Community Bankshares Inc. Announces 18.4% Increase in Earnings for First Half of 2003.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)--Aug. 5, 2003 Community Bankshares Inc. (AMEX AMEX See: American Stock Exchange :SCB ScB abbr. Latin Scientiae Baccalaureus (Bachelor of Science) ), announced consolidated net income of $2,766,000 or $.63 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 six months ended June June: see month. 30, 2003 compared to $2,336,000 or $.69 per diluted share for the six months ended June 30, 2002, an increase of $430,000 or 18.4%. Net income for the second quarter 2003 was $1,185,000 or $.27 per diluted share compared to $1,211,000 or $.36 per diluted share for the second quarter of 2002. Consolidated assets for Community Bankshares totaled $460 million at June 30, 2003 compared to $437.3 million at December December: see month. 31, 2002, an increase of $22.7 million or 5.2%. For the same periods, gross loans totaled $318.5 million compared to $306.5 million, an increase of $12 million or 3.9%. For the same periods, deposits totaled $355.8 million compared to $337.1 million, an increase of $18.7 million or 5.5%. Company 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. and Chairman E. J. Ayers stated, "The first half of 2003 was influenced by three major factors: interest rates held stable at historically low levels, higher demand for mortgage loans generated by continuing low interest rates, and the July 2002 acquisition of the Bank of Ridgeway A ridgeway is a road or path that follows the highest part of the landscape. Roads and pathways
Ayers concluded, "Earnings for the second half of the year are expected to improve significantly for the Ridgeway bank. Even with a small increase in long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. interest rates, we anticipate continued strong demand for mortgage services which means strong earnings for Community Resource Mortgage. Also, prospects for our three national banks look encouraging for the remainder of the year." 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, Florence National Bank, Sumter National Bank, Orangeburg National Bank and Community Resource Mortgage, Inc. 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 2002 annual report, which is available from the company without charge for a more complete description of the company's business.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(unaudited)
All amounts in thousands, except per share data
Six Months Three Months
Ended Ended
June 30, June 30,
Income statement summary 2003 2002 2003 2002
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Net interest income $8,173 $6,170 $4,325 $3,353
Provision for loan losses $543 $358 $279 $189
Non-interest income $4,631 $3,161 $2,076 $1,474
Non-interest expense $7,953 $5,323 $4,218 $2,745
Income tax provision $1,542 $1,314 $719 $682
Net income $2,766 $2,336 $1,185 $1,211
Basic earnings per common share:
Average shares 4,307 3,300 4,308 3,300
Earnings per share $0.64 $0.71 $0.28 $0.37
Diluted earnings per common share:
Average shares 4,420 3,405 4,421 3,383
Earnings per share $0.63 $0.69 $0.27 $0.36
Cash dividends per share $0.18 $0.16 $0.09 $0.08
June 30, Dec. 31, June 30,
Balance Sheet summary 2003 2002 2002
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Gross loans $318,516 $306,484 $244,993
Total assets $459,996 $437,320 $325,883
Total deposits $355,762 $337,062 $260,808
Shareholders' equity $46,092 $43,717 $29,468
Common shares outstanding 4,311 4,304 3,304
Book value per share $10.69 $10.16 $8.92
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