Cooperative Bankshares Reports First Quarter Earnings Increase of 124 Percent.Business Editors WILMINGTON Wilmington. 1 City (1990 pop. 71,529), seat of New Castle co., NE Del., on the Delaware River and tributary streams, the Christina and the Brandywine; settled 1638, inc. as a city 1832. , N.C.--(BUSINESS WIRE)--April 16, 2002 Cooperative cooperative Organization owned by and operated for the benefit of those using its services. Cooperatives have been successful in such fields as the processing and marketing of farm products and the purchasing of other kinds of equipment and raw materials, and in the 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, 2002, of $1,288,502 or $0.45 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, a 124.3% increase over the same quarter last year. Excluding a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. gain of $285,728 (after tax) from the sale of real estate, net income was $1,002,774. Net income for the quarter ended March 31, 2001, was $574,352 or $0.20 per diluted share. Total assets at March 31, 2002, were $462.8 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 $34.1 million or $12.04 per share and represented 7.38% of assets. Cooperative Bankshares, Inc. (NASDAQ: COOP) 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 17 financial centers 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. .
COOPERATIVE BANKSHARES, INC.
201 MARKET ST.
WILMINGTON, NC 28401
BALANCES AS OF: 03/31/02 03/31/01
-------------------------------
ASSETS $ 462,845,520 $ 417,407,849
STOCKHOLDERS' EQUITY 34,142,488 31,374,894
DEPOSITS 352,082,543 328,566,321
BOOK VALUE (2,835,447 SHARES
as of 3/31/02) 12.04 11.20
NON-PERFORMING ASSETS:
ACCRUING LOANS 90 DAYS PAST DUE 780,364 536,753
NON-ACCRUAL LOANS 299,271 194,138
FORECLOSED REO 1,192,133 234,711
----------- ----------
TOTAL NON-PERFORMING ASSETS $ 2,271,768 $ 965,602
=========== ==========
FOR THE QUARTER ENDED: 03/31/2002 03/31/2001
-------------------------------
NET INTEREST MARGIN 3.33% 2.93%
(net interest income/average interest-earning assets)
EARNING ASSETS / LIABILITIES 106.80% 108.70%
TANGIBLE CAPITAL
STOCKHOLDERS' EQUITY/ASSETS 7.38% 7.52%
NET INCOME $ 1,288,502 $ 574,352
=========== =========
NET INCOME PER DILUTED SHARE $ 0.45 $ 0.20
=========== =========
DILUTED WEIGHTED AVERAGE
NUMBER OF SHARES 2,843,398 2,816,068
=========== =========
ALLOWANCE FOR LOAN LOSSES
PROVISION $ 280,000 $ 90,000
CHARGE OFFS 218,060 47,080
RECOVERIES 4,895 1,697
----------- -----------
BALANCE $ 2,271,115 $ 2,204,280
=========== ===========
Note: Earnings per share are computed based on the weighted
average number of dilutive shares outstanding, after giving
retroactive effect for any stock dividends and splits.
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