Cornerstone Bank Mortgage Rates, Fees & Info
Atlanta, GALEI: 2549001H2SU2SQGKJ938
Tax ID: 58-2588741
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Mortgage Data
Bank Data
Review & Overview
Cornerstone Bank is a smaller bank specializing in Home Purchase and Refi loans. Cornerstone Bank has a high proportion of conventional loans. Their top two markets are Atlanta and Savannah .Cornerstone Bank has an above average approval rate when compared to the average across all lenders.
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Originations
12Origination Dollar Volume (All Markets)
$2,700,000Employee count
43Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 10 | $2,570,000 | $257,000 | $0 | 0.00% |
| SAVANNAH, GA (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 12 | $2,700,000 | $225,000 | $0 | 0.00% |
For 2018, Cornerstone Bank's most frequently originated type of loan was Conventional, with 12 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 7 | $1,145,000 | $163,571 | $0 | 0.00% |
| Refi | 5 | $1,555,000 | $311,000 | $0 | 0.00% |
For 2018, Cornerstone Bank's most frequently cited loan purpose was Home Purchase, with 7 originations. The 2nd most popular reason was Refi, with 5 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 12 | $2,700,000 | $225,000 | $0 | 0.00% |
For 2018, Cornerstone Bank's most frequently cited loan duration was Other, with 12 originations.
Loan Sizing
2018 saw Cornerstone Bank place emphasis on $200k-400k loans with 5 originations, totaling $1,435,000 in origination value.
Applicant Income
Cornerstone Bank lent most frequently to those with incomes in the $150k-250k range, with 3 originations. The second most popular income band? $250k+, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 12 | $2,700,000 | $225,000 | $0 | 0.00% |
Cornerstone Bank lent most frequently to those with DTI ratios of Exempt%, with 12 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
Cornerstone Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 12 | $2,700,000 | $225,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 1 | $285,000 | $285,000 |
| Single Family (1-4 Units):Site-Built | 11 | $2,415,000 | $219,545 |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Cornerstone Home Lending Inc. | Conventional home mortgage | Closing on a mortgage | 2 | 12.5% |
| Cornerstone Home Lending Inc. | Conventional home mortgage | Struggling to pay mortgage | 1 | 6.3% |
| Cornerstone Home Lending Inc. | Conventional home mortgage | Trouble during payment process | 9 | 56.3% |
| Cornerstone Home Lending Inc. | FHA mortgage | Closing on a mortgage | 1 | 6.3% |
| Cornerstone Home Lending Inc. | FHA mortgage | Struggling to pay mortgage | 1 | 6.3% |
| Cornerstone Home Lending Inc. | FHA mortgage | Trouble during payment process | 2 | 12.5% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| CornerstoneBank | 125 Clairemont Ave Decatur, GA 30030 | Full Service B&M | $26,987 |
| CornerstoneBank | 2060 Mount Paran Road, Northwest, Suite 100 Atlanta, GA 30327 | Full Service B&M | $111,131 |
| CornerstoneBank | 6344 Roswell Road Sandy Springs, GA 30328 | Full Service B&M | $70,451 |
For 2018, Cornerstone Bank had 3 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $10,853 |
| Net interest income | $9,375 |
| Total noninterest income | $845 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $84 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $761 |
| Pre-tax net operating income | $214 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $214 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $214 |
| Minority interest net income | $0 |
| Net income | $214 |
| Sale, conversion, retirement of capital stock, net | $1 |
| Net operating income | $214 |
Cornerstone Bank's gross interest income from loans was $10,853,000.
Cornerstone Bank's net interest income from loans was $9,375,000.
Cornerstone Bank's fee based income from loans was $84,000.
Cornerstone Bank's net income from loans was $214,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $1,478 |
| Provision for credit losses | $851 |
| Total noninterest expense | $9,155 |
| Salaries and employee benefits | $4,502 |
| Premises and equipment expense | $1,363 |
| Additional noninterest expense | $3,290 |
| Applicable income taxes | $0 |
| Net charge-offs | $1,388 |
| Cash dividends | $0 |
Cornerstone Bank's interest expense for loans was $1,478,000.
