Cooperative Bankshares Reports 17% Increase in Third Quarter Earnings.WILMINGTON, N.C. -- Cooperative Bankshares, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :COOP) reported net income for the quarter ended September 30, 2005, of $1,505,870 or $0.34 per diluted share, an increase of 17.1% over the same quarter last year. Net income for the quarter ended September 30, 2004 was $1,286,429, or $0.30 per diluted share. Net income for the nine months ended September 30, 2005, was $4,044,419 or $0.92 per diluted share, an increase of 21.5% over the same period last year. Net income for the nine months ended September 30, 2004 was $3,328,482 or $0.76 per diluted share. The increase in net income was mainly due to a rise in net interest income caused primarily by an increase in loans. Loans increased 35.7% from December 31, 2004 to September 30, 2005. The majority of the loan growth occurred in construction and land development loans which grew $86.6 million and commercial real estate loans which grew $39.9 million during this period. Per share data for 2004 has been adjusted to reflect a 3-for-2 stock split in the form of a 50% stock dividend. The stock dividend was paid February 24, 2005 to stockholders of record as of February 8, 2005. Total assets increased 30.1% since December 31, 2004 and at September 30, 2005, were $715.6 million; stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was $49.9 million or $11.60 per share and represented 6.98% of assets. Cooperative Bankshares, Inc. is the parent company of Cooperative Bank. Chartered in 1898, Cooperative offers services through 20 offices in Eastern North Carolina Eastern North Carolina or (often abbreviated as ENC) is the region of North Carolina which includes the eastern third of North Carolina. It includes the Outer and Inner banks, thus it is often known geographically as the state's coastal region. . The Bank's subsidiary, Lumina Mortgage, Inc., is a mortgage banking firm, originating and selling residential mortgage loans through four offices in North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. ; and offices in North Myrtle Beach, South Carolina North Myrtle Beach is a city in Horry County, South Carolina, United States. It was created in 1968 from four existing municipalities north of Myrtle Beach, and serves as one of the primary tourist towns along the Grand Strand. , and Virginia Beach, Virginia Virginia Beach is an independent city located in the South Hampton Roads area in the Commonwealth of Virginia, on the shores of the Chesapeake Bay and the Atlantic Ocean. It is the most populous city in Virginia and the 41st largest city in the United States, with an estimated . Statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements, which contain the words "expects", "intends" and words of similar import, are subject to numerous risks and uncertainties disclosed from time to time in documents the company files with the Securities and Exchange Commission, which could cause actual results to differ materially from the results currently anticipated. Undue reliance should not be placed on such forward-looking statements. For Additional Information: A Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. has been filed with the SEC which contains additional financial information. |
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