Cornerstone earnings up in first quarter

Cornerstone earnings up in first quarter

April 24th, 2013 by Dave Flessner in Local - Breaking News

Frank Hughes of Cornerstone Bank

The parent company of Cornerstone Bank reported a 26.8 percent gain in first quarter profits over a year ago.

Cornerstone Bancshares, Inc., said today it earned net income of 452,000 for the first quarter of 2013 as loans grew 3.7 percent, transactional deposits jumped 35.7 percent and non-accruing loans fell by 41.1 percent.

"I am extremely pleased with the steady, gradual progress we continue to make in strengthening the Bank and our earnings footprint," Cornerstone CEO Frank Hughes said. "The fact that we had marked improvement in earnings, in what is the shortest and typically weakest quarter of the year, is further testament that Cornerstone is on the right track and heading in the right direction."

Cornerstone is a single-bank holding company, with approximately $430 million in assets, serving the Chattanooga area with five bank branches and a loan production office in Dalton, Ga.