Community Bankshares Inc. Announces 19% Increase in Earnings Through Third 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)--Oct. 24, 2001 Growth in non-interest income helps to offset decline in margin Community Bankshares Inc., (AMEX AMEX See: American Stock Exchange :SCB ScB abbr. Latin Scientiae Baccalaureus (Bachelor of Science) ), announced consolidated net income of $2,793,000 or $.87 per share for the nine months ended September 30, 2001 compared to $2,342,000 or $.73 per share for the same period in 2000, an increase of $451,000 or 19.3%. The company also announced consolidated net income of $960,000 or $.30 per share for the quarter ended September 30, 2001 compared to $865,000 or $.27 per share for the quarter ended September 30, 2000, an increase of $95,000 or 11%. The total consolidated assets for the company and its banks were $292 million at September 30, 2001 compared to $260 million for the same period in 2000, an increase of $32 million or 12.5%. Gross loans were $219 million compared to $186 million the prior year, an increase of $33 million or 17.6%. Deposits were $234 million compared to $211 million the prior year, an increase of $23 million or 10.6%. 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, "Our banks had a very good nine months. Our loan portfolios are continuing to grow. Despite the numerous and large cuts in market interest rates since the first of the year we have been able to continue to grow our earnings. Much of this was due to the introduction of a new service to our customers, an automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. overdraft A check that is drawn on an account containing less money than the amount stated on the check. The term overdraft is also used in reference to the condition that exists when vouchers protection product. This new service has had a positive impact on our non-interest income since its introduction during the second quarter." Earlier this month CBI CBI abbr. cumulative book index CBI Confederation of British Industry CBI n abbr (= Confederation of British Industry) → C.E.O.E. announced the acquisition of Resource Mortgage Inc., a Columbia, SC based mortgage company with offices in Columbia, Sumter and Anderson Anderson, river, Canada Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic . The transaction is expected to help CBI's banks expand their services in the residential mortgage area and also give Resource Mortgage more market presence in central 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. . After November 1, 2001 Resource Mortgage will be called Community Resource Mortgage. Community Bankshares Inc. is the parent company of Orangeburg National Bank, Sumter National Bank and Florence National Bank. 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.
CBI UNAUDITED FINANCIAL HIGHLIGHTS
All amounts in thousands, except per share data
Period Ended Quarter Ended
Sept. 30, Sept. 30,
Income statement summary 2001 2000 2001 2000
------------------------ ---- ---- ---- ----
Net interest income $ 8,056 $ 7,625 $ 2,701 $ 2,648
Provision for loan losses $ 456 $ 490 $ 179 $ 152
Non-interest income $ 2,056 $ 1,349 $ 811 $ 464
Non-interest expense $ 5,321 $ 4,852 $ 1,833 $ 1,625
Net income after taxes $ 2,793 $ 2,342 $ 960 $ 865
Basic earnings per common
share:
Average shares 3,200 3,195 3,200 3,195
Earnings per share $ 0.87 $ 0.73 $ 0.30 $ 0.27
Diluted earnings per
common share:
Average shares 3,221 3,216 3,216 3,216
Earnings per share $ 0.87 $ 0.73 $ 0.30 $ 0.27
Cash dividends per share $ 0.21 $ 0.16 $ 0.07 $ 0.06
Sept. 30,
Balance Sheet summary 2001 2000
--------------------- ---- ----
Gross loans $ 219,278 $ 186,407
Total assets $ 292,385 $ 259,844
Total deposits $ 233,792 $ 211,291
Shareholders' equity $ 25,546 $ 23,232
Common shares outstanding 3,204 3,194
Book value per share $ 7.97 $ 7.27
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