EXHIBIT 19
Report furnished to Shareholders
SECOND QUARTER ENDED
JUNE 30, 1996
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First West Virginia Bancorp Inc. and Subsidiaries
FINANCIAL HIGHLIGHTS
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(In Thousands, Except Per Share Data)
June 30,
1996 1995
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(Unaudited)
Financial Position
at Quarter End:
Total Assets $ 137,698 $ 123,257
Total Deposits $ 120,336 $ 110,537
Total Loans, net of
unearned income $ 74,021 $ 67,081
Total Investment Securities $ 48,937 $ 47,983
Shareholders' Equity $ 11,926 $ 11,083
Book Value per share of
Common Stock $ 15.38 $ 14.30
For the Six Months Ended
Net Income $ 1.01 $ 0.84
Cash Dividends $ 0.36 $ 0.24
Return on Average Assets 1.18% 1.08%
Return on Average Equity 13.27% 12.21%
For the Three Months Ended
Net Income $ 0.52 $ 0.46
Cash Dividends $ 0.19 $ 0.12
Return on Average Assets 1.19% 1.17%
Return on Average Equity 13.82% 12.94%
Market Information:
Price range of common stock
per share for the quarter*
High $ 22.00 $ 18.25
Low $ 21.00 $ 15.13
* Price range of common stock was
established on March 8, 1995. The high and low
sales prices of the common stock of the Holding
Company presented were as reported by the
American Stock Exchange.
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Dear Shareholders,
I am pleased to report to you the financial performance of First West
Virginia Bancorp, Inc. for the second quarter of 1996. Consolidated net income
for the three months ended June 30, 1996 was $405,277 or $.52 per share as
compared to $358,502 or $.46 per share as of June 30, 1995. The increase in
earnings during the second quarter of 1996 as compared to 1995 was primarily due
to increased net interest income, offset in part by increased operating expenses
and decreased noninterest income. Operational earnings were improved with net
interest income increasing $169,321 or 12.6%, to $1,514,702 for the three months
ended June 30, 1996 as compared to the same period in 1995 due primarily to the
growth in the loan portfolio.
For the three months ended June 30, 1996, the return on average assets (ROA)
was 1.19% and the return on average equity (ROE) was 13.82%. The ROA and ROE
earned during the same period last year were 1.17% and 12.94%, respectively.
The book value per share was $15.38 at June 30, 1996 as compared to $14.30 per
share at June 30, 1995.
Net loans increased to $72,838,474 at June 30, 1996, up 10.5%, from June 30,
1995. Total deposits increased 8.9% from $110,537,088 at June 30, 1995 to
$120,336,484 at June 30, 1996. Total stockholders' equity rose to $11,926,437,
a 7.6% increase over the $11,083,087 reported at June 30, 1995.
Dividends for the second quarter of 1996 were $.19 per share, up from the
$.12 per share paid during the second quarter of 1995.
During the second quarter of 1996, Progressive Bank, N.A. - Buckhannon opened
a full service branch office in Weston, West Virginia. The Weston branch office
located in the Market Square Shopping Center includes a drive-in facility and an
automated teller machine (ATM). Also, Progressive Bank, N.A. -Bellaire
installed the first ATM in Bellaire, Ohio.
A continued strong performance during 1996 is anticipated and I extend my
gratitude to our customers, shareholders, directors and employees for their
ongoing support.
