FIRST WEST VIRGINIA BANCORP, INC. WHEELING, W.Va., July 29, 2014 /PRNewswire/ -- First West Virginia Bancorp, Inc. (NYSE MKT: FWV) Interim President and Chief Executive Officer, William G. Petroplus, 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.
The Company reported net income of $983,945 or $.57 per share for the six months ended June 30, 2014 compared to $795,752 or $.46 per share for the same period during 2013. The increase in net income for the six months ended June 30, 2014 as compared to the same period in 2013 of $188,193 or 23.6% was primarily the result of the increase in net interest income and noninterest income, offset in part by the increase in noninterest expense and the decrease in the income tax benefit. Net interest income increased $172,556 or 4.4%, primarily due to the increase in the interest earned on investment securities and the decrease in the interest expense paid on interest bearing liabilities, offset in part by the decrease in the interest and fees earned on loans. Noninterest income increased $186,480 or 35.4% primarily due to the increase in the net gains on sales of investment securities offset in part by the other-than-temporary losses on investments combined with the decrease in service charges and fees earned on deposit accounts and the decrease in other operating income. Noninterest expenses increased $154,201 or 4.1% during the six month period ended June 30, 2014 as compared to the same period in 2013 primarily due to increases in salary and employee benefits expenses, occupancy expenses, and other operating expenses. The ROA was .59% for the six months ended June 30, 2014 as compared to .53% for the same period of the prior year. For the six months ended June 30, 2014 compared to June 30, 2013, the ROE was 5.93% and 4.94%, respectively.
For the second quarter of 2014, net income was $537,689 or $.31 per share as compared to $414,415 or $.24 per share for the same period in 2013. The increase in net income for the three months ended June 30, 2014 as compared to the same period in 2013 of $123,274 or 29.7% was primarily the result of the increase in net interest income and noninterest income, offset in part by the increase in noninterest expense and the decrease in the income tax benefit. Net interest income increased $43,923 or 2.2% primarily due to the increase in the interest earned on investment securities and the decrease in the interest expense paid on interest bearing liabilities, offset in part by the decrease in the interest and fees earned on loans. Noninterest income increased $252,220 or 99.2% for the three months ended June 30, 2014 as compared to the same period of the prior year primarily due to the increase in the net gains on sales of investment securities, offset slightly by the decrease in other operating income and in service charges and fees earned on deposit accounts. Noninterest expense increased $134,395 or 7.1% during the three month period ended June 30, 2014 as compared to the same period in 2013 primarily due to the increases in salary and employee benefits expenses, occupancy expenses, and other operating expenses.
FIRST WEST VIRGINIA BANCORP, INC. FINANCIAL HIGHLIGHTS
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(Dollars
in
thousands,
except
share
and
per
share
data) June 30, 2014 December 31, 2013
---------- ------------- -----------------
AT PERIOD END
-------------
Total
Assets $335,349 $342,145
------ -------- --------
Total
Deposits 275,730 285,877
-------- ------- -------
Total
Loans 94,445 93,402
----- ------ ------
Total
Investment
Securities 202,383 199,955
---------- ------- -------
Shareholders'
Equity 34,087 30,790
------------- ------ ------
Shareholders'
Equity
Per
Share
of
Common
Stock 19.83 17.91
------------- ----- -----
(Dollars
in
thousands,
except
share
and
per
share
data) June 30, 2014 June 30, 2013
---------- ------------- -------------
FOR THE THREE MONTHS ENDED
--------------------------
Net
Income 538 414
------ --- ---
Provision
for
Loan
Losses - -
--------- --- ---
Earnings
Per
Share
of
Common
Stock .31 .24
-------- --- ---
Dividends
Per
Share
of
Common
Stock .20 .19
--------- --- ---
Return
on
Average
Assets .65% .55%
------- --- ---
Return
on
Average
Equity 6.43% 5.11%
------- ---- ----
FOR THE SIX MONTHS ENDED
------------------------
Net
Income 984 796
------ --- ---
Provision
for
Loan
Losses - -
--------- --- ---
Earnings
Per
Share
of
Common
Stock .57 .46
-------- --- ---
Dividends
Per
Share
of
Common
Stock .40 .38
--------- --- ---
Return
on
Average
Assets .59% .53%
------- --- ---
Return
on
Average
Equity 5.93% 4.94%
------- ---- ----
Weighted
average
shares
outstanding 1,718,730 1,718,730
----------- --------- ---------
First West Virginia Bancorp, Inc. stock is traded on the NYSE
MKT under the symbol "FWV."
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SOURCE First West Virginia Bancorp, Inc.
