First West Virginia Bancorp Inc (FWV, Financial) filed Quarterly Report for the period ended 2011-09-30.
First West Virginia Bancorp Inc. has a market cap of $24.63 million; its shares were traded at around $14.9 with a P/E ratio of 10.96 and P/S ratio of 1.78. The dividend yield of First West Virginia Bancorp Inc. stocks is 5.1%.
For the third quarter of 2011, net income was $858,932 or $.52 per share as compared to $786,938 or $.48 per share for the same period in 2010. The increase in net income for the three months ended September 30, 2011 as compared to the same period in 2010 of $71,994 or 9.2% was primarily the result of the increase in net interest income combined with decreases in noninterest expenses, income tax expense and the provision for loan losses offset in part by the decrease in noninterest income. Net interest income increased $55,702 or 2.5%, 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. The provision for loan losses decreased $30,000 during the three month period ended September 30, 2011 as compared to the same period in 2010. Noninterest income decreased $73,462 or 9.2% for the three months ended September 30, 2011 as compared to same period of the prior year and was primarily due to the decline in service charges and fees earned on deposit accounts combined with the decrease in other operating income, which were offset in part by an increase in the net gains on sales of investment securities. Noninterest expenses were reduced by $28,648 or 1.5% during the three month period ended September 30, 2011 as compared to the same period in 2010 primarily due to decreases in other operating expenses and salary and employee benefits expenses, offset in part by increases in occupancy expenses.
The net gains on investment securities increased $81,634 or 14.5% for the nine month period ended September 30, 2011 as compared to the same period in 2010. The increase in net gains on sales of investment securities was primarily attributable to sales recorded by the Company and its subsidiary bank. The Companys subsidiary bank sold approximately $17.7 million of investment securities during the first nine months of 2011 to take advantage of the current market interest rate environment. During the nine months ended September 30, 2010, the Companys subsidiary bank sold approximately $17.0 million of investment securities for liquidity. The Company accounted for securities gains of $659,008 and securities losses of $16,011 during the nine month period ended September 30, 2011 and securities gains of $562,619 and securities losses of $1,256 during the nine month period ended September 30, 2010.
The net gains on investment securities increased $67,025 or 21.8% for the three month period ended September 30, 2011 as compared to the same period in 2010. The increase in investment securities gains was primarily attributable to sales recorded by the Company and its subsidiary bank. The increase in net gains on sales of investment securities was primarily attributable to sales recorded by the Company and its subsidiary bank. The Companys subsidiary bank sold approximately $4.9 million of investment securities during the third quarter of 2011 to take advantage of the current market interest rate environment. During the third quarter of 2010, the Companys subsidiary bank sold approximately $9.5 million of investment securities for liquidity. The Company accounted for securities gains of $375,212 and securities losses of $91 during the three month period ended September 30, 2011 and securities gains of $308,795 and securities losses of $699 during the three month period ended September 30, 2010.
Stockholders equity increased 2.8% during the nine month period ended September 30, 2011 entirely from current earnings after quarterly dividends, and a 6.0% increase in accumulated other comprehensive income. The increase in accumulated other comprehensive income is primarily attributable to the effect of the change in the net unrealized gain on securities available for sale. Stockholders equity amounted to 11.6% and 11.2% of total assets at September 30, 2011 and December 31, 2010, respectively. The Company paid dividends of $.57 per share during the nine month period ended September 30, 2011 as compared to the $.55 per share paid in the nine month period ended September 30, 2010. The Company paid dividends of $.19 and $.18 per share during the three month periods ended September 30, 2011 and September 30, 2010, respectively.
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First West Virginia Bancorp Inc. has a market cap of $24.63 million; its shares were traded at around $14.9 with a P/E ratio of 10.96 and P/S ratio of 1.78. The dividend yield of First West Virginia Bancorp Inc. stocks is 5.1%.
