SmartFinancial Inc. (SMBK)

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Cornerstone Bancshares, Inc. Reports Positive Earnings for First Quarter of 2014

CHATTANOOGA, Tenn., April 28, 2014 /PRNewswire/ -- Cornerstone Bancshares, Inc. (OTCBB: CSBQ; CSBQP), parent company of Cornerstone Community Bank, today reported net income of $412,000 for the first quarter of 2014. This marks the thirteenth consecutive quarter of positive earnings for Cornerstone.

First Quarter Financial Highlights for March 31, 2014, Compared to March 31, 2013:
•7.5% increase in loans
•24.9% reduction in non-accruing loans
•1.4% increase in deposits
•40.6% reduction in foreclosed assets
•11.8% increase in market value per common share

"We continue to make great strides in strengthening the Bank and its solid earnings footprint," said Cornerstone's President and CEO Frank Hughes. "With a significant reduction in OREO, combined with strong growth in loans and deposits, Cornerstone can focus on our core competency of serving our local market and being Chattanooga's premier community bank."