Cooperative Bankshares Reports 52% Increase in Third Quarter Earnings
October 25 2006 - 10:32AM
Business Wire
Cooperative Bankshares, Inc. (NASDAQ:COOP) (the �Company�) reported
net income for the quarter ended September 30, 2006 of $2.3 million
or $0.34 per diluted share, an increase of 51.9% over the same
quarter last year. Net income for the quarter ended September 30,
2005 was $1.5 million or $0.23 per diluted share. Net income for
the nine months ended September 30, 2006 was $5.6 million or $0.84
per diluted share, an increase of 37.5% over the same period last
year. Net income for the nine months ended September 30, 2005 was
$4.0 million or $0.62 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 to $739.3 million at September 30,
2006 representing a 14.8% increase from December 31, 2005 and a
20.0% increase from loans at September 30, 2005. The majority of
loan growth for the nine-month period ended September 30, 2006
occurred in construction and land development loans which grew
$39.7 million (30.8%), one-to-four family loans which grew $41.3
million (13.9%) and commercial real estate loans which grew $14.5
million (9.8%) from the amounts at December 31, 2005. Loan growth
was primarily attributable to continued strength in the economy of
the markets in which the Company conducts its business, Cooperative
Bank�s (the �Bank�) expanded and improved branch network and a
continued emphasis on increasing overall loan production. Also
during the quarter ending September 30, 2006, the Bank participated
in the Settlement Initiative with the State of North Carolina
regarding dividends received from CS&L Real Estate Trust, Inc.
This settlement allowed the Bank to recover $198,000 in penalties
and $17,000 in taxes, which were expensed in a previous period. 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 $843.0 million at September 30, 2006, an
increase of 17.8% compared to $715.6 million at September 30, 2005
and a 13.0% 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
September 30, 2006 increased to $648.5 million from $565.0 million
at December 31, 2005, and from $542.0 million at September 30, 2005
primarily as a result of the Bank�s expanded and improved branch
network, increasing brokered deposits and the Bank being located in
markets experiencing strong economic growth. At September 30, 2006,
stockholders� equity was $56.0 million, or $8.60 per share, and
represented 6.64% of assets, compared to $51.1 million, or $7.91
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. 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. Cooperative Bankshares, Inc. (NASDAQ:COOP)
(the "Company") reported net income for the quarter ended September
30, 2006 of $2.3 million or $0.34 per diluted share, an increase of
51.9% over the same quarter last year. Net income for the quarter
ended September 30, 2005 was $1.5 million or $0.23 per diluted
share. Net income for the nine months ended September 30, 2006 was
$5.6 million or $0.84 per diluted share, an increase of 37.5% over
the same period last year. Net income for the nine months ended
September 30, 2005 was $4.0 million or $0.62 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 to
$739.3 million at September 30, 2006 representing a 14.8% increase
from December 31, 2005 and a 20.0% increase from loans at September
30, 2005. The majority of loan growth for the nine-month period
ended September 30, 2006 occurred in construction and land
development loans which grew $39.7 million (30.8%), one-to-four
family loans which grew $41.3 million (13.9%) and commercial real
estate loans which grew $14.5 million (9.8%) from the amounts at
December 31, 2005. Loan growth was primarily attributable to
continued strength in the economy of the markets in which the
Company conducts its business, Cooperative Bank's (the "Bank")
expanded and improved branch network and a continued emphasis on
increasing overall loan production. Also during the quarter ending
September 30, 2006, the Bank participated in the Settlement
Initiative with the State of North Carolina regarding dividends
received from CS&L Real Estate Trust, Inc. This settlement
allowed the Bank to recover $198,000 in penalties and $17,000 in
taxes, which were expensed in a previous period. 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 $843.0 million at September 30, 2006, an increase of 17.8%
compared to $715.6 million at September 30, 2005 and a 13.0%
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 September 30, 2006
increased to $648.5 million from $565.0 million at December 31,
2005, and from $542.0 million at September 30, 2005 primarily as a
result of the Bank's expanded and improved branch network,
increasing brokered deposits and the Bank being located in markets
experiencing strong economic growth. At September 30, 2006,
stockholders' equity was $56.0 million, or $8.60 per share, and
represented 6.64% of assets, compared to $51.1 million, or $7.91
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. 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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