Bank OF Wilmington (NASDAQ:BKWW)
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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/