First West Virginia Bancorp, Inc. Announces Second Quarter 2009 Earnings
August 12 2009 - 2:54PM
PR Newswire (US)
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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