Press Releases
August 10, 2022
CORNERSTONE FINANCIAL CORPORATION
REPORTS SECOND QUARTER RESULTS
Mount Laurel, NJ – Cornerstone Financial Corporation (CFIC.OB), the holding company for Cornerstone Bank, reported today a net loss of $156 thousand, or $(0.07) per diluted share, for the second quarter of 2022, as compared to a net loss of $62 thousand, or $(0.08) per share, for the same period in 2021. The quarterly loss is largely attributable to a strategically planned increase in non-interest expense, specifically salary and benefit expenses, associated with the new commercial lending team and support personnel for which hiring began in the fourth quarter of 2021 and is in line with our budget forecast for the quarter. The addition of the lending team has resulted in growth of $23.6 million in loans receivable and commercial loan pipeline expansion from $34.3 million on December 31, 2021 to $100.5 million at June 29, 2022.
Operationally, the net loss reflects an anticipated..... (click here to read more)
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)