SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For Quarterly Period Ended March 31, 2004
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
Commission File No. 000-50151
Allegheny Bancshares, Inc.
(Exact name of registrant as specified in its charter)
West Virginia 22-3888163
- ------------------------ ---------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
300 North Main Street
P. O. Box 487
Franklin, West Virginia 26807
(Address of principal executive offices, including zip code)
(304) 358-2311
(Registrant's Telephone Number, Including Area Code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
--- -----
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2). Yes No X
----- ----
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date.
Common Stock, par value - $1.00
898,069 shares outstanding as of May 1, 2004
1
ALLEGHENY BANCSHARES, INC.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION PAGE
Item 1. Financial Statements 2
Unaudited Consolidated Statements of Income - Three
Months ended March 31, 2004 and 2003 2
Consolidated Balance Sheets - March 31, 2004 (Unaudited)
and December 31, 2003 (Audited) 3
Unaudited Consolidated Statements of Changes in
Stockholders' Equity - Three Months Ended March 31,
2004 and 2003 4
Unaudited Consolidated Statements of Cash Flows -
Three Months Ended March 31, 2004 and 2003 5
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 8
Item 3. Quantitative and Qualitative Disclosures about
Market Risk 13
Item 4. Controls and Procedures 13
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 13
Item 2. Changes in Securities 13
Item 3. Defaults upon Senior Securities 13
Item 4. Submission of Matters to a Vote of Security Holders 14
Item 5. Other Information 14
Item 6. Exhibits and Reports on Form 8K 14
SIGNATURES 15
2
Part I. Financial Information
Item 1. Consolidated Financial Statements
Allegheny Bancshares, Inc.
Consolidated Statements of Income
(In thousands, except for per share information)
(Unaudited)
Three Months Ended
March 31, March 31,
2004 2003
Interest and Dividend Income:
Loans and fees $ 1,922 $ 1,854
Investment securities - taxable 172 160
Investment securities - nontaxable 184 203
Deposits and federal funds sold 3 5
------ ------
Total Interest and Dividend Income 2,281 2,222
------ ------
Interest Expense:
Deposits 482 659
Borrowings 42 5
------ ------
Total Interest Expense 524 664
------ ------
Net Interest Income 1,757 1,558
Provision for loan losses 45 30
------ ------
Net interest income after provision
for loan losses 1,712 1,528
------ ------
Noninterest Income:
Service charges on deposit accounts 48 57
Other income 50 33
Gain on security transactions 10 2
------ ------
Total Noninterest Income 108 92
------ ------
Noninterest Expense:
Salaries and benefits 546 494
Occupancy expenses 61 55
Equipment expenses 116 102
Other expenses 302 277
------ ------
Total Noninterest Expenses 1,025 928
------ ------
Income before Income Taxes 795 692
Income Tax Expense 238 198
------ ------
Net Income $ 557 $ 494
====== ======
Earnings Per Share
Net income $ .62 $ .55
======= =======
Weighted Average Shares Outstanding 898,987 899,331
======= =======
The accompanying notes are an integral part of these statements.
3
Allegheny Bancshares, Inc.
Consolidated Balance Sheets
(In thousands)
March 31, 2004 December 31, 2003
Unaudited Audited
ASSETS
Cash and due from banks $ 2,547 $ 2,975
Federal funds sold 1,712 684
Interest bearing deposits in banks 216 240
Investment securities available for sale 33,678 36,858
Investment securities held to maturity 500 500
Loans receivable, net of allowance for loan
losses of $1,050 and $1,052 respectively 112,495 110,516
Bank premises and equipment, net 4,214 4,213
Other assets 1,861 1,771
-------- --------
Total Assets $ 157,223 $ 157,757
======== ========
LIABILITIES
Deposits
Noninterest bearing demand $ 15,035 $ 15,106
Interest bearing
Demand 17,917 18,446
Savings 26,983 26,632
Time deposits over $100,000 18,177 18,689
Other time deposits 49,049 49,680
-------- --------
Total Deposits 127,161 128,553
Accrued expenses and other liabilities 870 806
Short-term borrowings 1,809 1,507
Long-term debt 3,753 3,838
-------- --------
Total Liabilities 133,593 134,704
-------- --------
STOCKHOLDERS' EQUITY
Common stock; $1 par value, 2,000,000 shares
Authorized, 900,000 issued 900 900
Additional paid in capital 900 900
Retained earnings 21,176 20,619
Accumulated other comprehensive income 728 649
Treasury stock (at cost, 1,931 shares in
2004 and 417 shares in 2003) (74) (15)
-------- ---------
Total Stockholders' Equity 23,630 23,053
-------- --------
Total Liabilities and Stockholders'
Equity $ 157,223 $ 157,757
========= =========
The accompanying notes are an integral part of these statements.
