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THIRD
QUARTER EARNINGS
Wilmington, NC—Cooperative
Bankshares, Inc. (NASDAQ: “COOP”) reported net income for the
quarter ended September 30, 2004, of $1,286,429 or $0.44 per diluted
share. Net income for the quarter ended September 30, 2003, was
$1,430,407 or $0.49 per diluted share. The reduction in net income
was mainly due to the expenses associated with two additional
branches and lower income from reduced mortgage banking activities.
There was also an additional $45,000 added to the provision for loan
losses due to growth in the loan portfolio.
Net income for the nine months
ended
September 30, 2004, was $3,328,482 or $1.14 per diluted share. Net
income for the nine months ended September 30, 2003, was $4,241,296
or $1.47 per diluted share.
Total assets at
September 30, 2004, were $544.7 million and stockholders’ equity was
$45.8 million or $16.01 per share and represented 8.41% of assets.
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