Community Bankshares Inc. -SC- Announces 2004 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 $3,209,000 or $.72 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 year ended December December: see month. 31, 2004 compared to $5,635,000 or $1.27 per diluted share for the year ended December 31, 2003, a decrease of $2,426,000 or 43%. For the three months ended December 31, 2004 the company had a net loss of $136,000 or $.03 per diluted share compared to $1,297,000 or $.29 per diluted share for the same period in 2003, a decrease of $1,433,000 or 110%. "The decline in income during 2004 was a result of increased provision for loan losses and a marked decline in mortgage banking income from 2003," said chief executive officer Samuel L. Erwin. "The increase in the provision for loan losses was primarily the result of adverse changes in four large loans originated by a loan officer who is no longer with the company," Mr. Erwin said. "Although some loan losses are an expected cost of the banking business, we believe that our implementation of existing plans to strengthen our credit review and management function will help reduce our exposure to losses of such magnitude in the future." "Despite the challenges in 2004, Community Bankshares experienced 18.5% loan growth in 2004 and had solid asset growth overall, quite an accomplishment given the sluggish economy Sluggish Economy A state in the economy in which the growth is slow, flat or declining. The term can refer to the economy as a whole or a component of the economy, such as weak housing starts. 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. and the competitive markets in which we operate," Mr. Erwin said. Consolidated assets for Community Bankshares totaled $512.4 million at December 31, 2004 compared to $466.6 million at December 31, 2003, an increase of $45.8 million or 9.8%. For the same periods, gross loans totaled $393.6 million compared to $332.1 million, an increase of $61.5 million or 18.5%. For the same periods, deposits totaled $423.5 million compared to $378.7 million, an increase of $44.8 million or 11.8%. Management of the company expects a return to more normal historical levels of loan loss activity in the first quarter of 2005. 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 2003 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.
COMMUNITY BANKSHARES INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(unaudited)
For the year ended quarter ended
Dec. 31, Dec. 31,
all amounts in thousands, expect per
share data 2004 2003 2004 2003
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Net interest income $17,842 $16,708 $4,812 $4,274
Provision for loan losses $5,102 $1,119 $2,963 $344
Non-interest income $7,278 $9,125 $1,652 $1,971
Non-interest expense $15,038 $15,932 $3,705 $3,870
Income tax provision $1,771 $3,147 $(68) $734
Net income $3,209 $5,635 $(136) $1,297
Basic earnings per common share
Average shares 4,358 4,313 4,385 4,304
Earnings per share $0.74 $1.31 $(0.03) $0.30
Diluted earnings per common share
Average shares 4,472 4,427 4,385 4,419
Earnings per share $0.72 $1.27 $(0.03) $0.29
Cash dividends per share $0.40 $0.36 $0.10 $0.09
At December 31, 2004 2003
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Gross loans $393,649 $332,108
Total assets $512,378 $466,580
Total deposits $423,458 $378,704
Shareholders' equity $50,028 $48,070
Common shares outstanding 4,391 4,331
Book value per share $11.39 $11.10
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