EX-99 2 dex99.htm PRESS RELEASE Press Release

Exhibit 99

November 9, 2009

 

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 THIRD QUARTER 2009 EARNINGS

Wheeling, WV, November 9, 2009–First West Virginia Bancorp, Inc. (NYSE Amex: 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.

Net income for the third quarter of 2009 was reported at $468,248 or $.30 per share, compared to $521,905 or $.33 per share reported for the same period a year earlier. The decrease in earnings during the third quarter of 2009 compared to 2008 was primarily attributed to increases in noninterest expenses and the provision for loan losses combined with a decrease in noninterest income, offset in part by increases in net interest income and the decrease in income tax expense. Noninterest expenses rose $166,220 or 9.6% during the three month period ended September 30, 2009 as compared to the same period in 2008 primarily due to the increases in other operating expenses and salary and employee benefits expenses, offset in part by the decrease in occupancy expenses of premises. Noninterest income decreased $33,695 or 9.5% for the three months ended September 30, 2009 as compared to same period of the prior year and was due to the change in the net gains (losses) on sales of investment securities combined with the decreases in service charges and other fee income and in other operating income. During the third quarter of 2009 over 2008, net interest income increased $101,878 or 5.0% and was primarily due to the decrease in the interest expense paid on interest bearing liabilities combined with the increase in the interest and fees earned on loans, offset in part by the decrease in the interest earned on investment securities. During the third quarter of 2009, the Company allocated $30,000 to the provision for loan losses.

For the nine months ended September 30, 2009, net income was reported at $1,538,067 or $.97 per share compared to $1,669,463 or $1.05 per share reported for the same period in 2008. The decline in net income for the nine months ended September 30, 2009 as compared to the same period in 2008 of $131,396 or 7.9% was primarily the result of increases in noninterest expenses and in the provision for loan losses combined with the decrease in noninterest income, offset in part by the increase in net interest income and a decrease in income tax expense. As compared to the same period in the prior year, noninterest expenses increased $355,508 or 6.8% primarily due to the increases in other operating expenses which resulted from increased regulatory assessments, as well as increases in salary and employee benefits expenses and occupancy expenses. Noninterest income fell $49,298 or 4.3% primarily due to the decline in service charges and fees earned on deposit accounts combined with the decrease in other operating income, which were offset in part by the net change in the gains (losses) on sales of investment securities. Net interest income increased $199,220 or 3.2%, primarily due to the decrease in the interest expense paid on interest bearing liabilities, offset in part by decreases in the interest and fees earned on loans as well as the interest earned on investment securities.


FIRST WEST VIRGINIA BANCORP, INC. FINANCIAL HIGHLIGHTS

 

(Dollars in thousands, except

share and per share data)

   (Unaudited)
September 30,
2009
    December 31,
2008
 

AT PERIOD END

    

Total Assets

   $ 272,090      $ 258,164   

Total Deposits

     216,205        206,385   

Total Loans

     129,412        124,635   

Total Investment Securities

     120,110        112,366   

Shareholders’ Equity

     30,970        28,737   

Shareholders’ Equity Per Share of Common Stock

     19.48        18.08   

(Unaudited, in thousands, except

share and per share data)

   September 30,
2009
    September 30,
2008
 

FOR THE THREE MONTHS ENDED

    

Net income

     468        522   

Provision for Loan Losses

     30        —     

Earnings Per Share of Common Stock*

     .30        .33   

Dividends Per Share of Common Stock*

     .19        .18   

Return on Average Assets

     .69 %      .79 % 

Return on Average Equity

     6.56 %      7.56 % 

FOR THE NINE MONTHS ENDED

    

Net income

     1,538        1,669   

Provision for Loan Losses

     40        —     

Earnings Per Share of Common Stock*

     .97        1.05   

Dividends Per Share of Common Stock*

     .57        .55   

Return on Average Assets

     .77 %      .87 % 

Return on Average Equity

     7.32 %      8.20 % 

Average shares outstanding

     1,589,411        1,589,411   

 

* Adjusted for the 4 percent common stock dividend to shareholders of record October 1, 2008.

First West Virginia Bancorp, Inc. stock is traded on the NYSE Amex under the symbol “FWV.”