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

 MARTINSBURG, W.Va., July 14 /PRNewswire/ -- Mountaineer Bankshares of W.Va., Inc. (NASDAQ: MTNR), today announced net income of $2,240,000 for the second quarter of 1993 compared to $1,785,000 for the same period in 1992, a 25.49 percent increase.
 On a per share basis, net income was $0.77 compared to $0.62 in 1992, representing an increase of 24.19 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.
 Earnings for the six months ended June 30, 1993, were $4,460,000, or $1.54 per share. This compares to $3,351,000, or $1.16 per share, during 1992, increases of 33.09 percent and 32.76 percent, respectively.
 Return on average assets (ROA) was 1.23 percent, while return on average equity (ROE) equaled 14.62 percent. ROA and ROE were 1 percent and 12.02 percent for the same period last year. At quarter end, total assets had risen to $738,214,000, up $49,365,000 from $688,849,000 at June 30, 1992.
 "We are very pleased with the excellent results of the second quarter. It is particularly gratifying that we were able to match the results of the first quarter which contained an extraordinary item of $216,000. The revenue growth we experienced far outstripped the modest increase in expenses," commented Brent D. Robinson, president. "In addition, credit losses remained at a very acceptable level with our long-term trend of asset quality improvement continuing."
 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)
 Second Quarter 1993 1992
 Net income 2,240 1,785
 Per share 0.77 0.62
 Net interest income 7,930 7,361
 Noninterest income 1,083 797
 Noninterest expense 5,529 5,328
 Loss provision 235 285
 Net charge-offs 259 159
 Year 1993 1992
 Net income 4,460 3,351
 Per share 1.54 1.16
 Net interest income 15,601 14,561
 Noninterest income 1,954 1,579
 Noninterest expense 10,969 10,751
 Loss provision 458 641
 Net charge-offs 262 488
 Balance Sheet 6/31/93 6/31/92
 Assets 738,214 688,849
 Deposits 604,322 584,162
 Loans, net of unearned interest 323,085 311,107
 Shareholders' equity 63,310 57,276
 Loan loss reserve 7,892 7,988
 Other real estate owned 4,601 5,760
 Loan loss reserve/loans 2.44 pct. 2.57 pct.
 Nonperforming loans 5,945 7,601
 Nonperforming loans/loans 1.84 pct. 2.44 pct.
 Equity/assets 8.58 pct. 8.31 pct.
 -- Earnings per share have been computed based on the weighted average of 2,902,019 and 2,900,444 shares outstanding for the three-month and six-month periods ended June 30, 1993, and 2,887,019 and 2,888,322 shares outstanding for the three-month and six-month periods ended June 30, 1992.
 -- 1992 data has been restated to reflect the 1993 pooling-of-interest with Sunrise Bancorp, Inc.
 -0- 7/14/93
 /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 -- PG004 -- 1311 07/14/93 10:40 EDT
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Date:Jul 14, 1993
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