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.”


Bradley Square Mall Hosts Mommy And Me Kid's Talent And Fashion Show

Bradley Square Mall will host the  Mommy and Me Kid's Talent and Fashion Show on Saturday, Nov. 8, at 3 p.m. All participants must have a signed pre-registration form filled out and submitted prior to the event. Registration forms my be picked up at Guest Services, Ashton Manor or downloaded from  here. Registration forms are due by  Friday, Oct. 31 . (click for more)

SIGNIX Hires New Vice President Of Partner Development

SIGNiX , a company that provides secure and simple digital signature services announced the hiring of its new Vice President of Partner Development, Leonora Zilkha Williamson. Ms. Williamson will work to identify and target potential partners in a variety of industries.  SIGNiX has long been a partner-centric company that focuses on providing total solutions to software ... (click for more)

Additions And Improvements At Camp Jordan Arena Coming Soon

Additions and improvements are coming to Camp Jordan Arena in the near future. At the Thursday night meeting of the East Ridge city council, approval was given for buying new playground equipment. It will come from Gametime, a locally-based company. The VP of Marketing lives in East Ridge and made a proposal to set up the playground at Camp Jordan so his company could use it for ... (click for more)

Teenager Killed In ATV Accident Thursday Night

Damon Lee Jones, 15, was killed Thursday night in an ATV accident in Walker County. It was reported he was riding with a 17-year old, when they tried to enter a church parking lot, but ran into a cable barrier. The accident happened on Dunwoody Road in LaFayette. The other rider, identified as Timothy J. Wallin, was not injured.   (click for more)

Tom Dugan Was A Good Man

Tom was my boss for most of my 36 years at Carta.  At the ceremony where I was awarded my 30-year service award, Tom said, "Don disagrees with 85% of my decisions, but I wish I had 80 more employees just like him." This kind of indicates our relationship. When I asked him to help with my plans for a reunion for the group of Veterans that I served with in Vietnam, he quickly ... (click for more)

Roy Exum: A Veterinarian’s Horse Sense

I suspect you’ve heard by now that a doctor in New York City, who volunteers with “Doctors Without Borders,” just got back from the African nation of Guinea on October 17 – last Friday – and on Thursday tested positive for the deadly Ebola virus. Luckily, he came in actual contact with only a few people but he reportedly rode a subway, took a taxi, went on a three-mile run and ... (click for more)