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ANN ARBOR, Mich. and NAPLES, Fla., Aug. 5 /PRNewswire-FirstCall/ -- Pelican Financial, Inc. (AMEX:PFI), the holding company for Pelican National Bank, posted a net loss for the second quarter and first half of 2005, Charles C. Huffman, Chairman and CEO, reported today. Pelican National Bank, headquartered in Naples, Fla., is a full-service community bank serving the consumer and commercial segments from six branch offices in Naples, Bonita Springs, Cape Coral, Fort Myers, and San Carlos, Florida. Operating Results The Corporation posted a net loss of $218,000, or $0.05 per diluted share, for the second quarter of 2005, compared with a net loss of $71,000, or $0.02 per diluted share, for the second quarter of 2004. For the first half of 2005, the net loss was $544,000, or $0.12 per diluted share, compared with a year-earlier net loss of $232,000, or $0.05 per share. Net interest income was off for both periods, chiefly reflecting modest loan growth and increased cost of funds, with the latter partially attributable to the planned withdrawal of approximately $50 million in noninterest-bearing deposits by former sister company Washtenaw Mortgage Company, last year. Noninterest income was up in both reporting periods, most notably from higher bank service charges and fees. This positive trend reflects growth in customers and the successful expansion of the branch network. The balance sheet saw continued growth. Compared with December 31, 2004, total assets rose 3% to $204,772,000; loans outstanding, net of allowance, grew 2% to $113,567,000; and deposits rose 7% to $150,146,000. Mr. Huffman said, "We are building our business and franchise by recruiting new customers, increasing core deposits, and ramping-up commercial lending. However, higher operating costs, increased cost of funds, and razor- thin margins are hampering profitability. We are also still experiencing loan refinancing run-off, which tends to camouflage our true loan growth. We remain optimistic about the markets that we are in and about our future in those markets." Safe Harbor. This news release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to risks and uncertainties, which could cause actual results to differ materially from those described in the forward- looking statements. Among these risks are regional and national economic conditions, competitive and regulatory factors, legislative changes, mortgage- interest rates, cost and availability of borrowed funds, our ability to sell mortgages in the secondary market, and housing sales and values. These risks and uncertainties are contained in the Corporation's filings with the Securities and Exchange Commission, available via EDGAR. The Company assumes no obligation to update forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such forward-looking statements. PELICAN FINANCIAL, INC. Consolidated Balance Sheets June 30, December 31, 2005 2004 (Unaudited) ASSETS Cash and cash equivalents Cash and due from banks $857,136 $2,831,621 Interest-bearing deposits 2,076,800 275,800 Federal funds sold 11,905,968 7,384,068 Total cash and cash equivalents 14,839,904 10,491,489 Securities available for sale 68,352,128 69,385,545 Federal Reserve & Federal Home Loan Bank Stock 2,489,900 2,669,700 Loans receivable, net 113,566,613 110,830,985 Other real estate owned 67,255 - Premises and equipment, net 3,526,186 3,713,200 Other assets 1,929,536 1,724,659 $204,771,522 $198,815,578 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Deposits Noninterest-bearing $18,142,900 $15,200,340 Interest-bearing 132,003,470 125,508,431 Total deposits 150,146,370 140,708,771 Federal Home Loan Bank borrowings 38,500,000 41,500,000 Other liabilities 431,553 319,057 Total liabilities 189,077,923 182,527,828 Shareholders' equity Preferred stock, 200,000 shares authorized; none outstanding - - Common stock, $.01 par value 10,000,000 shares authorized; 4,494,365 outstanding at June 30, 2005 and December 31, 2004 44,943 44,943 Additional paid in capital 15,574,767 15,574,767 Retained earnings 388,687 932,726 Accumulated other comprehensive (loss), net of tax (314,798) (264,686) Total shareholders' equity 15,693,599 16,287,750 $204,771,522 $198,815,578 PELICAN FINANCIAL, INC. Consolidated Statements of Income and Comprehensive Income (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2005 2004 2005 2004 Interest income Loans, including fees $1,878,216 $1,902,121 $3,826,021 $3,901,826 Investment securities, taxable 691,440 771,950 1,227,858 1,271,182 Federal funds sold and overnight accounts 64,244 82,288 135,934 171,828 Total interest income 2,633,900 2,756,359 5,189,813 5,344,836 Interest expense Deposits 876,230 990,771 1,682,829 1,867,230 Other borrowings 377,328 162,814 734,637 325,856 Total interest expense 1,253,558 1,153,585 2,417,466 2,193,086 Net interest income 1,380,342 1,602,774 2,772,347 3,151,750 Provision for loan losses - - - 75,000 Net interest income after provision for loan losses 1,380,342 1,602,774 2,772,347 3,076,750 Noninterest income Gain on sales of securities, net 5,625 529 5,625 2,859 Service charges on deposit accounts 59,746 35,961 117,788 66,490 Gain on sale of loans, net 4,064 10,117 5,721 19,758 Net gain on foreclosed assets and other income 48,057 10,425 51,967 69,395 Total noninterest income 117,492 57,032 181,101 158,502 Noninterest expense Compensation and employee benefits 903,333 929,236 1,778,149 1,866,910 Occupancy and equipment 374,712 316,393 753,478 587,199 Legal 39,734 57,825 107,571 107,450 Accounting and auditing 55,123 31,028 105,426 91,150 Data processing 74,236 43,430 147,478 91,632 Marketing and advertising 38,487 25,452 82,952 57,605 Loan and other real estate owned 100,440 78,360 166,985 201,639 Other noninterest expense 241,113 284,895 635,012 581,359 Total noninterest expense 1,827,178 1,766,619 3,777,051 3,584,944 Income (loss) before income taxes (329,344) (106,813) (823,603) (349,692) Income tax expense (benefit) (111,725) (35,596) (279,564) (118,051) Net Income (loss) $(217,619) $(71,217) $(544,039) $(231,641) Basic earnings (loss) per share $(0.05) $(0.02) $(0.12) $(0.05) Diluted earnings (loss) per share $(0.05) $(0.02) $(0.12) $(0.05) Comprehensive income (loss) $119,083 $(1,141,236) $(594,151) $(944,914) DATASOURCE: Pelican Financial, Inc. CONTACT: Howard Nathan of Pelican Financial, Inc., +1-800-765-5562; or Mike Marcotte of Marcotte Financial Relations, +1-248-656-3873, for Pelican Financial, Inc.

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