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.”