Cooperative Bankshares Reports Second Quarter Earnings Increase of 26 Percent.Business Editors WILMINGTON, N.C.--(BUSINESS WIRE)--July 24, 2003 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 June 30, 2003, of $1,423,239 or $0.49 per diluted share, a 25.8% increase over the same quarter last year. Net income for the quarter ended June 30, 2002, was $1,131,162 or $0.40 per diluted share. Net Income for the six months ended June 30, 2003, was $2,810,889 or $0.97 per diluted share, a 16.2% increase over the same period last year. Income for the six months ended June 30, 2002 was $2,419,664 or $0.85 per diluted share. Total assets at June 30, 2003, were $522.0 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 $41.0 million or $14.40 per share and represented 7.86% of assets. Cooperative Bank recently opened two new financial centers: Monkey Junction in Wilmington on May 12, 2003, and Highway 24 financial center in Morehead City opened on July 1, 2003. Cooperative Bankshares, Inc. is the parent company of Cooperative Bank. Chartered in 1898, Cooperative provides a full range of financial services through 19 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. . 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] ; 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 . For Additional Information: SEC Form 8-K has been filed which contains additional information. |
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