WHEELING, W.Va., Nov. 9 /PRNewswire-FirstCall/ -- First West Virginia Bancorp, Inc. (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 2007 was reported at $579,613 or $.38 per share, compared to $591,693 or $.39 per share reported for the same period a year earlier. The decrease in earnings during the third quarter of 2007 compared to 2006 was primarily attributed to decreases in net interest income and noninterest income, offset in part by a decrease in noninterest expenses combined with the decrease in the provision for loan losses. During the third quarter of 2007 over 2006, net interest income declined $173,056 or 7.8%, and was primarily due to the decreased interest and fees earned on loans combined with the increase in the interest paid on interest bearing liabilities, offset in part by the increased interest earned on investment securities. The decrease in noninterest income was primarily due to the decrease in the gains (losses) on sales of investment securities combined with the decrease in service charges and other fee income, offset in part by an increase in other operating income. Noninterest expenses were reduced by $47,671 or 2.6% during the three month period ended September 30, 2007 as compared to the same period in 2006 primarily due to the reduction in other operating expenses combined with the decrease in occupancy expenses, offset in part by a slight increase in salary and employee benefits expense.
For the nine months ended September 30, 2007, net income was reported at $1,501,031 or $.98 per share compared to $1,741,169 or $1.14 per share reported for the same period in 2006. The decline in earnings during the first nine months of 2007 as compared to 2006 was primarily attributed to decreased net interest income and noninterest income, offset in part by the decrease in noninterest expenses and the decrease in the provision for loan losses.
FIRST WEST VIRGINIA BANCORP, INC. FINANCIAL HIGHLIGHTS (Unaudited)
(Dollars in thousands, except September 30, December 31,
share and per share data) 2007 2006 AT PERIOD END
Total Assets $ 255,671 $ 254,438
Total Deposits 204,713 210,409
Total Loans 119,942 120,709
Total Investment Securities 105,045 110,894
Shareholders' Equity 26,176 25,277
Shareholders' Equity Per Share of
Common Stock 17.13 16.54 (Unaudited, in thousands, except September 30, September 30,
share and per share data) 2007 2006
FOR THE THREE MONTHS ENDED
Net income 580 592
Provision for Loan Losses (100) -
Earnings Per Share of Common Stock .38 .39
Dividends Per Share of Common Stock .19 .19
Return on Average Assets .91% .90%
Return on Average Equity 8.76% 9.19% FOR THE NINE MONTHS ENDED
Net income 1,501 1,741
Provision for Loan Losses (100) -
Earnings Per Share of Common Stock .98 1.14
Dividends Per Share of Common Stock .57 .57
Return on Average Assets .79% .88%
Return on Average Equity 7.69% 9.20% 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, +1-304-242-3770, both of First West Virginia Bancorp, Inc.
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