WILMINGTON, N.C., Feb. 22 /PRNewswire-FirstCall/ -- Bank of
Wilmington Corporation (NASDAQ:BKWW) reported net income for the
fiscal year 2005 of $1.7 million compared with $1.1 million for the
fiscal year 2004, an increase of 46.6 percent. Diluted earnings per
share were $0.48 compared with $0.40 for the prior year, an
increase of 20.0 percent. Per share results reflect the issuance of
558,419 shares of common stock during the fourth quarter of 2004,
which increased average diluted shares by 23.1 percent over the
prior year, to 3,496,780. Performance reflects exceptional loan and
deposit growth, combined with disciplined expense control. For the
fourth quarter of 2005, the Company reported net income of $637,000
compared with $383,000 for the fourth quarter of 2004, an increase
of 66.3 percent. Diluted earnings per share were $0.18 compared
with $0.13 for the prior-year quarter, an increase of 38.5 percent.
Per share earnings were affected by the fourth quarter 2004 stock
issuance, which increased average diluted shares by 16.0 percent to
3,503,383. Cameron Coburn, Chairman, President and CEO, commented,
"We are pleased to report another year of record earnings, capped
by a fourth quarter of exceptional growth. Loan demand, the driving
force behind our earnings performance, continues to be extremely
strong. We are pleased that the southeastern North Carolina
communities we serve value our expertise and premium service. "We
are well positioned to continue these positive trends in 2006; in
January, we opened a loan production office in Surf City. This
office will be converted to a full-service office later in 2006, as
we continue to expand our presence within the Cape Fear Region.
During the fourth quarter of 2005, we bolstered our regulatory
capital through the issuance of $10 million in floating rate trust
preferred securities by the Company's wholly-owned subsidiary, BKWW
Statutory Trust I. The resulting additional liquidity will support
our growth needs throughout 2006." Total revenue, comprised of net
interest income and Noninterest income, was $10.3 million for
fiscal year 2005, an increase of 57.0 percent over the $6.6 million
reported for the prior year. Net interest income for the current
12-month period increased 58.8 percent over 2004 to $9.3 million,
reflecting a 64.8 percent growth in average earning assets
partially offset by a 13 basis point decline in the net interest
margin to 3.54 percent. Mr. Coburn commented, "Strong loan
production is driving net interest income growth. Our balance sheet
is asset-sensitive and we continue to fund with a balanced mix of
core deposits, wholesale funding, and borrowings. Rising rates and
increased competition to fund strong loan demand continue to put
pressure on the price of deposits. The modest compression we
experienced in 2005 has been more than offset by growth in earning
assets as we take advantage of sound lending opportunities where we
see them." Noninterest income was $1.1 million, a 40.6 percent
increase over the 2004 period. Service fee income accounts for the
majority of growth. Income from mortgage originations and
investment in bank-owned life insurance also contributed to the
increase. Revenue for the fourth quarter of 2005 was $3.1 million
compared with $1.9 million for the fourth quarter of 2004, an
increase of 62.4 percent. Net interest income increased 67.3
percent to $2.8 million, reflecting a 75.9 percent increase in
average earning assets partially offset by an 18 basis point
decline in the net interest margin to 3.47 percent. Noninterest
income was $292,000 compared with $229,000 for the prior-year
period, an increase of 27.1 percent. Revenue growth continues to
outpace expense growth. Noninterest expense for the fiscal year
2005 was $6.4 million, an increase of 37.9 percent over the 2004
period. Other expense, up $910,000 or 71.8 percent, represents the
largest portion of the increase. Expenses associated with newly
implemented supplemental retirement benefits for certain officers
and directors, the formation of the holding company, and
growth-related increases contributed to the increase. Salaries and
benefits grew $650,000 or 25.2 percent and resulted from
growth-related personnel additions, normal compensation
adjustments, and an increase in benefits costs. The efficiency
ratio improved to 61.66 percent for 2005 compared with 70.09
percent for the prior-year fiscal period. Noninterest expense for
the fourth quarter of 2005 totaled $1.8 million compared with $1.2
million for the fourth quarter of 2004, an increase of 46.8
percent. The efficiency ratio improved to 58.08 percent for the
current period compared with 64.28 percent for the fourth quarter
of 2004, and 63.48 percent for the previous quarter. Mr. Coburn
commented, "We are pleased to report improvement in asset quality
throughout 2005; net charge-offs for the year were dramatically
reduced from 2004 levels despite a 71.4 percent year-over-year
increase in loans outstanding." Net charge-offs for 2005 were
$95,000 or 0.04 percent of average loans, compared with $446,000 or
0.34 percent for fiscal 2004. Non- performing assets were $1.2
million, or 0.34 percent of total assets at December 31, 2005,
compared with $1.2 million, or 0.59 percent, twelve months ago.
