Cornerstone Bancshares saw 10th positive quarterStaff writer ▼ |
This marks the 10th consecutive quarter of positive earnings for Cornerstone and represents a 27.5 percent increase in net income year-over-year.
Average assets grew 4.3 percent and the return on average assets increased 22 percent for the quarter, compared with the same quarter the previous year. Average equity increased 12.7 percent, and the return on average equity increased 16.3 percent. Market value per common share was $2.01 as of June 30, 2013, a 14.9 percent increase in value over the previous year.
"We definitely have some positive momentum, and things are continuing to trend in the right direction. Our main priorities for the immediate future are focusing on core Chattanooga relationships and loan growth," said Cornerstone's president Frank Hughes.
Founded in 1996, Cornerstone is a single-bank holding company, with $435 million in assets, serving the Chattanooga, Tennessee MSA, with five full-service branch locations throughout Chattanooga and one loan production office in Dalton, Georgia.
Locally owned and locally operated, Cornerstone specializes in providing a comprehensive range of customized financial solutions for businesses and individuals. ■