Cornerstone Bancshares, Inc. Reports Positive Earnings For 3rd Quarter Of 2013

Monday, October 21, 2013

Cornerstone Bancshares, Inc., holding company of Cornerstone Community Bank, on Monday announced net income of $429,000 for the third quarter of 2013. This marks the eleventh consecutive quarter of positive earnings for Cornerstone and an increase of 17.9 percent from net income of $364,000 for the same quarter of 2012.  Net income for the year increased 23.9 percent from $1,031,000 in 2012 to $1,277,000 in 2013 at quarter-end.

Quarterly financial highlights year-over-year include:

  • 17.9% increase in net income
  • 9.2% increase in net interest income
  • 3.8% increase in total loans
  • 33.3% decrease in Other Real Estate Owned
  • 37.3% decrease in total nonperforming assets

“We continue to make steady, gradual progress in nearly all sectors of the bank,” said Cornerstone's President and Chief Executive Officer Frank Hughes.  “We are especially pleased with the significant reduction of OREO and related expenses,” he said. “The key to the bank’s success is the disposition of our nonperforming assets.”  

Based on positive earnings in preceding quarters, Cornerstone continued paying its quarterly Preferred Stock dividend.  The most recent payment, made on Aug. 22, marks the tenth consecutive quarterly dividend payment since the new security was issued in the third quarter of 2010.  As of Dec. 31, 2012, Cornerstone had sold all 600,000 shares of the convertible, preferred stock, successfully raising $15 million in new capital and refortifying its capital foundation for the future.

“Cornerstone is in a solid position to grow and thrive right along with the Chattanooga community,” said Cornerstone’s Chairman Miller Welborn.  “We will continue to keep a laser-sharp focus on smart business fundamentals and taking care of our customers, employees and shareholders.”


2014 OPGA/POINT Freedom Award Presented To Eclipse Medical

Eclipse Medical, LLC in Chattanooga received the 2014 OPGA/POINT Freedom Award for their service and dedication to veterans and active duty soldiers. The OPGA/POINT Freedom Award recognizes OPGA and POINT members who have provided orthotic and prosthetic fitting and/or rehabilitation for soldiers wounded in action. “Every day more and more of our brave men ... (click for more)

Over Qualified

The loss of a job can be somewhat of a traumatic experience.  Many emotions accompany this life altering event, there are many highs and just as many lows, I will explore the highs and lows at a later time, but what I want this article to focus on are two little words that have a very demoralizing affect on the job seeker, “Over Qualified.” Being labeled “Over Qualified,” ... (click for more)

Architect/Contractor Selected By Erlanger For New Children's/Women's Hospital

HKS has been selected as the architect and McCarthy as the construction manager for a new Children’s and Women’s Hospital at the Erlanger campus on East Third Street. The Atlanta team competed against another Atlanta group for the major construction project. Erlanger officials announced Monday that $11.5 million is being set aside in a debt restructuring for the new $30 ... (click for more)

Westfield Charged In Burning, Torture Of Kitten At Cleveland

An arrest has been made in the case of a kitten who was burned and tortured in Cleveland, Tn. At 12:50 p.m. on Tuesday, Gary A. Westfield, 31, of Cleveland, was placed in custody on a warrant obtained by Lt. Robert Harbison and Detective Matt Jenkins of the Criminal Investigations Division. Westfield was charged with aggravated cruelty to animals, which is a Class E felony. ... (click for more)

Chattanooga Has Lost Its Most Popular Citizen - Luther Masingill

Chattanooga has lost its most popular citizen – Luther Masingill. Although we are saddened we cherish the memories.  All of us have a Luther story.  Mine is the first time I met Luther.  This was before TV and all of Chattanooga listened to Luther on the radio.  I was 12-years-old.  Some of my buddies and I had gone to the State Theater in downtown ... (click for more)

Roy Exum: An Election Day Fable

Every day I am peppered with emails that friends send to me from across the country so I am unsure of where the fable you are about to read originated. But with early voting for the November general election now in full swing, I think everyone who will -- or will not -- take part in freedom’s greatest privilege should read this story because I believe there is a great lesson contained ... (click for more)