Business

Cornerstone Bancorp earns $8.37 million in 2020

Posted January 27, 2021 10:00 pm

PALATINE - Cornerstone Bancorp Inc., the bank holding company for Cornerstone National Bank & Trust Co., Thursday reported net income for fiscal year 2020 increased 64.2% to $8.37 million, or $8.42 per diluted share, compared to $5.10 million, or $6.63 per diluted share, for 2019.

In addition, net income increased 63.2% to $2.29 million, or $2.30 per diluted share, for the fourth quarter of 2020, compared to $1.40 million, or $1.47 per diluted share, for the fourth quarter of 2019, the company said.

"Cornerstone's achievements in 2020 were largely due to record production in the Mortgage Division and our success in supporting our customers with PPP (the Small Business Administration's Paycheck Protection Program)," said Jeffrey T. Boundy, president and CEO. "We generated record net income for the quarter and the full year, fueled by solid revenue growth and the addition of many new client relationships to the bank."

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