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

WHEELING, W.Va., Nov. 4, 2013 /PRNewswire/ -- First West Virginia Bancorp, Inc. (NYSE MKT: FWV) President and Chief Executive Officer, Sylvan J. Dlesk, 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 $1,186,723 or $.69 per share for the nine months ended September 30, 2013 compared to $1,622,860 or $.95 per share for the same period during 2012.  The decrease in net income for the nine months ended September 30, 2013 as compared to the same period in 2012 of $436,137 or 26.9% was primarily the result of the decrease in net interest income and noninterest income and the increase in noninterest expense, offset in part by the change in income tax expense to income tax benefit.  Net interest income decreased $229,090 or 3.8% primarily due to the decrease in the interest earned on investment securities and in the interest and fees earned on loans, offset in part by the decrease in the interest expense paid on interest bearing liabilities.  Noninterest income decreased $476,908 or 37.5% primarily due to the decrease in the net gains on sales of investment securities combined with the decrease in other operating income and in service charges and fees earned on deposit accounts.  Noninterest expenses increased $26,524 or .5% during the nine month period ended September 30, 2013 as compared to the same period in 2012 primarily due to the increases in salary and employee benefits and occupancy expenses offset in part by the decrease in other operating expenses.  The ROA was .52% for the nine months ended September 30, 2013 as compared to .74% for the same period of the prior year.  For the nine months ended September 30, 2013 compared to September 30, 2012, the ROE was 4.89% and 6.89%, respectively.

For the third quarter of 2013, net income was $390,971 or $.23 per share as compared to $482,826 or $.28 per share for the same period in 2012.  The decrease in net income for the three months ended September 30, 2013 as compared to the same period in 2012 of $91,855 or 19.0% was primarily the result of the decrease in net interest income and noninterest income and the increase in noninterest expense, offset in part by the increase in income tax benefit.  Net interest income decreased $52,238 or 2.6% primarily due to the decrease in the interest earned on investment securities and in the interest and fees earned on loans offset in part by the decrease in the interest expense paid on interest bearing liabilities.  Noninterest income decreased $36,998 or 12.1% for the three months ended September 30, 2013 as compared to the same period of the prior year primarily due to the decrease in other operating income combined with the decrease in service charges and fees earned on deposit accounts and net gains on sales of investment securities.  Noninterest expense increased $78,151 or 4.2% during the three month period ended September 30, 2013 as compared to the same period in 2012 primarily due to the increases in salary and employee benefits, occupancy expenses, and other operating expenses.    

FIRST WEST VIRGINIA BANCORP, INC. FINANCIAL HIGHLIGHTS

SOURCE First West Virginia Bancorp, Inc.