First West Virginia Bancorp, Inc. Announces First Quarter 2017 Earnings

WHEELING, W.Va., April 18, 2017 /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 $309,895 or $0.18 per share for the three months ended March 31, 2017 compared to $657,084 or $0.38 per share for the same period during 2016. The decrease in net income of $347,189 for the three months ended March 31, 2017 as compared to the same period in 2016 was primarily the result of the decline in noninterest income as well as the increase in noninterest expense, offset in part by the increase in net interest income and the decrease in income tax expense.  Noninterest income decreased $548,021, primarily due to the net gains on available-for-sale securities.  Sales of investment securities depend on several factors including, but not limited to, liquidity needs, market conditions, and the Company's deferred tax asset strategy.  Noninterest expenses increased $86,366, or 4.4%, during the first quarter of 2017 compared to the same period in 2016 primarily as a result of the increase in salary and employee benefit expenses combined with smaller increases in occupancy expenses and other operating expenses.  The increase in net interest income of $149,024, or 7.5%, was attributed to the increase in the interest earned on investment securities as well as the decrease in the interest expense paid on interest bearing liabilities, partially offset by a slight decline in the interest and fees earned on loans.  The ROAA was 0.37% for the three months ended March 31, 2017 as compared to 0.78% for the same period of the prior year. For the three months ended March 31, 2017 compared to March 31, 2016, the ROAE was 3.57% and 7.57%, respectively. 

Total assets increased $7.8 million, or 2.3%, to $343.0 million at March 31, 2017 from $335.3 million at December 31, 2016.  This increase was primarily the result of the $14.1 million increase in the investment portfolio, offset in part by the $6.4 million decrease in cash and cash equivalents.  Total deposits increased $9.5 million from December 31, 2016 to March 31, 2017 primarily due to increases in noninterest bearing demand deposits and savings accounts, offset in part by declines in interest bearing demand deposits and time deposits.

FIRST WEST VIRGINIA BANCORP, INC. FINANCIAL HIGHLIGHTS

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