The parent company of Cornerstone Bank reported Tuesday its third consecutive quarter of profitability, earning $214,000 in the three-month period ended Sept. 30.
The Chattanooga banking company said its net interest income continued to improve while the bank cut its past-due loans to $1.5 million - the lowest level in more than two years.
Cornerstone launched a $15 million preferred stock offering this summer to help shore up the bank's capital position after losses in the previous two years.
"A third straight quarter of positive earnings certainly suggests we're making strides in the right direction," said Cornerstone's Miller Welborn, who took the helm as chairman in November 2009.