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. 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. Operationally, the net loss reflects an anticipated. 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 Decemto $100.5 million at June 29, 2022. 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. 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. (click here to read more) August 10, 2022 Operationally, the third-quarter net income was achieved despite the anticipated. The addition of the lending team has resulted in growth of $42.4 million in loans receivable since December 31, 2021, and commercial loan pipeline expansion from $34.3 million on December 31, 2021, to approximately $100.0 million on September 30, 2022. The “offset” was salary and benefit expense associated with our new commercial lending team and support personnel and was in line with our budget forecast for the third quarter. The quarterly results largely reflect an increase in net interest income, which was partially offset by a strategically planned increase in non-interest expense. Mount Laurel, NJ – Cornerstone Financial Corporation (CFIC.OB), the holding company for Cornerstone Bank, reported today net income of $51 thousand, or $0.02 per diluted share, for the third quarter of 2022, as compared to net income of $18 thousand, or $0.02 per share, for the same period in 2021.
0 Comments
Leave a Reply. |