COOPERATIVE BANKSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands, except per share data)		March 31, 2006			December 31, 2005*
		(unaudited)
Assets
Cash and due from banks, noninterest-bearing	$	16,102		$	18,784
Interest-bearing deposits in other banks		818			5,038
Total cash and cash equivalents		16,920			23,822
Securities:
Available for sale (amortized cost of $42,714 in March 2006
and $43,133 in December 2005)		41,660			42,381
Held to maturity (estimated market value of $1,875 in March
2006 and $1,981 in December 2005)		1,956			2,029
FHLB stock		6,355			5,829
Loans held for sale		9,484			4,894
Loans		682,579			643,727
Less allowance for loan losses		7,346			6,763
Net loans		675,233			636,964
Other real estate owned		10			26
Accrued interest receivable		3,412			3,345
Premises and equipment, net		10,496			10,537
Goodwill		1,462			1,462
Other assets		15,639			14,977
Total assets	$	782,627		$	746,266
Liabilities and Stockholders' Equity
Deposits	$	591,871		$	564,990
Short-term borrowings		34,809			21,803
Escrow deposits		759			561
Accrued interest payable		400			418
Accrued expenses and other liabilities		3,996			3,857
Long-term obligations		98,540			103,541
Total liabilities		730,375			695,170
Stockholders' equity:
Preferred stock, $1 par value, 3,000 shares authorized,
no shares issued and outstanding		-			-
Common stock, $1 par value, 7,000 shares authorized,
4,313 and 4,305 shares issued and outstanding		4,313			4,305
Additional paid-in capital		2,820			2,735
Accumulated other comprehensive loss		(647)			(462)
Retained earnings		45,766			44,518
Total stockholders' equity		52,252			51,096
Total liabilities and stockholders' equity	$	782,627		$	746,266
Book value per common share	$	12.12		$	11.87
*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.