Cooperative Bankshares Reports 28% First Quarter Earnings Increase
April 20 2006 - 11:16AM
Business Wire
Cooperative Bankshares, Inc. (NASDAQ: COOP) (the "Company")
reported net income for the quarter ended March 31, 2006 of $1.5
million or $0.33 per diluted share, an increase of 27.5% over the
same quarter last year. Net income for the quarter ended March 31,
2005 was $1.1 million or $0.26 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 36.9% from March
31, 2005 to March 31, 2006. The majority of this loan growth
occurred in construction and land development loans which grew
$63.2 million (80.3%), one-to-four family loans which grew $58.3
million (23.9%) and commercial real estate loans which grew $55.0
million (46.9%). Loan growth was 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. Total nonperforming assets increased to $3.4
million at March 31, 2006, primarily as a result of two residential
properties totaling $3.3 million. Total assets increased 31.2% to
$782.6 million at March 31, 2006 as compared to March 31, 2005.
Asset growth was primarily the result of continued loan growth,
which was primarily funded by deposit growth. Deposits at March 31,
2006 increased to $591.9 million from $565.0 million at December
31, 2005, and from $442.0 million at March 31, 2005. At March 31,
2006, stockholders' equity was $52.3 million, or $12.12 per share,
and represented 6.68% of assets, compared to $51.1 million, or
$11.87 per share, representing 6.85% of assets at December 31,
2005. 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, an office in North
Myrtle Beach, South Carolina, and an office in 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 words such as "expects," "intends,"
"believes" or 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 (the
"SEC"), which could cause actual results to differ materially from
the results currently anticipated. Undue reliance should not be
placed on such forward-looking statements. The Company has filed a
Form 8-K with the SEC containing additional financial information.
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