Cornerstone Bancorp, Inc. Reports Results of Operations for Q3 2005
31 Ottobre 2005 - 8:57PM
Business Wire
Merrill J. Forgotson, President and Chief Executive Officer of
Cornerstone Bancorp, Inc. (the "Bancorp"), today reported
consolidated net earnings for the Bancorp and its subsidiary,
Cornerstone Bank (the "Bank"), for the third quarter of 2005. On
April 13, 2005 Cornerstone Bancorp announced it had signed a
definitive agreement with NewAlliance Bancshares, Inc. (NYSE: NAL),
pursuant to which NewAlliance will acquire all the outstanding
shares of Cornerstone Bancorp, Inc. in a cash-and-stock transaction
valued at approximately $48.7 million. All required regulatory and
shareholder approvals have been received and the transaction is
expected to be completed in early January. The total assets of
Cornerstone Bancorp, Inc. increased to $220,943,000 on September
30, 2005 compared to $211,802,000 on December 31, 2004, an increase
of 4%. Loans, including loans held for sale, increased to
$133,031,000 on September 30, 2005 compared to $132,611,000 on
December 31, 2004. Total deposits increased to $186,061,000 on
September 30, 2005 from $177,127,000 on December 31, 2004, an
increase of 5%. Book Value per common share increased to $18.68 on
September 30, 2005 from $17.96 on December 31, 2004, an increase of
4%. Cornerstone Bancorp had 1,348,671 shares of common stock, net
of treasury stock, outstanding as of September 30, 2005. While the
Bancorp's net interest income for the nine months ending September
30, 2005 amounted to $7,244,000 as compared with $6,449,000 for the
nine months ending September 30, 2004, net income for the same
period was $1,078,000, compared to net income of $2,013,000 for the
comparable nine-month period of 2004. This represented $0.82
earnings per diluted share compared to $1.50 earnings per diluted
share for the same period of 2004. The differences in net income
and earnings per share for these nine month periods are reflective
of significant non-recurring income components in 2004 (1) and
merger-related expenses including legal, accounting and investment
banking fees in 2005. On September 16, 2005, the Board of Directors
declared a quarterly cash dividend of $0.1125 per share. The cash
dividend was paid on October 17, 2005 to stockholders of record as
of the close of business on September 30, 2005. In Connecticut,
Cornerstone Bancorp, through its subsidiary Cornerstone Bank,
operates from three full-service locations in Stamford, one
full-service location in Greenwich, Norwalk and Westport. The
Bancorp also operates one business development office in Norwalk
and four limited service mobile branches. The Bancorp's common
stock is traded on the American Stock Exchange under the symbol
CBN. -0- *T Nine Months Ended September 30, 2005 2004 ------------
------------ Total Interest Income $ 9,168,000 $ 8,232,000 Net
Interest Income 7,244,000 6,449,000 Provision for Loan Losses
137,000 (529,000) Income Before Taxes 1,909,000 3,008,000 Income
Tax Expense 831,000 995,000 Net Income 1,078,000 2,013,000 Basic
Earnings Per Share 0.86 1.66 Diluted Earnings Per Share 0.82 1.50
(1) The first quarter 2004 earnings include income of approximately
$424,000 from the recovery of principal, interest and late charges
on loans to a single borrower that had been charged off in 2000.
The recovery created a credit in the provision for loan losses for
the quarter, which also included the recapture of provisions for
classified loans that were paid off. In addition, non-taxable
proceeds from a key man life insurance policy were received and
recorded in the first quarter of 2004. The insurance proceeds, net
of related increases in benefit accruals, resulted in income of
approximately $342,000. The estimated after-tax effect of these two
items was approximately $0.62 on a basic per share basis and $0.59
per share on a diluted basis for the first quarter of 2004. *T The
statements contained in this press release that are not historical
are "forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Examples of such
forward-looking statements include, without limitation, statements
regarding expectations for earnings, credit quality, and other
financial and business matters. When used in this report, the words
"anticipate," "plan," "believe," "estimate," "expect" and similar
expressions as they relate to the Company or its management are
intended to identify forward-looking statements. All
forward-looking statements involve risks and uncertainties. Actual
results may differ materially from those discussed in, or implied
by, the forward-looking statements as a result of certain factors,
including but not limited to, competitive pressures on loan and
deposit product pricing; other actions of competitors; changes in
economic conditions; technological changes; the extent and timing
of actions of the Federal Reserve Board, including changes in
monetary policies and interest rates; customer deposit
disintermediation; changes in customers' acceptance of the Bank's
products and services; and the extent and timing of legislative and
regulatory actions and reforms. The forward-looking statements
contained in this report speak only as of the date on which such
statements are made. By making any forward-looking statements, the
Company assumes no duty to update them to reflect new, changing or
unanticipated events or circumstances.
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