BKWW Bank OF Wilmington

Bank of Wilmington Announces Third Quarter Profit of $284,010 Bank Achieves Positive Retained Earnings WILMINGTON, N.C., Oct. 25 /PRNewswire-FirstCall/ -- Bank of Wilmington (NASDAQ:BKWW) announced today that it posted net income for the third quarter of 2004 of $284,010, or $0.13 per diluted share, an increase of 14 percent over net income of $248,759 for the third quarter of 2003. Net income for the first nine months of 2004 was $764,511, up two percent over net income of $752,399 for the first nine months of 2003. Total assets grew by 39 percent from $129.8 million at December 31, 2003 to $180.1 million at September 30, 2004. Net loans outstanding rose 36 percent during the same period from $102.4 million to $139.1 million, while deposits totaled $157.0 million at September 30, 2004, an increase of 48 percent over the year-end deposits of $106.1 million. "During this quarter, the bank achieved positive retained earnings by fully recovering the losses of its early years of operation," said Cameron Coburn, Chairman, President and CEO of Bank of Wilmington. "It is an exciting milestone for our bank and a testament to the tremendous support of our shareholders and customers and the solid determination of our employees." 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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