Cornerstone Bank Mortgage Rates, Fees & Info

Eureka Springs, AR

LEI: 5493007UW5GSKHED2095

Tax ID: 71-0009810

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Cornerstone Bank is a smaller bank specializing in Home Purchase loans. Cornerstone Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top (well, only) market is Fayetteville.

    Cornerstone Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    243

    Origination Dollar Volume (All Markets)

    $33,445,000

    Employee count

    91

    Top 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
    Outside of Metro Areas 190 $26,260,000 $138,211 $0 0.00%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 53 $7,185,000 $135,566 $0 0.00%
    Cornerstone Bank's top markets include and Fayetteville among others.

    Their top states include:
  • (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 242 $33,400,000 $138,017 $0 0.00%
    FHA 1 $45,000 $45,000 $0 0.00%

    For 2020, Cornerstone Bank's most frequently originated type of loan was Conventional, with 242 originations. Their 2nd most popular type was FHA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 148 $20,230,000 $136,689 $0 0.00%
    Cash Out Refi 41 $6,335,000 $154,512 $0 0.00%
    Refi 38 $5,950,000 $156,579 $0 0.00%
    Home Improvement 9 $545,000 $60,556 $0 0.00%
    Other 7 $385,000 $55,000 $0 0.00%

    For 2020, Cornerstone Bank's most frequently cited loan purpose was Home Purchase, with 148 originations. The 2nd most popular reason was Cash Out Refi, with 41 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 243 $33,445,000 $137,634 $0 0.00%

    For 2020, Cornerstone Bank's most frequently cited loan duration was Other, with 243 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 103 $6,045,000 $58,689 $0 0.00%
    $100k-200k 90 $12,580,000 $139,778 $0 0.00%
    $200k-400k 47 $12,985,000 $276,277 $0 0.00%
    $600k-1MM 2 $1,380,000 $690,000 $0 0.00%
    $400k-600k 1 $455,000 $455,000 $0 0.00%

    2020 saw Cornerstone Bank place emphasis on $100,000 or less loans with 103 originations, totaling $6,045,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 67 $6,645,000 $99,179 $0 0.00%
    $50k-75k 48 $5,750,000 $119,792 $0 0.00%
    $100k-150k 32 $4,170,000 $130,313 $0 0.00%
    $75k-100k 31 $4,205,000 $135,645 $0 0.00%
    $150k-250k 29 $5,055,000 $174,310 $0 0.00%
    $250k+ 14 $3,260,000 $232,857 $0 0.00%

    Cornerstone Bank lent most frequently to those with incomes in the $50k or less range, with 67 originations. The second most popular income band? $50k-75k, with 48 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 243 $33,445,000 $137,634 $0 0.00%

    Cornerstone Bank lent most frequently to those with DTI ratios of Exempt%, with 243 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 222 $29,220,000 $131,622 $0 0.00%
    Not applicable 15 $3,005,000 $200,333 $0 0.00%
    Not provided 4 $990,000 $247,500 $0 0.00%
    Asian 1 $205,000 $205,000 $0 0.00%
    Native Hawaiian or Islander 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    88.10%

    Cornerstone Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.65%

    Cornerstone Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 243 $33,445,000 $137,634

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $1,705,000 $243,571
    Single Family (1-4 Units):Manufactured 41 $3,345,000 $81,585
    Single Family (1-4 Units):Site-Built 195 $28,395,000 $145,615

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    CORNERSTONE MORTGAGE, INC. Conventional home mortgage Incorrect information on your report 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Cornerstone Bank 1 Parkwood Dr Holiday Island, AR 72631 Full Service B&M $48,389
    Cornerstone Bank 1426 Highway 65 North Harrison, AR 72601 Full Service B&M $48,875
    Cornerstone Bank 152 East Van Buren Eureka Springs, AR 72632 Full Service B&M $134,571
    Cornerstone Bank 270 Curtis Hutchins Way Huntsville, AR 72740 Full Service B&M $37,077
    Cornerstone Bank 70 South Main Street Eureka Springs, AR 72632 Full Service B&M $0
    Cornerstone Bank 907 W Trimble Berryville, AR 72616 Full Service B&M $57,360

    For 2020, Cornerstone Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $17,928
    Net interest income $14,203
    Total noninterest income $4,193
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,017
    Trading account gains and fees $0
    Additional Noninterest Income $3,176
    Pre-tax net operating income $6,620
    Securities gains (or losses, -) $0
    Income before extraordinary items $6,620
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,620
    Minority interest net income $0
    Net income $6,620
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,620

