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Pelican Financial, Inc. Reports Q2 Net Loss Sixth Branch Opened ANN ARBOR, Mich. and NAPLES, Fla., Aug. 4 /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 2004, 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, Fort Myers Beach, and San Carlos. Pelican Financial, Inc. has completed its previously announced spin-off of Washtenaw Mortgage Company into a separate, publicly held corporation, The Washtenaw Group, Inc., trading under the symbol TWH. The spin-off was effective at the close of business December 31, 2003. Operating Results The Corporation posted a net loss of $71,000, or $0.02 per share, for the second quarter, comparable to the year-earlier net loss of $153,000, from continuing operations, or $0.03 per share. For the first half, the net loss was $232,000, or $0.05 per share, versus net income of $115,000, from continuing operations, or $0.02 per share, for the first half of 2003. Net interest income and noninterest income were off in both reporting periods. In the main, the reductions resulted from margin compression from the low interest-rate environment, lower bank service charges and fees, reduced gains from loan sales, and higher expenses from branch-expansion activities. A sixth branch was opened last month in Cape Coral. The balance sheet saw improvement. Compared with December 30, 2003, total assets rose 17% to $258,780,000; loans outstanding, net of loan-loss allowance, of $105,180,000 were off 4%, due to loan-refinancing run-off; and deposits jumped 20% to $230,518,000. Mr. Huffman said, "Our team is doing a good job, despite the lukewarm operating results. We are building name recognition and franchise value. We are earning business and marketshare and building core deposits. We are adding quality loans and generating substantial loan production. Unfortunately, much of the new-loan generation has been offset by loan refinancing run-off. We have successfully opened three new branches in the past year and half and we just opened our sixth branch office. We are optimistic about the markets that we are in and about our future in those markets. "We are excited about PNB's new president, Howard B. Montgomery, who joined us earlier this week. Mr. Montgomery has two decades of banking experience and is a former member of the Federal Reserve Bank's 5th District Operations Advisory Committee." Mr. Montgomery replaces Michael N. Clemens who retires September 30, 2004. 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, 2004 2003 (Unaudited) ASSETS Cash and cash equivalents Cash and due from banks $7,366,929 $6,354,416 Interest-bearing deposits 3,514,574 45,639,288 Federal funds sold 27,436,120 3,426,013 Total cash and cash equivalents 38,317,623 55,419,717 Accounts receivable, net 247,212 179,488 Securities available for sale 107,434,443 49,729,994 Federal Reserve & Federal Home Loan Bank Stock 1,192,200 949,000 Loans held for sale - 141,200 Loans receivable, net 105,180,322 109,798,257 Other real estate owned - 332,857 Premises and equipment, net 3,479,880 2,658,018 Other assets 2,928,350 2,307,104 $258,780,030 $221,515,635 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Deposits Noninterest-bearing $72,475,879 $74,004,969 Interest-bearing 158,041,948 117,907,625 Total deposits 230,517,827 191,912,594 Note payable - 291,665 Federal Home Loan Bank borrowings 12,000,000 12,000,000 Other liabilities 316,829 421,088 Total liabilities 242,834,656 204,625,347 Shareholders' equity Preferred stock, 200,000 shares authorized; none outstanding - - Common stock, $.01 par value 10,000,000 shares authorized; 4,488,351 outstanding at March 31, 2004 and December 31, 2003 44,884 44,884 Additional paid in capital 15,568,593 15,568,593 Retained earnings 951,905 1,183,546 Accumulated other comprehensive income (loss), net of tax (620,008) 93,265 Total shareholders' equity 15,945,374 16,890,288 $258,780,030 $221,515,635 PELICAN FINANCIAL, INC. Consolidated Statements of Income and Comprehensive Income (Unaudited) Three Months Six Months Ended June 30, Ended June 30, 2004 2003 2004 2003 Interest income Loans, including fees $1,902,121 $2,468,711 $3,901,826 $4,885,101 Investment securities, taxable 771,950 125,779 1,271,182 204,261 Federal funds sold and overnight accounts 82,288 145,002 171,828 245,017 Total interest income 2,756,359 2,739,492 5,344,836 5,334,379 Interest expense Deposits 990,771 548,019 1,867,230 1,132,734 Other borrowings 162,814 267,374 325,856 533,044 Total interest expense 1,153,585 815,393 2,193,086 1,665,778 Net interest income 1,602,774 1,924,099 3,151,750 3,668,601 Provision for loan losses - 290,000 75,000 370,000 Net interest income after provision for loan losses 1,602,774 1,634,099 3,076,750 3,298,601 Noninterest income Gain on sales of securities, net 529 57,708 2,859 129,360 Service charges on deposit accounts 35,961 47,615 66,490 100,209 Gain on sale of loans, net 10,117 46,427 19,758 70,804 Net gain (loss) on foreclosed assets and other income 10,425 23,041 69,395 60,522 Total noninterest income 57,032 174,791 158,502 360,895 Noninterest expense Compensation and employee benefits 929,236 1,136,682 1,866,910 1,883,490 Occupancy and equipment 316,393 252,735 587,199 475,765 Legal 57,825 157,507 107,450 202,359 Accounting and auditing 31,028 34,500 91,150 65,944 Data processing 43,430 28,506 91,632 57,667 Marketing and advertising 25,452 37,503 57,605 90,857 Loan and other real estate owned 78,360 176,313 201,639 306,499 Other noninterest expense 284,895 215,212 581,359 400,885 Total noninterest expense 1,766,619 2,038,958 3,584,944 3,483,466 Income (loss) from continuing operations before income taxes (106,813) (230,068) (349,692) 176,030 Income tax expense (benefit) (35,596) (77,457) (118,051) 60,779 Income (loss) from continuing operations $(71,217) $(152,611) $(231,641) $115,251 Discontinued operations: Income from operations of discontinued mortgage subsidiary - 5,198,287 - 9,239,406 Income tax - 1,788,555 - 3,166,508 Income from discontinued operations - 3,409,732 - 6,072,898 Net income (loss) $(71,217) $3,257,121 $(231,641) $6,188,149 Basic earnings (loss) per share from continuing operations $(0.02) $(0.03) $(0.05) $0.03 Diluted earnings (loss) per share from continuing operations (0.02) (0.03) (0.05) 0.03 Per share effect of discontinued operations - 0.76 - 1.36 Basic earnings (loss) per share $(0.02) $0.73 $(0.05) $1.39 Diluted earnings (loss) per share $(0.02) $0.73 $(0.05) $1.39 Comprehensive income $(1,141,236) $3,394,568 $(944,914) $6,179,632 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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