Cornerstone Posts Another Profitable Quarter

Monday, July 29, 2013
Frank Hughes
Frank Hughes

Cornerstone Bancshares, Inc., parent company of Cornerstone Community Bank, reported Monday continued positive earnings for the second quarter of 2013, with a net income of approximately $396,000 for the quarter ended June 30.  This marks the tenth consecutive quarter of positive earnings for Cornerstone and represents a 27.5 percent increase in net income year-over-year.

Average assets grew 4.3 percent and the return on average assets increased 22 percent for the quarter, compared with the same quarter the previous year.  Average equity increased 12.7 percent, and the return on average equity increased 16.3 percent.  Market value per common share was $2.01 as of June 30, 2013, a 14.9 percent increase in value over the previous year.   

Other improvements year-over-year at quarter’s end include: increase in total assets, increase in total loans, increase in total deposits and increase in net interest margin.

“We definitely have some positive momentum, and things are continuing to trend in the right direction,” said Cornerstone’s President Frank Hughes.  “Our main priorities for the immediate future are focusing on core Chattanooga relationships and loan growth.” 

Founded in 1996, Cornerstone is a single-bank holding company, with $435 million in assets, serving the Chattanooga with five full-service branch locations throughout Chattanooga and one loan production office in Dalton. Locally owned and locally operated, Cornerstone specializes in providing a comprehensive range of customized financial solutions for businesses and individuals.


Josh Janeway And Kenneth Garmany Join Metalworking Solutions

Metalworking Solutions announced on Wednesday that Josh Janeway and Kenneth Garmany have joined the company as quality manager and director of Business Development respectively. Mr. Janeway has eight years of experience leading ISO efforts in various organizations. Mr. Garmany has over 20 years in the metal fabrication industry, marketing and selling fabrication services throughout ... (click for more)

CSCC’s SBDC To Offer Free Seminar On Starting A Business

Cleveland State’s Small Business Development Center is hosting StraightTalk: Everything You Wanted To Know But Were Afraid To Ask About Starting A Business seminar on Monday, April 28 from 1-3 p.m. in room 130 of the Technology Building on the CSCC campus.  Panelists from the Small Business Development Center at Cleveland State Community College, the U.S. Small Business ... (click for more)

Haslam Signs Bill Ending Forced Annexation And Giving Tennesseans Right To Vote

Governor Bill Haslam signed HB 2371/SB2464 on Wednesday. The law ends forced annexations and gives Tennesseans the right to vote. The law now requires cities to annex by consent of the landowner or through referendum approved by a majority of the landowners to be annexed. As an additional protection to farmers, land primarily used for agriculture purposes may not be annexed by any ... (click for more)

One Of "Worst Of The Worst" Gets 10-Month Federal Sentence

One of the men labeled as the "worst of the worst" in a Chattanooga roundup was sentenced Tuesday to 10 months and three years supervised release after he pled guilty to one count of conspiracy to distribute crack cocaine. Guy Wilkerson told Federal Judge Sandy Mattice, "I'm just a young father and I want the best for my kids." He said he apologized and that he knew what he ... (click for more)

Time For Tennessee To Act On Climate This Earth Day - And Response

Tennessee will join the rest of the southeast region, the nation and countries across the world in celebrating Earth Day on April 22. The entire month of April is a great time to reflect on the strides we have made to reduce pollution over the last 44 years, and assess current environmental conditions while evaluating our personal responsibility to a cleaner environment.  ... (click for more)

Roy Exum: Why Jim Coppinger Excels

Jim Coppinger, who as the mayor of Hamilton County has understandably had to grow some thick skin, wants no part of the repulsive billboards now seen around town that ask, “Do you have gonorrhea?”  His Tuesday morning telephone call revealed he is just as disgusted as the rest of us who see them showing a picture of a forlorn African-American male. “You need to know the Hamilton ... (click for more)