Bank of the Carolinas Reports First Quarter Results MOCKSVILLE, N.C., May 13 /PRNewswire-FirstCall/ -- Bank of the Carolinas (BULLETIN BOARD: BCAR) , today reported operating results for the first quarter ended March 31, 2004. The Bank reported net income of $327,268 or $.13 per share on a diluted basis for the first quarter compared to $297,695 or $.15 per share on a diluted basis for the same period in 2003. This represents a 10.0% increase in operating profit. Net interest income increased 16.2% during the first quarter compared to the corresponding period in 2003; non-interest income increased 20.6% and non- interest expense increased 19.4%. The Bank reserved $150,000 for possible loan losses compared to $120,000 for the same period in 2003. At the end of the quarter total assets were $236.6 million, an increase of $31 million. Net loans increased $27 million or 16.9% while deposits grew $21 million or 12.5%. Bank of the Carolinas is a state chartered bank headquartered in Mocksville, NC with offices in Advance, Asheboro, Carthage, Cleveland, Harrisburg, Landis, and has made application to state and federal regulators to open a full service office at 119 West Center Street in Lexington, NC. Common stock of the bank is traded on the OTC Bulletin Board under the Symbol BCAR. Market Makers include Scott & Stringfellow, Inc., Monroe Securities, and Baird, Patrick and Company. This press release contains forward-looking statements as defined by federal securities laws. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections. Bank of the Carolinas undertakes no obligation to revise these statements following the date of this press release. For further information contact: Robert E. Marziano, President Bank of the Carolinas 135 Boxwood Village Drive Mocksville, North Carolina 27028 (336) 751-5755 DATASOURCE: Bank of the Carolinas CONTACT: Robert E. Marziano, President of Bank of the Carolinas, +1-336-751-5755

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