BKWW Bank OF Wilmington

Bank of Wilmington Announces Second Quarter Profit of $204,033 Total Bank Assets Grew By 24 Percent from Year-End 2003 WILMINGTON, N.C., July 28 /PRNewswire-FirstCall/ -- Bank of Wilmington (NASDAQ:BKWW) announced today that it posted net income for the second quarter of 2004 of $204,033, or $0.09 per diluted share, a decrease of 20 percent (or $49,556) from net income of $253,589 for the second quarter of 2003. Net income for the first six months of 2004 was $480,501, down 5 percent (or $23,139) from net income of $503,640 for the first six months of 2003. Earnings for both periods were tempered in response to costs associated with opening the Hampstead office and substantial increases in the provision for loan losses that resulted from significant loan portfolio growth. Total assets grew by 24 percent from $129.8 million at year-end 2003 to $161.1 million at the end of June 2004. Net loans outstanding rose 27 percent during the same period from $102.4 million to $129.6 million, while deposits totaled $138.8 million at the quarter's end, an increase of 31 percent over the year-end deposit total of $106.1 million. "At the close of the quarter, Bank of Wilmington celebrated both its continued growth and its sixth anniversary on June 22," said Cameron Coburn, Chairman, President and CEO of Bank of Wilmington. "With this milestone, we are reemphasizing our commitment to strategic initiatives that yield both solid core earnings and balance sheet growth." 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, Talk PR, Inc., +1-910-395-5051, or Web site: http://www.bankofwilmington.com/

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