Replies to post #1 on SmartFinancial Inc. (SMBK)

[Enterprising Investor]

Book value per share $3.98

[Enterprising Investor]

Cornerstone Bancshares, Inc. Reports Positive Earnings for Second Quarter of 2013 (7/29/13)

CHATTANOOGA, Tenn., July 29, 2013 /PRNewswire/ -- Cornerstone Bancshares, Inc. (OTC Bulletin Board: CSBQ; CSBQP) today announced the following:

Cornerstone Bancshares, Inc. ("Cornerstone"), parent company of Cornerstone Community Bank ("Bank"), reported continued positive earnings for the second quarter of 2013, with a net income of approximately $396,000 for the quarter ended June 30, 2013. This marks the tenth 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.

Other improvements year-over-year at quarter's end include:

•Increase in total assets

•Increase in total loans

•Increase in total deposits

•Increase in net interest margin

"We definitely have some positive momentum, and things are continuing to trend in the right direction," said Cornerstone's President Frank Hughes. "Our main priorities for the immediate future are focusing on core Chattanooga relationships and loan growth."

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.

http://www.prnewswire.com/news-releases/cornerstone-bancshares-inc-reports-positive-earnings-for-second-quarter-of-2013-217376851.html