Printer Friendly

MOUNTAINEER BANKSHARES OF W.VA., INC. REPORTS INCREASED THIRD QUARTER EARNINGS

 MOUNTAINEER BANKSHARES OF W.VA., INC.
 REPORTS INCREASED THIRD QUARTER EARNINGS
 MARTINSBURG, W.Va., Oct. 14 /PRNewswire/ -- Mountaineer Bankshares of W.Va., Inc. (NASDAQ: MTNR) announced third quarter earnings of $1,709,000 compared to $1,234,000 for the same period in 1991, an increase of 38.49 percent.
 On a per share basis, net income was $0.66 compared to $0.48 in 1991, representing an increase of 37.5 percent.
 Earnings for the nine months ended Sept. 30, 1992, were $4,749,000, or $1.84 per share, compared to $3,478,000, or $1.34 per share, during 1991, increasing 36.5 percent and 37.3 percent, respectively.
 For the nine months ended Sept. 30, 1992, return on average assets was 1.01 percent, while return average equity equaled 12.13 percent. Book value per share was $20.87, up from $19.38 as of Sept. 30, 1991. Total assets increased to $651,000,000 at the end of the third quarter.
 "The company's fundamentals continued to improve during the quarter. Net interest income grew and problem assets declined from the previous periods," stated Brent D. Robinson, president. "Net overhead was virtually unchanged from the third quarter of 1991."
 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.
 Martinsburg, W.Va.
 Summary Financial Data
 In thousands of dollars (except per share amounts)
 (Unaudited)
 Third Quarter 1992 1991
 Net income $1,709 $1,234
 Per share $ 0.66 $ 0.48
 Net interest income 7,046 6,163
 Noninterest income 1,142 764
 Noninterest expense 5,561 5,206
 Loss provision 163 266
 Net charge-offs 281 118
 Nine Months 1992 1991
 Net income $ 4,749 $ 3,478
 Per share $ 1.84 $ 1.34
 Net interest income 20,363 17,901
 Noninterest income 2,615 2,249
 Noninterest expense 15,517 14,278
 Loss provision 714 1,343
 Net charge-offs 801 889
 Balance Sheet 9/30/92 9/30/91
 Assets $651,002 $609,475
 Deposits 552,307 529,717
 Loans, net of unearned interest 273,544 268,863
 Shareholders' equity 54,003 50,307
 Loan loss reserve 7,176 7,873
 Other real estate owned 5,045 5,115
 Loan loss reserve/loans 2.62 percent 2.93 percent
 Nonperforming loans 6,605 8,225
 Nonperforming loans/loans 2.41 percent 3.06 percent
 Equity/assets 8.30 percent 8.25 percent
 Earnings per share have been computed based on the weighted average of 2,587,019 and 2,587,624 shares outstanding for the three-month and nine-month periods ended Sept. 30, 1992, and 2,597,119 and 2,600,869 shares outstanding for the three-month and nine-month periods ended Sept. 30, 1991.
 -0- 10/14/92
 /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


CD-SB -- PG004 -- 9767 10/14/92 10:31 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 14, 1992
Words:525
Previous Article:LEADING N.C. UTILITY NETWORK ANNOUNCES ADOPTION OF NEW NAME
Next Article:FIRST FINCORP ANNOUNCES THIRD QUARTER EARNINGS
Topics:


Related Articles
KEY CENTURION ANNOUNCES THIRD QUARTER EARNINGS FOR 1991
MOUNTAINEER BANKSHARES OF W.VA., INC. REPORTS HIGHER FOURTH QUARTER AND ANNUAL EARNINGS
MOUNTAINEER BANKSHARES OF W.VA. REPORTS SECOND QUARTER EARNINGS INCREASE
KEY CENTURION EARNINGS INCREASE 26 PERCENT IN THIRD QUARTER
MOUNTAINEER BANKSHARES OF W.VA., INC. REPORTS FOURTH QUARTER EARNINGS
MOUNTAINEER BANKSHARES OF W.VA., INC. ANNOUNCES INCREASED FIRST QUARTER EARNINGS
MOUNTAINEER BANKSHARES OF W.VA., INC. REPORTS INCREASED SECOND QUARTER EARNINGS
MOUNTAINEER BANKSHARES OF W.VA., INC. ANNOUNCES THIRD QUARTER EARNINGS
COMMERCIAL BANK OF FLORIDA SETS RECORD NET INCOME AND PER SHARE EARNINGS
UNION BANKSHARES POSTS THIRD QUARTER RESULTS

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