Highlight of Business Operations:
The Company reported net income of $1,817,974 or $1.10 per share for the nine months ended September 30, 2011 compared to $1,915,623 or $1.16 per share for the same period during 2010. The decrease in net income for the nine months ended September 30, 2011 as compared to the same period in 2010 of $97,649 or 5.1% was primarily the result of the increase in the provision for loan losses combined with the decrease in noninterest income, offset in part by the increase in net interest income and decreases in noninterest expenses and in income tax expense. Net interest income increased $267,654 or 4.1%, 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. The provision for loan losses increased $510,000 during the nine month period ended September 30, 2011 as compared to the same period in 2010 primarily due to a specific reserve allocation for one impaired commercial real estate loan. Noninterest income decreased $112,961 or 6.8% primarily due to the decline in service charges and fees earned on deposit accounts combined with the decrease in other operating income, which were offset in part by an increase in the net gains on sales of investment securities. Noninterest expenses decreased $47,585 or .8% during the nine month period ended September 30, 2011 as compared to the same period in 2010 primarily due to the decrease in other operating expenses and salary and employee benefits expenses, offset in part by increases in occupancy expenses. The ROA was .86% for the nine months ended September 30, 2011 as compared to .94% for the same period of the prior year. For the nine months ended September 30, 2011 compared to September 30, 2010, the ROE was 8.01% and 8.76%, respectively.For the third quarter of 2011, net income was $858,932 or $.52 per share as compared to $786,938 or $.48 per share for the same period in 2010. The increase in net income for the three months ended September 30, 2011 as compared to the same period in 2010 of $71,994 or 9.2% was primarily the result of the increase in net interest income combined with decreases in noninterest expenses, income tax expense and the provision for loan losses offset in part by the decrease in noninterest income. Net interest income increased $55,702 or 2.5%, 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. The provision for loan losses decreased $30,000 during the three month period ended September 30, 2011 as compared to the same period in 2010. Noninterest income decreased $73,462 or 9.2% for the three months ended September 30, 2011 as compared to same period of the prior year and was primarily due to the decline in service charges and fees earned on deposit accounts combined with the decrease in other operating income, which were offset in part by an increase in the net gains on sales of investment securities. Noninterest expenses were reduced by $28,648 or 1.5% during the three month period ended September 30, 2011 as compared to the same period in 2010 primarily due to decreases in other operating expenses and salary and employee benefits expenses, offset in part by increases in occupancy expenses.
The net gains on investment securities increased $81,634 or 14.5% for the nine month period ended September 30, 2011 as compared to the same period in 2010. The increase in net gains on sales of investment securities was primarily attributable to sales recorded by the Company and its subsidiary bank. The Companys subsidiary bank sold approximately $17.7 million of investment securities during the first nine months of 2011 to take advantage of the current market interest rate environment. During the nine months ended September 30, 2010, the Companys subsidiary bank sold approximately $17.0 million of investment securities for liquidity. The Company accounted for securities gains of $659,008 and securities losses of $16,011 during the nine month period ended September 30, 2011 and securities gains of $562,619 and securities losses of $1,256 during the nine month period ended September 30, 2010.
The net gains on investment securities increased $67,025 or 21.8% for the three month period ended September 30, 2011 as compared to the same period in 2010. The increase in investment securities gains was primarily attributable to sales recorded by the Company and its subsidiary bank. The increase in net gains on sales of investment securities was primarily attributable to sales recorded by the Company and its subsidiary bank. The Companys subsidiary bank sold approximately $4.9 million of investment securities during the third quarter of 2011 to take advantage of the current market interest rate environment. During the third quarter of 2010, the Companys subsidiary bank sold approximately $9.5 million of investment securities for liquidity. The Company accounted for securities gains of $375,212 and securities losses of $91 during the three month period ended September 30, 2011 and securities gains of $308,795 and securities losses of $699 during the three month period ended September 30, 2010.
Stockholders equity increased 2.8% during the nine month period ended September 30, 2011 entirely from current earnings after quarterly dividends, and a 6.0% increase in accumulated other comprehensive income. The increase in accumulated other comprehensive income is primarily attributable to the effect of the change in the net unrealized gain on securities available for sale. Stockholders equity amounted to 11.6% and 11.2% of total assets at September 30, 2011 and December 31, 2010, respectively. The Company paid dividends of $.57 per share during the nine month period ended September 30, 2011 as compared to the $.55 per share paid in the nine month period ended September 30, 2010. The Company paid dividends of $.19 and $.18 per share during the three month periods ended September 30, 2011 and September 30, 2010, respectively.
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