Loan loss reserves were $3.5 million, or 1.26 percent of total
loans, at December 31, 2005; this compares with a reserve of $2.1
million at December 31, 2004, equivalent to 1.30 percent of
year-end loans. Total assets were $343.0 million at December 31,
2005, an increase of $141.4 million, or 70.2 percent, from twelve
months ago. Loans outstanding totaled $278.4 million, an increase
of $116.0 million, or 71.4 percent, during the 2005 fiscal period.
Residential construction lending accounted for the majority of this
growth due to population increases in our market area, and the
addition of specialized construction lenders to our staff. Loan
growth was funded primarily by a $114.0 million, or 67.0 percent,
increase in deposits to $284.1 million. Core deposits, including
retail CDs, constituted 66.5 percent of the total; they increased
$61.0 million or 47.5 percent year-over-year. Shareholders' equity
at December 31, 2005 was $24.6 million, a twelve- month increase of
$1.3 million, or 5.6 percent. During the fourth quarter, Bank of
Wilmington Corporation, through a newly-formed subsidiary BKWW
Statutory Trust I, issued $10 million of floating-rate trust
preferred securities. The Company's total risk-based capital ratio
at year-end was 13.29 percent. Total shares outstanding at December
31, 2005 were 3,416,068. Mr. Coburn concluded, "Our local economy
is thriving. We continue to expand our branch network and add
qualified people to our staff so we can maximize our share of this
dynamic market." About the Company Bank of Wilmington ("Bank") was
established in 1998 as a local bank, developed and managed by local
people committed to improving the quality of life and the quality
of the banking experience in the communities it serves. Bank of
Wilmington Corporation, the parent company, was formed in June
2005. The Bank's market area includes the counties of New Hanover,
Pender, and Brunswick, serving southeastern North Carolina, through
three full-service locations and one loan production office: 1117
Military Cutoff Road; 3702 South College Road in the Pine Valley
neighborhood; 14572 US Highway 17 in Hampstead; and 206 North
Topsail Drive in Surf City. Forward-Looking Statements This news
release contains comments or information that constitute
forward-looking statements (within the meaning of the Private
Securities Litigation Reform Act of 1995) that are based on current
expectations that involve a number of risks and uncertainties.
Actual results may differ materially from the results expressed in
forward-looking statements. Factors that might cause such a
difference include changes in interest rates and interest rate
relationships; changes in demand for products and services; changes
in the degree of competition by traditional and non-traditional
competitors; changes in banking regulation; changes in tax laws;
changes in prices, levies, and assessments; the impact of
technological advances; governmental and regulatory policy changes;
the outcomes of contingencies; trends in customer behavior as well
as their ability to repay loans; changes in the national and local
economy; and other factors, including risk factors, referred to
from time to time in filings made by Bank of Wilmington Corporation
with the Securities and Exchange Commission. Bank of Wilmington
Corporation undertakes no obligation to update or clarify
forward-looking statements, whether as a result of new information,
future events or otherwise. Bank of Wilmington Corporation Fourth
Quarter 2005 Results Bank of Wilmington Corporation CONSOLIDATED
FINANCIAL HIGHLIGHTS (Unaudited) Quarterly (dollars in thousands
2005 2005 2005 except per share data) 4th Qtr 3rd Qtr 2nd Qtr
EARNINGS Net interest income $2,797 2,469 2,180 Provision for loan
and lease losses $388 355 392 Noninterest income $292 264 246
Noninterest expense $1,794 1,735 1,459 Net income $637 422 383
Basic earnings per share $0.19 0.12 0.11 Diluted earnings per share
$0.18 0.12 0.11 Average shares outstanding 3,416,068 3,416,068
3,416,068 Average diluted shares outstanding 3,503,383 3,508,993
3,486,601 PERFORMANCE RATIOS Return on average assets 0.77% 0.59%
0.61% Return on average common equity 10.34% 6.92% 6.41% Net
interest margin (fully tax-equivalent) 3.47% 3.54% 3.59% Efficiency