Cornerstone Bank's payroll and benefits expense were $4,502,000.
Cornerstone Bank's property, plant and equipment expenses $1,363,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 3.0% |
| Real Estate loans | 3.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 6.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 0.0% |
| HELOC loans | 0.0% |
| All other family | 0.0% |
| Commercial & industrial loans | 5.0% |
| Personal loans | 0.0% |
| Credit card loans | 0.0% |
| Other individual loans | 0.0% |
| Auto loans | 0.0% |
| Other consumer loans | 0.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $175,515 |
| Deposits held in domestic offices | $175,515 |
| Deposits by Individuals, partnerships, and corporations | $175,515 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $0 |
| Deposits by Commercial banks and other depository institutions in U.S. | $0 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $56,910 |
| Demand deposits | $42,107 |
| Nontransaction accounts | $118,605 |
| Money market deposit accounts (MMDAs) | $60,575 |
| Other savings deposits (excluding MMDAs) | $1,055 |
| Total time deposits | $56,975 |
| Total time and savings deposits | $133,408 |
| Noninterest-bearing deposits | $42,107 |
| Interest-bearing deposits | $133,408 |
| Retail deposits | $161,459 |
| IRAs and Keogh plan accounts | $3,086 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $224,034 |
| Cash & Balances due from depository institutions | $19,661 |
| Interest-bearing balances | $19,247 |
| Total securities | $45,555 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $146,789 |
| Loan and leases loss allowance | $2,842 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $426 |
| Other real estate owned | $1,278 |
| Goodwill and other intangibles | $386 |
| All other assets | $9,939 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $224,034 |
| Total Liabilities | $203,408 |
| Total deposits | $175,515 |
| Interest-bearing deposits | $133,408 |
| Deposits held in domestic offices | $175,515 |
| % insured (estimated) | $80 |
| Federal funds purchased and repurchase agreements | $10 |
| Trading liabilities | $0 |
| Other borrowed funds | $26,000 |
| Subordinated debt | $1,000 |
| All other liabilities | $883 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $146,789 |
| Loan and leases loss allowance | $2,842 |
| Total loans and leases (domestic) | $149,631 |
| All real estate loans | $119,997 |
| Real estate loans in domestic offices | $119,997 |
| Construction and development loans | $13,323 |
| Residential 1-4 family construction | $10,530 |
| Other construction, all land development and other land | $2,793 |
| Loans secured by nonfarm nonresidential properties | $59,667 |
| Nonfarm nonresidential secured by owner-occupied properties | $34,825 |
| Commercial real estate & other non-farm, non-residential | $24,842 |
| Multifamily residential real estate | $2,613 |
| 1-4 family residential loans | $44,394 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $27,407 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $2,227 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $754 |
| Other loans to individuals | $1,473 |
| All other loans & leases | $0 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $0 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $0 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $5,701 |
| Non 1-4 family restructured loans & leases | $5,701 |
| Total loans and leases (foreign) | $0 |
Cornerstone Bank had $146,789,000 of loans outstanding in 2018. $119,997,000 of loans were in real estate loans. $13,323,000 of loans were in development loans. $2,613,000 of loans were in multifamily mortgage loans. $44,394,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $754,000 of loans were in the auto loan category.
Small Business Loans
| Categorization | # of Loans in Category | $ amount of loans (in 000's) | Average $/loan |
|---|---|---|---|
| Nonfarm, nonresidential loans - <$1MM | 99 | $22,459 | $226,859 |
| Nonfarm, nonresidential loans - <$100k | 4 | $171 | $42,750 |
| Nonfarm, nonresidential loans - $100-250k | 17 | $2,292 | $134,824 |
| Nonfarm, nonresidential loans - $250k-1MM | 78 | $19,996 | $256,359 |
| Commercial & Industrial, US addressed loans - <$1MM | 160 | $16,722 | $104,513 |
| Commercial & Industrial, US addressed loans - <$100k | 36 | $2,389 | $66,361 |
| Commercial & Industrial, US addressed loans - $100-250k | 50 | $3,976 | $79,520 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 74 | $10,357 | $139,959 |