4
Allegheny Bancshares, Inc.
Consolidated Statements of Changes in Stockholders' Equity
(In thousands)
(Unaudited)
Accumulated
Additional Other
Common Paid In Retained Comprehensive Treasury
Total Stock Capital Earnings Income Stock
Balance, December 31,
2003 $ 23,053 $ 900 $ 900 $ 20,619 $ 649 $ (15)
Comprehensive Income
Net income 557 557
Change in unrealized
gain on
available for sale
securities, net of
income tax effect of
$35 79 79
--------
Total Comprehensive
Income 636
Purchase of treasury
stock (59) (59)
------ --------- -------- ---------- --------- -------
Balance, March 31,
2004 $ 23,630 $ 900 $ 900 $ 21,176 $ 728 $ (74)
======== ======= ======= ========= ======= ========
Balance, December 31,
2002 $ 21,927 $ 900 $ 900 $ 19,238 $ 889 $ 0
Comprehensive Income
Net income 494 494
Change in unrealized
gain on
available for sale
securities, net of
income tax effect of
$(10) (16) (16)
-----
Total Comprehensive
Income 478
Purchase of treasury
stock (24) (24)
Dividends paid
-------- ------- ------- --------- ------- -------
Balance, March 31,
2003 $ 22,381 $ 900 $ 900 $ 19,732 $ 873 $ (24)
======== ======= ======= ========= ========= ========
The accompanying notes are an integral part of these statements.
5
Allegheny Bancshares, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2004 2003
Cash Flows from Operating Activities:
Net income $ 557 $ 494
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for loan losses 45 30
Depreciation and amortization 86 76
Net amortization of securities 22 12
Gain on sale of securities (10) (2)
Gain on sale of equipment (6)
Net change in:
Accrued income (85) (19)
Other assets (5) (179)
Accrued expense and other liabilities 29 72
------- ------
Net Cash Provided by Operating Activities 633 484
------- ------
Cash Flows from Investing Activities:
Net change in federal funds sold (1,028) (3,350)
Net change in interest bearing deposits in banks 24 107
Proceeds from sales, calls and maturities
of securities available for sale 4,058 1,853
Purchase of securities available for sale (776) (2,580)
Net increase in loans (2,024) (1,368)
Proceeds from sale of bank premises and equipment 6
Purchase of bank premises and equipment (87) (96)
-------- -------
Net Cash Provided by (Used in) Investing Activities 173 (5,434)
------- ------
Cash Flows from Financing Activities:
Net change in:
Demand and savings deposits (249) 1,679
Time deposits (1,143) 2,907
Proceeds from borrowings 302 1,000
Curtailments of borrowings (85) (340)
Purchase of treasury stock (59) (24)
------- -------
Net Cash Provided by (Used in) Financing Activities (1,234) 5,222
-------- ------
Cash and Cash Equivalents
Net increase (decrease) in cash and cash equivalents (428) 272
Cash and Cash Equivalents, beginning of period 2,975 3,094
------- ------
Cash and Cash Equivalents, end of period $ 2,547 $ 3,366
======= ======
Supplemental Disclosure of Cash Paid During the Period for:
Interest $ 530 $ 652
Income taxes 70 $
The accompanying notes are an integral part of these statements.
