Cornerstone Bancshares, Inc. Reports Improvement In 4th Quarter 2012 Earnings

Monday, January 28, 2013
N. Frank Hughes
N. Frank Hughes


Cornerstone Bancshares, Inc. (OTC Bulletin Board: CSBQ; CSBQP) on Monday announced the following:

Cornerstone Bancshares, Inc. (“Cornerstone”) reported net income of $371,000 for the fourth quarter of 2012 and net income of $1,402,000 for the 12 months ended Dec. 31, 2012, which represents a 228.6 percent improvement in net income quarter-over-quarter and a 36.1 percent improvement from the previous year.  

Net interest margin increased from 3.55 percent in 2011 to 3.85 percent in 2012.  In addition, total assets increased 4.2 percent for the year, from $422,655,000 in 2011 to $440,463,000.  There was a 3.4 percent growth in loans for the year, from $267,765,000 in 2011 to $276,992,000 in 2012.  Deposits increased 8.9 percent from $314,042,000 in 2011 to $341,897,000.  In addition, Cornerstone’s market value per common share increased 52.7 percent from $1.50 in 2011 to $2.29 in 2012.  As of Dec. 31, 2012, Cornerstone had sold all 600,000 shares of its Series A Convertible Preferred Stock, raising $15 million in new capital.

Specific Accomplishments Include:

  • $15 million capital raise completion
  • Four consecutive quarters of positive earnings for 2012
  • Four consecutive payments of quarterly Preferred Stock dividends

“We’ve definitely turned a corner and are extremely pleased with our continued improvement,” said Cornerstone’s President and CEO Frank Hughes.  “Our goal is to continue strengthening Cornerstone’s foundation, so that we can build for the future and continue serving our Chattanooga market.”

Cornerstone is a single-bank holding company, with $440 million in assets, serving the Chattanooga, Tennessee MSA, with five branches throughout Chattanooga and one loan production office in Dalton, Georgia. Locally owned and locally operated, Cornerstone specializes in providing a comprehensive range of customized financial solutions for businesses and individuals. 



Business After Hours And Ridgeland High School Artists Reception Will Be May 12

The Walker County Chamber will host the Business After Hours and the Ridgeland High School Artists Reception – Hometown Teams: How Sports Shape America celebrates the connection between Amercians and sports in our heritage. The event will be at the 6th Cavalry Museum on May 12, from 4-6 p.m. Hometown Teams captures the stories that unfold on the neighborhood fields and courts, ... (click for more)

Senator David Perdue Says The Debt Crisis Is Directly Impacting The Ability To Protect The Nation

Senator David Perdue, a member of the Senate Budget and Foreign Relations Committees, on Thursday highlighted the impact the federal debt crisis is having on the country’s ability to support the military and protect the nation.   Here are highlights: Responsibly Funding The Federal Government:  “The primary role of Congress is to responsibly fund the federal ... (click for more)

Dewayne Ray Burns Wanted After Firing Shots At Fort Oglethorpe Police Officers

Dewayne Ray Burns is wanted after police in North Georgia were led on a chase, and he fired shots at officers. Burns fired shots in their direction late Thursday night. The Georgia Bureau of Investigation and the Fort Oglethorpe Police Department are investigating the incident. According to park rangers on the scene, the Burns ran away, while firing shots in the direction ... (click for more)

5 Considered For Cleveland City Manager Position

Five names were selected  Friday  by a citizens advisory committee to send to the Cleveland City Council for consideration as the next Cleveland city manager. The five are Angie Carrier, Joe Fivas, Mark Reeter, Seth Sumner and Julie Underwood. The list is being sent in alphabetical order so no one has an advantage when the city council considers the candidates. ... (click for more)

Jill Levine Is An Educational Rock Star

No one has covered the Hamilton County Department of Education drama better than Roy Exum.  Thank you, Roy, but I take issue with your unnamed sources.  Professional jealousy and sour grape darts should not be anonymous.   HCDE is so dysfunctional, and there is good cause to place this public organization under a microscope, dissect it into pieces and discard all ... (click for more)

Roy Exum: Settle It With A Vote

The Merriam-Webster Dictionary, which I consider a pretty good authority on what words really mean, defines “freedom” in this way:  “The quality or state of being free: such as, (a) the absence of necessity, coercion, or constraint in choice or action; (b) liberation from slavery or restraint or from the power of another; (c) independence -- the quality or state of being exempt ... (click for more)