    Cornerstone Bank's gross interest income from loans was $17,928,000.
    Cornerstone Bank's net interest income from loans was $14,203,000.
    Cornerstone Bank's fee based income from loans was $1,017,000.
    Cornerstone Bank's net income from loans was $6,620,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,725
    Provision for credit losses $1,050
    Total noninterest expense $10,726
    Salaries and employee benefits $5,898
    Premises and equipment expense $1,608
    Additional noninterest expense $3,220
    Applicable income taxes $0
    Net charge-offs $187
    Cash dividends $3,425

    Cornerstone Bank's interest expense for loans was $3,725,000.
    Cornerstone Bank's payroll and benefits expense were $5,898,000.
    Cornerstone Bank's property, plant and equipment expenses $1,608,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    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 $359,572
    Deposits held in domestic offices $359,572
    Deposits by Individuals, partnerships, and corporations $295,530
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $64,042
    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 $146,124
    Demand deposits $146,124
    Nontransaction accounts $213,448
    Money market deposit accounts (MMDAs) $57,412
    Other savings deposits (excluding MMDAs) $37,301
    Total time deposits $118,734
    Total time and savings deposits $213,448
    Noninterest-bearing deposits $46,136
    Interest-bearing deposits $313,436
    Retail deposits $313,499
    IRAs and Keogh plan accounts $10,860
    Brokered deposits $20,144
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $431,453
    Cash & Balances due from depository institutions $73,867
    Interest-bearing balances $58,343
    Total securities $33,341
    Federal funds sold & reverse repurchase $0
    Net loans and leases $295,170
    Loan and leases loss allowance $4,107
    Trading account assets $0
    Bank premises and fixed assets $17,215
    Other real estate owned $885
    Goodwill and other intangibles $0
    All other assets $10,975

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $431,452
    Total Liabilities $392,264
    Total deposits $359,572
    Interest-bearing deposits $313,436
    Deposits held in domestic offices $359,572
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $27,222
    Subordinated debt $0
    All other liabilities $5,470

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $295,170
    Loan and leases loss allowance $4,107
    Total loans and leases (domestic) $299,277
    All real estate loans $252,100
    Real estate loans in domestic offices $252,100
    Construction and development loans $32,336
    Residential 1-4 family construction $12,547
    Other construction, all land development and other land $19,789
    Loans secured by nonfarm nonresidential properties $59,862
    Nonfarm nonresidential secured by owner-occupied properties $13,337
    Commercial real estate & other non-farm, non-residential $46,525
    Multifamily residential real estate $2,727
    1-4 family residential loans $90,464
    Farmland loans $66,711
    Loans held in foreign offices $0
    Farm loans $9,824
    Commercial and industrial loans $19,011
    To non-U.S. addressees $0
    Loans to individuals $17,036
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $5,943
    Other loans to individuals $11,093
    All other loans & leases $1,306
    Loans to foreign governments and official institutions $0
    Other loans $153
    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 $26
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Cornerstone Bank had $295,170,000 of loans outstanding in 2020. $252,100,000 of loans were in real estate loans. $32,336,000 of loans were in development loans. $2,727,000 of loans were in multifamily mortgage loans. $90,464,000 of loans were in 1-4 family mortgage loans. $9,824,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,943,000 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 248 $38,715 $156,109
    Nonfarm, nonresidential loans - <$100k 61 $2,520 $41,311
    Nonfarm, nonresidential loans - $100-250k 84 $10,871 $129,417
    Nonfarm, nonresidential loans - $250k-1MM 103 $25,324 $245,864
    Commercial & Industrial, US addressed loans - <$1MM 1,636 $15,511 $9,481
    Commercial & Industrial, US addressed loans - <$100k 1,574 $6,180 $3,926
    Commercial & Industrial, US addressed loans - $100-250k 50 $5,117 $102,340
    Commercial & Industrial, US addressed loans - $250k-1MM 12 $4,214 $351,167
    Farmland loans - <$1MM 311 $36,325 $116,801
    Farmland loans - <$100k 153 $6,280 $41,046
    Farmland loans - $100-250k 109 $15,290 $140,275
    Farmland loans - $250k-1MM 49 $14,755 $301,122
    Agriculture operations loans - <$1MM 460 $9,678 $21,039
    Agriculture operations loans - <$100k 441 $7,460 $16,916
    Agriculture operations loans - $100-250k 18 $1,738 $96,556
    Agriculture operations loans - $250k-1MM 1 $480 $480,000