Q3 Net Income Climbs 11% as Loan Book Grows 10.2%
CNBP has more than doubled off its 52-week low of $52.51.
Summary
Cornerstone Bancorp posted Q3 net income and EPS up about 11% year over year, with EPS at $3.31 and net income of $3.26 million. Net interest income grew 9% to $10.39 million and the net interest margin widened to 4.03%, which the bank credited to lower deposit costs and higher loan yields. The loan portfolio expanded 10.2% while total assets rose just 1.8%, and trust and wealth management fee revenue jumped 22%. Credit costs stayed minimal, with a $160,000 provision for credit losses. This extends the trend from Q2, when net income and EPS rose 14% on 12.5% loan growth — growth is still solid but decelerating slightly. No forward guidance was given, so the next read on the margin and loan pipeline comes with the Q4 report.
At the time of this announcement, CNBP was trading at $120.00 on OTC in the Finance sector, with a market capitalization of approximately $119.3M. The 52-week trading range was $52.51 to $150.25. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.