Cooperative Bankshares Reports Third Quarter Earnings.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)--Oct. 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 for the quarter ended September September: see month. 30, 2001, was $805,465 or $0.28 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 10.7% increase over the same quarter last year. Income for the period ended September 30, 2000, was $727,678 or $0.26 per diluted share. Income for the nine months ended September 30, 2001, was $2,082,721 or $0.74 per diluted share, a 22.7% increase over the same period last year. Income for the nine months ended September 30, 2000, was $1,696,984 or $0.60 per diluted share. Total assets at September 30, 2001, were $443.8 million, and 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 $33.0 million or $11.69 per share and represented 7.44% 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.
Selected Unaudited Financial Data
(NASDAQ: COOP)
BALANCES AS OF: 09/30/01
ASSETS $ 443,781,028
STOCKHOLDERS' EQUITY 33,009,994
DEPOSITS 340,615,280
BOOK VALUE (2,823,271 SHARES as
of 9/30/01 $ 11.69
NON-PERFORMING ASSETS:
ACCRUING LOANS=>90 DAYS 1,792,869
NON-ACCRUAL LOANS 253,369
FORECLOSED REO 1,080,372
TOTAL NON-PERFORMING ASSETS $ 3,126,610
FOR THE QUARTER ENDED 09/30/01
NET INTEREST MARGIN 2.99%
(net interest income/average
interest-earning assets)
EARNING ASSETS/LIABILITIES 108.50%
TANGIBLE CAPITAL
STOCKHOLDERS' EQUITY/ASSETS 7.44%
NET INCOME $ 805,465
NET INCOME PER DILUTED SHARE $ 0.28
DILUTED WEIGHTED AVERAGE
NUMBER OF SHARES 2,828,829
=============
ALLOWANCE FOR LOAN LOSSES
BEGINNING BALANCE $ 2,026,519
PROVISION 120,000
CHARGE OFFS 35,283
RECOVERIES 3,109
-------------
ENDING BALANCE $ 2,114,345
=============
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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