The Chattanooga banking company Cornerstone Bancshares Inc., continued its recovery this spring, reporting its second consecutive quarter of profits on Tuesday.
Cornerstone said it earned $141,000 in the second quarter, up from $18,000 a year ago. Bank President Frank Hughes said Cornerstone "is definitely moving in the right direction," through a combination of additonal capital, improved loan quality and lower operating expenses.
Cornerstone has raised $7.2 million in capital through its year-old preferred stock offering and will extend the campaign until the end of the year, Hughes said.