Printer Friendly

MOUNTAINEER BANKSHARES OF W.VA., INC. ANNOUNCES THIRD QUARTER EARNINGS

 MARTINSBURG, W.Va., Oct. 20 /PRNewswire/ -- Mountaineer Bankshares of W.Va., Inc. (NASDAQ: MTNR) today reported net income of $1,544,000 for the third quarter of 1993, compared to $1,900,000 for the third quarter of 1992, a decrease of 18.74 percent.
 On a per share basis, net income was $0.53 compared to $0.66 for the third quarter of 1992. The 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.
 Earnings for the nine months ended Sept. 30, 1993, increased 14.36 percent to $6,004,000 compared to $5,250,000 for the same period in 1992. Year-to-date earnings per share were $2.07 compared to $1.82 in 1992, an increase of 13.74 percent.
 Return on average assets (ROA) was 1.09 percent and return on average equity (ROE) equaled 12.92 percent. ROA and ROE were 1.02 percent and 12.38 percent, respectively, for the same period last year. At quarter end, total assets had risen from $715,018,000 at Sept. 30, 1992, to $748,196,000, and book value per share had risen to $22.05 from $20.29.
 "Mountaineer's core earnings continue to remain strong. The decline in net income for the third quarter was a direct result of expenses related to our pending merger with One Valley Bancorp," 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 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)
 Third Quarter 1993 1992
 Net income $1,544 $1,900
 Per share $0.53 $0.66
 Net interest income 7,803 7,753
 Noninterest income 1,068 1,204
 Noninterest expense 6,362 5,990
 Loss provision 247 208
 Net charge-offs 224 331
 Year-to-date 1993 1992
 Net income 6,004 5,250
 Per share $2.07 $1.82
 Net interest income 23,404 22,314
 Noninterest income 3,022 2,783
 Noninterest expense 17,331 16,741
 Loss provision 705 849
 Net charge-offs 486 819
 Extraordinary gain 214
 Balance Sheet 9/30/93 9/30/92
 Assets $748,196 $715,018
 Deposits 617,335 599,617
 Loans, net of unearned interest 333,452 316,582
 Shareholders' equity 63,984 58,590
 Loan loss reserve 7,914 7,864
 Other real estate owned 4,407 5,050
 Loan loss reserve/loans 2.37 pct. 2.48 pct.
 Nonperforming loans 5,873 7,007
 Nonperforming loans/loans 1.76 pct. 2.21 pct.
 Equity/assets 8.55 pct. 8.19 pct.
 Earnings per share have been computed based on the weighted average of 2,902,019 and 2,900,975 shares outstanding for the three-month and nine-month periods ended Sept. 30, 1993, and 2,887,019 and 2,887,624 shares outstanding for the three-month and nine-month periods ended Sept. 30, 1992.
 1992 data has been restated to reflect the 1993 pooling-of-interest with Sunrise Bancorp, Inc.
 -0- 10/20/93
 /CONTACT: Brent D. Robinson, president, of Mountaineer Bankshares, 304-263-0861, ext. 193/
 (MTNR)


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

CD-KC -- PG005 -- 4518 10/20/93 11:16 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 20, 1993
Words:583
Previous Article:WEIRTON STEEL CORPORATION REPORTS EARNINGS
Next Article:HERSHEY FOODS REPORTS RECORD THIRD QUARTER FINANCIAL RESULTS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters