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Pelican Financial, Inc. Reports Q1 Results New Branches Show Strong Growth ANN ARBOR, Mich. and NAPLES, Fla., May 6 /PRNewswire-FirstCall/ -- Pelican Financial, Inc. (AMEX:PFI), the holding company for Pelican National Bank, posted a net loss for the first quarter of 2005, reflecting higher branch expenses, increased cost of funds and margin compression from the low interest-rate environment, 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 six branch offices in Cape Coral, Fort Myers, Naples, and Bonita Springs, Florida. The net loss for the first quarter was $326,420, or $0.07 per diluted share, compared with a year-earlier net loss of $160,424, or $0.04 per diluted share. Net interest income was off 10%, from higher cost of funds, partially reflecting the planned withdrawal of approximately $50 million in noninterest bearing deposits by former sister-company Washtenaw Mortgage Company, last year. Noninterest income was down 37%, despite a 90% jump in service charges and fees from the expanded branch network. Last year's results benefited from $58,970 in gains from the sale of foreclosed property. Despite the growth in branch offices, noninterest expense rose only 7%, from a focused effort on boosting personnel efficiencies through a branch-wide staffing re-alignment. This year's noninterest expense includes a onetime settlement of $125,000 for pending litigation. At the close of the quarter, total assets were $203,824,589, compared with total assets of $270,734,022 a year ago; loans receivable, net of allowance, were $113,992,909, versus $109,819,308 the year before; and deposits stood at $149,148,852, versus $240,991,931 at the close of the first quarter of 2004. Mr. Huffman said, "We are working hard to build the franchise, but we are still trying to generate sufficient loan volume to offset higher borrowing costs and razor thin loan margins in our area. Loan runoff is also a nagging problem and is a hindrance to real loan growth. On the plus side, we originated nearly $15,000,000 in loans in Q1-2005, versus $12,100,000 in Q1- 2004. Plus, we have a substantial loan pipeline, which bodes well for lending volume in the second quarter and second half. "Branches are working well and we are attracting core deposits. Deposits at two of the newest branches went from $11,600,000 to $16,600,000 during the quarter. Also indicative of our successful branch strategy, we posted a 90% jump in bank service charges and fees. We are hopeful that our efforts to contain expenses, staff properly, and add core-deposit customers and quality loans will return us to the path of profitability." He noted the Bank had adopted a new and popular remote capture and image exchange program, which enables the Bank to send their item processing work electronically to its Data Center. Small-business clients benefit from this program as the Bank changes the cutoff time to the end of the business day. Another program the Bank has launched gives small business owners the ability to capture the images of their deposited items and electronically send their deposits to the Bank using the Automated Clearing House for processing checks electronically giving them immediate credit for their deposited items. Thus accelerating the availability of funds represented by checks. 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, 2005 2004 (Unaudited) ASSETS Cash and cash equivalents Cash and due from banks $966,961 $2,831,621 Interest-bearing deposits 1,601,113 275,800 Federal funds sold 10,877,466 7,384,068 Total cash and cash equivalents 13,445,540 10,491,489 Securities available for sale 68,157,039 69,385,545 Federal Reserve & Federal Home Loan Bank Stock 2,489,900 2,669,700 Loans receivable, net 113,992,909 110,830,985 Premises and equipment, net 3,633,571 3,713,200 Other assets 2,105,630 1,724,659 $203,824,589 $198,815,578 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Deposits Noninterest-bearing $19,330,858 $15,200,340 Interest-bearing 129,817,994 125,508,431 Total deposits 149,148,852 140,708,771 Federal Home Loan Bank borrowings 38,500,000 41,500,000 Other liabilities 601,221 319,057 Total liabilities 188,250,073 182,527,828 Shareholders' equity Preferred stock, 200,000 shares authorized; none outstanding - - Common stock, $.01 par value 10,000,000 shares authorized; 4,494,365 outstanding at March 31, 2005 and December 31, 2004 44,943 44,943 Additional paid in capital 15,574,767 15,574,767 Retained earnings 606,306 932,726 Accumulated other comprehensive income (loss), net of tax (651,500) (264,686) Total shareholders' equity 15,574,516 16,287,750 $203,824,589 $198,815,578 PELICAN FINANCIAL, INC. Consolidated Statements of Income and Comprehensive Income (Unaudited) Three Months Ended March 31, 2005 2004 Interest income Loans, including fees $1,947,805 $1,999,705 Investment securities, taxable 536,418 499,232 Federal funds sold and overnight accounts 71,690 89,540 Total interest income 2,555,913 2,588,477 Interest expense Deposits 806,599 876,459 Other borrowings 357,309 163,042 Total interest expense 1,163,908 1,039,501 Net interest income 1,392,005 1,548,976 Provision for loan losses - 75,000 Net interest income after provision for loan losses 1,392,005 1,473,976 Noninterest income Gain on sales of securities, net - 2,330 Service charges on deposit accounts 58,042 30,529 Gain on sale of loans, net 1,657 9,641 Net gain (loss) on foreclosed assets and other income 3,910 58,970 Total noninterest income 63,609 101,470 Noninterest expense Compensation and employee benefits 874,816 937,674 Occupancy and equipment 378,766 270,806 Legal 67,837 49,625 Accounting and auditing 50,303 70,122 Data processing 73,242 48,202 Marketing and advertising 44,465 32,153 Loan and other real estate owned 66,545 123,279 Other noninterest expense 393,899 286,464 Total noninterest expense 1,949,873 1,818,325 Income (loss) before income taxes (494,259) (242,879) Income tax expense (benefit) (167,839) (82,455) Net Income (loss) $(326,420) $(160,424) Basic earnings (loss) per share $(0.07) $(0.04) Diluted earnings (loss) per share $(0.07) $(0.04) 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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