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May 11, 2022

CORNERSTONE FINANCIAL CORPORATION
REPORTS FIRST QUARTER RESULTS

Mount Laurel, NJ – Cornerstone Financial Corporation (CFIC.OB) (the “Company”), the holding company for Cornerstone Bank (the “Bank”), reported net loss of $329 thousand for the quarter ended March 31, 2022, largely resulting from a strategically planned increase in non-interest expense. The $339,000 increase in non-interest expense, versus the quarter ended March 31, 2021, is directly related to salary and benefit expenses associated with the new commercial lending team, for which hiring began in the fourth quarter of 2021. The new team became fully operational in the first quarter of 2022, and our commercial loan pipeline has expanded, as expected, from $34.3 million at December 1, 2021 to $111.9 million at May 4, 2022.

Net interest income for the quarter ended March 31, 2022 increased by..... (click here to read more)

 

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