WHEELING, W.Va., Nov. 1, 2016 /PRNewswire/ -- First West Virginia Bancorp, Inc. (OTCQX: FWVB) President and Chief Executive Officer, William G. Petroplus, today announced third 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 $1,460,203 or $0.85 per share for the nine months ended September 30, 2016 compared to $1,621,608 or $0.94 per share for the same period during 2015. The decrease in net income for the nine months ended September 30, 2016 as compared to the same period in 2015 of $161,405 or 10.0% was primarily the result of the decrease in net interest income and the increases in noninterest expense, income tax expense, and the provision for loan loss, offset in part by the increase in noninterest income. Net interest income decreased $132,391 or 2.2%, primarily due to the decline in the interest and fees earned on loans, offset in part by the increase in the interest earned on investment securities as well as the decrease in the interest expense paid on interest bearing liabilities. Noninterest expense increased $60,666 or 1.0% during the nine month period ended September 30, 2016 as compared to the same period in 2015 primarily due to increases in salary and employee benefits expenses and occupancy expenses, which was offset in part by the decrease in other operating expenses. Income tax expense increased $40,565 during the first nine months of 2016 over the same period in 2015. Noninterest income increased $42,217 or 2.3% primarily due to the increase in other operating income and service charges and fees earned on deposit accounts, offset in part by the decrease in the net gains on sales of investment securities. The return on average assets was 0.57% for the nine months ended September 30, 2016 as compared to 0.65% for the same period of the prior year. For the nine months ended September 30, 2016 compared to September 30, 2015, the return on average equity was 5.55% and 6.30%, respectively.