6
ALLEGHENY BANCSHARES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 ACCOUNTING PRINCIPLES:
The financial statements conform to accounting principles generally
accepted in the United States of America and to general industry practices. In
the opinion of management, the accompanying unaudited financial statements
contain all adjustments (consisting of only normal recurring accruals) necessary
to present fairly the financial position as of March 31, 2004, and the results
of operations for the periods ended March 31, 2004 and 2003. The notes included
herein should be read in conjunction with the notes to the financial statements
included in the 2003 annual report to stockholders of Allegheny Bancshares, Inc.
NOTE 2 INVESTMENT SECURITIES:
The amortized costs of investment securities and their approximate fair
values at March 31, 2004 and December 31, 2003 follows (in thousands):
March 31, 2004 December 31, 2003
Amortized Fair Amortized Fair
Cost Value Cost Value
Securities available for sale:
U.S. Treasury and agency
obligations $ 6,029 $ 6,376 $ 7,030 $ 7,331
State and municipal 17,212 18,007 17,892 18,693
Mortgage-backed securities 9,284 9,295 10,897 10,834
------- ------- ------ -------
Total $ 32,525 $ 33,678 $35,819 $ 36,858
======= ======= ====== =======
Securities held to maturity:
U.S. Treasury and agency
Obligations $ 500 $ 510 $ 500 $ 513
======= ======= ====== =======
7
ALLEGHENY BANCSHARES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 LOANS:
Loans outstanding are summarized as follows (in thousands):
March 31, December 31,
2004 2003
Real estate loans $ 55,572 $54,144
Commercial and industrial loans 43,563 42,857
Loans to individuals, primarily
collateralized by autos 11,092 11,683
All other loans 3,318 2,884
------- ------
Total Loans 113,545 111,568
Less allowance for loan losses 1,050 1,052
------- ------
Net Loans Receivable $112,495 $110,516
======= =======
NOTE 4 ALLOWANCE FOR LOAN LOSSES:
A summary of transactions in the allowance for loan losses for the three
months ended March 31, 2004 and 2003 follows (in thousands):
Three Months Ended
March 31,
2004 2003
Balance, beginning of period $ 1,052 $ 1,028
Provision charged to operating expenses 45 30
Recoveries of loans charged off 3 14
Loans charged off (50) (20)
------- -------
Balance, end of period $ 1,050 $ 1,052
======= =======
8
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Forward Looking Statements
The following discussion contains statements that refer to future
expectations, contain projections of the results of operations or of financial
condition or state other information that is "forward-looking."
"Forward-looking" statements are easily identified by the use of words such as
"could," "could anticipate," "estimate," "believe," and similar words that refer
to the future outlook. There is always a degree of uncertainty associated with
"forward-looking" statements. The Company's management believes that the
expectations reflected in such statements are based upon reasonable assumptions
and on the facts and circumstances existing at the time of these disclosures.
Actual results could differ significantly from those anticipated.
Many factors could cause the Company's actual results to differ materially
from the results contemplated by the forward-looking statements. Some factors,
which could negatively affect the results, include:
o General economic conditions, either nationally or within the
Company's markets, could be less favorable than expected;
o Changes in market interest rates could affect interest margins and
profitability;
o Competitive pressures could be greater than anticipated; and
o Legal or accounting changes could affect the Company's results.
Overview
Net income increased from $494,000 for the three months ended March 31,
2003 to $557,000 for the three months ended March 31, 2004 and earnings per
share increased from $.55 to $.62. The increase in earnings was a result of the
increase in net interest income offset somewhat by increased operating expenses.
Net Interest Income
The Company's taxable equivalent net interest income increased from
$1,663,000 for the three months ended March 31, 2003 to $1,852,000 for the three
months ended March 31, 2004, due to the combination of net growth of earning
assets and decreased cost of funds, offset by lower asset yields. The Company's
net yield on earnings assets for 2004 was 4.94% compared to 4.76% for 2003 as
the yield on earning assets declined less than the cost of funds. The yield on
earning assets declined during the period analyzed due somewhat to the repricing
of maturing funds at lower current rates. Table I shows the average balances for
interest bearing assets and liabilities, the rates earned on earning assets and
the rates paid on deposits and borrowed funds.
