Cornerstone Bank, Inc. in West Union, West Virginia (WV)
Overview, Financial Summary, Detailed Financial Reports, Branches


  • Cornerstone Bank, Inc. in West Union, West Virginia (WV)
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Cornerstone Bank, Inc. - Overview

  • General
  • FDIC Certificate #: 10045
    Status: Active
    Federal Reserve ID: 978239
    Bank Holding Company (Regulatory Top Holder): Cornerstone Financial Services, Inc. (RSSDID: 3217537, Location: West Union, WV)
    Date Established: January 01, 1934
    WWW: http://www.fnbwestunion.com
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 3 (Domestic: 3, Interstate: No)
    FDIC's unique #: 6420
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: Yes
    Subchapter S Corporations: No
    Asset Concentration Hierarchy: Other Specialized Lending < 1 Billion
    Date of Deposit Insurance: January 01, 1934
    Last Structure Change Effective Date: December 01, 2006
    Last Structure Change Process Date: December 18, 2006
    Last Data Update: December 18, 2006
    Data Source Date: April 05, 2012
  • Location
  • Address: 101 West Main Street, West Union, WV 26456
    County: Doddridge
    Quarterly Banking Profile Region: Atlanta
    FDIC Geographic Region: Atlanta
    FDIC Supervisory Region: Atlanta
    FDIC Field Office: Scott Depot
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Northeast
    Combined Statistical Area (CSA): Fairmont-Clarksburg, WV (#242)
    Core Based Statistical Area (CBSA): Clarksburg, WV (#17220)
    CBSA Micro Statistical Area: Yes
  • History of Changes
  • Change in Location
    Name Change
    Change in Primary Regulatory Agency
  • Financial Summary
  • Total assets: $94.2 mil
    Equity capital: $14.4 mil
    Deposits held in domestic offices: $78.8 mil
    Return on assets (ROA): 1.02% ($1.0 mil)
    Quarterly return on assets: 1.12% ($1.1 mil)
    Return on Equity (ROE): 7.02% ($1.0 mil)
    Quarterly return on equity: 7.44% ($1.0 mil)
    Net income: $1.0 mil
    Quarterly Net income: $0.3 mil
    Pretax return on assets: 1.05% ($988.8 mil)
    Quarterly Pretax return on assets: 0.92% ($866.3 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)

  • Dollar figures in thousands
  • 27Total employees (full-time equivalent)
  • $94,167Total assets
  • $3,085Cash and due from depository institutions
  • $864Interest-bearing balances
  • $49,582Securities
  • $4,660Federal funds sold & reverse repurchase agreements
  • $31,975Net loans & leases
  • $328Loan loss allowance
  • $0Trading account assets
  • $932Bank premises and fixed assets
  • $447Other real estate owned
  • $0Goodwill and other intangibles
  • $94,167Life insurance assets
  • $3,486All other assets
  • $79,761Total liabilities and capital
  • $78,806Total liabilities
  • $61,352Total deposits
  • $78,806Interest-bearing deposits
  • $80Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $955Subordinated debt
  • $14,406All other liabilities
  • $14,406Total equity capital
  • $14,406Total bank equity capital
  • $0Perpetual preferred stock
  • $500Common stock
  • $500Surplus
  • $13,406Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $117Income earned, not collected on loans
  • $0Earning assets
  • $652Long-term assets (5+ years)
  • $87,081Average Assets, year-to-date
  • $58,442Average Assets, quarterly
  • $94,947Volatile liabilities
  • $96,077Insider loans
  • $48,472FHLB advances
  • $95,164Loans and leases held for sale
  • $2,447Unused loan commitments
  • $2,447Tier 1 (core) risk-based capital
  • $13,649Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $2,551Restructured Loans and leases
  • $1,613Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $3,781Total interest income
  • $940Total interest expense
  • $2,841Net interest income
  • $0Provision for loan and lease losses
  • $217Total noninterest income
  • $0Fiduciary activities
  • $86Service charges on deposit accounts
  • $0Trading account gains & fees
  • $131Additional noninterest income
  • $2,058Total noninterest expense
  • $1,073Salaries and employee benefits
  • $229Premises and equipment expense
  • $756Additional noninterest expense
  • $1,000Pre-tax net operating income
  • $0Securities gains (losses)
  • $36Applicable income taxes
  • $964Income before extraordinary items
  • $0Extraordinary gains - net
  • $964Net income attributable to bank
  • $0Net charge-offs
  • $964Cash dividends
  • -$15Sale, conversion, retirement of capital stock, net
  • $150Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.31%Yield on earning assets
  • 1.07%Cost of funding earning assets
  • 3.24%Net interest margin
  • 0.25%Noninterest income to earning assets
  • 2.34%Noninterest expense to earning assets
  • 1.02%Net operating income to assets
  • 1.02%Return on assets (ROA)
  • 1.05%Pretax return on assets
  • 7.02%Return on equity (ROE)
  • 5.93%Retained earnings to average equity (YTD only)
  • -0.05%Net charge-offs to loans
  • 0.00%Credit loss provision to net charge-offs
  • 0.00%Efficiency ratio
  • 67,299Assets per employee
  • 3.49%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 15.56%Loss allowance to loans
  • 1.02%Loss allowance to noncurrent loans
  • 280.34%Noncurrent assets plus other real estate owned to assets
  • 0.60%Noncurrent loans to loans
  • 0.36%Net loans and leases to deposits
  • 40.57%Net loans and leases to core deposits
  • 59.21%Equity capital to assets
  • 15.30%Core capital (leverage) ratio
  • 14.34%Tier 1 risk-based capital ratio
  • 28.16%Total risk-based capital ratio
  • Memoranda
  • $29Average assets
  • $94,947Average earning assets
  • $13,731Average equity
  • $87,810Average loans

List of branches

  • 3 West Virginia Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    06420Cornerstone Bank, Inc.101 West Main Street, West Union, WV 26456January 01, 1934Full Service Brick and Mortar
    1221736Salem Branch150 West Main Street, Salem, WV 26426January 02, 1987Full Service Brick and Mortar
    2221737Pennsboro BranchRoute Number 2, Pennsboro, WV 26415January 03, 1989Full Service Brick and Mortar

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