Cooperative announces quarterly earnings.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. 18, 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 that net income for the third quarter ending Sept. 30, 1996, rose 128% over the same period of 1995 to $406,784, or $0.26 per share, excluding a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. special assessment for deposit insurance of $1,782,810 and a charge off of goodwill relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc an acquisition made in 1983 of $3,359,791. Net loss after these one time charges was $4,337,061. These actions will positively impact future earnings. Total assets at Sept. 30, 1996, were $327.2 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 $25.2 million, or $16.90 per share and represented 7.7% 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 0.42% of assets at Sept. 30, 1996. Cooperative Bankshares Inc., is the parent company of Cooperative Bank Cooperative bank may refer to:
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 The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. 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. . -0-
COOPERATIVE BANKSHARES INC.
Unaudited Selected Financial Data
Balances as of: 9/30/96 6/30/96 3/31/96
Assets $327,198,279 $316,654,081 $313,802,794
Goodwill 0 3,456,155 3,529,172
Stockholders'
equity 25,207,370 29,493,653 29,300,734
Deposits 276,799,934 273,775,267 270,940,130
Book value (1,491,698
shares) 16.90 19.77 19.64
Tangible book (1,491,698
shares) 16.90 17.45 17.28
Non-performing assets:
Accruing loans > 90 days 677,985 479,187 385,036
Non-accrual loans 668,536 192,000 0
Foreclosed REO 42,147 46,896 319,736
Total nonperforming 1,388,668 718,083 704,772
Net interest spread 2.64% 2.59% 2.42%
Earning assets/
liabilities 106.88% 107.66% 107.50%
Capital ratios:
FDIC Tier 1 capital 7.81% 8.44% 8.40%
FDIC Risk weight capital 15.31% 16.76% 16.78%
Balances as of: 12/31/95 9/30/95
Assets $311,843,260 $312,842,703
Goodwill 3,602,189 3,675,207
Stockholders'
equity 29,082,890 28,890,317
Deposits 270,070,661 270,726,254
Book value (1,491,698
shares) 19.50 19.37
Tangible book (1,491,698
shares) 17.08 16.90
Non-performing assets:
Accruing loans > 90 days 200,445 175,796
Non-accrual loans 242,016 173,616
Foreclosed REO 329,338 366,698
Total nonperforming $ 771,799 $ 716,110
Net interest spread 2.29% 2.22%
Earning assets/
liabilities 106.63% 107.36%
Capital ratios:
FDIC Tier 1 capital 8.34% 8.23%
FDIC Risk weight capital 17.19% 17.15%
For the Quarter Ended: 9/30/96 6/30/96 3/31/96
Net income (loss) ($4,337,061) $ 298,107 $ 259,856
Net income (loss) per
share $ (2.73) $ 0.19 $ 0.16
Weighted average number of
shares & CSE 1,586,879 1,587,582 1,589,148
Allowance for loan losses
Provision $ 79,689 $ 30,088 $ 10,000
Chargeoffs 0 0 73,777
Balance $ 783,000 $ 703,311 $ 673,223
For the Quarter Ended: 12/31/95 9/30/95
Net income (loss) $ 180,496 $ 177,985
Net income (loss) per
share $ 0.11 $ 0.11
Weighted average number of
shares & CSE 1,586,411 1,584,212
Allowance for loan losses
Provision $ 3,000 $ 1,000
Chargeoffs 3,000 0
Balance $ 737,000 $ 737,000
Earnings per share are computed based on the weighted average number of common and dilutive common equivalent shares (stock options) outstanding, after giving retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a effect for any stock dividends and splits. CONTACT: Cooperative Bank for Savings Inc., Wilmington Frederick Willetts III, Daniel Eller, or Linda Garland Garland, city (1990 pop. 180,650), Dallas co., N Tex., a suburb of Dallas; inc. 1891. Since World War II, Garland has grown from an agricultural community into an important center for electronics research and for the production of electronic equipment. , 910/343-0181 |
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