Cornerstone Bancorp, Inc Quarterly Report - March 31, 2025

Income Statement Highlights - Consolidated net income for Q1 2025 was $2.0 million, or $2.06 per diluted share, a decrease from $2.2 million, or $2.19 per diluted share in Q1 2024, reflecting a 5.8% decline [7][9] - Net interest income increased by 1.7% to $8.335 million compared to $8.192 million in Q1 2024 [9] - Noninterest income rose by 2.6% to $1.376 million from $1.341 million in the same period last year [9] - Noninterest expense increased by 8.6% to $6.907 million from $6.361 million in Q1 2024 [9] - The net interest margin (NIM) improved to 3.47% from 3.39% year-over-year [7][9] Balance Sheet Highlights - Total consolidated assets increased by 1.6% to $998.9 million as of March 31, 2025, compared to $982.8 million a year earlier [7][9] - The loan portfolio grew by 3.9% to $658.2 million, up from $633.3 million a year earlier [7][9] - Total deposits rose by 1.0% to $892.9 million from $884.1 million a year earlier [7][9] - Tangible shareholders' equity improved by 11.7% to $81.2 million compared to $72.7 million a year earlier [7][9] Trust and Wealth Management - Trust and wealth management assets totaled $1.0 billion on March 31, 2025, an increase from $993.2 million a year earlier, reflecting a growth of 2.0% [3][9] Company Overview - Cornerstone Bancorp, Inc. was founded in 2000 and focuses on serving the commercial banking and investment needs of families and family-owned businesses [4][5] - The company emphasizes relationship-based banking, investing heavily in people and technology to attract new clients as larger banks shift towards an institutional approach [4][5] - Cornerstone is recognized for its commercial lending services, including equipment, real estate, and construction loans, as well as treasury management services for businesses [5]