First West Virginia Bancorp Reports Increase in First Quarter Earnings

Apr 27, 2001, 01:00 ET from First West Virginia Bancorp, Inc.

    WHEELING, W.Va., April 27 /PRNewswire/ --  First West Virginia Bancorp,
 Inc. (Amex:   FWV) Charles K. Graham President and Chief Executive Officer,
 today announced earnings for the quarter ended March 31, 2001 increased 4.0%
 as compared to the same period in 2000 for the Wheeling, West Virginia based
 multi-bank holding company.
     Net income for the first quarter of 2001, was $582,165 or $.38 per share
 as compared to $559,543 or $.36 per share reported for the quarter ended
 March 31, 2000.  Mr. Graham reported that the increased earnings during the
 three months ended Match 31, 2001 as compared to the same period of the prior
 year was primarily attributed to increased net interest income and decreased
 operating expenses offset in part by the increased provision for loan losses
 and decreased noninterest income.
     Net interest income increased $83,583 or 4.4%, to $1,988,354 during the
 first quarter of 2001 as compared to $1,904,771 during the same period in
 2000.
     Progressive Bank, N.A., subsidiary bank of First West Virginia Bancorp,
 Inc., opened two new branch offices located in Moundsville and New
 Martinsville, West Virginia during the first quarter of 2001.  The building
 and land for the Moundsville, West Virginia branch office was purchased from
 United National Bank.  Additionally, the building, land and deposits of the
 New Martinsville branch office were also purchased from United National Bank.
 The total deposits of the New Martinsville office were approximately
 $9.6 million.  Mr. Graham stated that the opening of the two new offices is
 reflective of the Company's continued commitment to grow within our existing
 market and to expand into new market areas.
 
                       First West Virginia Bancorp, Inc.
 
                              Financial Highlights
 
     (Unaudited, dollars in thousands, except share and per share data)
 
                                                            March 31,
                                                       2001           2000
 
     At Period End
     Total Assets                                    $221,846       $199,017
     Total Deposits                                   184,827        167,715
     Total Loans, net of unearned income              114,761        111,919
     Total Investment Securities                       79,682         65,572
     Shareholders' Equity                              18,935         16,279
     Shareholders' Equity per share                     12.31          10.58
 
     For the three months ended
     Net Income                                          $582           $560
     Provision for Possible Loan Losses                   141             98
     Earnings Per Share of Common Stock                   .38            .36
     Dividends Per Share of Common Stock                  .17            .16
 
     Key Ratios
     Return on Average Assets                           1.12%          1.16%
     Return on Average Equity                          12.90%         13.22%
     Average shares outstanding at March 31,        1,538,443      1,538,443
 
     First West Virginia Bancorp, Inc., headquartered in Wheeling, West
 Virginia, is the parent company of Progressive Bank, N.A., Wheeling, West
 Virginia and Progressive Bank, N.A. - Buckhannon, Buckhannon West Virginia.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X35836661
 
 

SOURCE First West Virginia Bancorp, Inc.
    WHEELING, W.Va., April 27 /PRNewswire/ --  First West Virginia Bancorp,
 Inc. (Amex:   FWV) Charles K. Graham President and Chief Executive Officer,
 today announced earnings for the quarter ended March 31, 2001 increased 4.0%
 as compared to the same period in 2000 for the Wheeling, West Virginia based
 multi-bank holding company.
     Net income for the first quarter of 2001, was $582,165 or $.38 per share
 as compared to $559,543 or $.36 per share reported for the quarter ended
 March 31, 2000.  Mr. Graham reported that the increased earnings during the
 three months ended Match 31, 2001 as compared to the same period of the prior
 year was primarily attributed to increased net interest income and decreased
 operating expenses offset in part by the increased provision for loan losses
 and decreased noninterest income.
     Net interest income increased $83,583 or 4.4%, to $1,988,354 during the
 first quarter of 2001 as compared to $1,904,771 during the same period in
 2000.
     Progressive Bank, N.A., subsidiary bank of First West Virginia Bancorp,
 Inc., opened two new branch offices located in Moundsville and New
 Martinsville, West Virginia during the first quarter of 2001.  The building
 and land for the Moundsville, West Virginia branch office was purchased from
 United National Bank.  Additionally, the building, land and deposits of the
 New Martinsville branch office were also purchased from United National Bank.
 The total deposits of the New Martinsville office were approximately
 $9.6 million.  Mr. Graham stated that the opening of the two new offices is
 reflective of the Company's continued commitment to grow within our existing
 market and to expand into new market areas.
 
                       First West Virginia Bancorp, Inc.
 
                              Financial Highlights
 
     (Unaudited, dollars in thousands, except share and per share data)
 
                                                            March 31,
                                                       2001           2000
 
     At Period End
     Total Assets                                    $221,846       $199,017
     Total Deposits                                   184,827        167,715
     Total Loans, net of unearned income              114,761        111,919
     Total Investment Securities                       79,682         65,572
     Shareholders' Equity                              18,935         16,279
     Shareholders' Equity per share                     12.31          10.58
 
     For the three months ended
     Net Income                                          $582           $560
     Provision for Possible Loan Losses                   141             98
     Earnings Per Share of Common Stock                   .38            .36
     Dividends Per Share of Common Stock                  .17            .16
 
     Key Ratios
     Return on Average Assets                           1.12%          1.16%
     Return on Average Equity                          12.90%         13.22%
     Average shares outstanding at March 31,        1,538,443      1,538,443
 
     First West Virginia Bancorp, Inc., headquartered in Wheeling, West
 Virginia, is the parent company of Progressive Bank, N.A., Wheeling, West
 Virginia and Progressive Bank, N.A. - Buckhannon, Buckhannon West Virginia.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X35836661
 
 SOURCE  First West Virginia Bancorp, Inc.