COOPERATIVE BANKSHARES REPORTS 17% INCREASE IN THIRD QUARTER
EARNINGS
Wilmington,
NC—October
20, 2005. Cooperative Bankshares, Inc. (NASDAQ: “COOP”) reported
net income for the quarter ended September 30, 2005, of $1,505,870
or $0.34 per diluted share, an increase of 17.1% over the same
quarter last year. Net income for the quarter ended September 30,
2004 was $1,286,429, or $0.30 per diluted share. Net income for the
nine months ended September 30, 2005, was $4,044,419 or $0.92 per
diluted share, an increase of 21.5% over the same period last year.
Net income for the nine months ended September 30, 2004 was
$3,328,482 or $0.76 per diluted share. The increase in net income
was mainly due to a rise in net interest income caused primarily by
an increase in loans. Loans increased 35.7% from December 31, 2004
to
September 30, 2005.
The majority of the loan growth occurred in construction and land
development loans which grew $86.6 million and commercial real
estate loans which grew $39.9 million during this period. Per share
data for 2004 has been adjusted to reflect a 3-for-2 stock split in
the form of a 50% stock dividend. The stock dividend was paid
February 24, 2005 to stockholders of record as of February 8, 2005.
Total assets increased 30.1% since
December 31, 2004 and at
September 30, 2005,
were $715.6 million; stockholders’ equity was $49.9 million or
$11.60 per share and represented 6.98% of assets.
Cooperative Bankshares, Inc. is the parent company of Cooperative
Bank. Chartered in 1898, Cooperative offers services through 20
offices in
Eastern North Carolina. The Bank’s subsidiary, Lumina Mortgage,
Inc., is a mortgage banking firm, originating and selling
residential mortgage loans through four offices in
North Carolina;
and offices in North Myrtle Beach, South Carolina,
and
Virginia Beach, Virginia.
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 the words “expects”, “intends” and 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, which could cause actual results to differ
materially from the results currently anticipated. Undue reliance
should not be placed on such forward-looking statements.
For
Additional Information:
A
Form 8-K has been filed with the SEC which contains additional
financial information.
Contacts:
Frederick Willetts, III, President
Todd L. Sammons, CPA, Senior Vice President/ CFO
Linda B. Garland, Vice President/ Secretary
910-343-0181 |
