Cooperative Bankshares Reports Annual Earnings and Declares Quarterly Cash Dividend.Business Editors WILMINGTON, N.C.--(BUSINESS WIRE)--Jan. 22, 2001 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, excluding one-time restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. , for the fourth quarter ending December 31, 2000 of $698,262 or $0.25 per share compared to $686,758 or $0.24 per share for the same quarter in 1999, a 1.7% increase. Including a previously announced one-time restructuring charge of $463,572 (after tax), net income for the fourth quarter was $234,690 or $0.08 per share. Net income for the year ended December 31, 2000 was $1,931,675 or $0.69 per share, including the one-time charge, as compared to $2,680,430 or $0.90 per share for the same period in 1999. In addition to the one-time restructuring charge, the bank also added $970,000 to loan loss reserves for the year ended 2000, compared to $210,000 for the year ended 1999. The decision to increase the loan loss reserve was due to the successful expansion of the commercial loan portfolio and was not in response to an increase in nonperforming assets. Nonperforming assets actually decreased to 0.22% of assets at December 31, 2000, compared to 0.35% at the same time a year ago. Total assets at December 31, 2000 were $414.7 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 $30.8 million or $11.35 per share and represented 7.43% of assets. On December 14, 2000 the Board of Directors declared the company's regular quarterly cash dividend on its common stock, of $.05 per share. The dividend was payable January 16, 2001, to shareholders of record on January 2, 2001. Cooperative Bankshares, Inc., is the parent company of Cooperative Bank Cooperative bank may refer to:
Please [ improve this article] or discuss the issue on the talk page. through 16 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. . |
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