![]() ![]() Total assets increased 4.0% to $989.1 million at year-end, compared to $950.7 million a year earlier. The Bank sold $5.9 million of qualified mortgage loans and realized gross revenue of $71,000 during the fourth quarter of 2022. The activity in the Mortgage Division was slow in 2022 as a result of rising rates. Interest and fees recognized on Paycheck Protection Program (PPP) loans totaled $2,700 in the fourth quarter of 2022 versus $1.2 million a year earlier. Net income $3.1 million, or $3.12 per diluted share, in the fourth quarter of 2022, compared to $2.1 million, or $2.10 per diluted share, in the fourth quarter of 2021.įor 2022, net income increased 6.7%, to $10.5 million, or $10.54 per diluted share compared to $9.8 million, or $9.88 per diluted share, in 2021. Fortunately, we added many new client relationships to Cornerstone that gave us favorable net growth in loans."įourth Quarter and Full Year 2022 Highlights: We assisted a number of large clients with the sale of their businesses in 2022 resulting in sizeable loan payoffs. "We are pleased with the favorable quality, diversification, and performance of our loan portfolio as we navigate through the current inflationary pressures. "Our loan portfolio had another strong year increasing $49 million," Boundy continued. "We carried a high level of liquidity over the last three years which allowed us to benefit from increasing interest rates through much of 2022." Boundy, President & CEO of Cornerstone National Bank & Trust Company. "Cornerstone's performance in 2022 benefited from the short duration of our investment portfolio in a rising rate environment coupled with strong core deposit relationships," stated Jeffrey T. Continued strong core deposits and a higher net interest margin as a result of Cornerstone's high level of liquidity contributed to profitability for the year. ![]() (OTC Pink: CNBP), the bank holding company for Cornerstone National Bank & Trust Company (collectively "Cornerstone"), today reported net income of $3.1 million, or $3.12 per diluted share, for the fourth quarter of 2022, compared to $2.1 million, or $2.10 per diluted share, for the fourth quarter of 2021.įor the year ended December 31, 2022, net income increased 6.7% to $10.48 million, or $10.54 per diluted share, compared to $9.83 million, or $9.88 per diluted share, for the year ended December 31, 2021. 25, 2023 /PRNewswire/ - Cornerstone Bancorp, Inc. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |