Bank of Wilmington Announces First Quarter Profit of $240,939
April 29 2005 - 1:28PM
PR Newswire (US)
Bank of Wilmington Announces First Quarter Profit of $240,939 Total
Bank Assets Grew By 14 Percent from Year-End 2004 WILMINGTON, N.C.,
April 29 /PRNewswire-FirstCall/ -- Bank of Wilmington (NASDAQ:BKWW)
announced today that it posted net income of $240,939, or $0.09 per
diluted share, for the first quarter of 2005 compared to first
quarter 2004 net income of $276,468, or $0.12 per diluted share.
The reduction in net income resulted from Bank of Wilmington
becoming taxable for the first time -- having achieved positive
retained earnings during 2004. Notably, pre-tax income increased 24
percent compared to the same period a year ago. Total assets grew
by 14 percent from $201.5 million at year-end 2004 to $228.9
million at the end of March 2005. Net loans outstanding rose 15
percent during the same period from $160.3 million to $184.8
million, while deposits totaled $195.8 million at the quarter's
end, an increase of 15 percent over the year-end deposit total of
$170.2 million. "The first quarter of 2005 continued a period of
sustained growth for Bank of Wilmington," said Cameron Coburn,
Chairman, President and CEO of Bank of Wilmington. "We are poised
for strategic expansion and are looking forward to broadening our
reach within the local market." 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 , for Bank of Wilmington Web site:
http://www.bankofwilmington.com/
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