BKWW Bank OF Wilmington

Bank of Wilmington Announces First Quarter Profit of $276,468 Total Bank Assets Grew By 12 Percent from Year-End 2003 WILMINGTON, N.C., April 26 /PRNewswire-FirstCall/ -- Bank of Wilmington announced today that it posted net income of $276,468, or $0.12 per diluted share, for the first quarter of 2004 -- an 11 percent increase over first quarter 2003 net income of $250,051. Total assets grew by 12 percent from $129.8 million at year-end 2003 to $145.4 million at the end of March 2004. Net loans outstanding rose 14 percent during the same period from $102.4 million to $116.9 million, while deposits totaled $124.8 million at the quarter's end, an increase of 18 percent over the year-end deposit total of $106.1 million. "During the quarter, the bank continued to strengthen its financial position and entered a new market with the opening of our third full-service location in Hampstead," said Cameron Coburn, Chairman, President and CEO of Bank of Wilmington. "We're proud of the bank's continued growth and pleased to broaden the reach of our community banking philosophy with our new Hampstead location." Bank of Wilmington's common stock is traded on the Nasdaq SmallCap Market under the symbol BKWW. Established in 1998, the bank has three locations: 1117 Military Cutoff Road; 3702 South College Road in the Pine Valley neighborhood; and 14572 US Highway 17 in Hampstead. Operating hours are Monday - Friday, Lobby: 9 a.m. to 5 p.m. Drive Thru (excluding the Hampstead location): 8:30 a.m. to 5 p.m. DATASOURCE: Bank of Wilmington CONTACT: Ashley Harp of Talk PR, Inc., +1-910-395-5051, or Web site: http://www.bankofwilmington.com/

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