Community Bankshares Inc. --SC-- Announces 44% Increase in Earnings for 2000.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)--Jan. 10, 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 $3,147,000 ($.99 per share) for the year ended December December: see month. 31, 2000 compared to $2,182,000 ($.68 per share) for 1999, an increase of $965,000 or 44%. The Company also announced consolidated net income of $805,000 ($.25 per share) for the quarter ended December 31, 2000 compared to $596,000 ($.19 per share) for 1999 quarter, an increase of $209,000 or 35%. At December 31, 2000 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 $273 million compared to $228 million in 1999, an increase of $45 million or 20%. Gross loans totaled $195 million compared to $157 million the prior year, an increase of $38 million or 24%. Deposits totaled $219 million compared to $184 million the prior year, an increase of $35 million or 19%. 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 stated, "All three of our banks had a terrific year. Continuing growth in our banks' loan portfolios fueled our earnings growth and we feel optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the prospects for continued growth in the new year. We believe our success is the combined result of great employees, super customers and three wonderful 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. communities. We believe that community banks play a vital part in the South Carolina economy and these financial results attest To solemnly declare verbally or in writing that a particular document or testimony about an event is a true and accurate representation of the facts; to bear witness to. To formally certify by a signature that the signer has been present at the execution of a particular writing so as to that fact. We are excited about our future and the future of community banking in South Carolina in the twenty-first century." Florence National Bank, which opened for business in July 1998, reported net income of $78,000 for the year ended December 31, 2000 compared to a loss of $314,000 for the prior year, an improvement of $392,000. At December 31, 2000 the Florence bank had $32 million in loans, $41 million in assets and $34 million in deposits. Sumter National Bank, founded in 1996, reported net income of $908,000 compared to $559,000 for 1999, an improvement of $349,000 or 62%. At December 31, 2000 the Sumter bank had $62 million in loans, $75 million in assets and $57 million in deposits. Orangeburg National Bank, founded in 1987, reported net income of $2,243,000 for 2000 compared to $2,054,000 for 1999, an increase of $189,000 or 9%. At December 31, 2000 the Orangeburg bank had $101 million in loans, $157 million in assets and $128 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 1999 annual report, which is available from the company without charge for a more complete description of the company's business.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(unaudited)
for the year ended for the quarter ended
Dec. 31, Dec. 31,
2000 1999 2000 1999
---- ---- ---- ----
Net interest income $ 10,341 $ 8,592 $ 2,716 $ 2,371
Provision for loan
losses $ 688 $ 612 $ 198 $ 173
Non-interest income $ 1,856 $ 1,317 $ 507 $ 323
Non-interest expense $ 6,555 $ 6,066 $ 1,703 $ 1,639
Net income after
taxes $ 3,147 $ 2,182 $ 805 $ 596
Basic earnings per
common share
Average shares 3,194 3,189 3,194 3,189
Earnings per share $ 0.99 $ 0.68 $ 0.25 $ 0.19
Diluted earnings per
common share
Average shares 3,216 3,215 3,216 3,215
Earnings per share $ 0.98 $ 0.68 $ 0.25 $ 0.19
Cash dividends per
share $ 0.22 $ 0.19 $ 0.06 $ 0.05
At December 31, 2000 1999
---------------- ---- ----
Gross loans $195,420 $157,089
Total assets $273,326 $228,030
Total deposits $218,814 $184,364
Shareholders' equity $ 23,139 $ 20,245
Common shares
outstanding $ 3,199 $ 3,191
Book value per share $ 7.23 $ 6.34
Dollar amounts in thousands, except per share information |
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