WHEELING, W.Va., May 8 /PRNewswire-FirstCall/ -- First West Virginia Bancorp, Inc. (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 2008 was reported at $636,341 or $.42 per share, compared to $415,396 or $.27 per share reported for the same period a year earlier. The increase in earnings during the first quarter of 2008 compared to 2007 was primarily attributed to increased net interest income and noninterest income combined with a decrease in noninterest expenses. As compared to the prior year, net interest income increased $71,398 or 3.5%, primarily due to increases in the interest and fees earned on loans and investment securities offset in part by an increase in interest paid on interest bearing liabilities. Noninterest income increased $183,828, or 66.5%, and was primarily attributed to the gains on sales of investment securities. Noninterest expenses decreased $101,968 or 5.5% during the first quarter of 2008 as compared to 2007 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) 2008 2007 AT PERIOD END
Total Assets $ 258,696 $ 253,187
Total Deposits 207,850 203,127
Total Loans 120,954 121,739
Total Investment Securities 105,086 106,647
Shareholders' Equity 28,190 27,215
Shareholders' Equity Per Share of
Common Stock 18.44 17.81 (Dollars in thousands, except March 31, March 31,
share and per share data) 2008 2007 FOR THE THREE MONTHS ENDED
Net income 636 415
Provision for Loan Losses - -
Earnings Per Share of Common Stock .42 .27
Dividends Per Share of Common Stock .19 .19
Return on Average Assets 1.01% .66%
Return on Average Equity 9.50% 6.49% Weighted average shares
outstanding 1,528,443 1,528,443
First West Virginia Bancorp, Inc. stock is traded on the American Stock Exchange under the symbol "FWV." DATASOURCE: First West Virginia Bancorp, Inc.
CONTACT: Sylvan J. Dlesk, President & CEO or Francie P. Reppy, Executive Vice President, Chief Administrative Officer & Chief Financial Officer of First West Virginia Bancorp, Inc., +1-304-242-3770
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