Cooperative Bankshares Reports 15% Increase in Second Quarter Earnings
July 25 2007 - 10:47AM
Business Wire
Cooperative Bankshares, Inc. (NASDAQ: COOP) (the �Company�)
reported net income for the quarter ended June 30, 2007 of $2.1
million or $0.31 per diluted share, an increase of 14.8% over the
same quarter last year. Net income for the quarter ended June 30,
2006 was $1.8 million or $0.27 per diluted share. Net income for
the six months ended June 30, 2007 was $4.2 million or $0.63 per
diluted share, an increase of 28.2% over the same period last year.
Net income for the six months ended June 30, 2006 was $3.3 million
or $0.49 per diluted share. The increase in net income from the
prior year period was mainly due to an increase in net interest
income caused primarily by growth in loans and a reduction to the
provision for loan losses. Net income for the six months ended June
30, 2007 was also affected by a gain of $275,000 recognized on the
sale of a branch office that was relocated in Morehead City. Loans
increased to $792.4 million at June 30, 2007 representing a 4.1%
increase from December 31, 2006 and a 9.2% increase from June 30,
2006. For the six-month period ended June 30, 2007, the bulk of the
increase in the loan portfolio occurred in construction and land
development loans, which grew $27.6 million (16.7%), and
one-to-four family loans, which grew $12.3 million (3.4%). For the
twelve-month period ended June 30, 2007, the majority of loan
growth occurred in one-to-four family loans, which grew $62.1
million (19.7%), and construction and land development loans, which
grew $19.6 million (11.3%). Loan growth was primarily attributable
to the growth of the markets in which the Company�s wholly owned
subsidiary, Cooperative Bank (the �Bank�), conducts its business,
the Bank�s improved branch network and a continued emphasis on
increasing overall loan production. The provision for loan losses
decreased to $350,000 for the quarter ended June 30, 2007
representing a 54.8% decrease from the quarter ended June 30, 2006.
For the six months ended June 30, 2007, the provision for loan
losses decreased to $650,000, representing a 52.2% decrease when
compared to the six months ended June 30, 2006. This decrease in
the provision for loan losses was primarily the result of slower
loan growth in the three and six months ended June 30, 2007 as
compared to the three and six months ended June 30, 2006,
respectively. Total assets increased to $891.6 million at June 30,
2007, an increase of 3.7% compared to $860.1 million at December
31, 2006 and an increase of 7.7% compared to $827.7 million at June
30, 2006. Asset growth was primarily the result of continued loan
growth, which was mostly funded by deposit growth. Deposits at June
30, 2007 increased to $690.8 million from $661.9 million at
December 31, 2006 and from $633.4 million at June 30, 2006,
primarily as a result of the Bank�s improved branch network,
increasing brokered deposits and the Bank being located in markets
experiencing growth. At June 30, 2007, stockholders� equity was
$61.4 million, or $9.37 per share, and represented 6.88% of assets,
compared to $57.6 million, or $8.85 per share, representing 6.70%
of assets at December 31, 2006 and compared to $53.3 million, or
$8.19 per share, representing 6.44% of assets at June 30, 2006. On
July 2, 2007, the Company completed the acquisition of Bank of
Jefferson located in Chesterfield County, South Carolina. At June
30, 2007, Bank of Jefferson had $9.4 million of deposits and $6.8
million in loans. The financial information presented in this news
release does not include Bank of Jefferson. Cooperative Bankshares,
Inc. is the parent company of Cooperative Bank in North Carolina
and Bank of Jefferson in Chesterfield County, South Carolina.
Chartered in 1898, Cooperative Bank provides a full range of
financial services through twenty three offices in Eastern North
Carolina. Chartered in 1946, Bank of Jefferson operates one office
in Jefferson, South Carolina. Cooperative Bank�s subsidiary, Lumina
Mortgage, Inc., is a mortgage banking firm, originating and selling
residential mortgage loans through two 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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