Allowance for Loan Losses and Provision for Loan Losses
The provision for loan losses were $45,000 and $30,000 for the three
months ended March 31, 2004 and 2003, respectively. The allowance for loan
losses ("ALL") was $1,050,000 (.92% of loans) at the end of the first quarter of
2004 compared with $1,052,000 (.94% of loans) at December 31, 2003. The ALL is
evaluated on a regular basis by management and is based upon management's
periodic review of the collectibility of the loans, industry historical
experience, the nature and volume of the loan portfolio, adverse situations that
may affect the borrower's ability to repay, estimated value of any underlying
collateral and prevailing economic conditions. This evaluation is inherently
subjective as it requires estimates that are susceptible to significant revision
as more information becomes available. The calculation of the ALL is considered
to be a critical accounting policy.
9
Noninterest Income
Noninterest income was $108,000 and $92,000 for the three months ended
March 31, 2004 and 2003, respectively. Noninterest income (excluding security
gains and losses) as a percentage of average assets was .25% (annualized) for
both periods. Service charges decreased from $57,000 for the three months ended
March 31, 2003 to $48,000 for the three months ended March 31, 2004, as a result
of decreased service activity. A portion of the increase in noninterest income
was attributable to ATM fees and earned insurance premiums.
Noninterest Expenses
Noninterest expenses were $1,025,000 and $928,000 for the three months
ended March 31, 2004 and 2003, respectively. Noninterest expenses as a
percentage of average assets was 2.61% (annualized) for the three months ended
March 31, 2004, up from 2.53% for the same period of 2003. Salaries and benefits
increased as a result of normal salary increases. Equipment expenses, including
software maintenance contract expense and depreciation expense, increased as a
result of the final stages of a computer system upgrade. Directors fees, which
are included in other expenses, increased due to an increase in the number of
meetings and the formation of new committees.
Income Tax Expense
Income tax expense equaled 29.94% of income before income taxes for the
three months ended March 31, 2004 compared with 28.61% for the three months
ended March 31, 2003.
Federal Funds Sold
Federal funds sold were $1,712,000 and $684,000 as of March 31, 2004 and
December 31, 2003, respectively. This increase was due primarily to the sale and
call of investment securities of approximately $2,000,000 in which the company
did not replace.
Loans
Total loans increased from $111,568,000 at December 31, 2003 to
$113,545,000 at March 31, 2004. A schedule of loans by type is shown in Note 3
to the financial statements. Approximately 81% of the loan portfolio is secured
by real estate.
Loan Portfolio Risk Factors
Loans accounted for on a nonaccrual basis were $53,000 at March 31, 2004
(.05% of total loans). Accruing loans which are contractually past due 90 days
or more as to principal or interest totaled $1,020,000 (.90% of total loans).
Loans are placed in a nonaccrual status when management has information that
indicates that principal or interest may not be collectable. Management has not
identified any additional loans as "troubled debt restructurings" or "potential
problem loans."
Deposits
The Company's deposits decreased $1,392,000 during the first three months
of 2004 to $127,161,000 at March 31, 2004. As rates continued to decrease,
competition for deposits increased. Consequently, a small portion of interest
sensitive deposits matured and were not renewed. A schedule of deposits by type
is shown in the balance sheets. Time deposits of $100,000 or more were 14.29%
and 14.54% of total deposits at March 31, 2004 and December 31, 2003,
respectively.
10
Short-Term Borrowings
Short-term borrowings were $1,809,000 and $1,507,000 as of March 31, 2004
and December 31, 2003, respectively. This increase was a result of commercial
customers utilizing Term Repurchase Agreements.
Long-Term Debt
The decrease in long-term debt was due to principle payments made to FHLB.
The bank signed a 10-year $1,000,000 fixed rate note with FHLB at 3.77% on March
18, 2003, a 10-year $2,000,000 fixed rate note with FHLB at 3.15% on June 18,
2003, and a $1,000,000 fixed rate note with FHLB at 4.28% on October 20, 2003.
The purpose of the notes was to fund a long-term, fixed rate loan product to
qualifying customers.
Capital
Capital as a percentage of total assets was 15.03% at March 31, 2004 and
significantly exceeded regulatory requirements. The Company is considered to be
well capitalized under the regulatory framework for prompt corrective actions.
