First West Virginia Bancorp, Inc. Announces First Quarter 2016 Earnings

WHEELING, W.Va., April 22, 2016 /PRNewswire/ -- First West Virginia Bancorp, Inc. (OTCQX: FWVB) President and Chief Executive Officer, William G. Petroplus, 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 $657,084 or $0.38 per share for the three months ended March 31, 2016 compared to $1,038,052 or $0.60 per share for the same period during 2015. The decrease in net income of $380,968 for the three months ended March 31, 2016 as compared to the same period in 2015 was primarily the result of decreases in noninterest income and net interest income, offset in part by decreases in income tax expense and noninterest expenses.  Noninterest income decreased $404,370, primarily due to the net gains on available for sale securities.  The decline in net interest income of $180,223, or 8.3%, was attributed to the decrease in the interest and fees earned on loans, partially offset by an increase in the interest earned on investment securities combined with the slight reduction in the expense paid on interest bearing liabilities.  Noninterest expenses decreased $31,271, or 1.6%, during the three month period ended March 31, 2016 compared to the same period in 2015 primarily as a result of the decrease in other operating expenses, offset in part by increases in salary and employee benefit expenses and occupancy expenses.  The ROAA was 0.78% for the three months ended March 31, 2016 as compared to 1.26% for the same period of the prior year. For the three months ended March 31, 2016 compared to March 31, 2015, the ROAE was 7.55% and 12.29%, respectively.

FIRST WEST VIRGINIA BANCORP, INC. FINANCIAL HIGHLIGHTS

SOURCE First West Virginia Bancorp, Inc.