Frank Hughes of Cornerstone BankCornerstone Bancshares Inc., the parent company of Cornerstone Community Bank, boosted its first quarter profit nearly 42 percent over last year to $357,000. Cornerstone has reported net income for five consecutive quarters following hefty losses during 2008 and 2009.
The bank reported late Wednesday that it has raised $10.4 million in capital through its preferred stock offering launched in the fall of 2010 and has boosted its total risk-based capital ratio from 10.5 percent a year ago to 13 percent as of March 31.
"We are greatly encouraged by the continued progress we've made to raise capital, improve our underwriting and collection procedures, and produce positive earnings," Cornerstone President Frank Hughes said.