Cooperative Bankshares Reports 30% Second Quarter Earnings Increase
July 25 2006 - 10:40AM
Business Wire
Cooperative Bankshares, Inc. (NASDAQ: COOP) (the "Company")
reported net income for the quarter ended June 30, 2006 of $1.8
million or $0.27 per diluted share, an increase of 30.0% over the
same quarter last year. Net income for the quarter ended June 30,
2005 was $1.4 million or $0.21 per diluted share. Net income for
the six months ended June 30, 2006 was $3.3 million or $0.50 per
diluted share, an increase of 28.9% over the same period last year.
Net income for the six months ended June 30, 2005 was $2.5 million
or $0.39 per diluted share. The increase in net income was mainly
due to a rise in net interest income caused primarily by growth in
loans. Loans increased 35.7% from June 30, 2005 to June 30, 2006.
The majority of this loan growth occurred in construction and land
development loans which grew $79.6 million (84.4%), one-to-four
family loans which grew $72.6 million (29.9%) and commercial real
estate loans which grew $29.6 million (21.7%). 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. Per share data has been
adjusted to reflect a 3-for-2 stock split in the form of a 50%
stock dividend. The stock dividend was paid June 30, 2006 to
stockholders of record as of June 12, 2006. Total assets increased
to $827.7 million at June 30, 2006, an increase of 24.1% compared
to $667.1 million at June 30, 2005 and an 11.0% increase compared
to $746.3 million at December 31, 2005. Asset growth was primarily
the result of continued loan growth, which was primarily funded by
deposit growth. Deposits at June 30, 2006 increased to $633.4
million from $565.0 million at December 31, 2005, and from $512.1
million at June 30, 2005. At June 30, 2006, stockholders' equity
was $53.5 million, or $8.22 per share, and represented 6.46% of
assets, compared to $51.1 million, or $7.91 per share, representing
6.85 % of assets at December 31, 2005. Total nonperforming assets
were $2.9 million at June 30, 2006. Included in the June 30, 2006
balance were two residential properties totaling $2.6 million. On
July 17, 2006 a loan was paid off on one of these properties,
reducing the nonperforming asset balance by $2.0 million.
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 an office in North Myrtle
Beach, South Carolina. 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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