BKWW Bank OF Wilmington

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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