WHEELING, W.Va., Aug. 12 /PRNewswire-FirstCall/ -- First West Virginia Bancorp, Inc. (NYSE 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 2009 was reported at $546,225 or $.34 per share, compared to $511,217 or $.32 per share reported for the same period a year earlier. The increase in earnings during the second quarter of 2009 compared to 2008 was primarily attributed to increases in net interest income and noninterest income, offset in part by increases in noninterest expenses, income taxes and the provision for loan losses. Noninterest income increased $155,374 or 46.6% for the three months ended June 30, 2009 as compared to same period of the prior year and was due to the change in the net gains (losses) on sales of investment securities combined with the increase in other operating income, offset in part by the decreases in service charges and other fee income. During the second quarter of 2009 over 2008, net interest income increased $116,620 or 5.7% and was primarily due to the decrease in the interest paid on interest bearing liabilities, offset in part by the decreases in the interest earned on federal funds sold, other interest income, and dividends. Noninterest expenses rose $214,747 or 12.5% during the three month period ended June 30, 2009 as compared to the same period in 2008 primarily due to the increases in other operating expenses and salary and employee benefits expenses. For the six months ended June 30, 2009, net income was reported at $1,069,819 or $.67 per share compared to $1,147,558 or $.72 per share reported for the same period in 2008. The decline in net income for the six months ended June 30, 2009 as compared to the same period in 2008 of $77,739 or 6.8% was primarily the result of increases in noninterest expenses and in the provision for loan losses combined with the decrease in noninterest income, offset in part by the increase in net interest income and a decrease in income tax expense. As compared to the same period in the prior year, noninterest expenses increased $189,288 or 5.4% primarily due to the increases in other operating expenses, as well as increases in salary and employee benefits expense, and occupancy expenses. Noninterest income fell $15,603 or 2.0% primarily due to the decline in service charges and fees earned on deposit accounts combined with the decrease in other operating income, which were offset in part by the net change in the gains (losses) on sales of investment securities. Net interest income increased $97,342 or 2.3%, primarily due to the decrease in the interest expense paid on interest bearing liabilities combined with the increase in the interest earned on investment securities, offset in part by the decline in the interest and fees earned on loans. FIRST WEST VIRGINIA BANCORP, INC. FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands, except June 30, December 31, share and per share data) 2009 2008 ---- ---- AT PERIOD END Total Assets $270,113 $258,164 Total Deposits 214,053 206,385 Total Loans 129,212 124,635 Total Investment Securities 117,018 112,366 Shareholders' Equity 29,121 28,737 Shareholders' Equity Per Share of Common Stock 18.32 18.08 (Unaudited, in thousands, except June 30, June 30, share and per share data) 2009 2008 ---- ---- FOR THE THREE MONTHS ENDED Net income 546 511 Provision for Loan Losses 10 - Earnings Per Share of Common Stock* .34 .32 Dividends Per Share of Common Stock* .19 .19 Return on Average Assets .82% .80% Return on Average Equity 7.78% 7.56% FOR THE SIX MONTHS ENDED Net income 1,070 1,148 Provision for Loan Losses 10 - Earnings Per Share of Common Stock* .67 .72 Dividends Per Share of Common Stock* .38 .37 Return on Average Assets .82% .90% Return on Average Equity 7.69% 8.53% Average shares outstanding 1,589,411 1,589,411 * Adjusted for the 4 percent common stock dividend to shareholders of record 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

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