Cornerstone Bank in Stamford, Connecticut (CT)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of January 02, 2006

  • Cornerstone Bank in Stamford, Connecticut (CT)
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Cornerstone Bank - Overview

  • General
  • FDIC Certificate #: 26006
    Status: Inactive
    Closing history: Merger - Without Assistance
    Acquiring institution: NewAlliance Bank (#18261)
    Federal Reserve ID: 955605
    Date Established: March 12, 1985
    WWW: http://www.cornerstonebank.com
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 7 (Interstate: No)
    FDIC's unique #: 32286
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Bank Insurance Fund (BIF)
    Bank Insurance Fund: Yes
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    State Chartered: Yes
    Date of Deposit Insurance: March 12, 1985
    Last Structure Change Effective Date: January 02, 2006
    Last Structure Change Process Date: January 13, 2006
    Last Data Update: January 13, 2006
    Data Source Date: April 05, 2012
  • Location
  • Address: 550 Summer Street, Stamford, CT 6901
    County: Fairfield
    Quarterly Banking Profile Region: New York
    FDIC Geographic Region: New York
    FDIC Supervisory Region: New York
    FDIC Field Office: Hartford
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Northeast
    Metropolitan Statistical Area (MSA): Stamford-Norwalk, CT (#8040)
    Consolidated Metropolitan Statistical Area (CMSA): New York-Northern New Jersey-Long Island, NY-NJ-CT-PA (#70)
    Combined Statistical Area (CSA): New York-Newark-Bridgeport, NY-NJ-CT-PA (#408)
    Core Based Statistical Area (CBSA): Bridgeport-Stamford-Norwalk, CT (#14860)
    CBSA Metro Statistical Area: Bridgeport-Stamford-Norwalk, CT (#14860)
  • Financial Summary
  • Total assets: $211.3 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, 2005)

  • Dollar figures in thousands
  • 60Total employees (full-time equivalent)
  • $211,318Total assets
  • $8,094Cash and due from depository institutions
  • $523Interest-bearing balances
  • $37,516Securities
  • $13,200Federal funds sold & reverse repurchase agreements
  • $138,747Net loans & leases
  • $2,224Loan loss allowance
  • $0Trading account assets
  • $2,835Bank premises and fixed assets
  • $0Other real estate owned
  • $0Goodwill and other intangibles
  • $0Life insurance assets
  • $10,926All other assets
  • $211,318Total liabilities and capital
  • $193,087Total liabilities
  • $183,744Total deposits
  • $139,601Interest-bearing deposits
  • $183,744Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $6,780Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $0Subordinated debt
  • $2,563All other liabilities
  • $18,231Total equity capital
  • $18,231Total bank equity capital
  • $18,231Perpetual preferred stock
  • $0Common stock
  • $11Surplus
  • $11,416Undivided profits
  • Memoranda
  • $6,804Noncurrent loans and leases
  • $20,305Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $2,542Earning assets
  • $13Long-term assets (5+ years)
  • $1,036Average Assets, year-to-date
  • $189,986Average Assets, quarterly
  • $35,921Volatile liabilities
  • $221,201Insider loans
  • $215,878FHLB advances
  • $24,815Loans and leases held for sale
  • $1,833Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $2,762Total risk weighted assets
  • $20,305Total unused commitments
  • $0Restructured Loans and leases
  • $2,055Derivatives

Income and Expense (December 31, 2005)

  • Dollar figures in thousands
  • $12,546Total interest income
  • $2,657Total interest expense
  • $9,889Net interest income
  • $202Provision for loan and lease losses
  • $1,430Total noninterest income
  • $0Fiduciary activities
  • $420Service charges on deposit accounts
  • $0Trading account gains & fees
  • $1,010Additional noninterest income
  • $12,131Total noninterest expense
  • $8,705Salaries and employee benefits
  • $1,423Premises and equipment expense
  • $2,003Additional noninterest expense
  • -$1,014Pre-tax net operating income
  • -$90Securities gains (losses)
  • -$554Applicable income taxes
  • -$550Income before extraordinary items
  • $0Extraordinary gains - net
  • -$550Net income attributable to bank
  • $0Net charge-offs
  • $0Cash dividends
  • $194Sale, conversion, retirement of capital stock, net
  • $3,500Net operating income

Performance and Condition Ratios (December 31, 2005)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 6.25%Yield on earning assets
  • 1.32%Cost of funding earning assets
  • 4.92%Net interest margin
  • 0.71%Noninterest income to earning assets
  • 6.04%Noninterest expense to earning assets
  • -0.22%Net operating income to assets
  • -0.25%Return on assets (ROA)
  • -0.50%Pretax return on assets
  • -2.49%Return on equity (ROE)
  • -18.35%Retained earnings to average equity (YTD only)
  • 0.14%Net charge-offs to loans
  • 104.12%Credit loss provision to net charge-offs
  • -4.19%Efficiency ratio
  • 107,174Assets per employee
  • 3.52%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • -636.36%Loss allowance to loans
  • 1.58%Loss allowance to noncurrent loans
  • 87.49%Noncurrent assets plus other real estate owned to assets
  • 1.20%Noncurrent loans to loans
  • 1.80%Net loans and leases to deposits
  • 75.51%Net loans and leases to core deposits
  • 83.73%Equity capital to assets
  • 8.63%Core capital (leverage) ratio
  • 8.62%Tier 1 risk-based capital ratio
  • 11.11%Total risk-based capital ratio
  • Memoranda
  • $12Average assets
  • $221,201Average earning assets
  • $22,067Average equity
  • $200,845Average loans

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