WHEELING, W.Va., April 24 /PRNewswire-FirstCall/ -- First West Virginia Bancorp, Inc. (NYSE Amex: FWV) President and Chief Executive Officer, Sylvan J. Dlesk, today announced first quarter earnings for the Wheeling, West Virginia, based holding company. First West Virginia Bancorp, Inc. is the parent company of Progressive Bank, N. A., Wheeling, West Virginia.
Net income for the first quarter of 2009 was reported at $523,594 or $.33 per share, compared to $636,341 or $.40 per share reported for the same period a year earlier. The decrease in earnings during the first quarter of 2009 compared to 2008 was primarily attributed to decreased noninterest income and net interest income, offset in part by a decrease in noninterest expenses and income taxes. As compared to the prior year, noninterest income decreased $170,977 or 37.1%, primarily due to decreases in gains (losses) on sales of investment securities, service charges and other fee income, and other operating income. Net interest income decreased $19,278 or .9%, primarily due to the decrease in the interest and fees earned on loans, offset in part by the increase in the income earned on investment securities combined with the decrease in the interest paid on interest bearing liabilities. Noninterest expenses decreased $25,459 or 1.4% during the first quarter of 2009 as compared to 2008 primarily due to decreases in salary and employee benefits expenses and other operating expenses, offset in part by increases in occupancy expenses.
FIRST WEST VIRGINIA BANCORP, INC. FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands, except March 31, December 31, share and per share data) 2009 2008 ----------- ----------- AT PERIOD END Total Assets $ 267,739 $ 258,164 Total Deposits 214,814 206,385 Total Loans 127,509 124,635 Total Investment Securities 114,794 112,366 Shareholders' Equity 29,399 28,737 Shareholders' Equity Per Share of Common Stock 18.50 18.08 (Dollars in thousands, except March 31, March 31, share and per share data) 2009 2008 ----------- ----------- FOR THE THREE MONTHS ENDED Net income 524 636 Provision for Loan Losses - - Earnings Per Share of Common Stock (1) .33 .40 Dividends Per Share of Common Stock (1) .19 .18 Return on Average Assets .81% 1.01% Return on Average Equity 7.34% 9.50% Weighted average shares outstanding 1,589,411 1,589,411 (1) Adjusted for the 4 percent common stock dividend to stockholders of record as of October 1, 2008.
First West Virginia Bancorp, Inc. stock is traded on the NYSE Amex under the symbol "FWV."
First West Virginia Bancorp, Inc.
CONTACT: Sylvan J. Dlesk, President & CEO, or Francie P. Reppy,
Executive Vice President, Chief Administrative Officer & Chief Financial
Officer, both of First West Virginia Bancorp, Inc., +1-304-242-3770
