First West Virginia Bancorp Inc (FWV, Financial) filed Quarterly Report for the period ended 2011-03-31.
First West Virginia Banc. has a market cap of $26.61 million; its shares were traded at around $16.1 with a P/E ratio of 10.92 and P/S ratio of 1.92. The dividend yield of First West Virginia Banc. stocks is 4.72%.
For the three months ended March 31, 2011, net interest income increased $133,231 or 6.3%, from the same period in 2010. The increase in net interest income was primarily due to the decrease in the interest paid on interest bearing liabilities combined with the increase in the interest earned on investment securities, offset in part by the decline in the yield earned on loans. The changes in the volume and mix of earning assets and interest bearing liabilities combined with the changes in market rates of interest resulted in a taxable equivalent net yield on average earning assets of 4.00% at March 31, 2011 as compared to 3.90% at December 31, 2010. The average volume of earning assets increased $6.9 million or 2.7% from December 31, 2010 to March 31, 2011.
Interest and fees on loans decreased $137,797 or 7.6%, from the same period in 2010 primarily due to the decline in the average loan volume combined with the decrease in the yield earned on loans. The taxable equivalent yield on loans fell 4 basis points, to 6.04% at March 31, 2011 from 6.08% at December 31, 2010. The average balance on loans decreased $4.5 million or 3.6% since December 31, 2010. The decrease in loan volume was primarily due to an decreased demand for commercial and commercial real estate loans, as well as consumer loans.
During the first quarter of 2011, interest income on investment securities increased $7,491 or .7% as compared to the same period of the prior year. The increase in interest income on investment securities was primarily due to the increase in the average volume, offset in part by the decline in the yield earned on investment securities. The average volume of the investment portfolio increased approximately $13.2 million from December 31, 2010 to March 31, 2011. The taxable equivalent yield on investment securities declined 27 basis points, to 4.35% at March 31, 2011 from 4.62% at December 31, 2010 and fell 56 basis points from March 31, 2010.
Interest expense decreased $268,764 or 30.9% during the three months ended March 31, 2011 as compared to the same period in 2010. The decrease in interest expense was primarily due to decreases in the average yield paid on interest bearing liabilities which were offset in part by an increase in the average balances of interest bearing liabilities. The average yield on interest bearing liabilities fell 30 basis points, from 1.41% at December 31, 2010 to 1.11% at March 31, 2011, while the average volume grew $3.6 million or 1.7% during this same period. The decline in the average yield on interest bearing liabilities was primarily due to the decline in the interest rates on interest bearing deposits combined with a reduction in the average yield paid on repurchase agreements and other borrowings.
Service charges and other fees represent the major component of noninterest income. These charges are earned from assessments made on checking and savings accounts. Service charges and other fee income fell $33,407 in the first three months of 2011 as compared to the same period in 2010, down 22.9%, from 2010. Approximately $29,200 of the decrease related primarily to the decline in overdraft charges.
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First West Virginia Banc. has a market cap of $26.61 million; its shares were traded at around $16.1 with a P/E ratio of 10.92 and P/S ratio of 1.92. The dividend yield of First West Virginia Banc. stocks is 4.72%.
Highlight of Business Operations:
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 increases 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 (losses) 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 pre-taxable 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.For the three months ended March 31, 2011, net interest income increased $133,231 or 6.3%, from the same period in 2010. The increase in net interest income was primarily due to the decrease in the interest paid on interest bearing liabilities combined with the increase in the interest earned on investment securities, offset in part by the decline in the yield earned on loans. The changes in the volume and mix of earning assets and interest bearing liabilities combined with the changes in market rates of interest resulted in a taxable equivalent net yield on average earning assets of 4.00% at March 31, 2011 as compared to 3.90% at December 31, 2010. The average volume of earning assets increased $6.9 million or 2.7% from December 31, 2010 to March 31, 2011.
Interest and fees on loans decreased $137,797 or 7.6%, from the same period in 2010 primarily due to the decline in the average loan volume combined with the decrease in the yield earned on loans. The taxable equivalent yield on loans fell 4 basis points, to 6.04% at March 31, 2011 from 6.08% at December 31, 2010. The average balance on loans decreased $4.5 million or 3.6% since December 31, 2010. The decrease in loan volume was primarily due to an decreased demand for commercial and commercial real estate loans, as well as consumer loans.
During the first quarter of 2011, interest income on investment securities increased $7,491 or .7% as compared to the same period of the prior year. The increase in interest income on investment securities was primarily due to the increase in the average volume, offset in part by the decline in the yield earned on investment securities. The average volume of the investment portfolio increased approximately $13.2 million from December 31, 2010 to March 31, 2011. The taxable equivalent yield on investment securities declined 27 basis points, to 4.35% at March 31, 2011 from 4.62% at December 31, 2010 and fell 56 basis points from March 31, 2010.
Interest expense decreased $268,764 or 30.9% during the three months ended March 31, 2011 as compared to the same period in 2010. The decrease in interest expense was primarily due to decreases in the average yield paid on interest bearing liabilities which were offset in part by an increase in the average balances of interest bearing liabilities. The average yield on interest bearing liabilities fell 30 basis points, from 1.41% at December 31, 2010 to 1.11% at March 31, 2011, while the average volume grew $3.6 million or 1.7% during this same period. The decline in the average yield on interest bearing liabilities was primarily due to the decline in the interest rates on interest bearing deposits combined with a reduction in the average yield paid on repurchase agreements and other borrowings.
Service charges and other fees represent the major component of noninterest income. These charges are earned from assessments made on checking and savings accounts. Service charges and other fee income fell $33,407 in the first three months of 2011 as compared to the same period in 2010, down 22.9%, from 2010. Approximately $29,200 of the decrease related primarily to the decline in overdraft charges.
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