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.”


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)

Dallas Bay Firefighters Save Home After Kitchen Fire, But 2 Dogs Die

Dallas Bay firefighters saved a home from burning to the ground on Saturday afternoon. Around 1 p.m., the homeowner called 911 reporting a house fire located at 1856 Cotter Road. Dallas Bay Volunteer Fire Department responded and arrived on the scene reporting heavy smoke pouring out the front door. Dallas Bay VFD requested a mutual aid response for Red Bank Fire Department ... (click for more)

Man, 39, Shot Late Friday Night In The Vicinity Of North Chamberlain Avenue

Police said a 39-year-old man was shot late Friday night in the vicinity of North Chamberlain Avenue.   He was identified as Ruben Williams Sr.   Officers with the Chattanooga Police Department were informed just before midnight that a shooting victim arrived at a local hospital via personal vehicle.   Officers made contact with the victim who advised ... (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: The Haggling Must Stop

Far be it for me to suggest the Hamilton County Commission and the School Board need to spend more time at recess but it was obvious this week the two groups need to work at being better friends. We have nine county commissioners and just as many corresponding school board members to work together for the betterment of one entity – Hamilton County. Everybody who thinks that is happening ... (click for more)