Uncertainties and Trends
Management is not aware of any known trends, events or uncertainties that
will have or that are reasonably likely to have a material effect on liquidity,
capital resources or operations. Additionally, management is not aware of any
current recommendations by the regulatory authorities which, if they were to be
implemented, would have such an effect.
Liquidity and Interest Sensitivity
At March 31, 2004, the Company had liquid assets of approximately $4.3
million in the form of cash and due from banks and federal funds sold.
Management believes that the Company's liquid assets are adequate at March 31,
2004. Additional liquidity may be provided by the growth in deposit accounts and
loan repayments. In the event the Company would need additional funds, it has
the ability to purchase federal funds and borrow under established lines of
credit of $17.1 million.
At March 31, 2004, the Company had a negative cumulative Gap Rate
Sensitivity Ratio of -38.91% for the one year repricing period. This rate does
not reflect the historical movement of funds during varying interest rate
environments. Adjusted for historical repricing trends in response to interest
rate changes, the adjusted Gap Ratio is -1.32%. This generally indicates that
net interest income would remain stable in both a declining and increasing
interest rate environment. Management constantly monitors the Company's interest
rate risk and has decided that the current position is an acceptable risk for a
growing community bank operating in a rural environment. Table II shows the
Company's interest sensitivity.
11
TABLE I
Allegheny Bancshares, Inc.
Net Interest Margin Analysis
(On a Fully Taxable Equivalent Basis)(Dollar amounts in thousands)
Three Months Ended Three Months Ended
March 31, 2004 March 31, 2003
-------------- --------------
Average Income/ Average Income/
Balance Expense Rates Balance Expense Rates
Interest Income
Loans 1 $112,505 $ 1,922 6.83% $104,575 $ 1,854 7.09%
Federal funds sold 869 2 .92% 1,588 4 1.01%
Interest bearing
deposits 241 1 1.66% 104 1 3.85%
Investments
Taxable 18,168 172 3.79% 14,057 160 4.55%
Nontaxable 2 18,198 279 6.13% 19,270 308 6.38%
------ ------- -------- ------ ------ -----
Total Earning Assets 149,981 2,376 6.34% 139,594 2,327 6.67%
------- ------- -------- ------- ------ -----
Interest Expense
Demand deposits 17,883 36 .81% 15,477 41 1.06%
Savings 26,428 49 .74% 27,347 80 1.17%
Time deposits 68,023 397 2.33% 68,147 535 3.14%
Short-term borrowings 2,068 8 1.55% 639 4 2.50%
Long-term debt 3,801 34 3.58% 421 4 3.80%
------ ------- -------- ------ ----- -------
Total Interest Bearing
Liabilities $118,203 $ 524 1.77% $112,031 $ 664 2.37%
------- ------- -------- ------- ------ -----
Net Interest Margin 1 1,852 1,663
======= =====
Net Yield on Interest
Earning Assets 4.94% 4.76%
======= =====
1 Interest on loans includes loan fees
2 An incremental tax rate of 34% was used to calculate the tax equivalent
income
12
TABLE II
Allegheny Bancshares, Inc.
Interest Sensitivity Analysis
March 31, 2004
(In Thousands of Dollars)
0-3 4-12 1-5 Over 5 Total
Months Months Years Years
Uses of Funds:
Loans:
Commercial $ 11,662 $ 7,323 $ 17,486 $10,135 $ 46,606
Consumer 508 860 8,763 961 11,092
Real estate 5,554 3,530 10,182 36,306 55,572
Credit card 276 276
Federal funds sold 1,712 1,712
Interest bearing deposits 216 216
Investment securities 251 1,805 13,919 18,203 34,178
------- ------- ------ ------- ------
Total 20,179 13,518 50,350 65,605 149,652
------ ------- ------ ------- -------
Sources of Funds:
Deposits:
Interest bearing demand 17,917 17,917
Savings 26,983 26,983
Time deposits over
$100,000 3,484 7,885 6,808 18,177
Other time deposits 14,221 19,277 15,052 499 49,049
Short-term borrowings 756 1,053 1,809
Long-term debt 86 262 1,521 1,884 3,753
------ ------- ------ ------- ------
Total 63,447 28,477 23,381 2,383 117,688
------ ------- ------ ------- -------
Discrete Gap (43,268) (14,959) 26,969 63,222 31,964
Cumulative Gap (43,268) (58,227) (31,258) 31,964
Ratio of Cumulative Gap
To Total Earning Assets -28.91% -38.91% -20.89% 21.36%
Table II reflects the earlier of the maturity or repricing dates for various
assets and liabilities at March 31, 2004. In preparing the above table, no
assumptions are made with respect to loan prepayments or deposit run offs. Loan
principal payments are included in the earliest period in which the loan matures
or can be repriced. Principal payments on installment loans scheduled prior to
maturity are included in the period of maturity or repricing.
