Community Bankshares Inc. (SC) Announces Second Quarter 2005 Earnings.ORANGEBURG Orangeburg, city (1990 pop. 13,739), seat of Orangeburg co., central S.C., on the North Fork of the Edisto River; settled 1732, inc. as a city 1883. It is the trade and processing center of a cotton and agricultural area with textile, clothing, and food-distribution , S.C. -- Community Bankshares Inc., (AMEX AMEX See: American Stock Exchange :SCB ScB abbr. Latin Scientiae Baccalaureus (Bachelor of Science) ), announced consolidated net income of $1,551,000 or $.35 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for the quarter ended June 30, 2005 compared to $1,395,000 or $.31 per diluted share for the quarter ended June 30, 2004, an increase of $156,000 or 11.2%. Net income for the six months ended June 30, 2005 was $2,911,000 or $.65 per diluted share compared to $2,780,000 or $.62 per diluted share for the same period in 2004, an increase of $131,000 or 4.7%. Consolidated assets for Community Bankshares totaled $529.1 million at June 30, 2005 compared to $512.4 million at December 31, 2004, an increase of $16.7 million or 3.3%. For the same periods, gross loans totaled $413.8 million compared to $393.6 million, an increase of $20.2 million or 5.1%. For the same periods, deposits totaled $433.4 million compared to $423.5 million, an increase of $9.9 million or 2.3%. CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Samuel L. Erwin stated, "We are very pleased that our second quarter 2005 net income was more than 11% higher than the second quarter of 2004. Our banks are seeing increases in their net interest margins as overall market rates increase, loan demand continues to be good, and we are also experiencing increases in our mortgage loan business. However, these factors are offset by increases in the provision for loan losses and noninterest expenses, which include substantial compliance related expenses related to the Sarbanes-Oxley Act See SOX. ." Erwin continued, "Our Company is growing in size and complexity. At the end of last year we passed the $500 million asset level. We are building a corporate infrastructure appropriate to support our banks' continued growth in their various South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. markets. Our focus is on improving our operations, with emphasis on risk management and internal controls. We are in the process of building a new corporate headquarters and operations center The facility or location on an installation, base, or facility used by the commander to command, control, and coordinate all crisis activities. See also base defense operations center; command center. in Orangeburg, and recently approved the purchase of a new management information system. These initiatives will help tremendously in our ability to service our banks, and enable us to better run our subsidiaries and company." Community Bankshares, Inc.'s common stock is traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors SCB. Community Bankshares Inc., based in Orangeburg, South Carolina Orangeburg, also known as "The Garden City," is the largest city and county seat of Orangeburg County, South Carolina, United States. The population was 12,765 at the 2000 census. The population has steadily declined since the 1950s. , is the holding company for the Bank of Ridgeway A ridgeway is a road or path that follows the highest part of the landscape. Roads and pathways
This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Investors are cautioned that all forward-looking statements involve risks and uncertainties, and several factors could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements relate to anticipated revenues, gross margins, earnings, expansion of mortgage services marketing Services marketing is marketing based on relationship and value. It may be used to market a service or a product. Marketing a service-base business is different from marketing a product-base business. , improvement of mortgage services efficiency, and growth of the market for our services and products. The following factors, among others, could cause actual results to differ from those indicated in the forward-looking statements: uncertainties associated with market acceptance of and demand for the company's services and products, impact of competitive products and pricing, dependence on third party suppliers, and uncertainties associated with the development of technology. Investors are directed to the company's 2004 annual report, which is available from the company without charge or from its website, www.communitybanksharesinc.com, for a more complete description of the company's business.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(unaudited)
(Amounts in thousands, except per share data)
Six months ended Quarter ended
June 30, June 30,
Income statement summary 2005 2004 2005 2004
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Net interest income $10,128 $8,534 $5,193 $4,266
Provision for loan
losses $ 1,035 $ 491 $ 585 $ 258
Non-interest income $ 3,811 $3,777 $2,044 $1,931
Non-interest expense $ 8,344 $7,507 $4,225 $3,775
Income tax provision $ 1,649 $1,533 $ 876 $ 769
Net income $ 2,911 $2,780 $1,551 $1,395
Basic earnings per common
share:
Average shares 4,399 4,341 4,404 4,349
Earnings per share $ 0.66 $ 0.64 $ 0.35 $ 0.32
Diluted earnings per common
share:
Average shares 4,500 4,465 4,504 4,461
Earnings per share $ 0.65 $ 0.62 $ 0.35 $ 0.31
Cash dividends per
share $ 0.20 $ 0.20 $ 0.10 $ 0.10
June 30, At Dec. 31, June 30,
Balance Sheet summary 2005 2004 2004
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Gross loans $413,785 $393,649 $354,772
Total assets $529,059 $512,377 $471,449
Total deposits $433,418 $423,458 $380,767
Shareholders' equity $ 52,013 $ 50,027 $ 49,723
Common shares outstanding 4,404 4,391 4,359
Book value per share $ 11.81 $ 11.39 $ 11.41
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