Exhibit 99
May 13, 2011
| | |
| 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) 218-2410 |
FIRST WEST VIRGINIA BANCORP, INC. ANNOUNCES FIRST QUARTER 2011 EARNINGS
Wheeling, WV, May 13, 2011–First West Virginia Bancorp, Inc. (NYSE Amex: 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 $549,907 or $.33 per share for the three months ended March 31, 2011 compared to $460,651 or $.28 per share for the same period during 2010. The increase in net income for the three months ended March 31, 2011 as compared to the same period in 2010 of $89,256 or 19.4% was primarily the result of increases in net interest income, offset in part by increases in noninterest expenses and income tax expense combined with the decrease in noninterest income. Net interest income increased $133,231 or 6.3%, primarily due to the decrease in the interest expense paid on interest bearing liabilities combined with the increase in the interest earned on investment securities, offset in part by a decline in the interest and fees earned on loans. Noninterest expenses increased $6,430 or .3% during the three month period ended March 31, 2011 as compared to the same period in 2010 primarily due to the increase in other operating expenses, as well as increases in salary and employee benefits expense, offset in part by a decline in occupancy expenses. Noninterest income fell $8,407 or 2.9% primarily due to the decline in service charges and fees earned on deposit accounts, which was offset in part by increases in other operating income and in the net change in the gains on sales of investment securities. Income tax expense increased during the first quarter of 2011 as compared to the same period in 2010 primarily due to the increase of $118,394 in pretaxable income. The ROA was .80% for the three months ended March 31, 2011 as compared to.70% for the same period of the prior year. For the three months ended March 31, 2011, compared to March 31, 2010, the ROE was 7.41% and 6.46%, respectively.
FIRST WEST VIRGINIA BANCORP, INC. FINANCIAL HIGHLIGHTS
| | | | | | | | |
| (Dollars in thousands, except share and per share data) | | (Unaudited)
March 31,
2011 | | | December 31,
2010 | |
| | |
AT PERIOD END | | | | | | | | |
Total Assets | | $ | 283,903 | | | $ | 277,959 | |
Total Deposits | | | 234,116 | | | | 228,475 | |
Total Loans | | | 117,324 | | | | 121,367 | |
Total Investment Securities | | | 138,823 | | | | 133,169 | |
Shareholders’ Equity | | | 31,544 | | | | 31,101 | |
Shareholders’ Equity Per Share of Common Stock | | | 19.08 | | | | 18.82 | |
| | | | | | | | |
| (Dollars in thousands, except share and per share data) | | March 31,
2011 | | | March 31,
2010 | |
| | |
FOR THE THREE MONTHS ENDED | | | | | | | | |
Net income | | | 550 | | | | 461 | |
Provision for Loan Losses | | | 30 | | | | 30 | |
Earnings Per Share of Common Stock | | | .33 | | | | .28 | |
Dividends Per Share of Common Stock | | | .19 | | | | .18 | |
Return on Average Assets | | | .80 | % | | | .70 | % |
Return on Average Equity | | | 7.41 | % | | | 6.46 | % |
| | |
Weighted average shares outstanding | | | 1,652,814 | | | | 1,652,814 | |
First West Virginia Bancorp, Inc. stock is traded on the NYSE Amex under the symbol “FWV.”
