EXHIBIT 19
Report furnished to Shareholders
FIRST QUARTER ENDED
MARCH 31, 1997
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First West Virginia Bancorp Inc. and Subsidiaries
FINANCIAL HIGHLIGHTS
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(In Thousands, Except Per Share Data)
Three months ended
March 31,
1997 1996
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(Unaudited)
FINANCIAL POSITIION
AT QUARTER END:
Total Assets $ 150,114 $ 134,193
Total Deposits 130,748 120,279
Total Loans, net of
unearned income 81,032 71,273
Total Investment Securities 52,207 46,824
Shareholders' Equity 12,692 11,754
PER SHARE DATA
Net Income $ .59 $ .47
Cash Dividends .20 .16
Book Value 15.74 14.58
KEY RATIOS
Return on Average Assets 1.31% 1.16%
Return on Average Equity 14.99% 12.69%
AVERAGE BALANCES
Total loans, net $ 79,828 $ 71,565
Investment Securities 51,073 45,701
Deposits 115,606 105,184
Stockholders' Equity 12,902 11,855
Total Assets 148,235 130,070
FOR THE THREE MONTHS ENDED
Total interest income $ 2,698 $ 2,372
Net income 477 374
MARKET INFORMATION:
Price range of common stock
for the quarter*
High $ 25.50 $ 21.88
Low 24.00 21.00
* The high and low sales prices of the common stock of the Holding Company
presented were as reported by the American Stock Exchange.
Dear Shareholders,
It is with great pleasure that I report to you the record financial
performance of First West Virginia Bancorp, Inc. for the first quarter of
1997. Consolidated net income for the three months ended March 31, 1997 was
$476,607 or $.59 per share as compared to $374,361 or $.47 per share as of
March 31, 1996. The increase in earnings during the first quarter of 1997 as
compared to 1996 was primarily due to increased net interest income and
noninterest income, offset in part by increased operating expenses and the
provision for loan losses. Operational earnings were improved with net
interest income increasing $154,005 or 10.6%, to $1,610,370 for the three
months ended March 31, 1997 as compared to the same period in 1996. Increases
in the average volume of loans and the average rates earned on investments,
offset by an increase in the average volume of time deposits primarily
contributed to the increased net interest income.
For the three months ended March 31, 1997, the return on average assets
(ROA) was 1.31% compared to 1.16% for the same period in 1996. The return on
average equity (ROE) for the three months ended March 31, 1997 was 14.99% as
compared to 12.69% during the same period last year. The book value per share
was $15.74 at March 31, 1997 as compared to $14.58 per share at March 31,
1996.
Net loans increased to $81,032,143 at March 31, 1997, up 13.7%, from March
31, 1996. Total deposits increased 8.7% from $120,279,348 at March 31, 1996
to $130,747,901 at March 31, 1997. Total stockholders' equity rose to
$12,692,111, an 8.0% increase over the $11,753,923 reported at March 31, 1996.
During the first quarter of 1997, the Board of Directors declared and paid
cash dividends of $.20 per share, up from the $.16 per share paid during the
first quarter of 1996.
First West Virginia Bancorp, Inc.'s annual meeting was held on April 8,
1997. At the meeting the following directors were re-elected to serve as
Class II directors for three year terms: Sylvan J. Dlesk, Benjamin R.
Honecker, James C. Inman, Jr., and Thomas A. Noice.
