Cornerstone National Bank & Trust Company (OTCMKTS:CNBP) Stock In Focus After Earnings
On Tuesday, the holding company of Cornerstone National Bank & Trust Company (OTCMKTS:CNBP), Cornerstone Bancorp Inc was in the news after it announced its financial results for the fourth fiscal quarter of 2022.
Trading Data
On Tuesday, CNBP stock ended flat at $64.10 with 1.22K shares, compared to its average volume 130 shares. The stock moved within a range of $64.10 – 64.10 after opening trade at $64.50.
Cornerstone Bancorp Earns $3.1 Million for the Fourth Quarter, and $10.5 Million for the Year 2022
The company announced that it had managed to generate earnings of as much as $3.1 million for the quarter and that worked out to earnings of $3.12 per diluted share. That was a significant improvement on the $2.1 million that it had generated in the form of earnings in the prior year quarter. At the time, the earning per diluted share for the company came in at $2.10.
On the other hand, the net income for the fiscal year that ended on December 31, 2022 came in at $10.48 million and that reflected a year on year rise of 6.7% from the net income of $9.83 million in the previous fiscal year.
The company noted that the continuity of strong core deposits along with the boost in interest rate margins had been the major reasons behind the profitability that had been recorded in the period. However, at the same time, it was also pointed out by the company that all the figures that had been announced were unaudited.