Sincerely,
Ronald L. Solomon
President and Chief Executive Officer
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First West Virginia Bancorp Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
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(Unaudited) June 30, June 30,
1996 1995
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ASSETS
Cash and Due From Banks $ 4,212,794 $ 3,858,171
Interest Bearing Due From Banks 3,078,987 37,959
Federal Funds Sold 3,643,000 1,008,000
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Total cash and cash equivalents 10,934,781 4,904,130
Investment Securities
Held to Maturity - Market value of
$ 5,103,719 at June 30, 1996 ;
and $ 25,835,805 at June 30, 1995 5,117,027 26,275,824
Available for Sale (at market value) 43,819,899 21,706,832
Loans 74,020,562 67,080,739
Less allowance for possible loan losses (1,182,088) (1,177,035)
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Net loans 72,838,474 65,903,704
Premises and equipment, net 3,390,800 2,862,694
Accrued Income Receivable 961,162 893,811
Other assets 614,747 653,019
Intangible assets 21,600 57,148
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Total Assets $ 137,698,490 $ 123,257,162
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LIABILITIES
Noninterest bearing deposits:
Demand deposits $ 12,661,814 $ 11,270,399
Interest bearing deposits
Demand deposits 22,358,580 20,579,224
Savings 39,695,873 41,698,786
Time deposits 45,620,217 36,988,679
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Total Deposits 120,336,484 110,537,088
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Fed Funds Purchased and securities sold
under agreements to repurchase 4,885,612 1,119,954
Accrued Interest on deposits 324,428 294,054
Other Liabilities 225,529 222,979
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Total Liabilities 125,772,053 112,174,075
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STOCKHOLDERS' EQUITY
Common Stock - 2,000,000 shares authorized
at $5 par value; 775,268 shares issued at June 30, 1996
and 760,232 shares issued at June 30, 1995 3,876,340 3,801,160
Surplus 3,166,340 2,918,246
Retained Earnings 5,121,590 4,358,496
Net Unrealized Loss on securities available for sale (237,833) 5,185
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Total stockholders' equity 11,926,437 11,083,087
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Total liabilities and stockholders' equity $ 137,698,490 $ 123,257,162
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First West Virginia Bancorp Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
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(Unaudited) Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
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INTEREST INCOME
Interest and fees on loans and lease financing:
Taxable $ 1,635,461 $ 1,450,646 $ 3,250,311 $ 2,813,100
Tax-exempt 25,046 16,262 51,047 32,109
Investment Securities:
Taxable 635,207 578,890 1,229,033 1,131,460
Tax-exempt 57,923 59,444 117,266 121,250
Dividends 4,746 4,818 9,932 9,430
Other interest income 38,129 578 48,238 1,053
Interest on Federal Funds Sold 76,943 83,710 140,005 150,115
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Total interest income 2,473,455 2,194,348 4,845,832 4,258,517
INTEREST EXPENSE
Deposits 927,948 843,720 1,838,035 1,603,817
Interest on Fed Funds Purchased and
securities sold under agreements to repurchase 30,805 5,247 36,730 5,793
Other borrowings -- -- -- --
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Total interest expense 958,753 848,967 1,874,765 1,609,610
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Net interest income 1,514,702 1,345,381 2,971,067 2,648,907
PROVISION FOR POSSIBLE LOAN LOSSES 14,400 13,400 28,800 42,800
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Net interest income after provision
for possible loan losses 1,500,302 1,331,981 2,942,267 2,606,107
NONINTEREST INCOME
Service charges and other fees 92,116 97,644 173,422 179,396
Securities gains (losses) 339 65,475 (711) 65,475
Other operating income 46,121 24,055 97,436 101,175
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Total noninterest income 138,576 187,174 270,147 346,046
NONINTEREST EXPENSES
Salary and employee benefits 523,427 488,193 1,046,808 976,177
Net occupancy expense of premises 79,516 68,103 162,067 139,031
Other operating expenses 432,448 426,124 839,413 865,502
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Total noninterest expense 1,035,391 982,420 2,048,288 1,980,710
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Income before income taxes 603,487 536,735 1,164,126 971,443
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INCOME TAXES 198,210 178,233 384,488 318,618
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Net income $ 405,277 $ 358,502 $ 779,638 $ 652,825
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WEIGHTED AVERAGE SHARES OUTSTANDING 775,268 775,268 775,268 775,268
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EARNINGS PER COMMON SHARE $ 0.52 $ 0.46 $ 1.01 $ 0.84
============= ============= ============== ==============
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First West Virginia Bancorp, Inc.
DIRECTORS
George F. Beneke
Chairman of the Board,
First West Virginia Bancorp, Inc.
Attorney at Law
President, The Beneke Corporation
Sylvan J. Dlesk
President, Dlesk, Inc.
Robert A. Heyl
Retired Business Owner
Ben R. Honecker
Attorney at Law
Laura G. Inman
Vice Chairman,
First West Virginia Bancorp, Inc.
Senior Vice President,
Progressive Bank, N.A.
James C. Inman, Jr.
Retired Bank Executive
R. Clark Morton
Attorney at Law
Karl W. Neumann
Chairman of the Board,
Progressive Bank, N.A.
Retired Insurance Executive
Thomas A. Noice
Chairman of the Board,
Progressive Bank, N.A. - Bellaire
Peter C. Schuetz
Retired Dairy Consultant
Ronald L. Solomon
President, First West Virginia Bancorp, Inc.
Vice Chairman - Chief Executive Officer,
Progressive Bank, N.A.
Vice Chairman,
Progressive Bank, N.A.- Buckhannon
OFFICERS
George F. Beneke, Chairman of the Board
Laura G. Inman, Vice Chairman
Ronald L. Solomon, President and
Chief Executive Officer
Charles K. Graham, Executive Vice President - Loans
Beverly A. Barker, Senior Vice President, Treasurer
Francie P. Reppy, Controller
Stephanie A. LaFlam, Secretary
James R. Davis, Auditor
SUBSIDIARY BANK DIRECTORS AND OFFICERS
Progressive Bank N.A.
DIRECTORS
Dominic V. Agostino Howard D. Long
George F. Beneke W. H. Lucarelli
Dr. Clyde D. Campbell R. Clark Morton
Sylvan J. Dlesk Karl W. Neumann
Harry N. Duvall William T. Nickerson
Charles K. Graham Edward P. Otte
Ben R. Honecker William G. Petroplus
T. Stewart Hopkins Peter C. Schuetz
Laura G. Inman Ronald L. Solomon
James C. Inman, Jr.
OFFICERS
Karl W. Neumann, Chairman of the Board
Ronald L. Solomon, Vice Chairman & Chief Executive Officer
Charles K. Graham, President
Beverly A. Barker, Executive Vice President/Cashier
Laura G. Inman, Senior Vice President
Francie P. Reppy, Controller
Brad D. Winwood, Vice President
Gary S. Martin, Assistant Vice President/Marketing Coordinator
David E. Wharton, Assistant Vice President/Office Manager Warwood
Stephanie A. LaFlam, Secretary
Michele L. Stanley, Human Resource Manager/
Assistant Office Manager Warwood
Mitzi K. Mattern, Credit Card Manager/Office Manager Wellsburg
Susan E. Reinbeau, Office Manager Woodsdale
Lisa M. Minor, Office Manager Moundsville
Robin L. Snyder, Operations Supervisor Wellsburg
Laura K. Snedeker, Manager Bookkeeping/Proof Operations
Patricia L. Smith, Data Processing Manager
Debra M. Tomlin, Loan Officer
Bryan S. Ramsey, Loan Officer
James R. Davis, Auditor
Progressive Bank N.A. - Buckhannon
DIRECTORS
Charles K. Graham Ronald L. Solomon
J. Burton Hunter, III Douglas M. Stewart
David R. Rexroad Connie R. Tenney
Rick E. Rice J. David Thomas
Dale F. Riggs William L. Fury
OFFICERS
Dale F. Riggs, Chairman
Ronald L. Solomon, Vice Chairman
Connie R. Tenney, President, Chief Executive Officer, Cashier and Secretary
Larry J. Chidester, Assistant Vice President
J. Burton Hunter, III, Assistant Secretary
Cathy Sue Wingler, Assistant Cashier
Robin K. Forinash, Office Manager Weston
Progressive Bank, N.A. - Bellaire
DIRECTORS
George F. Beneke Clarence J. Ramsay
Robert R. Cicogna T. L. Ring, M.D.
Gary P. DeVendra Thomas L. Sable
Robert A. Heyl Ronald L. Solomon
C. Gary Hill Kathy L. Supinsky
Thomas A. Noice David E. Yaeger
OFFICERS
Thomas A. Noice, Chairman
David E. Yaeger, President & Chief Executive Officer
Deborah A. Kloeppner, Vice President and Secretary
Shirrel A. Czap, Assistant Vice President
Helen V. Forbes, Cashier
Carma Suchan, Assistant Operations Officer
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First West Virginia Bancorp Inc. and Subsidiaries
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Progressive Bank, National Association
1701 Warwood Avenue
Wheeling, WV 26003
(304) 277-1100
875 National Road
Wheeling, WV 26003
(304) 233-0060
744 Charles Street
Wellsburg, WV 26070
(304) 737-0821
1306 Lafayette Avenue
Moundsville, WV 26041
(304) 843-2688
Progressive Bank, N.A. - Buckhannon
West Main & Locust Streets
Buckhannon, WV 26201
(304) 472-0052
10 Market Place
Weston, WV 26452
(304) 269-0300
Progressive Bank, N.A. - Bellaire
426 34th Street
Bellaire, OH 43906
(614) 676-3141
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First West Virginia Bancorp Inc. and Subsidiaries
Corporate Information
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Corporate Office:
First West Virginia Bancorp, Inc.
1701 Warwood Avenue
Wheeling, WV 26003
(304) 277-1100
Transfer Agent
Any inquiries related to stockholder
records, stock transfers, changes of
ownership, and changes of address should be
sent to the transfer agent at the following
address:
Chase Mellon Shareholder Services
85 Challenger Road
Overpeck Centre
Ridgefield Park, New Jersey 07660
(800) 756-3353
Stock Trading Information:
First West Virginia Bancorp, Inc.'s common
stock is traded on the American Stock Exchange,
Inc. primary list under the symbol FWV.
Analysts, investors, and others seeking the
current market value of the stock and
additional information should contact
Ronald L. Solomon, President, First West
Virginia Bancorp, Inc., 875 National Road,
Wheeling, WV 26003. (304) 233-0060
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