2014

First West Virginia Bancorp, Inc. Announces First Quarter 2013 Earnings

WHEELING, W.Va., May 9, 2013 /PRNewswire/ -- First West Virginia Bancorp, Inc. (NYSE MKT: 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.

The Company reported net income of $381,337 or $.22 per share for the three months ended March 31, 2013 as compared to $470,000 or $.28 per share for the same period during 2012.  The decrease in net income for the three months ended March 31, 2013 as compared to the same period in 2012 of $88,663 or 18.9% was primarily the result of the decrease in net interest income and noninterest income, offset in part by the decreases in noninterest expenses and income tax expense.  Net interest income fell $127,255 or 6.2%, primarily due to the decline in the interest and fees earned on loans combined with the decline in the interest earned on investment securities, offset in part by the reduction in the expense paid on interest bearing liabilities.  Noninterest income decreased $35,730 or 11.6% primarily due to the decrease in other operating income combined with the decline in service charges and fees earned on deposit accounts.  Noninterest expenses decreased $12,489 or .66% during the three month period ended March 31, 2013 as compared to the same period in 2012 primarily due to the decreases in other operating expenses, as well as decreases in salary and employee benefits expense, offset in part by an increase in occupancy expenses.  Income tax expense decreased during the first quarter of 2013 as compared to the same period in 2012 primarily due to the decrease of $150,496 in pre-taxable income combined with the decrease in tax exempt income.  The ROA was .51% for the three months ended March 31, 2013 as compared to .65% for the same period of the prior year.  For the three months ended March 31, 2013 compared to March 31, 2012, the ROE was 4.75% and 6.05%, respectively.

                                                               

FIRST WEST VIRGINIA BANCORP, INC. FINANCIAL HIGHLIGHTS









(Dollars in thousands, except     

    March 31,      


December 31,

 share and per share data)      

2013


2012





AT PERIOD END




Total Assets          

$ 313,825


$ 306,547

Total Deposits     

250,902


246,462

Total Loans        

100,806


99,387

Total Investment Securities     

175,853


178,208

Shareholders' Equity   

35,057


35,703

Shareholders' Equity Per Share of 
     Common Stock   

20.40


20.77

 

(Dollars in thousands, except    

March 31,     


March 31,

 share and per share data)       

2013


2012





FOR THE THREE MONTHS ENDED


Net income            

381


470

Provision for Loan Losses           

-


-

Earnings Per Share of Common Stock*

.22


.28

Dividends Per Share of Common Stock*

.19


.18

Return on Average Assets    

.51%


.65%

Return on Average Equity     

4.75%


6.05%









Weighted average shares outstanding     

1,718,730


1,718,730





* Share and per share data were adjusted for the 4 percent common stock dividend
to stockholders of record as of December 19, 2012.



First West Virginia Bancorp, Inc. stock is traded on the NYSE MKT under the symbol
"FWV."

SOURCE First West Virginia Bancorp, Inc.



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