Cornerstone Reports Positive Earnings For Fourth Quarter Of 2013

Tuesday, January 28, 2014
Frank Hughes
Frank Hughes

Cornerstone Bancshares, Inc., holding company of Cornerstone Community Bank, Tuesday announced net income of $403,000 for the fourth quarter of 2013 and $1.68 million for the year, which represents an increase of 20 percent over 2012. This marks the twelfth consecutive quarter of positive earnings for Cornerstone.

Other financial highlights year-over-year include:  20 percent increase in net income, 4.5 percent increase in loans, 36 percent decrease in foreclosed assets, 40 percent decrease in nonaccruals and 10 percent increase in core transactional deposits.

"We are extremely pleased with this solid performance for the year," said Cornerstone's President and CEO Frank Hughes. "The bank continued to make steady progress in earnings and was able to use some of its revenue to accelerate the disposition of OREO (other real estate owned)."

Based on its positive quarterly earnings, Cornerstone was able to continue paying its Preferred Stock dividend all four quarters of 2013. 

"At this new juncture of a new year, we anticipate continued improvement in asset quality and another strong year of OREO reduction," said Mr. Hughes. "Our focus will remain on taking care of our customers and delivering the greatest return on investment for all of our shareholders."


Supreme Court Orders Trial Court To Reconsider Subpoenas In Post-Conviction Case

The Tennessee Supreme Court has ruled that a post-conviction petitioner may be entitled to subpoena his co-defendants as witnesses, but only if he can first demonstrate that the co-defendants are competent witnesses whose testimony is relevant to his claims. In 2009, Quantel Taylor pled guilty to charges of attempted first degree murder, second degree murder, and especially aggravated ... (click for more)

Metro Dalton’s Unemployment Rate Rises To 10.4 Percent In July

The Georgia Department of Labor announced today that Metro Dalton’s unemployment rate for July was 10.4 percent, up 1.1 percent from 9.3 percent in June. The rate in July of last year was 11.7 percent. The July rate increased as initial claims jumped 111 percent, up by 857 to 1,629 from 772 in June. Most of the increase was due to temporary layoffs in manufacturing. There were ... (click for more)

School Board Delays Decision On Big-Ticket Health Insurance Item For 1 Week

The Hamilton County School Board on Thursday night voted to delay a vote on a new insurance plan for employees until next Thursday. Sandy Hughes, president of the Hamilton County Education Association, said, "I have a difficult time trying to think of what priority in spending is more important than the well-being of your employees and their children...You've not given us enough ... (click for more)

Man Charged In Westview Elementary Rampage Under Treatment At Moccasin Bend

The 22-year-old charged with a rampage through Westview Elementary School is under treatment at Moccasin Bend Psychiatric Hospital, officials said. Aaron Roden had been set for his first court appearance on Thursday morning. Attorney Allen Dunn of the public defender's office said the hearing needed to be delayed. A status court appearance will be Sept. 23 at 1:30 p.m. Sheriff ... (click for more)

Black Creek TIF Decision-Who Guards The Hen House? - And Response

Citizens of Chattanooga were invited to give public comment before their own Industrial Development Board Aug. 15. They arrived to find foxes guarding their hen house.  Many thought the meeting was their opportunity to seek redress in the ill-conceived Black Creek Tax Increment Financing plan. However, they learned it was a sham orchestrated by both the past and present ... (click for more)

Roy Exum: Coaches Vs. ‘Top 25’ Foes

The long-accepted measuring stick for a college football coach has been his win-loss record, with an after-glance at his win-loss record within his conference. But in Wednesday’s editions of the Wall Street Journal, writer David Everson, with the help of Stats LLC, used a much-tougher litmus test when he revealed the records of 65 major-college coaches against opponents that were ... (click for more)