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Pelican Financial, Inc. Reports Q1 Net Loss; Strong Balance Sheet Growth; Fifth Branch Opened ANN ARBOR, Mich. and NAPLES, Fla., April 23 /PRNewswire-FirstCall/ -- Pelican Financial, Inc. , the holding company for Pelican National Bank, posted a net loss for the first quarter of 2004, chiefly from the low interest-rate environment and higher, growth-related costs, Charles C. Huffman, Chairman and CEO, reported today. Pelican National Bank, headquartered in Naples, Fla., is a full-service community bank serving the consumer and commercial sectors from five branch offices in Naples, Bonita Springs, Fort Myers, Fort Myers Beach, and San Carlos. Pelican Financial, Inc. has completed its previously announced spin-off of Washtenaw Mortgage Company into a separate, publicly held corporation, The Washtenaw Group, Inc., trading under the symbol TWH. The spin-off was effective at the close of business December 31, 2003. PFI shareholders received one share of TWH for each share of PFI held. First-quarter results First-quarter results were hampered by margin compression from the low interest-rate environment and higher expenses from marketing and branch- expansion activities. The net loss for the quarter was $160,424, or $0.04 per share, compared with year-earlier net income of $267,862, or $0.06 per share. Both net interest income and noninterest income were off. The 11% reduction in net interest income is chiefly attributable to lower loan margins. The 45% falloff in noninterest income is due to lower bank service charges and fees, and reduced gains from loan sales. Noninterest expense was noticeably up, from higher costs for branch-expansion activities. The balance sheet saw considerable improvement. Total assets rose 22% during the quarter and 28% from the year-earlier quarter. Loan growth was flat during the quarter, but was up 12% from a year ago. Deposits increased 26% for the quarter and a full 35% from the first quarter of 2003. Mr. Huffman said, "While losses are never acceptable, the Bank performed well in the face of a difficult interest-rate environment and tough competition, while experiencing higher expenses from added personnel, the opening of one new branch in Fort Myers Beach, and preparations to open another new branch in Cape Coral, around midyear. We are successfully building core deposits and improving our balance sheet by adding quality loans. We are optimistic about the second quarter and second half as we continue to expand our franchise and build our customer base." Safe Harbor. This news release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to risks and uncertainties, which could cause actual results to differ materially from those described in the forward- looking statements. Among these risks are regional and national economic conditions, competitive and regulatory factors, legislative changes, mortgage- interest rates, cost and availability of borrowed funds, our ability to sell mortgages in the secondary market, and housing sales and values. These risks and uncertainties are contained in the Corporation's filings with the Securities and Exchange Commission, available via EDGAR. The Company assumes no obligation to update forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such forward-looking statements. PELICAN FINANCIAL, INC. Consolidated Balance Sheets March 31, December 31, 2004 2003 (Unaudited) ASSETS Cash and cash equivalents Cash and due from banks $9,579,359 $6,354,416 Interest-bearing deposits 52,363,243 45,639,288 Federal funds sold 3,063,141 3,426,013 Total cash and cash equivalents 65,005,743 55,419,717 Accounts receivable, net 199,188 179,488 Securities available for sale 88,798,958 49,729,994 Federal Reserve & Federal Home Loan Bank Stock 1,192,200 949,000 Loans held for sale 35,000 141,200 Loans receivable, net 109,819,308 109,798,257 Other real estate owned 118,595 332,857 Premises and equipment, net 3,084,959 2,658,018 Other assets 2,480,071 2,307,104 $270,734,022 $221,515,635 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Deposits Noninterest-bearing $101,510,530 $74,004,969 Interest-bearing 139,481,401 117,907,625 Total deposits 240,991,931 191,912,594 Note payable - 291,665 Federal Home Loan Bank borrowings 12,000,000 12,000,000 Other liabilities 655,481 421,088 Total liabilities 253,647,412 204,625,347 Commitments and contingencies Shareholders' equity Preferred stock, 200,000 shares authorized; none outstanding - - Common stock, $.01 par value 10,000,000 shares authorized; 4,488,351 outstanding at March 31, 2004 and December 31, 2003 44,884 44,884 Additional paid in capital 15,568,593 15,568,593 Retained earnings 1,023,122 1,183,546 Accumulated other comprehensive income (loss), net of tax 450,011 93,265 Total shareholders' equity 17,086,610 16,890,288 $270,734,022 $221,515,635 PELICAN FINANCIAL, INC. Consolidated Statements of Income and Comprehensive Income (Unaudited) Three Months Ended March 31, 2004 2003 Interest income Loans, including fees $1,999,705 $2,416,390 Investment securities, taxable 499,232 78,482 Federal funds sold and overnight accounts 89,540 100,015 Total interest income 2,588,477 2,594,887 Interest expense Deposits 876,459 584,715 Other borrowings 163,042 265,670 Total interest expense 1,039,501 850,385 Net interest income 1,548,976 1,744,502 Provision for loan losses 75,000 80,000 Net interest income after provision for loan losses 1,473,976 1,664,502 Noninterest income Gain on sales of securities, net 2,330 71,652 Service charges on deposit accounts 30,529 52,594 Gain on sale of and loans, net 9,641 24,377 Net gain (loss) on foreclosed assets and other income 58,970 37,481 Total noninterest income 101,470 186,104 Noninterest expense Compensation and employee benefits 937,674 746,808 Occupancy and equipment 270,806 223,030 Legal 49,625 44,852 Accounting and auditing 70,122 31,444 Data processing 48,202 29,161 Marketing and advertising 32,153 53,354 Loan and other real estate owned 123,279 130,186 Other noninterest expense 286,464 185,673 Total noninterest expense 1,818,325 1,444,508 Income (loss) from continuing operations before income taxes (242,879) 406,098 Income tax expense (benefit) (82,455) 138,236 Income (loss) from continuing operations $(160,424) $267,862 Discontinued operations: Income from operations of discontinued mortgage subsidiary - 4,041,119 Income tax - 1,377,953 Income from discontinued operations - 2,663,166 Net income (loss) $(160,424) $2,931,028 Basic earnings (loss) per share from continuing operations $(0.04) $0.06 Diluted earnings (loss) per share from continuing operations $(0.04) $0.06 Per share effect of discontinued operations $ - $0.60 Basic earnings (loss) per share $(0.04) $0.66 Diluted earnings (loss) per share $(0.04) $0.66 Comprehensive income $196,322 $2,785,064 DATASOURCE: Pelican Financial, Inc. CONTACT: Howard Nathan of Pelican Financial, Inc., +1-800-765-5562; or Mike Marcotte of Marcotte Financial Relations, +1-248-656-3873, for Pelican Financial, Inc.

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