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.”


Lifeguard Ambulance Service Celebrates Christmas With Home For The Holidays

Spending the holidays with family and friends is a dream that Lifeguard Ambulance Service helps come true each year for residents living in Chattanooga.  Each year, Lifeguard offers its Home for the Holidays assistance program on Christmas Day. This complimentary ambulance transportation service provides local residents living in skilled nursing facilities with an opportunity ... (click for more)

Church's Chicken Donates Thousands To Calhoun And Gordon County Schools

Church's Chicken presented Calhoun City Schools with a $5,200 check on Dec. 17 and W.L. Swain Elementary School with a $1,000 check, making good on a promise to donate a portion of sales to local public schools. The campaign began earlier this fall when  Church’s®  invited parents, students and families to visit the location at 1131 South Wall Street, Calhoun, GA 30701. ... (click for more)

Police Looking For Scruggs In Stabbing Of Man, Woman

 Police are looking for 30-year-old Sean Michael Scruggs in the stabbing of a man and a woman. The victims were listed as Charde N. Joseph, 27, and Kameron Sales, 18. The s uffered non-life threatening injuries.   W arrants are on file for Scruggs for especially aggravated burglary, attempted murder, aggravated assault (domestic) and vandalism. The incident ... (click for more)

Bobby Dodd Lawsuit Against City Moved To Federal Court

A lawsuit brought by former Chattanooga Police Chief Bobby Dodd against the city of Chattanooga and the Chattanooga Fire and Police Pension Fund over his pension has been moved to Federal Court. The lawsuit was earlier filed in Chancery Court by attorneys Jerry Tidwell and Adam Izell. The suit says former Chief Dodd opted for a plan that would have half of his pension go to ... (click for more)

Please Don't Close The Piccadilly Cafeteria At Hamilton Place - And Response

Oh, no. The Piccadilly Cafeteria at Hamilton Place is closing.  Its last day is Christmas Eve.  I will miss the great food they have there but most of all I will miss their servers, cashiers and waitresses.  They are all so friendly and accommodating.  They make it like it’s a home-style restaurant. I sure wish there was some way that Hamilton Place and ... (click for more)

Roy Exum: 10 Tasks For This Week

In 1993 a 95-year-old man named William Snell created a list called “Life’s Little Instructions.” His list has swirled around in the Internet ever since and it is, indeed, a delightful checklist to keep us focused in the right direction. Curiously, when I read over it this past weekend, it dawned on me that if each of us would try to accomplish just 10 items on Mr. Snell’s list ... (click for more)