WHEELING, W.Va., April 29, 2015 /PRNewswire/ -- First West Virginia Bancorp, Inc. (NYSE MKT: FWV) President and Chief Executive Officer, William G. Petroplus, 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.

The Company reported net income of $1,038,000 or $.60 per share for the three months ended March 31, 2015 compared to $446,000 or $.26 per share for the same period during 2014. The increase in net income for the three months ended March 31, 2015 as compared to the same period in 2014 of $592,000 was primarily the result of the increase in noninterest income as well as the increase in net interest income, offset in part by an increase in income tax expense and an increase in noninterest expenses. Noninterest income increased $992,000, primarily due to the net gains on available for sale securities. Net interest income increased $136,000, or 6.7%, primarily due to the increase in the interest and fees earned on loans combined with the slight reduction in the expense paid on interest bearing liabilities, offset in part by a decline in the interest earned on investment securities. Income tax expense increased $433,000 during the first quarter of 2015 as compared to the same period in 2014 primarily due to the net gains on available for sale securities. Noninterest expenses increased $103,000, or 5.4%, during the three month period ended March 31, 2015 compared to the same period in 2014 primarily due to an increase in salary and employee benefit expenses combined with slight increases in occupancy expenses and other operating expenses. The ROAA was 1.26% for the three months ended March 31, 2015 as compared to .54% for the same period of the prior year. For the three months ended March 31, 2015 compared to March 31, 2014, the ROAE was 12.29% and 5.41%, respectively.



    FIRST WEST VIRGINIA BANCORP, INC. FINANCIAL HIGHLIGHTS


    (Dollars
     in
     thousands,
     except
     share
     and per
     share
     data)                                       March 31, 2015       December 31, 2014
    -----------                                  --------------       -----------------


    AT PERIOD END
    -------------

    Total
     Assets                                                   340,865                 332,390
    -------                                                   -------                 -------

    Total
     Deposits                                                 274,541                 272,143
    ---------                                                 -------                 -------

    Total
     Loans                                                    102,844                  99,217
    ------                                                    -------                  ------

    Total
     Investment
     Securities                                               198,648                 197,079
    -----------                                               -------                 -------

     Shareholders'
     Equity                                                    36,230                  34,872
     -------------                                             ------                  ------

     Shareholders'
     Equity
     Per
     Share
     of
     Common
     Stock                                                      21.08                   20.29
     -------------                                              -----                   -----



    (Dollars
     in
     thousands,
     except
     share
     and per
     share
     data)                                       March 31, 2015         March 31, 2014
    -----------                                  --------------         --------------


    FOR THE THREE MONTHS ENDED
    --------------------------

    Net
     Income                                                     1,038                     446
    -------                                                     -----                     ---

     Provision
     for
     Loan
     Losses                                                         -                      -
     ---------                                                    ---                    ---

    Earnings
     Per
     Share of
     Common
     Stock                                                        .60                     .26
    ---------                                                     ---                     ---

     Dividends
     Per
     Share
     of
     Common
     Stock                                                        .20                     .20
     ---------                                                    ---                     ---

    Return
     on
     Average
     Assets                                                     1.26%                   .54%
    --------                                                     ----                     ---

    Return
     on
     Average
     Equity                                                    12.29%                  5.41%
    --------                                                    -----                    ----


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

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SOURCE First West Virginia Bancorp, Inc.