13
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Not Applicable
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As a result of the enactment of the Sarbanes-Oxley Act of 2002, issuers
that file periodic reports under the Securities Exchange Act of 1934 (the "Act")
are now required to include in those reports certain information concerning the
issuer's controls and procedures for complying with the disclosure requirements
of the federal securities laws. Under rules adopted by the Securities and
Exchange Commission effective August 29, 2002, these disclosure controls and
procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed by an issuer in the reports it
files or submits under the Act, is communicated to the issuer's management,
including its principal executive officer or officers and principal financial
officer or officers, or persons performing similar functions, as appropriate to
allow timely decisions regarding disclosure.
We have established disclosure controls and procedures to ensure that
material information related to Allegheny Bancshares, Inc. and its subsidiary is
made known to our principal executive officer and principal financial officer on
a regular basis, in particular during the periods in which our quarterly and
annual reports are being prepared. These disclosure controls and procedures
consist principally of communications between and among the Chief Executive
Officer and the Chief Financial Officer to identify any new transactions,
events, trends, contingencies or other matters that may be material to the
Company's operations. As required, we have evaluated the effectiveness of these
disclosure controls and procedures as of the end of the period covered by this
quarterly report. Based on this evaluation, the Company's management, including
the Chief Financial Officer, concluded that such disclosure controls and
procedures were operating effectively as designed as of the date of such
evaluation.
Changes in Internal Controls
During the period reported upon, there were no significant changes in the
Company's internal controls pertaining to its financial reporting and control of
its assets or in other factors that could significantly affect these controls.
Part II. Other Information
Item 1. Legal Proceedings -
Not Applicable
Item 2. Changes in Securities -
Not Applicable
Item 3. Defaults Upon Senior Securities -
Not Applicable
14
Item 4. Submission of Matters to a Vote of Security Holders -
Not Applicable
Item 5. Other Information -
Not Applicable
Item 6. Exhibits and Reports on 8-K -
a. Exhibits
The following Exhibits are filed as part of this Form 10-Q
No. Description
31.1 Certification of Chief Executive Officer pursuant to Rule 13a-14(a) (filed
herewith).
31.2 Certification of Chief Financial Officer pursuant to Rule 13a-14(a) (filed
herewith).
32 Certifications of Chief Executive Officer and Chief Financial Officer
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002 (filed herewith).
The following exhibit is incorporated by reference to the Exhibits to
Allegheny Bancshares, Inc. Form 10-QSB filed May 14, 2003.
No. Description Exhibit Number
3.1 Articles of Incorporation - Allegheny Bancshares, Inc. E2
The following exhibit is incorporated by reference to the Exhibits to
Allegheny Bancshares, Inc. Form 10-KSB filed March 26, 2004.
No. Description Exhibit Number
3.2 Bylaws of Allegheny Bancshares, Inc. 3.3
b. Reports on 8K
No reports were filed for the quarter ended March 31, 2004.
15
SIGNATURE
In accordance with Section 12 of the Securities Exchange Act of 1934, the
registrant causes this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized.
ALLEGHENY BANCSHARES, INC.
By: /s/ WILLIAM A. LOVING
----------------------------------
William A. Loving, Jr.
Executive Vice President and
Chief Executive Officer
By: /s/ CLAUDIA L. ACORD
----------------------------------
Claudia L Acord
Chief Financial Officer
Date: May 6, 2004