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. 



CBL & Associates Declares Common Stock Dividend And Preferred Stock Dividend

CBL & Associates Properties, Inc. on Friday announced that its Board of Directors has declared a quarterly cash dividend for the company’s Common Stock of $0.265 per share for the quarter ending March 31. The dividend is payable on April 17 to shareholders of record as of March 30.  The Board also declared a quarterly cash dividend of $0.4609375 per depositary share ... (click for more)

Covenant Transport To Pay $30,000 To Settle EEOC Disability Discrimination Suit

Covenant Transport, Inc. will pay $30,000 and furnish other relief to settle a disability discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission, the federal agency announced Friday.   The EEOC’s suit had charged that Covenant discriminated against an applicant for a commercial truck driver position on the basis of his disability. Covenant conditionally ... (click for more)

2 Homes Totally Destroyed By Fire On Sunday In Separate Blazes

Two homes were totally destroyed by fire in separate blazes on Sunday afternoon. At  5 p.m. , a neighbor called 911 reporting a house fire at 3910 Fairmont Pike on Signal Mountain. Walden's Ridge Emergency Services responded and arrived on the scene reporting a fully involved house fire. A mutual aid response was requested for additional manpower and apparatus ... (click for more)

Signal School Study Says Under Own School System Much More Could Go To The Classroom; Lennon Says Getting Land, Buildings A Major Issue

A panel studying a new school system operated by Signal Mountain concluded that much more money could go directly into the classroom, helping students further increase their potential.   However, County School Board member Kathy Lennon said how the town would be able to acquire the land and buildings is a major issue.   A group of Signal Mountain residents ... (click for more)

CVB Should Share Financials With The Home Folks

The recent debate over the Convention and Visitor's Bureau's funding and budget has gotten ugly. A Hamilton County commissioner has asked questions and made comments about the CVB. The director of the CVB has organized a campaign to dismiss the commissioner's questions and comments. The children on the playground are choosing sides and nothing useful seems to be happening. It's ... (click for more)

Roy Exum: Trump's Latest Delight

I was quite amused this week when Donald Trump’s administration “locked out” several news organizations from the daily press briefings at the White House. The reason I loved it because in the 50 years I have spent in the news business, I have been locked out of press conferences, too. To be truthful, I am a longtime veteran of a bunch of “you versus me” squabbles and, if I do say, ... (click for more)