FIRST WEST VIRGINIA BANCORP, INC. WHEELING, W.Va., Oct. 27, 2014 /PRNewswire/ -- First West Virginia Bancorp, Inc. (NYSE MKT: FWV) Interim President and Chief Executive Officer, William G. Petroplus, 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.
The Company reported net income of $1,757,770 or $1.02 per share for the nine months ended September 30, 2014 compared to $1,186,723 or $.69 per share for the same period during 2013. The increase in net income for the nine months ended September 30, 2014 as compared to the same period in 2013 of $571,047 or 48.1% 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 $259,865 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 $781,939 or 98.2% 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 $220,077 or 3.8% during the nine month period ended September 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 .70% for the nine months ended September 30, 2014 as compared to .52% for the same period of the prior year. For the nine months ended September 30, 2014 compared to September 30, 2013, the ROE was 6.99% and 4.89%, respectively.
For the third quarter of 2014, net income was $773,825 or $.45 per share as compared to $390,971 or $.23 per share for the same period in 2013. The increase in net income for the three months ended September 30, 2014 as compared to the same period in 2013 of $382,854 or 97.9% 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 $87,309 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 $595,459 for the three months ended September 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 service charges and fees earned on deposit accounts and other operating income. Noninterest expense increased $65,876 or 3.4% during the three month period ended September 30, 2014 as compared to the same period in 2013 primarily due to the increases in salary and employee benefits expenses and other operating expenses, offset in part by the decrease in occupancy expenses.
FIRST WEST VIRGINIA BANCORP,
INC. FINANCIAL HIGHLIGHTS
(Dollars
in
thousands,
except
share
and
per
share
data) September 30, 2014 December 31, 2013
---------- ------------------ -----------------
AT PERIOD END
-------------
Total
Assets $333,168 $342,145
------ -------- --------
Total
Deposits 272,850 285,877
-------- ------- -------
Total
Loans 96,384 93,402
----- ------ ------
Total
Investment
Securities 196,822 199,955
---------- ------- -------
Shareholders'
Equity 34,030 30,790
------------- ------ ------
Shareholders'
Equity
Per
Share
of
Common
Stock 19.80 17.91
------------- ----- -----
(Dollars
in
thousands,
except
share
and
per
share
data) September 30, 2014 September 30, 2013
---------- ------------------ ------------------
FOR THE THREE MONTHS ENDED
--------------------------
Net
Income 774 391
------- --- ---
Provision
for
Loan
Losses - -
--------- --- ---
Earnings
Per
Share
of
Common
Stock .45 .23
-------- --- ---
Dividends
Per
Share
of
Common
Stock .20 .19
--------- --- ---
Return
on
Average
Assets .92% .49%
------- --- ---
Return
on
Average
Equity 9.07% 4.76%
------- ---- ----
FOR THE NINE MONTHS ENDED
-------------------------
Net
Income 1,758 1,187
------- ----- -----
Provision
for
Loan
Losses - -
--------- --- ---
Earnings
Per
Share
of
Common
Stock 1.02 .69
-------- ---- ---
Dividends
Per
Share
of
Common
Stock .60 .57
--------- --- ---
Return
on
Average
Assets .70% .52%
------- --- ---
Return
on
Average
Equity 6.99% 4.89%
------- ---- ----
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."
-----------------------------------------------------------------
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/first-west-virginia-bancorp-inc-announces-third-quarter-2014-earnings-720565279.html
SOURCE First West Virginia Bancorp, Inc.
