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April 22, 2004 COOPERATIVE BANKSHARES REPORTS FIRST QUARTER EARNINGSWilmington, NC—Cooperative Bankshares, Inc. (NASDAQ: “COOP”) reported net income for the quarter ended March 31, 2004, of $918,470 or $0.32 per diluted share. Net income for the quarter ended March 31, 2003, was $1,387,650 or $0.48 per diluted share. The reduction in net income was mainly due to the expenses associated with four additional branches and lower income from reduced mortgage banking activities. Total assets at March 31, 2004, were $518.9 million; stockholders’ equity was $44.2 million or $15.46 per share and represented 8.52% of assets. Cooperative Bankshares, Inc. is the parent company of Cooperative Bank. Chartered in 1898, Cooperative offers 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 offices in Wilmington, North Carolina, North Myrtle Beach, South Carolina, and Virginia Beach, Virginia. |
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