WHEELING, W.Va., Aug. 9 /PRNewswire-FirstCall/ -- First West Virginia Bancorp, Inc. (AMEX:FWV) President and Chief Executive Officer, Sylvan J. Dlesk, today announced second 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 second quarter of 2006 was reported at $549,433 or $.36 per share, compared to $510,783 or $.33 per share reported for the same period a year earlier. The increase in earnings during the second quarter of 2006 compared to 2005 was primarily attributed to increased net interest income and noninterest income combined with the reduction in the provision for loan losses, offset in part by the increase in noninterest expenses. Net interest income increased $33,103 or 1.5% over the same period in 2005. Noninterest income increased $76,453 or 25.0% primarily due to the increase in service charges and other fee income combined with the increase in gains on sales of investment securities offset in part by a decrease in other operating income. The provision for loan losses was also decreased by $90,000 in the second quarter of 2006 as compared to the same period in 2005. Noninterest expenses increased $146,554 or 7.9% and was primarily due to increases in salary and employee benefits and occupancy expenses offset in part by a decrease in other operating expenses.
For the six months ended June 30, 2006, net income was reported at $1,149,476 or $.75 per share compared to $1,056,512 or $.69 per share reported for the same period in 2005. The 8.8% increase in earnings was primarily due to the increase in noninterest income combined with the decline in the provision for loan losses, offset in part by the decrease in net interest income and an increase in noninterest expenses.
FIRST WEST VIRGINIA BANCORP, INC. FINANCIAL HIGHLIGHTS (Unaudited)
(Dollars in thousands, except June 30, December 31,
share and per share data) 2006 2005 AT PERIOD END
Total Assets $ 257,743 $ 266,213
Total Deposits 209,803 218,817
Total Loans 130,437 135,214
Total Investment Securities 106,282 107,998
Shareholders' Equity 23,661 23,959
Shareholders' Equity Per Share of
Common Stock 15.48 15.68
(Unaudited, in thousands, except June 30, June 30,
share and per share data) 2006 2005 FOR THE THREE MONTHS ENDED
Net income 549 511
Provision for Loan Losses - 90
Earnings Per Share of Common Stock .36 .33
Dividends Per Share of Common Stock .19 .19
Return on Average Assets .84% .75%
Return on Average Equity 8.71% 8.44%
FOR THE SIX MONTHS ENDED
Net income 1,149 1,057
Provision for Loan Losses - 180
Earnings Per Share of Common Stock .75 .69
Dividends Per Share of Common Stock .38 .38
Return on Average Assets .87% .77%
Return on Average Equity 9.21% 8.83% 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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