |
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3.56 % |
3.33 % |
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Allowance for Credit Losses on Loans to Gross Loans |
1.27 % |
1.32 % |
-3.4 % |
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1.27 % |
1.32 % |
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Dividends Per Share |
$ - |
$ - |
N\A |
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$ 2.50 |
$ 2.50 |
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Earnings Per Share |
$ 2.81 |
$ 2.05 |
37.1 % |
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$ 4.86 |
$ 4.24 |
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End of Period |
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Balance Sheet Data |
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% Change |
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Total Assets |
$ 1,000,224 |
$ 986,039 |
1.4 % |
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$ 976,886 |
$ 958,795 |
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Loans, Net of Allowance for Loan Loss |
$ 677,382 |
$ 631,775 |
7.2 % |
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$ 638,832 |
$ 639,509 |
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Deposits |
$ 891,640 |
$ 885,599 |
0.7 % |
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$ 871,306 |
$ 861,203 |
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Trust Preferred Securities |
$ 10,310 |
$ 10,310 |
0.0 % |
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$ 10,310 |
$ 10,310 |
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Other Borrowings |
$ 5,500 |
$ 7,763 |
-29.2 % |
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$ 7,763 |
$ 7,763 |
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Tangible Shareholders' Equity |
$ 84,456 |
$ 74,096 |
14.0 % |
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$ 81,003 |
$ 73,246 |
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Trust and Wealth Management Assets |
$ 1,062,161 |
$ 975,896 |
8.8 % |
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$ 1,019,951 |
$ 954,480 |
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Stock Value Per Common Share Data |
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Price-To-Earnings Ratio * |
7.83 |
8.90 |
-12.0 % |
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8.30 |
6.31 |
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Price-To-Tangible Book Value Ratio |
1.03 |
0.97 |
5.9 % |
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1.00 |
0.93 |
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Tangible Book Value Per Share |
$ 85.85 |
$ 75.51 |
13.7 % |
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$ 82.33 |
$ 74.36 |
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Number of Shares Outstanding |
983,705 |
981,315 |
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983,905 |
985,039 |
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Average Number of Shares Outstanding |
983,773 |
974,904 |
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983,386 |
982,767 |
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Stock Price - High |
$ 89.00 |
$ 73.30 |
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$ 82.59 |
$ 70.00 |
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Low |
$ 85.75 |
$ 70.60 |
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$ 75.95 |
$ 66.75 |
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Ending |
$ 88.25 |
$ 73.30 |
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$ 82.59 |
$ 69.50 |
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* - Quarter returns are based on annualized Net Income; Year-To-Date returns are based on the Last Twelve Months' (LTM) Net Income |
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