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."