The parent company of Cornerstone Community Bank on Tuesday reported its sixth consecutive profitable quarter, doubling its second-quarter earnings from a year ago. Cornerstone Bancshares Inc. earned $310,585 in the three months ended June 30, up from $141,287 for the same quarter of 2011.
Cornerstone said it improved its capital ratios, book value and net interest margins in the past year. The $421 million-asset bank raised $11 million through its preferred stock offering, which the bank launched in the fall of 2010 to shore up the bank's financial position following losses in 2009 and 2010.
"The directors are extremely pleased with the strong, positive strides made in every segment of the bank's operations," Cornerstone Chairman Miller Welborn said.