UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15
(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter period ended
March 31, 2004
/ / TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the
transition period from _______ to _______
Commission File Number: 33-81890
Community Bankshares, Inc.
(Exact name of
registrant as specified in its charter)
|
Georgia |
58-1415887 |
|
|
(State or other jurisdiction of |
(IRS Employer |
|
|
incorporation or organization) |
Identification No.) |
|
448 North Main Street, |
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Cornelia, Georgia |
30531 |
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|
(Address of principal executive offices) |
(Zip Code) |
(706) 778-2265
(Registrant’s telephone number, including area
code)
N/A
(Former name, former address and former fiscal
year,
if changed since last report)
Indicate by check mark whether the registrant has (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of May 1, 2004; 2,139,087
COMMUNITY BANKSHARES, INC.
AND
SUBSIDIARIES
INDEX
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Page No. |
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PART I. FINANCIAL INFORMATION |
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Item 1. |
Financial Statements |
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3 |
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March 31, 2004 and December 31, 2003 |
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4 |
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and Comprehensive Income for Three |
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Months Ended March 31, 2003 and 2003 |
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5 |
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Three Months Ended March 31, 2004 and 2003 |
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Notes to Consolidated Financial Statements |
6 |
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Item 2. |
10 |
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Item 3. |
15 |
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Item 4. |
16 |
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PART II. OTHER INFORMATION |
16 |
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Item 6. |
Exhibits and Reports on Form 8 - K |
16 |
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31.1 and 31.2 - Rule 13a-15(e) and 15d-15(e) Certifications |
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32 - Certification of Chief Executive Officer and Chief
Financial Officer, |
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17 |
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
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COMMUNITY BANKSHARES, INC. |
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AND SUBSIDIARIES |
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|
CONSOLIDATED BALANCE SHEETS |
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MARCH 31, 2004 AND DECEMBER 31, 2003 |
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(Dollars in thousands) |
|||||
|
(Unaudited) |
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Assets |
2004 |
2003 |
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|
Cash and due from banks |
$ |
40,601 |
|
$ |
44,729 |
|
Interest-bearing deposits in banks |
659 |
429 |
|||
|
Federal funds sold |
25,000 |
19,600 |
|||
|
Securities available-for-sale |
98,813 |
103,458 |
|||
|
Securities held-to-maturity (fair
value
|
22,114 |
22,628 |
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Restricted equity securities, at cost |
1,451 |
1,243 |
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Loans, net of unearned income |
579,475 |
545,466 |
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Less allowance for loan losses |
8,563 |
7,561 |
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Loans, net |
570,912 |
537,905 |
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|
Premises and equipment, net |
15,743 |
15,239 |
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Intangible assets, net |
1,025 |
1,090 |
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|
Goodwill |
968 |
968 |
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Other real estate |
5,351 |
5,272 |
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Other assets |
11,754 |
13,624 |
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|
Total assets |
$ |
794,391 |
$ |
766,185 |
|
|
Liabilities, Redeemable Common Stock and Shareholders’ Equity |
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Liabilities: |
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Deposits: |
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Noninterest-bearing |
$ |
115,368 |
$ |
111,562 |
|
|
Interest-bearing demand |
171,222 |
174,070 |
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Savings |
37,801 |
35,157 |
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Time, $100,000 and over |
130,096 |
123,975 |
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Other time |
231,264 |
225,840 |
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Total deposits |
685,751 |
670,604 |
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|
Other borrowings |
26,081 |
16,153 |
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|
Other liabilities |
9,148 |
7,986 |
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Total liabilities |
720,980 |
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