Cooperative Bankshares, Inc. (NASDAQ: COOP) (the "Company")
reported net income for the twelve months ended December 31, 2005,
of $5.50 million or $1.26 per diluted share, a 17.5% increase in
net income compared to last year. Net income for the twelve months
ended December 31, 2004 was $4.68 million or $1.07 per diluted
share. Net income for the quarter ended December 31, 2005, was
$1.46 million or $0.33 per diluted share, an increase of $104,000
or 7.7% over the same quarter last year. Net income for the quarter
ended December 31, 2004 was $1.35 million or $0.31 per diluted
share. The increase in net income for both the December 2005
quarter and 2005 was mainly due to a rise in net interest income
caused primarily by an increase in loans. Loans increased 41.9%
from December 31, 2004 to December 31, 2005. The majority of the
loan growth occurred in construction and land development loans
which grew $65.0 million (101.7%), commercial real estate loans
which grew $40.1 million (36.9%) and one-to-four family residential
loans which grew $68.9 million (30.3%) during this period. Loan
growth is primarily attributable to continued strength in the
economy of the markets in which the Company conducts its business
and a continued emphasis on increased loan production. Per share
data for 2004 has been adjusted to reflect the 3-for-2 stock split
in the form of a 50% stock dividend. The shares were issued
February 24, 2005. The increase in net income for both the December
2005 quarter and the year 2005 included a $428,000 gain realized on
the sale of an unoccupied former branch office. Net income for the
quarter and the year ended December 31, 2005 also reflected
additional provisions for loan losses charged to operations of
$710,000 and $1.52 million respectively, as compared to the
provisions for loan losses for the same periods last year. The
increase in the provision for loan losses was caused by the overall
increase in the loan portfolio, hurricane related collateral
impairment and the Company's increased emphasis on commercial
loans. Net income for the quarter and the year ended December 2005
was also reduced by $285,000 and $597,000 respectively due to an
increase in the provision for income taxes. As previously reported,
the provision for income taxes was increased as a result of an
announcement by the state taxing authority with respect to its
proposed treatment regarding certain dividends received from
entities such as the real estate investment trust controlled by the
Company. While the Company is currently undergoing a state tax
audit, it believes that, as of December 31, 2005, it has accrued
for the possible effect of the State's announced tax position other
than interest that may accrue after December 31, 2005. Total assets
increased 35.7%, primarily as a result of continued loan growth,
since December 31, 2004 and at December 31, 2005 were $746.3
million; stockholders' equity was $51.1 million and represented
6.85% of assets. Cooperative Bankshares, Inc. is the parent company
of Cooperative Bank. Chartered in 1898, Cooperative Bank provides a
full range of financial services through 21 offices in Eastern
North Carolina. The Bank's subsidiary, Lumina Mortgage, Inc., is a
mortgage banking firm, originating and selling residential mortgage
loans through three 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. SEC Form 8-K has been filed containing
additional financial information. -0- *T COOPERATIVE BANKSHARES,
INC. 201 MARKET ST. WILMINGTON, NC 28401 UNAUDITED SELECTED
FINANCIAL DATA NASDAQ SYMBOL: COOP
----------------------------------------------------------------------
BALANCES AS OF: 12/31/05 09/30/05 06/30/05
----------------------------------------------------------------------
ASSETS $746,266,040 $715,581,019 $667,080,438 STOCKHOLDERS' EQUITY
51,095,958 49,929,424 48,965,978 DEPOSITS 564,989,604 542,009,276
512,096,853 BOOK VALUE (4,305,316 SHARES as of 12/31/05) 11.87
11.60 11.39 NON-PERFORMING ASSETS: ACCRUING LOANS 90 DAYS PAST DUE
8,707 315,865 566,318 NON-ACCRUAL LOANS 23,111 3,060 2,900
FORECLOSED REO 26,291 26,291 16,003
--------------------------------------- TOTAL NON-PERFORMING ASSETS
$ 58,109 $ 345,216 $ 585,221
=======================================
----------------------------------------------------------------------
----------------------------------------------------------------------
BALANCES AS OF: 03/31/05 12/31/04
--------------------------------------- ------------ ------------
ASSETS $596,336,244 $550,107,444 STOCKHOLDERS' EQUITY 47,479,803
46,909,701 DEPOSITS 441,985,339 414,757,904 BOOK VALUE (4,305,316
SHARES as of 12/31/05) 11.06 10.93 NON-PERFORMING ASSETS: ACCRUING
LOANS 90 DAYS PAST DUE 321,203 111,792 NON-ACCRUAL LOANS 2,581
95,209 FORECLOSED REO 16,003 - ------------ ------------ TOTAL
NON-PERFORMING ASSETS $ 339,787 $ 207,001 ============ ============
----------------------------------------------------------------------
FOR THE QUARTER ENDED: 12/31/05 09/30/05 06/30/05
------------------------------------- ---------- ----------
---------- NET INTEREST MARGIN 3.69% 3.69% 3.69% (net interest
income / average interest- earning assets) EARNING ASSETS /
LIABILITIES 111.5% 111.8% 111.7% STOCKHOLDERS' EQUITY/ASSETS 6.85%
6.98% 7.34%
----------------------------------------------------------------------
NET INCOME $1,457,118 $1,505,870 $1,390,913 ========== ==========
========== NET INCOME PER DILUTED SHARE $ 0.33 $ 0.34 $ 0.32
========== ========== ========== DILUTED WEIGHTED AVERAGE NUMBER OF
SHARES 4,386,369 4,379,214 4,373,929 ========== ==========
========== ALLOWANCE FOR LOAN LOSSES PROVISION $ 935,000 $ 575,000
$ 650,000 CHARGE OFFS 18,723 18,327 22,029 RECOVERIES 2,856 95
1,544 ---------- ---------- ---------- BALANCE $6,763,238
$5,844,105 $5,287,337 ========== ========== ========== FOR THE
QUARTER ENDED: 03/31/05 12/31/04
------------------------------------------------ ----------
---------- NET INTEREST MARGIN 3.76% 3.76% (net interest income /
average interest- earning assets) EARNING ASSETS / LIABILITIES
112.2% 112.0% STOCKHOLDERS' EQUITY/ASSETS 7.96% 8.53%
----------------------------------------------------------------------
NET INCOME $1,147,636 $1,352,693 ========== ========== NET INCOME
PER DILUTED SHARE $ 0.26 $ 0.31 ========== ========== DILUTED
WEIGHTED AVERAGE NUMBER OF SHARES 4,372,202 4,369,425 ==========
========== ALLOWANCE FOR LOAN LOSSES PROVISION $ 325,000 $ 225,000
CHARGE OFFS 25,032 27,843 RECOVERIES 4,627 103 ----------
---------- BALANCE $4,657,822 $4,353,227 ========== ==========
Note: 2004 per share information is computed based on the weighted
average number of dilutive shares outstanding, after giving the
retroactive effect for the 3-for-2 stock split in the form of a 50%
stock dividend declared on January 19, 2005 and paid on February
24, 2005. *T
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