ratio 58.08% 63.48% 60.14% Full-time equivalent employees 62 54 53
CAPITAL Equity to assets 7.18% 7.78% 8.93% Regulatory leverage
ratio 10.69% 8.59% 9.57% Tier 1 capital ratio 12.09% 9.43% 11.50%
Total risk-based capital ratio 13.29% 10.65% 12.84% Book value per
share $7.21 7.10 7.02 Cash dividend per share $0.00 0.00 0.00 ASSET
QUALITY Gross loan charge-offs $53 45 5 Net loan charge-offs $42 1
(28) Net loan charge-offs to average loans 0.06% 0.00% -0.05%
Allowance for loan and lease losses $3,510 3,165 2,811 Allowance
for losses to total loans 1.26% 1.28% 1.30% Nonperforming loans
$1,174 751 1,043 Other real estate and repossessed assets $0 13 195
Nonperforming assets to total assets 0.34% 0.25% 0.46% END OF
PERIOD BALANCES Loans and leases $278,386 246,757 216,140 Total
earning assets (before allowance) $334,053 303,133 257,755 Total
assets $342,974 311,813 268,654 Deposits $284,134 258,084 229,775
Shareholders' equity $24,636 24,245 23,985 AVERAGE BALANCES Loans
and leases $261,652 230,140 204,684 Total earning assets (before
allowance) $320,139 276,848 243,380 Total assets $329,152 285,444
251,829 Deposits $269,824 238,439 211,684 Shareholders' equity
$24,642 24,383 23,886 *Shares for all periods restated for 5 for 4
split effective 6/30/05 Bank of Wilmington Corporation Fourth
Quarter 2005 Results Bank of Wilmington Corporation CONSOLIDATED
FINANCIAL HIGHLIGHTS (Unaudited) Quarterly (dollars in thousands
2005 2004 except per share data) 1st Qtr 4th Qtr EARNINGS Net
interest income 1,853 1,672 Provision for loan and lease losses 365
277 Noninterest income 248 229 Noninterest expense 1,393 1,222 Net
income 241 383 Basic earnings per share 0.07 0.13 Diluted earnings
per share 0.07 0.13 Average shares outstanding 3,414,411 2,947,338
Average diluted shares outstanding 3,488,551 3,021,160 PERFORMANCE
RATIOS Return on average assets 0.44% 0.80% Return on average
common equity 4.06% 7.78% Net interest margin (fully
tax-equivalent) 3.59% 3.65% Efficiency ratio 66.30% 64.28%
Full-time equivalent employees 51 50 CAPITAL Equity to assets
10.23% 11.58% Regulatory leverage ratio 10.92% 12.29% Tier 1
capital ratio 12.09% 13.64% Total risk-based capital ratio 13.31%
14.87% Book value per share 6.85 6.85 Cash dividend per share 0.00
0.00 ASSET QUALITY Gross loan charge-offs 81 2 Net loan charge-offs
80 1 Net loan charge-offs to average loans 0.19% 0.00% Allowance
for loan and lease losses 2,391 2,106 Allowance for losses to total
loans 1.28% 1.30% Nonperforming loans 1,162 993 Other real estate
and repossessed assets 195 195 Nonperforming assets to total assets
0.59% 0.59% END OF PERIOD BALANCES Loans and leases 187,152 162,399
Total earning assets (before allowance) 220,604 193,650 Total
assets 228,863 201,533 Deposits 195,833 170,168 Shareholders'
equity 23,404 23,338 AVERAGE BALANCES Loans and leases 172,826
150,736 Total earning assets (before allowance) 208,932 181,950
Total assets 217,222 190,442 Deposits 186,301 159,569 Shareholders'
equity 23,745 19,703 *Shares for all periods restated for 5 for 4
split effective 6/30/05 Bank of Wilmington Corporation Fourth
Quarter 2005 Results Bank of Wilmington Corporation CONSOLIDATED
FINANCIAL HIGHLIGHTS (Unaudited) (dollars in thousands Year-To-Date
except per share data) 2005 2004 EARNINGS Net interest income 9,299
5,854 Provision for loan and lease losses 1,499 892 Noninterest
income 1,049 746 Noninterest expense 6,381 4,626 Net income 1,683
1,148 Basic earnings per share 0.49 0.41 Diluted earnings per share
0.48 0.40 Average shares outstanding 3,415,582 2,768,040 Average
diluted shares outstanding 3,496,780 2,840,524 PERFORMANCE RATIOS
Return on average assets 0.62% 0.70% Return on average common
equity 6.96% 6.45% Net interest margin (fully tax-equivalent) 3.54%
3.67% Efficiency ratio 61.66% 70.09% Full-time equivalent employees
62 50 CAPITAL Equity to assets 7.18% 11.58% Regulatory leverage
ratio 10.69% 12.29% Tier 1 capital ratio 12.09% 13.64% Total
risk-based capital ratio 13.29% 14.87% Book value per share 7.21
6.85 Cash dividend per share 0.00 0.00 ASSET QUALITY Gross loan
charge-offs 184 502 Net loan charge-offs 95 446 Net loan
charge-offs to average loans 0.04% 0.34% Allowance for loan and
lease losses 3,510 2,106 Allowance for losses to total loans 1.26%
1.30% Nonperforming loans 1,174 993 Other real estate and
