Cooperative announces annual earnings.WILMINGTON, N.C.--(BUSINESS WIRE)--Jan. 30, 1996--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 year ended December 31, 1995, of $1,024,381 or $0.65 per share. For the quarter ended December 31, 1995, net income totaled $180,496 or $0.11 per share. Net income for the year ended December 31, 1994, was $3,485,105 or $2.20 per share. For the quarter ended December 31, 1994, net income totaled $655,162 or $.41 per share. The decrease in net income for the year ended December 1995, as compared to the same period in 1994, is primarily the result of higher interest rates during the first half of the year which caused a 26% increase in interest expense for the year. Interest income did not increase proportionately due to lagging index rates on the Bank's earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin . The resulting shrinkage in interest margins has steadily improved during the second half of 1995 and continued improvement is anticipated during 1996. In addition, gains on sales of loans and securities totaled $138,773 during 1995, compared to $415,882 for 1994. Total assets at December 31, 1995, were $311.8 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 $29.1 million or $19.50 per share and represented 9.33% of assets. Nonperforming loans and foreclosed real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most remained low at 0.25% of assets as of December 31, 1995. Cooperative Bankshares, Inc., is the parent company of Cooperative Bank For Savings, Inc., SSB SSB Statistisk Sentralbyrå (Statistics Norway) SSB Super Smash Bros (video game) SSB Space Studies Board SSB Single Side Band SSB Single Stranded DNA-Binding Protein SSB Salomon Smith Barney . Originally chartered in 1898, it provides a range of financial services through 17 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. . CONTACT: Cooperative Bank For Savings, Inc., SSB., Wilmington Frederick Willetts, III, President or Daniel W. Eller, Sr. Vice President, 910/343-0181 |
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