WHEELING, W.Va., Nov. 10, 2010 /PRNewswire-FirstCall/ -- First West Virginia Bancorp, Inc. (NYSE Amex: FWV) President and Chief Executive Officer, Sylvan J. Dlesk, today announced third 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 third quarter of 2010 was reported at $786,938 or $.50 per share, compared to $468,248 or $.30 per share reported for the same period a year earlier. The increase in earnings during the third quarter of 2010 compared to 2009 was primarily attributed to increases in net interest income and noninterest income, offset in part by increases in income taxes and noninterest expenses. During the third quarter of 2010 over 2009, net interest income increased $66,329 or 3.1% and was primarily due to the decrease in the interest paid on interest bearing liabilities, offset in part by the decreases in the interest earned on loans and investment securities. Noninterest income increased $475,812 or 148.9% for the three months ended September 30, 2010 as compared to same period of the prior year and was due to the increase in the net gains on sales of investment securities combined with the increase in other operating income, offset in part by the decrease in service charges and other fee income. The net gains on investment securities increased $329,525 for the three month period ended September 30, 2010 as compared to the same period in 2009. The increase in other operating income was primarily the result of a gain on the sale of other real estate owned of approximately $186,000 which occurred during the third quarter of 2010. Noninterest expenses increased by $21,552 or 1.1% during the three month period ended September 30, 2010 as compared to the same period in 2009 primarily due to increases in salary and employee benefits expenses and occupancy expense of premises, offset in part by the decrease in other operating expenses.
For the nine months ended September 30, 2010, net income was reported at $1,915,623 or $1.21 per share compared to $1,538,067 or $.97 per share reported for the same period in 2009. The increase in net income for the nine months ended September 30, 2010 as compared to the same period in 2009 of $377,556 or 24.6% was primarily the result of increases in net interest income and noninterest income, offset in part by increases in noninterest expenses, income tax expense and in the provision for loan losses. Net interest income increased $175,605 or 2.7%, primarily due to the decrease in the interest expense paid on interest bearing liabilities, offset in part by declines in the interest earned on investment securities and the interest and fees earned on loans. Noninterest income increased $569,261 or 51.8% primarily due to the increase in the net gains on sales of investment securities combined with the increase in other operating income, which were offset in part by the decline in service charges and fees earned on deposit accounts. The net gains on investment securities increased $404,240 or 257.3% for the nine month period ended September 30, 2010 as compared to the same period in 2009. The increase in other operating income was primarily the result of a gain on the sale of other real estate owned of approximately $186,000. As compared to the same period in the prior year, noninterest expenses increased $176,486 or 3.2% primarily due to the increases in occupancy expenses and salary and employee benefits expense, partially offset by the decline in other operating expenses.
FIRST WEST VIRGINIA BANCORP, INC. FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands, September except 30, December 31, share and per share data) 2010 2009 ---- ---- AT PERIOD END Total Assets $282,703 $271,131 Total Deposits 229,716 221,246 Total Loans 123,462 128,581 Total Investment Securities 120,746 115,997 Shareholders' Equity 32,793 30,806 Shareholders' Equity Per Share of Common Stock 20.63 19.38 (Unaudited in thousands, September September except 30, 30, share and per share data) 2010 2009 ---- ---- FOR THE THREE MONTHS ENDED Net income 787 468 Provision for Loan Losses 30 30 Earnings Per Share of Common Stock* .50 .30 Dividends Per Share of Common Stock* .19 .19 Return on Average Assets 1.13% .69% Return on Average Equity 10.69% 6.56% FOR THE NINE MONTHS ENDED Net income 1,916 1,538 Provision for Loan Losses 90 40 Earnings Per Share of Common Stock* 1.21 .97 Dividends Per Share of Common Stock* .57 .57 Return on Average Assets .94% .77% Return on Average Equity 8.76% 7.32% Average shares outstanding 1,589,411 1,589,411
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,
+1-304-218-2400
