Cooperative Bankshares Reports 25% First Quarter Earnings Increase.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 March 31, 2005, of $1,147,636 or $0.26 per diluted share, an increase of 25.0% over the same quarter last year. Net income for the quarter ended March 31, 2004, was $918,470 or $0.21 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 20% during the twelve months ended March 31, 2005. 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 dividend was paid February 24, 2005 to stockholders of record as of February 8, 2005. Total assets at March 31, 2005, were $596.3 million; stockholders' equity was $47.5 million or $11.06 per share and represented 7.96% of assets. Cooperative Bankshares, Inc. is the parent company of Cooperative Bank. Chartered in 1898, Cooperative offers services through 21 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 offices in Wilmington, North Carolina For other places with the same name, see Wilmington (disambiguation). Wilmington is a city in New Hanover County, North Carolina, United States. The population was estimated at 100,000 as of 2006;[1] , Surf City, North Carolina Surf City is a town in Pender County, North Carolina, United States. The population was 1,393 at the 2000 census. It is located on Topsail Island. Geography Surf City is located at (34.428137, -77. , 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 . This report contains certain forward-looking statements made pursuant to the safe harbor provisions of 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 statements are subject to certain risks and uncertainties including changes in economic conditions in the Corporation's market area, changes in policies by regulatory agencies, fluctuations in interest rates, loan demand in the Corporation's market area, and competition that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The Corporation wishes to caution readers not to place undue reliance on any such forward-looking statements, which reflect management's analysis only as the date made. The Corporation does not undertake any obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date of such statements. For Additional Information: A Form 8-K has been filed with the SEC which contains additional information. |
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