Bank of Wilmington Announces Second Quarter Profit of $383,131
28 July 2005 - 2:13AM
PR Newswire (US)
Bank of Wilmington Announces Second Quarter Profit of $383,131
Total Bank Assets Grew By 33 Percent from Year-End 2004 WILMINGTON,
N.C., July 27 /PRNewswire-FirstCall/ -- Bank of Wilmington
(NASDAQ:BKWW) announced today that it posted net income of
$383,131, or $0.11 per diluted share, for the second quarter of
2005 compared to second quarter 2004 net income of $204,033, or
$0.07 per diluted share. Total assets grew by 33 percent from
$201.5 million at year-end 2004 to $268.7 million at the end of
June 2005. Net loans outstanding rose 33 percent during the same
period from $160.3 million to $213.3 million, while deposits
totaled $229.8 million at the quarter's end, an increase of 35
percent over the year-end deposit total of $170.2 million. "The
Bank experienced a period of accelerated growth during the
quarter," said Cameron Coburn, Chairman, President and CEO of Bank
of Wilmington. "We also marked our seventh anniversary and
announced a five-for-four stock split effected in the form of a 25
percent stock dividend during the quarter, both exciting milestones
in the life of the Bank." 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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