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.”


Local Company Seeking Chase Bank Grant

AQQOLADE, a local professional services business, has applied for a $150,000 grant from Chase Bank as part of a newly launched program, Mission Main Street Grants. AQQOLADE has submitted a questionnaire outlining a business plan that will result in growth of the business and NEEDS AT LEAST 250 votes to be eligible for a grant. Clients, fans and community members can show ... (click for more)

Samaritan Center Closes Temporarily For Major Remodel

The Samaritan Center thrift stores will temporarily close their doors,  Tuesday, September 30, to accommodate a major remodel.  The stores will re-open on  Sunday, October 5 , at  1 p.m. , in their short-term location at the rear of the property.   While the stores are closed, the Samaritan Center will continue to accept donations and provide ... (click for more)

Witnesses In 17-Year-Old Murder Case Say They Saw Hollingsworth Threaten, Mistreat Wife

Two potential witnesses in a 17-year-old murder testified Monday that they saw Adolphus Lebron Hollingsworth threaten and mistreat his wife Vicky before she disappeared in 1997. Hollingsworth, who is under $200,000 bond, is set for trial on Nov. 4. Orville Hughes said he lived around the corner from Vicky when he was on Chamberlain Avenue and they were on Duncan Avenue. ... (click for more)

Family Makes Treasure Trove Of Early Chattanooga Photographs Available For Book; Stokes Collection Has Been Passed Down To Descendants

A treasure trove of Chattanooga photographs that have been passed down in the Stokes family for generations has now been assembled in an upcoming book. Chattanooga Around The Turn Of The Century: The Remarkable Stokes Collection will be published by Chattanoogan.com. Pre-orders are now being taken for the book, which includes over 700 photos on large-size pages. Publisher ... (click for more)

How To Reform The City Industrial Development Board - And Response (3)

My aims is to bring to the public’s attention the need for procedural changes that, if implemented, would significantly improve the information available the public, to the City Council and to the City Industrial Development Board about the verifiable benefits and costs of tax incentive financing structures and to make the entire process transparent. The public, the City ... (click for more)

Roy Exum: He Can Never Go Home

When Florida State quarterback Jameis Winston sparked top-ranked Florida State to a 56-41 comeback over N.C. State last Saturday, you would have thought the world had forgotten and virtually excused his vulgar rant from the week before. His inexcusable mid-week antics kept him sidelined during the Clemson game and brought down the nation’s scorn but less than a week later he was ... (click for more)