| COOPERATIVE BANKSHARES, INC. AND
SUBSIDIARY |
| CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION |
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March 31, 2005 |
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December 31, 2004* |
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(unaudited) |
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| Assets |
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| Cash and due from banks,
noninterest-bearing |
$ |
13,131,925 |
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$ |
12,031,627 |
| Interest-bearing deposits in other banks |
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2,109,843 |
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4,360,960 |
| Total cash and cash equivalents |
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15,241,768 |
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16,392,587 |
| Securities: |
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| Available for sale (amortized cost of
$44,038,554 in March |
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| 2005 and $44,432,476 in December 2004) |
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43,592,424 |
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44,535,010 |
| Held to maturity (estimated market value
of $2,512,111 in |
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| March 2005 and $2,678,860 in December
2004) |
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2,541,116 |
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2,659,595 |
| FHLB stock |
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5,289,000 |
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4,518,500 |
| Loans held for sale |
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10,302,054 |
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7,239,131 |
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| Loans |
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498,316,111 |
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453,769,733 |
| Less allowance for loan losses |
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4,657,822 |
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4,353,227 |
| Net loans |
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493,658,289 |
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449,416,506 |
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| Other real estate
owned |
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- |
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- |
| Accrued interest receivable |
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2,374,385 |
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2,085,164 |
| Premises and equipment, net |
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8,649,464 |
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8,597,015 |
| Goodwill |
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1,461,543 |
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1,461,543 |
| Other assets |
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13,226,201 |
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13,202,393 |
| Total assets |
$ |
596,336,244
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$ |
550,107,444
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| Liabilities and
Stockholders' Equity |
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| Deposits |
$ |
441,985,339 |
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$ |
414,757,904 |
| Short-term borrowings |
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40,283,750 |
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32,342,878 |
| Escrow deposits |
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371,514 |
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194,408 |
| Accrued interest payable |
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224,452 |
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190,689 |
| Accrued expenses and other liabilities |
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2,910,028 |
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2,629,188 |
| Long-term obligations |
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63,081,358 |
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53,082,676 |
| Total liabilities |
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548,856,441 |
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503,197,743 |
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| Stockholders' equity: |
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| Preferred stock, $1 par value, 3,000,000
shares authorized, |
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| no shares issued and outstanding |
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- |
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- |
| Common stock, $1 par value, 7,000,000
shares authorized, |
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| 4,291,115 and 2,860,764 shares issued and
outstanding |
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4,291,115 |
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2,860,764 |
| Additional paid-in capital |
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2,673,233 |
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2,673,233 |
| Accumulated other comprehensive income |
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(294,445) |
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67,672 |
| Retained earnings |
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40,809,900 |
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41,308,032 |
| Total stockholders' equity |
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47,479,803 |
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46,909,701 |
| Total liabilities and stockholders'
equity |
$ |
596,336,244
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$ |
550,107,444
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| Book value per common
share ** |
$ |
11.06 |
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$ |
10.93 |
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| *Derived from audited
consolidated financial statements. |
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| **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. |
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