Business
Cornerstone Bancorp, Inc. Quarterly Report - June 30, 2025
Cornerstone Bancorp, Inc. Quarterly Report - June 30, 2025.
About this update from Cornerstone Bancorp Inc.
[{"type":"text","content":"\r\n\r\n \r\n \r\n Cornerstone Bancorp, Inc. Quarterly Report - June 30, 2025\r\n \r\n \r\n\r\n\r\nCornerstone Bancorp, Inc. Quarterly Report - June 30, 2025\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nPALATINE, Ill., July 21, 2025 /PRNewswire/ --\r\n\r\nCORNERSTONE BANCORP, INC.\r\nSECOND QUARTER 2025 HIGHLIGHTS (At or for period ended 6/30/2025)\r\nIncome Statement Highlights\r\n\r\n 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.\r\n The net interest margin (NIM) was 3.65% for 2Q25, compared to 3.27% for 2Q24.\r\n 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.\r\n Interest earned on US Treasury securities was $1.4 million for 2Q25 compared to $1.5 million for 2Q24.  This interest is exempt from Illinois income taxes.\r\n Noninterest expense was $6.5 million in 2Q25 compared to $6.4 million in 2Q24.\r\n \r\n Balance Sheet Highlights\r\n\r\n Total consolidated assets increased 1.4% to $1.0 billion on June 30, 2025, compared to $986.0 million a year earlier.\r\n Tangible shareholders' equity improved 14.0% to $84.5 million on June 30, 2025, compared to $74.1 million a year earlier.\r\n Interest-bearing deposits at correspondent banks totaled $89.2 million on June 30, 2025 (8.9% of total assets) compared to $142.8 million a year earlier (14.4% of total assets).\r\n The securities portfolio totaled $206.2 million on June 30, 2025, compared to $181.1 million a year earlier.  The weighted average remaining life approximates 1.2 years. \r\n The loan portfolio totaled $686.1 million on June 30, 2025, $45.9 million, or 7.2%, higher than a year earlier.\r\n Total deposits increased 0.7% to $891.6 million on June 30, 2025, compared to $885.6 million a year earlier. \r\n The Corporation's other borrowings were $5.5 million on June 30, 2025, compared to $7.8 million a year earlier.\r\n The Bank continues to be well-capitalized, with a Tier 1 Leverage Capital Ratio of 10.32% on June 30, 2025.\r\n \r\n Trust and Wealth Management\r\n\r\n Trust and wealth management assets totaled $1.06 billion on June 30, 2025, compared to $975.9 million a year earlier.\r\n \r\n About Cornerstone Bancorp, Inc.\r\nFounded in 2000, Cornerstone Bancorp, Inc., and ...