EX-99 2 dex99.htm PRESS RELEASE Press release

Exhibit 99

May 8, 2008

 

NEWS RELEASE    FIRST WEST VIRGINIA BANCORP, INC.
   1701 WARWOOD AVENUE
   WHEELING, WV 26003
RELEASE IMMEDIATELY    For further information
   Contact Sylvan J. Dlesk, President & CEO or
   Francie P. Reppy, Executive Vice President, Chief Administrative Officer & Chief Financial Officer
   (304) 242-3770

FIRST WEST VIRGINIA BANCORP, INC. ANNOUNCES FIRST QUARTER 2008 EARNINGS

Wheeling, WV, May 8, 2008–First West Virginia Bancorp, Inc. (AMEX: FWV) President and Chief Executive Officer, Sylvan J. Dlesk, 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.

Net income for the first quarter of 2008 was reported at $636,341 or $.42 per share, compared to $415,396 or $.27 per share reported for the same period a year earlier. The increase in earnings during the first quarter of 2008 compared to 2007 was primarily attributed to increased net interest income and noninterest income combined with a decrease in noninterest expenses. As compared to the prior year, net interest income increased $71,398 or 3.5%, primarily due to increases in the interest and fees earned on loans and investment securities offset in part by an increase in interest paid on interest bearing liabilities. Noninterest income increased $183,828, or 66.5%, and was primarily attributed to the gains on sales of investment securities. Noninterest expenses decreased $101,968 or 5.5% during the first quarter of 2008 as compared to 2007 primarily due to decreases in salary and employee benefits expenses and other operating expenses, offset in part by increases in occupancy expenses.

FIRST WEST VIRGINIA BANCORP, INC. FINANCIAL HIGHLIGHTS

 

(Dollars in thousands, except share and per share data)    (Unaudited)
March 31,
2008
   December 31,
2007

AT PERIOD END

     

Total Assets

   $ 258,696    $ 253,187

Total Deposits

     207,850      203,127

Total Loans

     120,954      121,739

Total Investment Securities

     105,086      106,647

Shareholders’ Equity

     28,190      27,215

Shareholders’ Equity Per Share of Common Stock

     18.44      17.81

 

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(Dollars in thousands, except share and per share data)    March 31,
2008
    March 31,
2007
 

FOR THE THREE MONTHS ENDED

    

Net income

   636     415  

Provision for Loan Losses

   —       —    

Earnings Per Share of Common Stock

   .42     .27  

Dividends Per Share of Common Stock

   .19     .19  

Return on Average Assets

   1.01 %   .66 %

Return on Average Equity

   9.50 %   6.49 %

Weighted average shares outstanding

   1,528,443     1,528,443  

First West Virginia Bancorp, Inc. stock is traded on the American Stock Exchange under the symbol “FWV.”

 

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