Bank of Wilmington Announces First Quarter Profit of $250,051; First Quarter Profit Equals 40% of Overall Profit for 2002.

Business Editors

WILMINGTON, N.C.--(BUSINESS WIRE)--April 22, 2003

Bank of Wilmington (OTCBB: BKWW)announced today that it posted net income of $250,051, or $0.18 per share, for the three months ending March 31, 2003.

"In our first quarter this year, we have achieved a level of profitability that equals 40 percent of total profit for 2002," said Cameron Coburn, President, Chairman and CEO of Bank of Wilmington. "As a community bank, we offer our customers exemplary personal service - this is the engine that continues to drive our continued success and profitability."

Net income for the first quarter of 2003 was $250,051, or $0.18 per share, an increase of $109,416, or 78 percent, over first quarter 2002 net income of $140,635, or $0.11 per share. Net income for the current quarter also represented a 30 percent increase over 4th quarter 2002 net income of $192,749. Assets, net loans and deposits remained relatively constant during the first quarter of 2003.

Total assets decreased by two percent from $112.8 million at December 31, 2002 to $110.4 million at March 31, 2003. Net loans outstanding rose one percent during the same period from $86.3 million to $87.3 million, while deposits totaled $100.1 million at March 31, 2003, which represents a four percent decline over year-end deposits of $103.9 million.

Bank of Wilmington's common stock is traded on the OTC Bulletin Board under the trading symbol BKWW. The bank has two locations: the main office at 1117 Military Cutoff Road and a branch office at 3702 South College Road in the Pine Valley neighborhood. Open Monday - Friday. Lobby: 9 a.m. to 5 p.m. Drive Thru: 8:30 a.m. to 5 p.m.