Community Bankshares Inc. --SC-- Announces 29.8% Increase in Earnings for First Quarter 2001.Business Editors 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.--(BUSINESS WIRE)--April 17, 2001 Continued Loan Growth Drives Earnings Increase Community Bankshares Inc., (AMEX AMEX See: American Stock Exchange :SCB ScB abbr. Latin Scientiae Baccalaureus (Bachelor of Science) ), announced consolidated net income of $901,000 ($.28 per share) for the quarter ended March 31, 2001 compared to $694,000 ($.22 per share) for the quarter ended March 31, 2000, an increase of $207,000 or 29.8%. At March 31, 2001 consolidated assets for CBI CBI abbr. cumulative book index CBI Confederation of British Industry CBI n abbr (= Confederation of British Industry) → C.E.O.E. totaled $280 million compared to $242 million in 2000, an increase of $38 million or 15.5%. Gross loans totaled $202 million compared to $171 million the prior year, an increase of $31 million or 17.9%. Deposits totaled $228 million compared to $197 million the prior year, an increase of $31 million or 15.7%. Company Chairman and 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. E.J. Ayers "Ayers" may refer to:
See also: Spite three interest rate cuts during the quarter. Later this year we plan to deliver some new products and services to our customers that will improve our services and also enhance revenue. We are glad to be a part of community banking in 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. in the twenty-first century." Orangeburg National Bank, founded in 1987, reported net income of $609,000 for the first quarter of 2001 compared to $541,000 for the same period in 2000, an increase of $68,000 or 12.6%. At March 31, 2001 the Orangeburg bank had $104 million in loans, $158 million in assets, and $132 million in deposits. Sumter Sumter, city (1990 pop. 41,943), seat of Sumter co., central S.C.; founded 1785, inc. 1845. It is the commercial, processing, and shipping center of a timber and agricultural region. National Bank, founded in 1996, reported net income of $250,000 for the first quarter of 2001 compared to $181,000 for the same period in 2000, an increase of $69,000 or 38.1%. At March 31, 2001 the Sumter bank had $66 million in loans, $79 million in assets, and $61 million in deposits. Florence National Bank, founded in 1998, reported net income of $47,000 for the first quarter of 2001 compared to a loss of $29,000 for the same period in 2000, an improvement of $76,000. At March 31, 2001 the Florence bank had $32 million in loans, $43 million in assets, and $36 million in deposits. CBI'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 Florence National Bank, Sumter National Bank, and Orangeburg National Bank. 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, 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 2000 annual report, which is available from the company without charge for a more complete description of the company's business.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(unaudited)
Amounts in thousands, except per share data
For the quarter ended March 31, 2001 2000
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Net interest income $ 2,717 $ 2,418
Provision for loan losses $ 142 $ 180
Non-interest income $ 540 $ 437
Non-interest expense $ 1,713 $ 1,600
Net income after taxes $ 901 $ 694
Basic earnings per common share:
Average shares 3,199 3,191
Earnings per share $ 0.28 $ 0.22
Diluted earnings per common share:
Average shares 3,217 3,212
Earnings per share $ 0.28 $ 0.22
Cash dividends per share $ 0.07 $ 0.05
At March 31, 2001 2000
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Gross loans $ 202,260 $ 171,490
Total assets $ 280,006 $ 242,338
Total deposits $ 228,222 $ 197,257
Shareholders' equity $ 23,978 $ 20,600
Common shares outstanding 3,199 3,191
Book value per share $ 7.50 $ 6.46
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