repossessed assets 0 195 Nonperforming assets to total assets 0.34%
0.59% END OF PERIOD BALANCES Loans and leases 278,386 162,399 Total
earning assets (before allowance) 334,053 193,650 Total assets
342,974 201,533 Deposits 284,134 170,168 Shareholders' equity
24,636 23,338 AVERAGE BALANCES Loans and leases 217,604 130,734
Total earning assets (before allowance) 262,669 159,404 Total
assets 271,258 164,220 Deposits 226,823 140,356 Shareholders'
equity 24,167 17,803 *Shares for all periods restated for 5 for 4
split effective 6/30/05 Bank of Wilmington Corporation Fourth
Quarter 2005 Results Bank of Wilmington Corporation CONSOLIDATED
REPORTS OF INCOME THREE THREE TWELVE TWELVE MONTHS MONTHS MONTHS
MONTHS ENDED ENDED ENDED ENDED December 31, December 31, December
31, December 31, 2005 2004 2005 2004 (Unaudited) (Unaudited)
(Unaudited) (Audited) INTEREST INCOME Loans and leases, including
fees $4,781 $2,269 $14,728 $7,663 Investment securities 491 266
1,453 855 Short-term investments 90 21 231 78 Total interest income
5,362 2,556 16,412 8,596 INTEREST EXPENSE Deposits 2,172 827 6,321
2,645 Borrowings-FHLB Advances 251 57 650 97 Trust Preferred
Securities/ Subordinated Debt 142 0 142 0 Total interest expense
2,565 884 7,113 2,742 Net interest income 2,797 1,672 9,299 5,854
Provision for loan and lease losses 388 277 1,499 892 Net interest
income after provision 2,409 1,395 7,800 4,962 for loan and lease
losses NONINTEREST INCOME Service fees & charges on accounts
181 149 644 540 Net gain (loss) on sales of securities (12) 0 (10)
(5) Other income 123 80 415 211 Total Noninterest income 292 229
1,049 746 NON INTEREST EXPENSE Salaries and benefits 884 702 3,227
2,577 Occupancy & Furniture and Equipment 283 187 977 782 Other
expense 627 333 2,177 1,267 Total Noninterest expense 1,794 1,222
6,381 4,626 Income before federal income tax expense 907 402 2,468
1,082 Federal income tax expense (benefit) 270 19 785 (66) Net
income $637 $383 $1,683 $1,148 Basic earnings per share* $0.19
$0.13 $0.49 $0.41 Diluted earnings per share* $0.18 $0.13 $0.48
$0.40 Average shares outstanding * 3,416,068 2,947,338 3,415,582
2,768,040 Average diluted shares outstanding * 3,503,383 3,021,160
3,496,780 2,840,524 *All per share and outstanding share data has
been restated for the 5 for 4 stock split effected 6/30/05 Bank of
Wilmington Corporation Fourth Quarter 2005 Results Bank of
Wilmington Corporation CONSOLIDATED BALANCE SHEETS DECEMBER 31,
DECEMBER 31, 2005 2004 (Unaudited) (Audited) ASSETS Cash and due
from banks $1,854 $1,882 Interest earning deposits in other banks
5,419 4,223 Total cash and cash equivalents 7,273 6,105 Securities
available for sale 48,655 26,436 Time deposits in other banks 199 0
Federal Home Loan Bank stock 1,394 592 Total loans 278,386 162,399
Allowance for loan losses (3,510) (2,106) Total Loans, net 274,876
160,293 Premises and equipment, net 1,845 1,152 Foreclosed real
estate and repossessions 0 195 Bank owned life insurance policies
5,296 5,097 Accrued interest receivable 1,645 734 Investment in
Trust 311 0 Other assets 1,480 929 Total assets $342,974 $201,533
LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest-bearing
$26,025 $14,407 Interest-bearing 258,109 155,761 Total deposits
284,134 170,168 Federal Home Loan Bank advances- short term 5,000
7,400 Federal Home Loan Bank advances- long term 17,000 0 Trust
Preferred Securities & Subordinated Debentures-L/T 10,310 0
Accrued expenses and other liabilities 1,894 627 Total liabilities
318,338 178,195 SHAREHOLDERS' EQUITY Common stock 11,956 11,918*
Additional Paid in Capital 11,053 11,008* Retained earnings 2,153
471 Accumulated other comprehensive income (loss) (526) (59) Total
shareholders' equity 24,636 23,338 Total liabilities and
shareholders' equity $342,974 $201,533 *Prior periods restated for
the 5 for 4 stock split effected 6/30/05 First Call Analyst: FCMN
Contact: DATASOURCE: Bank of Wilmington Corporation CONTACT: J.
Cameron Coburn, Chairman, President & CEO, +1-910-509-3901, or
, or Betty V. Norris, SVP & Chief Financial Officer,
+1-910-509-3914, or , both of Bank of Wilmington Corporation
Copyright
Grafico Azioni Bank OF Wilmington (NASDAQ:BKWW)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Bank OF Wilmington (NASDAQ:BKWW)
Storico
Da Ott 2023 a Ott 2024