COOPERATIVE BANKSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
		June 30, 2005			December 31, 2004*
		(unaudited)
Assets
Cash and due from banks, noninterest-bearing	$	16,060,823		$	12,031,627
Interest-bearing deposits in other banks		5,171,879			4,360,960
Total cash and cash equivalents		21,232,702			16,392,587
Securities:
Available for sale (amortized cost of $43,605,582 in June 2005
and $44,432,476 in December 2004)		43,595,691			44,535,010
Held to maturity (estimated market value of $2,345,205 in June
2005 and $2,678,860 in December 2004)		2,343,527			2,659,595
FHLB stock		5,334,000			4,518,500
Loans held for sale		38,711,294			7,239,131
Loans		534,497,520			453,769,733
Less allowance for loan losses		5,287,337			4,353,227
Net loans		529,210,183			449,416,506
Other real estate owned		16,003			-
Accrued interest receivable		2,598,692			2,085,164
Premises and equipment, net		9,150,782			8,597,015
Goodwill		1,461,543			1,461,543
Other assets		13,426,021			13,202,393
Total assets	$	667,080,438		$	550,107,444
Liabilities and Stockholders' Equity
Deposits	$	512,096,853		$	414,757,904
Short-term borrowings		39,318,323			32,342,878
Escrow deposits		438,017			194,408
Accrued interest payable		307,683			190,689
Accrued expenses and other liabilities		2,873,562			2,629,188
Long-term obligations		63,080,022			53,082,676
Total liabilities		618,114,460			503,197,743
Stockholders' equity:
Preferred stock, $1 par value, 3,000,000 shares authorized,
no shares issued and outstanding		-			-
Common stock, $1 par value, 14,000,000 shares authorized,
4,300,316 and 2,860,764 shares issued and outstanding		4,300,316			2,860,764
Additional paid-in capital		2,686,393			2,673,233
Accumulated other comprehensive income (loss)		(6,529)			67,672
Retained earnings		41,985,798			41,308,032
Total stockholders' equity		48,965,978			46,909,701
Total liabilities and stockholders' equity	$	667,080,438		$	550,107,444
Book value per common share**	$	11.39		$	10.93
*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.