First West Virginia Bancorp, Inc. Announces Year End and Fourth Quarter 2008 Earnings
March 05 2009 - 6:17PM
PR Newswire (US)
WHEELING, W.Va., March 5 /PRNewswire-FirstCall/ -- First West
Virginia Bancorp, Inc. (NYSE Alternext US: FWV) President and Chief
Executive Officer, Sylvan J. Dlesk, today announced year end
earnings along with fourth 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 year ended December 31, 2008, was
$2,205,511 or $1.39 per share as compared to $2,035,962 or $1.28
per share for the year ended December 31, 2007. Mr. Dlesk reported
that the increase in earnings during 2008 over 2007 was primarily
attributed to the increase in noninterest income combined with the
decrease in noninterest expenses, offset in part by the decrease in
net interest income and the decrease in the negative provision for
loan losses. Noninterest income increased $77,430 or 5.5% in 2008
as compared to 2007 and primarily resulted from an increase in the
gains on sales of investment securities combined with the increase
in other operating income, offset in part by a decrease in service
charges and other fee income. Noninterest expenses decreased
$263,474 or 3.6% in 2008 over 2007 primarily due to decreases in
salary and employee benefits expenses and other operating expenses,
offset in part by an increase in net occupancy expenses of bank
premises. Salary and employee benefits decreased $164,783 or 4.3%
in 2008 over 2007 and was primarily due to the reduction in
personnel expenses due to the decline in the number of full-time
equivalent employees in 2008 combined with the decrease in payroll
taxes and employee benefit costs, partially offset by normal annual
merit adjustments. Net interest income decreased $38,131 or .5% in
2008 as compared to 2007 and was primarily due to a decline in the
interest earned on loans combined with the increase in the interest
paid on other borrowings, offset in part by an increase in the
interest earned on investment securities and the decrease in
interest paid on deposits and repurchase agreements. A negative
provision for loan losses in the amount of $100,000 was recorded
during 2007 to reduce the allowance for loan losses based upon the
decline in specific reserves required on nonperforming assets and
the overall improvement in the performance of the loan portfolio.
There was no provision made to the allowance for loan losses during
2008. The Company ended the year 2008 with total assets of
$258,163,637, an increase of 2.0% as compared to the prior year.
Total loans increased $2,895,592 or 2.4% from $121,739,193 at
December 31, 2007 to $124,634,785 at December 31, 2008. Total
deposits were $206,385,267 at December 31, 2008 as compared to
$203,126,831 at December 31, 2007, an increase of 1.6%.
Stockholders' equity increased 3.8% in 2008 entirely from current
earnings after quarterly dividends and increased 1.8% from the
effect of the change in the net unrealized gains (losses) on
securities available for sale. Net income for the fourth quarter of
2008 was reported at $536,048 or $.34 per share, up .2% compared to
$534,931 or $.34 per share reported for the same period a year
earlier. The increase in earnings during the fourth quarter of 2008
compared to 2007 was primarily attributed to the decrease in
noninterest expenses, offset in part by decreases in net interest
income and noninterest income. Noninterest expenses decreased
$44,509 or 2.4% during the fourth quarter of 2008 as compared to
2007. Net interest income decreased $53,270 or 2.5% over the same
period in 2007. Noninterest income decreased $56,546 or 13.9% over
the same period in 2007. Financial Highlights for the year-end and
fourth quarter of 2008 for the Company are presented below. FIRST
WEST VIRGINIA BANCORP, INC. FINANCIAL HIGHLIGHTS (Dollars in
thousands, except December 31, December 31, share and per share
data) 2008 2007 AT YEAR END Total Assets $258,164 $ 253,187 Total
Deposits 206,385 203,127 Total Loans net of unearned income 124,635
121,739 Total Investment Securities 112,366 106,647 Shareholders'
Equity 28,737 27,215 Shareholders' Equity Per Share of Common Stock
18.08 17.12 FOR THE TWELVE MONTHS ENDED Net income 2,206 2,036
Provision for Loan Losses - (100) Earnings Per Share of Common
Stock 1.39 1.28 Dividends Per Share of Common Stock .74 .73 Return
on Average Assets .85% .80% Return on Average Equity 8.08% 7.76%
FOR THE THREE MONTHS ENDED Net income 536 535 Provision for Loan
Losses - - Earnings Per Share of Common Stock .34 .34 Dividends Per
Share of Common Stock .19 .18 Return on Average Assets .82% .83%
Return on Average Equity 7.73% 7.98% Average shares outstanding at
December 31, 1,589,411 1,589,411 First West Virginia Bancorp, Inc.
stock is traded on the NYSE Alternext US 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, both of First West Virginia Bancorp, Inc., +1-304-242-3770
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