First West Virginia Bancorp, Inc. Announces First Quarter 2010 Earnings

WHEELING, W.Va., May 12 /PRNewswire-FirstCall/ -- 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.

Net income for the first quarter of 2010 was reported at $460,651 or $.29 per share, compared to $523,594 or $.33 per share reported for the same period a year earlier.  The decrease in earnings during the first quarter of 2010 compared to 2009 was primarily attributed to increases in noninterest expenses and the provision for loan losses, offset in part by increases in net interest income, noninterest income and a decrease in income tax expense.  As compared to the prior year, noninterest expenses increased $160,085 or 9.2% during the first quarter of 2010 as compared to 2009 primarily due to increases in salary and employee benefits expenses, other operating expenses and in occupancy expenses.   Net interest income increased $15,536 or .7%, primarily due to the decrease in the interest paid on interest bearing liabilities, offset in part by the decrease in the income earned on investment securities combined with the decrease in the interest and fees earned on loans. Noninterest income increased $5,407 or 1.9%, primarily due to an increase in other operating income combined with the change in the net losses on sales of investment securities, offset in part by the decline in service charges and other fee income.  During the first quarter of 2010, the Company allocated $30,000 to the provision for loan losses.        

First West Virginia Bancorp, Inc. stock is traded on the NYSE Amex under the symbol "FWV."

SOURCE First West Virginia Bancorp, Inc.