Cooperative Bankshares Reports 17% Increase in Third Quarter Earnings
October 20 2005 - 10:31AM
Business Wire
Cooperative Bankshares, Inc. (NASDAQ:COOP) reported net income for
the quarter ended September 30, 2005, of $1,505,870 or $0.34 per
diluted share, an increase of 17.1% over the same quarter last
year. Net income for the quarter ended September 30, 2004 was
$1,286,429, or $0.30 per diluted share. Net income for the nine
months ended September 30, 2005, was $4,044,419 or $0.92 per
diluted share, an increase of 21.5% over the same period last year.
Net income for the nine months ended September 30, 2004 was
$3,328,482 or $0.76 per diluted share. The increase in net income
was mainly due to a rise in net interest income caused primarily by
an increase in loans. Loans increased 35.7% from December 31, 2004
to September 30, 2005. The majority of the loan growth occurred in
construction and land development loans which grew $86.6 million
and commercial real estate loans which grew $39.9 million during
this period. Per share data for 2004 has been adjusted to reflect a
3-for-2 stock split in the form of a 50% stock dividend. The stock
dividend was paid February 24, 2005 to stockholders of record as of
February 8, 2005. Total assets increased 30.1% since December 31,
2004 and at September 30, 2005, were $715.6 million; stockholders'
equity was $49.9 million or $11.60 per share and represented 6.98%
of assets. Cooperative Bankshares, Inc. is the parent company of
Cooperative Bank. Chartered in 1898, Cooperative offers services
through 20 offices in Eastern North Carolina. The Bank's
subsidiary, Lumina Mortgage, Inc., is a mortgage banking firm,
originating and selling residential mortgage loans through four
offices in North Carolina; and offices in North Myrtle Beach, South
Carolina, and Virginia Beach, Virginia. Statements in this news
release that are not historical facts are forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements, which contain the
words "expects", "intends" and words of similar import, are subject
to numerous risks and uncertainties disclosed from time to time in
documents the company files with the Securities and Exchange
Commission, which could cause actual results to differ materially
from the results currently anticipated. Undue reliance should not
be placed on such forward-looking statements. For Additional
Information: A Form 8-K has been filed with the SEC which contains
additional financial information.
Mr Cooper (NASDAQ:COOP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Mr Cooper (NASDAQ:COOP)
Historical Stock Chart
From Sep 2023 to Sep 2024