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MOUNTAINEER BANKSHARES OF W.VA., INC. REPORTS HIGHER FOURTH QUARTER AND ANNUAL EARNINGS

 MOUNTAINEER BANKSHARES OF W.VA., INC.
 REPORTS HIGHER FOURTH QUARTER AND ANNUAL EARNINGS
 MARTINSBURG, W.Va., Feb. 10 /PRNewswire/ -- Mountaineer Bankshares of W.Va., Inc. (NASDAQ: MTNR) today announced net income of $1,214,000 for the fourth quarter of 1991 compared to $920,000 for the same period of 1990, an increase of 31.96 percent.
 On a per share basis net income rose to $.47 compared to $.35 in 1990, representing an increase of 34.29 percent.
 Earnings for 1991 were $4,692,000, or $1.81 per share, compared to $4,134,000, or $1.57 per share, during 1990, increasing 13.50 percent and 15.29 percent, respectively.
 In 1991 assets increased to a record $603,007,000 from $535,953,000 as a result of the acquisitions of The First National Bank of Cameron and The Blueville Bank of Grafton that occurred during the first half of the year.
 "We are pleased with the continued improvement of our earnings," said Brent D. Robinson, president. "Mountaineer has made substantial progress during the past two years and we feel confident that this trend will carry on into 1992."
 Mountaineer Bankshares is the holding company of six 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; and The First National Bank of Cameron.
 MOUNTAINEER BANKSHARES OF W.VA., INC.
 Summary Financial Data
 In thousands of dollars (except per share amounts)
 (Unaudited)
 Fourth Quarter 1991 1990
 Net income $1,214 $920
 Per share $0.47 $0.35
 Net interest income $6,132 $5,373
 Noninterest income 663 505
 Noninterest expense 5,049 4,092
 Loss provision 237 645
 Net charge-offs 847 667
 Year 1991 1990
 Net income $4,692 $4,134
 Per share $1.81 $1.57
 Net interest income $24,033 $22,022
 Noninterest income 2,912 2,140
 Noninterest expense 19,327 16,429
 Loss provision 1,580 2,393
 Net charge-offs 1,736 2,172
 Balance Sheet Dec. 31, 1991 Dec. 31, 1990
 Assets $603,007 $535,953
 Deposits 523,888 466,080
 Loans, net of unearned interest 265,468 238,686
 Shareholders' equity 50,893 48,909
 Loan loss reserve 7,263 5,158
 Other real estate owned 5,576 5,197
 Loan loss reserve/loans (pct.) 2.74 2.16
 Nonperforming loans $7,994 $8,407
 Nonperforming loans/loans (pct.) 3.01 3.52
 Primary capital ratio (pct.) 9.64 10.09
 Earnings per share have been computed based on the weighted average of 2,592,499 and 2,599,010 shares outstanding for the three-month and 12-month periods ended Dec. 31, 1991, and 2,631,422 and 2,630,931 shares outstanding for the three-month and 12-month periods ended Dec. 31, 1990.
 -0- 2/10/92
 /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


DM -- PG010 -- 8189 02/10/92 10:08 EST
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Date:Feb 10, 1992
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