A continued strong performance is anticipated for 1997. As always, my
sincere gratitude to our customers, shareholders, directors, officers 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)
March 31, March 31,
1997 1996
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ASSETS
Cash and Due From Banks $ 4,820,609 $ 4,196,356
Interest Bearing Due From Banks 1,552,903 3,046,932
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Total cash and cash equivalents 6,373,512 7,243,288
Federal Funds Sold 6,405,000 5,032,000
Investment Securities
Available for Sale (at market value) 45,807,114 41,874,527
Held to Maturity - (market value of
$ 6,390,130 and $ 4,966,206, respectively) 6,399,647 4,949,270
Loans 81,032,143 71,273,418
Less allowance for possible loan losses (1,169,918) (1,170,199)
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Net loans 79,862,225 70,103,219
Premises and equipment, net 3,213,726 3,242,761
Accrued Income Receivable 1,215,820 1,078,236
Other assets 829,749 639,259
Intangible assets 7,084 30,487
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Total Assets $ 150,113,877 $ 134,193,047
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LIABILITIES
Noninterest bearing deposits:
Demand $ 13,102,522 $ 11,121,891
Interest bearing deposits
Demand 25,758,795 24,429,075
Savings 38,631,124 40,816,061
Time 53,255,460 43,912,321
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Total Deposits 130,747,901 120,279,348
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Repurchase agreements 5,756,675 1,503,137
Accrued Interest on deposits 364,933 294,227
Other Liabilities 552,257 362,412
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Total Liabilities 137,421,766 122,439,124
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STOCKHOLDERS' EQUITY
Common Stock - 2,000,000 shares authorized at $5 par value;
806,107 shares issued at March 31, 1997
775,268 shares issued at March 31, 1996 4,030,535 3,876,340
Surplus 3,764,000 3,166,340
Retained Earnings 5,250,689 4,863,614
Net Unrealized Loss on securities
available for sale (353,113) (152,371)
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Total stockholders' equity 12,692,111 11,753,923
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Total liabilities and stockholders'
equity $ 150,113,877 $ 134,193,047
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First West Virginia Bancorp Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
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(Unaudited) Three Months Ended March 31,
1997 1996
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INTEREST INCOME
Interest and fees on loans and lease financing:
Taxable $ 1,771,968 $ 1,614,850
Tax-exempt 24,319 26,001
Investment Securities:
Taxable 701,399 593,826
Tax-exempt 70,715 59,343
Dividends 5,174 5,186
Other interest income 18,215 10,109
Interest on Federal Funds Sold 106,549 63,062
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Total interest income 2,698,339 2,372,377
INTEREST EXPENSE
Deposits 1,035,731 910,087
Other borrowings 52,238 5,925
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Total interest expense 1,087,969 916,012
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Net interest income 1,610,370 1,456,365
PROVISION FOR POSSIBLE LOAN LOSSES 25,500 14,400
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Net interest income after provision
for possible loan losses 1,584,870 1,441,965
NONINTEREST INCOME
Service charges 91,324 81,306
Securities gains (losses) -- (1,050)
Other operating income 76,710 51,315
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Total noninterest income 168,034 131,571
NONINTEREST EXPENSES
Salary and employee benefits 578,056 523,381
Net occupancy expense of premises 82,893 82,551
Other operating expenses 377,866 406,965
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Total noninterest expense 1,038,815 1,012,897
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Income before income taxes 714,089 560,639
INCOME TAXES 237,482 186,278
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Net income $ 476,607 $ 374,361
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WEIGHTED AVERAGE SHARES OUTSTANDING 806,107 806,107
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EARNINGS PER COMMON SHARE $ .59 $ .47
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First West Virginia Bancorp, Inc.
DIRECTORS
George F. Beneke
Chairman of the Board,
First West Virginia Bancorp, Inc.
Retired 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
Connie R. Tenney, Vice President
David E. Yaeger, Vice President
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
Debra M. Tomlin, Loan Officer
Bryan S. Ramsey, Loan Officer
James R. Davis, Auditor
Progressive Bank N.A. - Buckhannon
DIRECTORS
Margaret D. Brown Dale F. Riggs
William L. Fury Ronald L. Solomon
Charles K. Graham Douglas M. Stewart
J. Burton Hunter III Connie R. Tenney
David R. Rexroad J. David Thomas
Rickie E. Rice
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
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First West Virginia Bancorp Inc. and Subsidiaries
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Progressive Bank, N.A.
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