COOPERATIVE BANKSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
		December 31, 2004			December 31, 2003*
		(unaudited)
Assets
Cash and due from banks, noninterest-bearing	$	12,031,627		$	14,400,034
Interest-bearing deposits in other banks		4,360,960			3,993,331
Total cash and cash equivalents		16,392,587			18,393,365
Securities:
Available for sale (amortized cost of $44,432,476 in 2004
and $43,180,913 in 2003)		44,535,010			43,613,112
Held to maturity (estimated market value of $2,678,860
in 2004 and $3,889,736 in 2003)		2,659,595			3,806,376
FHLB stock		4,518,500			4,154,400
Loans held for sale		7,239,131			6,375,275
Loans		453,769,733			404,820,362
Less allowance for loan losses		4,353,227			3,447,002
Net loans		449,416,506			401,373,360
Accrued interest receivable		2,085,164			1,852,366
Premises and equipment, net		8,597,015			8,665,698
Goodwill		1,461,543			1,461,543
Other assets		13,202,393			12,741,394
Total assets	$	550,107,444		$	502,436,889
Liabilities and Stockholders' Equity
Deposits	$	414,757,904		$	367,202,433
Short-term borrowings		32,342,878			41,416,785
Escrow deposits		194,408			199,433
Accrued interest payable		190,689			180,067
Accrued expenses and other liabilities		2,629,188			2,207,003
Long-term obligations		53,082,676			48,087,770
Total liabilities		503,197,743			459,293,491
Stockholders' equity:
Preferred stock, $1 par value, 3,000,000 shares authorized,
no shares issued and outstanding		-			-
Common stock, $1 par value, 7,000,000 shares authorized,
2,860,764 and 2,849,447 shares issued and outstanding		2,860,764			2,849,447
Additional paid-in capital		2,673,233			2,638,044
Accumulated other comprehensive income		67,672			285,251
Retained earnings		41,308,032			37,370,656
Total stockholders' equity		46,909,701			43,143,398
Total liabilities and stockholders' equity	$	550,107,444		$	502,436,889
Book value per common share **	$	10.93		$	10.09
*Derived from audited consolidated financial statements.
**The 2004 information is computed after giving the retroactive effect of a 3-for-2 stock split in the form of a
50% stock dividend declared on January 19, 2005 and paid on February 24, 2005.