Bank of Wilmington Increases Net Income 60% in 2003

Bank of Wilmington Increases Net Income 60% in 2003 


WILMINGTON, N.C., Feb. 11  /PRNewswire-FirstCall/ -- Bank of Wilmington 
announced today that it posted net income of $1,017,239, or $0.67 per diluted
weighted average share, for 2003 -- a 60% increase over 2002 net income of
$637,064.

Total assets grew by 15% from $112.8 million at year-end 2002 to $129.8 million
at year-end 2003.  Net loans outstanding rose 19% during the same period from
$86.3 million to $102.4 million, while deposits totaled $106.1 million at
year-end 2003, an increase of 2% from $103.9 million at year-end 2002.

"This marks our third consecutive profitable year and we couldn't be more
pleased with the overall performance of our bank," said Cameron Coburn,
President, Chairman and CEO of Bank of Wilmington.  "The strength developing in
our operating results is the result of the incredible support of our
shareholders and customers, as well as the remarkable commitment of our staff."

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: the main
office at 1117 Military Cutoff Road; a branch office at 3702 South College Road
in the Pine Valley neighborhood; and a loan production office in Building 24-J,
Suites 4 & 5, in Hampstead Village.  Operating hours are Monday - Friday, Lobby:
9 a.m. to 5 p.m. Drive Thru: 8:30 a.m. to 5 p.m. 

DATASOURCE: Bank of Wilmington



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Web site:  http://www.bankofwilmington.com/ 

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