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MOUNTAINEER BANKSHARES OF W.VA., INC. ANNOUNCES INCREASED FIRST QUARTER EARNINGS

 MARTINSBURG, W.Va., April 14 /PRNewswire/ -- Mountaineer Bankshares of W.Va., Inc. (NASDAQ: MTNR) today announced net income of $2,220,000 for the first quarter of 1993, compared to $1,566,000 for the same period in 1992, a 41.76 percent increase.
 On a per share basis, net income was $0.77 compared to $0.54 in 1992, representing an increase of 42.59 percent. 1992 data has been restated to reflect the Jan. 29, 1993, merger with Sunrise Bancorp, Inc., which is being accounted for as a pooling-of-interest. The results of the quarter were affected by a nonrecurring gain of approximately $216,000 that occurred due to the adoption of a change in accounting principles for income taxes (FASB Statement 109).
 For the three months ended March 31, 1993, return on average assets (ROA) was 1.25 percent, while return on average equity (ROE) equaled 14.83 percent. ROA and ROE were 0.94 percent and 11.32 percent for the same period last year. At quarter end, total assets reached a record $729,391,000, up $49,207,000 from $680,184,000 at March 31, 1992.
 "Mountaineer experienced a very good first quarter for 1993. Net interest income and other income increased while the provision for loan losses decreased and other operating expenses remained relatively unchanged," commented Brent D. Robinson, president.
 Mountaineer Bankshares is the holding company of seven West Virginia banks including Old National Bank, Martinsburg; The Empire National Bank of Clarksburg; City National Bank of Fairmont; The Bank of Wadestown, Fairview; Mercantile Banking & Trust Company, Moundsville; The First National Bank of Cameron; and The Sunshine Bank of Wheeling.
 MOUNTAINEER BANKSHARES OF W.VA., INC.
 Martinsburg, W.Va.
 Summary Financial Data
 In thousands of dollars (except per share amounts)
 (Unaudited)
 Period First Quarter
 1993 1992
 Net income $2,220 $1,566
 Per share $ 0.77 $ 0.54
 Net interest income 7,671 7,200
 Noninterest income 871 782
 Noninterest expense 5,440 5,423
 Loss provision 223 356
 Net charge-offs 3 329
 Balance Sheet 3/31/93 3/31/92
 Assets $729,391 $680,184
 Deposits 600,420 581,882
 Loans, net of unearned interest 313,679 303,759
 Shareholders' equity 61,793 55,958
 Loan loss reserve 7,916 7,866
 Other real estate owned 4,773 5,375
 Loan loss reserve/loans 2.52 pct. 2.59 pct.
 Nonperforming loans 6,955 8,249
 Nonperforming loans/loans 2.22 pct. 2.72 pct.
 Equity/assets 8.47 pct. 8.23 pct.
 -- Earnings per share have been computed based on the weighted average of 2,898,852 shares outstanding for the three-month period ended March 31, 1993, and 2,897,614 shares outstanding for the three-month period ended March 31, 1992.
 -- 1992 data has been restated to reflect the 1993 pooling-of-interest with Sunrise Bancorp, Inc.
 -0- 4/14/93
 /CONTACT: Brent D. Robinson, president of Mountaineer Bankshares, 304-263-0861, ext. 193/
 (MTNR)


CO: Mountaineer Bankshares, Inc. ST: West Virginia IN: FIN SU: ERN

CD-KC -- PG004 -- 5610 04/14/93 10:29 EDT
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Date:Apr 14, 1993
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