EX-99 2 dex99.htm PRESS RELEASE Press Release

Exhibit 99

August 11, 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 SECOND QUARTER 2008 EARNINGS

Wheeling, WV, August 11, 2008–First West Virginia Bancorp, Inc. (AMEX: FWV) President and Chief Executive Officer, Sylvan J. Dlesk, today announced second 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 second quarter of 2008 was reported at $511,217 or $.33 per share, compared to $506,022 or $.33 per share reported for the same period a year earlier. The increase in earnings during the second quarter of 2008 compared to 2007 was primarily due to the decrease in noninterest expenses, offset in part by the decreases in net interest income and noninterest income. Noninterest expenses decreased $64,412 or 3.6%, for the second quarter of 2008 as compared to the same period in 2007 primarily due to decreases in salary and employee benefits, offset in part by increases in occupancy expenses of premises and other operating expenses. Net interest income decreased $36,735 or 1.8% over the same period in 2007. The decrease in net interest income was primarily due to the decline in the interest paid on interest bearing liabilities combined with the decrease in interest and fees earned on loans. Noninterest income decreased $25,050 or 7.0% for the three months ended June 30, 2008 as compared to the same period a year earlier and resulted primarily from the decline in service charges and fee income combined with a decrease in gains on sales of investment securities, offset in part by a decrease in other operating income.

For the six months ended June 30, 2008, net income was reported at $1,147,558 or $.75 per share compared to $921,418 or $.60 per share reported for the same period in 2007. The 24.5% increase in earnings was primarily due to the increases in net interest income and noninterest income combined with the decrease in noninterest expenses.


FIRST WEST VIRGINIA BANCORP, INC. FINANCIAL HIGHLIGHTS

 

(Dollars in thousands, except share and per share data)    (Unaudited)
June 30,
2008
    December 31,
2007
 

AT PERIOD END

    

Total Assets

   $ 257,299     $ 253,187  

Total Deposits

     208,018       203,127  

Total Loans

     119,705       121,739  

Total Investment Securities

     110,121       106,647  

Shareholders’ Equity

     29,418       26,844  

Shareholders’ Equity Per Share of Common Stock

     17.83       17.81  
(Unaudited, in thousands, except share and per share data)    June 30,
2008
    June 30,
2007
 

FOR THE THREE MONTHS ENDED

    

Net income

     511       506  

Provision for Loan Losses

     —         —    

Earnings Per Share of Common Stock

     .33       .33  

Dividends Per Share of Common Stock

     .19       .19  

Return on Average Assets

     .80 %     .81 %

Return on Average Equity

     7.56 %     7.78 %

FOR THE SIX MONTHS ENDED

    

Net income

     1,148       921  

Provision for Loan Losses

     —         —    

Earnings Per Share of Common Stock

     .75       .60  

Dividends Per Share of Common Stock

     .38       .38  

Return on Average Assets

     .90 %     .73 %

Return on Average Equity

     8.53 %     7.15 %

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.”