Cornerstone National Bank in Easley, South Carolina (SC)
Overview, Financial Summary, Detailed Financial Reports, Branches

Cornerstone National Bank - Overview

  • General
  • FDIC Certificate #: 35179
    Status: Active
    Federal Reserve ID: 2834179
    Bank Holding Company (Regulatory Top Holder): Cornerstone Bancorp (RSSDID: 2834160, Location: Easley, SC)
    Date Established: September 15, 1999
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
    Offices: 3 (Domestic: 3, Interstate: No)
    FDIC's unique #: 75652
    Numeric code: 3
    Regulator: OCC
    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: No
    Subchapter S Corporations: No
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: September 15, 1999
    Last Structure Change Effective Date: March 31, 2006
    Last Structure Change Process Date: November 03, 2006
    Last Data Update: November 03, 2006
    Data Source Date: April 05, 2012
  • Location
  • Address: 1670 East Main Street, Easley, SC 29641
    County: Pickens
    Quarterly Banking Profile Region: Atlanta
    FDIC Geographic Region: Atlanta
    FDIC Supervisory Region: Atlanta
    FDIC Field Office: Columbia Sc
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Southeast
    Metropolitan Statistical Area (MSA): Greenville-Spartanburg-Anderson, SC (#3160)
    Combined Statistical Area (CSA): Greenville-Spartanburg-Anderson, SC (#273)
    Core Based Statistical Area (CBSA): Greenville-Mauldin-Easley, SC (#24860)
    CBSA Metro Statistical Area: Greenville-Mauldin-Easley, SC (#24860)
  • History of Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $164.3 mil
    Equity capital: $17.0 mil
    Deposits held in domestic offices: $139.3 mil
    Return on assets (ROA): -0.83% (-$1.4 mil)
    Quarterly return on assets: -0.63% (-$1.0 mil)
    Return on Equity (ROE): -8.01% (-$1.4 mil)
    Quarterly return on equity: -6.06% (-$1.0 mil)
    Net income: -$1.4 mil
    Quarterly Net income: -$0.3 mil
    Pretax return on assets: -0.30% (-$492.9 mil)
    Quarterly Pretax return on assets: -0.63% (-$1,035.2 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
  • 35Total employees (full-time equivalent)
  • $164,312Total assets
  • $6,803Cash and due from depository institutions
  • $5,667Interest-bearing balances
  • $27,742Securities
  • $12,620Federal funds sold & reverse repurchase agreements
  • $91,339Net loans & leases
  • $2,042Loan loss allowance
  • $0Trading account assets
  • $5,024Bank premises and fixed assets
  • $16,545Other real estate owned
  • $0Goodwill and other intangibles
  • $164,312Life insurance assets
  • $4,239All other assets
  • $147,286Total liabilities and capital
  • $139,318Total liabilities
  • $122,227Total deposits
  • $139,318Interest-bearing deposits
  • $97Deposits held in domestic offices
  • 1768.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $5,442Trading liabilities
  • $0Other borrowed funds
  • $758Subordinated debt
  • $17,026All other liabilities
  • $17,026Total equity capital
  • $17,026Total bank equity capital
  • $0Perpetual preferred stock
  • $3,000Common stock
  • $11,161Surplus
  • $2,865Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $4,086Income earned, not collected on loans
  • $0Earning assets
  • $480Long-term assets (5+ years)
  • $137,368Average Assets, year-to-date
  • $30,187Average Assets, quarterly
  • $169,500Volatile liabilities
  • $165,314Insider loans
  • $122,112FHLB advances
  • $165,649Loans and leases held for sale
  • $1,975Unused loan commitments
  • $1,975Tier 1 (core) risk-based capital
  • $16,544Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $9,143Restructured Loans and leases
  • $4,916Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $6,701Total interest income
  • $1,832Total interest expense
  • $4,869Net interest income
  • $670Provision for loan and lease losses
  • $553Total noninterest income
  • $0Fiduciary activities
  • $531Service charges on deposit accounts
  • $0Trading account gains & fees
  • $22Additional noninterest income
  • $5,258Total noninterest expense
  • $2,181Salaries and employee benefits
  • $531Premises and equipment expense
  • $2,546Additional noninterest expense
  • -$506Pre-tax net operating income
  • $0Securities gains (losses)
  • $908Applicable income taxes
  • -$1,414Income before extraordinary items
  • $0Extraordinary gains - net
  • -$1,414Net income attributable to bank
  • $0Net charge-offs
  • -$1,414Cash dividends
  • $1,331Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.61%Yield on earning assets
  • 1.26%Cost of funding earning assets
  • 3.35%Net interest margin
  • 0.38%Noninterest income to earning assets
  • 3.62%Noninterest expense to earning assets
  • -0.83%Net operating income to assets
  • -0.83%Return on assets (ROA)
  • -0.30%Pretax return on assets
  • -8.01%Return on equity (ROE)
  • -8.01%Retained earnings to average equity (YTD only)
  • 1.25%Net charge-offs to loans
  • 50.34%Credit loss provision to net charge-offs
  • 0.12%Efficiency ratio
  • 96,975Assets per employee
  • 4.69%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 2.19%Loss allowance to noncurrent loans
  • 49.98%Noncurrent assets plus other real estate owned to assets
  • 12.56%Noncurrent loans to loans
  • 4.38%Net loans and leases to deposits
  • 65.56%Net loans and leases to core deposits
  • 71.08%Equity capital to assets
  • 10.36%Core capital (leverage) ratio
  • 9.99%Tier 1 risk-based capital ratio
  • 13.55%Total risk-based capital ratio
  • Memoranda
  • $15Average assets
  • $169,500Average earning assets
  • $17,643Average equity
  • $145,226Average loans

List of branches

  • 3 South Carolina Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    075652Cornerstone National Bank1670 East Main Street, Easley, SC 29641September 15, 1999Full Service Brick and Mortar
    1419227Berea Branch45 Farrs Bridge Road, Greenville, SC 29617August 15, 2002Full Service Brick and Mortar
    2444638Powdersville Branch11000 Anderson Road, Piedmont, SC 29673July 11, 2005Full Service Brick and Mortar

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