Bank of Wilmington Announces Second Quarter Profit of $204,033
July 28 2004 - 1:50PM
PR Newswire (US)
Bank of Wilmington Announces Second Quarter Profit of $204,033
Total Bank Assets Grew By 24 Percent from Year-End 2003 WILMINGTON,
N.C., July 28 /PRNewswire-FirstCall/ -- Bank of Wilmington
(NASDAQ:BKWW) announced today that it posted net income for the
second quarter of 2004 of $204,033, or $0.09 per diluted share, a
decrease of 20 percent (or $49,556) from net income of $253,589 for
the second quarter of 2003. Net income for the first six months of
2004 was $480,501, down 5 percent (or $23,139) from net income of
$503,640 for the first six months of 2003. Earnings for both
periods were tempered in response to costs associated with opening
the Hampstead office and substantial increases in the provision for
loan losses that resulted from significant loan portfolio growth.
Total assets grew by 24 percent from $129.8 million at year-end
2003 to $161.1 million at the end of June 2004. Net loans
outstanding rose 27 percent during the same period from $102.4
million to $129.6 million, while deposits totaled $138.8 million at
the quarter's end, an increase of 31 percent over the year-end
deposit total of $106.1 million. "At the close of the quarter, Bank
of Wilmington celebrated both its continued growth and its sixth
anniversary on June 22," said Cameron Coburn, Chairman, President
and CEO of Bank of Wilmington. "With this milestone, we are
reemphasizing our commitment to strategic initiatives that yield
both solid core earnings and balance sheet growth." 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, Talk PR, Inc.,
+1-910-395-5051, or Web site: http://www.bankofwilmington.com/
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