04:00 PM EST - Cornerstone Bancshares, Inc. : saw its 2008 net income increase to $2.51 million or $0.40 a share an increase of 188.3% over 2007's earnings per share of $0.13. For the fourth quarter Cornerstone's earnings loss decreased to $436 thousand or $(0.07) a share compared to the fourth quarter 2007 loss of $2.9 million or $(0.45) per share. The fourth quarter 2008 loss and the lower than historic year-to-date earnings were a direct result of deteriorating asset quality caused by the current recession and the Bank's reduced net interest margin caused by historically low interest rates. Cornerstone Bancshares, Inc.
shares CSBQ are trading even at $5.00.
