Bank of Wilmington Announces Third Quarter Profit of $284,010
October 25 2004 - 12:22PM
PR Newswire (US)
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/
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