Business
Cornerstone Bancorp, Inc Quarterly Report - March 31, 2025
Cornerstone Bancorp, Inc Quarterly Report - March 31, 2025.
About this update from Cornerstone Bancorp Inc.
[{"type":"text","content":"\r\n\r\n \r\n \r\n Cornerstone Bancorp, Inc Quarterly Report - March 31, 2025\r\n \r\n \r\n\r\n\r\nCornerstone Bancorp, Inc Quarterly Report - March 31, 2025\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nPALATINE, Ill., May 14, 2025 /PRNewswire/ -- \r\n\r\nCORNERSTONE BANCORP, INC.\r\nFIRST QUARTER 2025 HIGHLIGHTS (At or for period ended 3/31/2025)\r\nIncome Statement Highlights\r\n\r\n Consolidated net income was $2.0 million in 1Q25, or $2.06 per diluted share, compared to $2.2 million in 1Q24, or $2.19 per diluted share.\r\n The net interest margin (NIM) was 3.47% for 1Q25, compared to 3.39% for 1Q24.\r\n Interest earned on the Bank's interest-bearing deposit accounts at correspondent banks was $989,000 for 1Q25 compared to $2.8 million for 1Q24.\r\n Interest earned on US Treasury securities was $1.3 million for 1Q25 compared to $142,000 for 1Q24.  This interest is exempt from Illinois income taxes.\r\n Noninterest expense was $6.9 million in 1Q25 compared to $6.4 million in 1Q24.\r\n \r\n Balance Sheet Highlights\r\n\r\n Total consolidated assets increased 1.6% to $998.9 million on March 31, 2025, compared to $982.8 million a year earlier.\r\n Tangible shareholders' equity improved 11.7% to $81.2 million on March 31, 2025, compared to $72.7 million a year earlier.\r\n A $2.50 per share dividend was paid to shareholders on February 5, 2025, totaling $2.5 million.\r\n Interest-bearing deposits at correspondent banks totaled $107.1 million on March 31, 2025 (10.7% of total assets) compared to $203.3 million a year earlier (20.7% of total assets).\r\n The securities portfolio totaled $212.9 million on March 31, 2025, compared to $126.1 million a year earlier.  The weighted average remaining life approximates 1.2 years. \r\n The loan portfolio totaled $658.2 million on March 31, 2025, $24.9 million, or 3.9%, higher than a year earlier.\r\n Total deposits increased 1.0% to $892.9 million on March 31, 2025, compared to $884.1 million a year earlier. \r\n The Corporation's other borrowings were $7.8 million on March 31, 2025, unchanged from a year earlier.\r\n The Bank continues to be well-capitalized, with a Tier 1 Leverage Capital Ratio of 10.29% on March 31, 2025.\r\n \r\n Trust and Wealth Management\r\n\r\n Trust and wealth management assets totaled $1.0 billion on March 31, 2025, compared to $993.2 million a year earl...