Community Bankshares Inc. -SC- Announces Third Quarter 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 $565,000 or $.12 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 September September: see month. 30, 2004 compared to $1,572,000 or $.35 per diluted share for the quarter ended September 30, 2003, a decrease of $1,007,000 or 64%. Approximately 80% of the decrease resulted from increased provision for loan losses as the result of credit problems identified in a group of loans made by a former employee. Most of the remaining decrease reflects the reduction in mortgage banking income resulting from the marked decline in mortgage refinancing Refinancing An extension and/or increase in amount of existing debt. since 2003. Net income for the nine months ended September 30, 2004 was $3,345,000 or $.74 per diluted share compared to $4,338,000 or $.98 per diluted share for the same period in 2003, a decrease of $993,000 or 22.9%. Consolidated assets for Community Bankshares totaled $488.4 million at September 30, 2004 compared to $466.6 million at December 31, 2003, an increase of $21.8 million or 4.7%. For the same periods, gross loans totaled $383 million compared to $332.1 million, an increase of $50.9 million or 15.3%. For the same periods, deposits totaled $393.6 million compared to $378.7 million, an increase of $14.9 million or 3.9%. 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
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(unaudited)
All amounts in thousands, except
per share data
Nine Months Ended Quarter Ended
Sept. 30, Sept. 30,
Income Statement Summary 2004 2003 2004 2003
------------------------------------ -------- -------- -------- ------
Net interest income $ 13,030 $ 12,434 $ 4,496 $4,261
Provision for loan losses 2,139 775 1,648 232
Non-interest income 5,626 7,154 1,849 2,523
Non-interest expense 11,333 12,062 3,826 4,109
Income tax expense 1,839 2,413 306 871
Net income after taxes 3,345 4,338 565 1,572
Basic earnings per common share:
Average shares 4,349 4,310 4,364 4,315
Earnings per share $ 0.77 $ 1.01 $ 0.13 $ 0.36
Diluted earnings per common share:
Average shares 4,468 4,424 4,474 4,429
Earnings per share $ 0.74 $ 0.98 $ 0.12 $ 0.35
Cash dividends per share $ 0.30 $ 0.27 $ 0.10 $ 0.09
Sept. 30, Dec. 31, Sept. 30,
Balance Sheet Summary 2004 2003 2003
------------------------------------ -------- -------- --------
Gross loans $382,958 $332,106 $323,992
Total assets 488,413 $466,580 460,291
Total deposits 393,567 $378,704 355,533
Shareholders' equity 50,516 $ 48,070 46,972
Common shares outstanding 4,364 4,331 4,318
Book value per share $ 11.58 $ 11.10 $ 10.88
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