PALATINE, Ill., Oct. 22, 2024 /PRNewswire/ --

CORNERSTONE BANCORP, INC.

THIRD QUARTER 2024 HIGHLIGHTS (At or for period ended 9/30/2024)

Income Statement Highlights

• Consolidated net income was $2.6 million in 3Q24, or $2.69 per diluted share, compared to $2.7 million in 3Q23, or $2.75 per diluted share.
• The net interest margin (NIM) was 3.33% for 3Q24, compared to 3.49% for 3Q23.
• Interest earned on the Bank's interest-bearing deposit account at the Federal Reserve Bank was $1.3 million for 3Q24 compared to $2.8 million for 3Q23.
• Interest earned on US Treasury securities was $1.7 million for 3Q24 compared to $106,000 for 3Q23. This interest is exempt from Illinois income taxes.
• Noninterest expense was $6.2 million in 3Q24 compared to $5.9 million in 3Q23.

Balance Sheet Highlights

• Total consolidated assets increased 4.6% to $1.0 billion on September 30, 2024, compared to $960.0 million a year earlier.
• Tangible shareholders' equity improved 13.5% to $78.3 million on September 30, 2024, compared to $69.0 million a year earlier.
• Interest-bearing deposits at correspondent banks totaled $111.3 million on September 30, 2024 (11.0% of total assets) compared to $203.5 million a year earlier (21.2% of total assets).
• The securities portfolio totaled $222.1 million on September 30, 2024, compared to $103.6 million a year earlier. The current portfolio includes $119.8 million of one-month US Treasury bills. The weighted average remaining life approximates 1.3 years.
• The loan portfolio totaled $651.0 million on September 30, 2024, $18.0 million, or 2.8%, higher than a year earlier.
• Total deposits and repurchase agreements increased 4.0% to $889.3 million on September 30, 2024, compared to $864.1 million a year earlier.
• The Corporation's other borrowings were $7.8 million on September 30, 2024, compared to $7.9 million a year earlier.
• The Bank continues to be well-capitalized, with a Tier 1 Leverage Capital Ratio of 9.80% on September 30, 2024.

Trust and Wealth Management

• Trust and wealth management assets totaled $1.02 billion on September 30, 2024, compared to $896.6 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.

Cornerstone is a leader in commercial lending services including equipment, real estate and construction loans and operating lines of credit as well as business treasury management services and association loans for condominium and townhome associations.

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 Palatine, Illinois, Cornerstone maintains offices in Crystal Lake, Deer Park, Naperville and Schaumburg. Visit us on the web at .

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.

* - Quarter returns are based on annualized Net Income; Year-To-Date returns are based on the Last Twelve Months' (LTM) Net Income

SOURCE Cornerstone Bancorp, Inc.