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.”


World's Largest One-Day Simulcast Leadership Conference Returns To Cleveland

Leadercast, the world’s largest one-day leadership conference, will be broadcast live from Atlanta and simulcast to hundreds of locations around the world on May 6. This year marks the 16th year of the annual leadership conference and the fourth year that the Cleveland/Bradley Chamber of Commerce and People for Care and Learning will host the event at First Baptist Church.   ... (click for more)

BEST/MATRR Officials Say "TVA Wastes Their Time And Our Money"

TVA Wastes Their Time and Our Money Bellefonte Efficiency and Sustainability Team/Mothers Against Tennessee River Radiation, a chapter of Blue Ridge Environmental Defense League, presented a report on Friday showing TVA’s "waste of money on nuclear power."   The group called for a withdrawal of the operating license for Bellefonte nuclear power plant in Hollywood, Ala.  ... (click for more)

Firefighters Stop Fire At Local IHOP Restaurant

Chattanooga firefighters did not have far to go when fire broke out at the IHOP on Highway 153 in Hixson around  9 a.m.  on Friday. Battalion Chief Don Bowman and firefighters with Quint 16 had just enjoyed a nice breakfast there while having a morning staff meeting. When the firefighters returned to their fire truck and were getting ready to drive off, one of the firefighters ... (click for more)

City Councilman Chris Anderson Gearing Up For Election A Year Away

City Councilman Chris Anderson is already gearing up for the next city election, though it is over a year away. In the financial disclosures due Feb. 1, he reported receiving $24,165 for the reporting period from July 16, 2015 to Jan. 16, 2016. He spent $4,887 during that period. Councilman Yusuf Hakeem took in $11,110 during the period. Councilman Russell Gilbert reported ... (click for more)

Black History Month Hero - Theodore McGraw (Kidd) AKA "Pongee"

I grew up in "Old St. Elmo" on 39th Street behind the Incline. As a child I remember my older brother "Pongee" as being my hero. This month of February being Black History Month, I cannot think of a better person to be honored than my late older brother, Theodore McGraw (Kidd) aka "Pongee" of St. Elmo (Gamble Town). Growing up without my father, Theodore was always available ... (click for more)

Roy Exum: ‘Chatt2.org’ Needs You Now

A diverse yet powerful panel of community leaders in Nashville delivered a letter to the Metro Nashville Board of Education last week. It was signed by some top men and women who represent a wide-ranking cross section of Tennessee’s largest city and includes education, business, religious and diversity superstars. You need to understand the urgency behind the letter. Davidson County ... (click for more)