Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - FIRST WEST VIRGINIA BANCORP INC | d537133d8k.htm |
Exhibit 99
May 9, 2013
| 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) 218-2400 | ||
FIRST WEST VIRGINIA BANCORP, INC. ANNOUNCES FIRST QUARTER 2013 EARNINGS
Wheeling, WV, May 9, 2013–First West Virginia Bancorp, Inc. (NYSE MKT: 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.
The Company reported net income of $381,337 or $.22 per share for the three months ended March 31, 2013 as compared to $470,000 or $.28 per share for the same period during 2012. The decrease in net income for the three months ended March 31, 2013 as compared to the same period in 2012 of $88,663 or 18.9% was primarily the result of the decrease in net interest income and noninterest income, offset in part by the decreases in noninterest expenses and income tax expense. Net interest income fell $127,255 or 6.2%, primarily due to the decline in the interest and fees earned on loans combined with the decline in the interest earned on investment securities, offset in part by the reduction in the expense paid on interest bearing liabilities. Noninterest income decreased $35,730 or 11.6% primarily due to the decrease in other operating income combined with the decline in service charges and fees earned on deposit accounts. Noninterest expenses decreased $12,489 or .66% during the three month period ended March 31, 2013 as compared to the same period in 2012 primarily due to the decreases in other operating expenses, as well as decreases in salary and employee benefits expense, offset in part by an increase in occupancy expenses. Income tax expense decreased during the first quarter of 2013 as compared to the same period in 2012 primarily due to the decrease of $150,496 in pre-taxable income combined with the decrease in tax exempt income. The ROA was .51% for the three months ended March 31, 2013 as compared to .65% for the same period of the prior year. For the three months ended March 31, 2013 compared to March 31, 2012, the ROE was 4.75% and 6.05%, respectively.
FIRST WEST VIRGINIA BANCORP, INC. FINANCIAL HIGHLIGHTS
| (Dollars in thousands, except share and per share data) | March 31, 2013 |
December 31, 2012 |
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| AT PERIOD END |
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| Total Assets |
$ | 313,825 | $ | 306,547 | ||||
| Total Deposits |
250,902 | 246,462 | ||||||
| Total Loans |
100,806 | 99,387 | ||||||
| Total Investment Securities |
175,853 | 178,208 | ||||||
| Shareholders’ Equity |
35,057 | 35,703 | ||||||
| Shareholders’ Equity Per Share of Common Stock |
20.40 | 20.77 | ||||||
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| (Dollars in thousands, except share and per share data) | March 31, 2013 |
March 31, 2012 |
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| FOR THE THREE MONTHS ENDED |
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| Net income |
381 | 470 | ||||||
| Provision for Loan Losses |
— | — | ||||||
| Earnings Per Share of Common Stock* |
.22 | .28 | ||||||
| Dividends Per Share of Common Stock* |
.19 | .18 | ||||||
| Return on Average Assets |
.51 | % | .65 | % | ||||
| Return on Average Equity |
4.75 | % | 6.05 | % | ||||
| Weighted average shares outstanding |
1,718,730 | 1,718,730 | ||||||
| * | Share and per share data were adjusted for the 4 percent common stock dividend to stockholders of record as of December 19, 2012. |
First West Virginia Bancorp, Inc. stock is traded on the NYSE MKT under the symbol “FWV.”
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