First West Virginia Bancorp, Inc. Announces First Quarter 2009 Earnings
April 24 2009 - 5:09PM
PR Newswire (US)
WHEELING, W.Va., April 24 /PRNewswire-FirstCall/ -- First West
Virginia Bancorp, Inc. (NYSE 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 2009 was reported at $523,594 or $.33 per
share, compared to $636,341 or $.40 per share reported for the same
period a year earlier. The decrease in earnings during the first
quarter of 2009 compared to 2008 was primarily attributed to
decreased noninterest income and net interest income, offset in
part by a decrease in noninterest expenses and income taxes. As
compared to the prior year, noninterest income decreased $170,977
or 37.1%, primarily due to decreases in gains (losses) on sales of
investment securities, service charges and other fee income, and
other operating income. Net interest income decreased $19,278 or
.9%, primarily due to the decrease in the interest and fees earned
on loans, offset in part by the increase in the income earned on
investment securities combined with the decrease in the interest
paid on interest bearing liabilities. Noninterest expenses
decreased $25,459 or 1.4% during the first quarter of 2009 as
compared to 2008 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) 2009 2008
----------- ----------- AT PERIOD END Total Assets $ 267,739 $
258,164 Total Deposits 214,814 206,385 Total Loans 127,509 124,635
Total Investment Securities 114,794 112,366 Shareholders' Equity
29,399 28,737 Shareholders' Equity Per Share of Common Stock 18.50
18.08 (Dollars in thousands, except March 31, March 31, share and
per share data) 2009 2008 ----------- ----------- FOR THE THREE
MONTHS ENDED Net income 524 636 Provision for Loan Losses - -
Earnings Per Share of Common Stock (1) .33 .40 Dividends Per Share
of Common Stock (1) .19 .18 Return on Average Assets .81% 1.01%
Return on Average Equity 7.34% 9.50% Weighted average shares
outstanding 1,589,411 1,589,411 (1) Adjusted for the 4 percent
common stock dividend to stockholders of record as of October 1,
2008. First West Virginia Bancorp, Inc. stock is traded on the NYSE
Amex 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
Copyright