Bank of Wilmington Announces First Quarter Profit of $276,468
27 April 2004 - 5:12AM
PR Newswire (US)
Bank of Wilmington Announces First Quarter Profit of $276,468 Total
Bank Assets Grew By 12 Percent from Year-End 2003 WILMINGTON, N.C.,
April 26 /PRNewswire-FirstCall/ -- Bank of Wilmington announced
today that it posted net income of $276,468, or $0.12 per diluted
share, for the first quarter of 2004 -- an 11 percent increase over
first quarter 2003 net income of $250,051. Total assets grew by 12
percent from $129.8 million at year-end 2003 to $145.4 million at
the end of March 2004. Net loans outstanding rose 14 percent during
the same period from $102.4 million to $116.9 million, while
deposits totaled $124.8 million at the quarter's end, an increase
of 18 percent over the year-end deposit total of $106.1 million.
"During the quarter, the bank continued to strengthen its financial
position and entered a new market with the opening of our third
full-service location in Hampstead," said Cameron Coburn, Chairman,
President and CEO of Bank of Wilmington. "We're proud of the bank's
continued growth and pleased to broaden the reach of our community
banking philosophy with our new Hampstead location." 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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