Cooperative Bankshares, Inc. Reports Earnings (Business Wire)

Thursday July 24, 4:05 pm ET WILMINGTON, N.C.--(BUSINESS WIRE)--Cooperative Bankshares, Inc. (NASDAQ: COOP - News ) (the “Company”), the parent company of Cooperative Bank (the “Bank”), reported net income for the six months ended June 30, 2008 of $402,000, or $0.06 per diluted share. Net income for the six months ended June 30, 2007 was $4.2 million, or $0.63 per diluted share. The net loss for the quarter ended June 30, 2008 was $350,000, or $0.05 per diluted share, compared to net income of $2.1 million, or $0.31 per diluted share, for the quarter ended June 30, 2007. The decrease in net income for the three and six months ended June 30, 2008 from the prior year periods were mainly due to a decrease in net interest income and an increase in the provision for loan losses. The decrease in net interest income for the three... [read full story]