Cornerstone Community Bank Has Rise In Earnings

Tuesday, July 22, 2014

Cornerstone Bancshares, Inc. (OTCBB: CSBQ; CSBQP), parent company of Cornerstone Community Bank, today reported earnings for the second quarter ended June 30, including a rise in income.

Net income for the quarter was $409,000, a 3.3 percent increase from the same quarter of 2013.  Net interest income increased 5.5 percent from the same quarter last year.

“Cornerstone had another solid quarter of positive earnings and steady growth,” said Cornerstone’s President and CEO Frank Hughes.  “We continue to strengthen our earnings platform, with a significant reduction in nonperforming assets, which decreased 38 percent year-over-year.”

Second Quarter Highlights Year-Over-Year

·         Loans increased 5.9 percent

·         Foreclosed assets decreased 31.1 percent

·         Non-accruing loans decreased 58.6 percent

·         Net charge-offs decreased 71.2 percent

·         Market value per common share increased 26.9 percent

“There is a lot of positive momentum, and major investments are being made in our market right now,” said Cornerstone’s Chairman Miller Welborn.  “With Volkswagen’s recent announcement of another production line here in Chattanooga, the economic forecast for Chattanooga is very bright.  Our goal is to position Cornerstone to take full advantage of the opportunities that lie ahead.”


Attorneys Batts And Taylor Elected To Lead State Drug Court Association

The Tennessee Association of Drug Court Professionals has elected attorneys Kevin Batts and Richard Taylor to leadership positions in the statewide group. Mr. Batts will serve as president and Mr. Taylor will serve as vice president of the association in 2015. Mr. Batts is director of the Drug Court in the 23rd Judicial District, serving five counties of Middle Tennessee. He ... (click for more)

Karen Tindell And Kelly Still Join Southern Community Bank

Robert Stahl, Chattanooga city president of Southern Community Bank, announced Karen Tindell and Kelly Still have joined the Chattanooga branch. “Karen joins the staff as assistant vice president and Kelly joins the staff as a commercial lender,” said Mr. Stahl.  “Together Karen and Kelly collectively have over 50 years’ experience in the financial industry with regional ... (click for more)

2 Suspects Sought In Armed Robbery At Highway 153 Long John Silver's

Police are searching for two suspects in an armed robbery that happened Friday morning. At approximately  8:10  a.m. the Chattanooga Police Department responded to 5317 Highway 153 for a robbery at the Long John Silver's.  Officers discovered that two black men, wearing hoodies and masks, entered the Long John Silver's and forced the assistant manager ... (click for more)

Pair Charged With Beating Man With Stick, Taking His Wallet

Two men are charged with beating a man with a large stick while he slept on the steps of a downtown church, then taking his wallet. Jerry Quincy Allen, 45, and James Leo Boas, 40, both of 727 E. 11th St., are charged with aggravated robbery. In the incident on Wednesday, Bradley Casehart said he and a friend were asleep at Tompkin Chapel Church on Palmetto Street. He ... (click for more)

Please Don't Close The Piccadilly Cafeteria At Hamilton Place - And Response

Oh, no. The Piccadilly Cafeteria at Hamilton Place is closing.  Its last day is Christmas Eve.  I will miss the great food they have there but most of all I will miss their servers, cashiers and waitresses.  They are all so friendly and accommodating.  They make it like it’s a home-style restaurant. I sure wish there was some way that Hamilton Place and ... (click for more)

Roy Exum: The Manger Scene Stays!

When the Freedom From Religion Foundation struck the tiny town of Jay, Fla., earlier this month, the town mayor had a life-sized Nativity scene that had been displayed every Christmas for the past 40 years taken down and sold as “city surplus.” But in Alabama, things are different. When the foundation tried the same thing in Rainbow City, Ala., more people than all those who live ... (click for more)