COOPERATIVE BANKSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
		Three Months Ended						Twelve Months Ended
		December 31,						December 31,
		2004			2003			2004			2003
Interest income:
Loans	$	6,739,572		$	6,102,930		$	25,185,437		$	25,660,073
Securities		542,367			536,802			2,218,150			2,120,292
Other		19,313			8,618			49,436			47,017
Dividends on FHLB stock		39,412			34,205			150,172			147,184
Total interest income		7,340,664			6,682,555			27,603,195			27,974,566
Interest expense:
Deposits		1,811,664			1,591,989			6,425,637			7,290,985