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MOUNTAINEER BANKSHARES OF W.VA. REPORTS SECOND QUARTER EARNINGS INCREASE

MOUNTAINEER BANKSHARES OF W.VA. REPORTS SECOND QUARTER EARNINGS INCREASE
 MARTINSBURG, W.Va., July 13 /PRNewswire/ -- Mountaineer Bankshares of W.Va., Inc. (NASDAQ: MTNR) announced today net income of $1,609,000 for the second quarter of 1992 compared to $1,227,000 for the same period in 1991, an increase of 31.1 percent.
 On a per share basis, net income was $.62 compared to $.47 in 1991, representing an increase of 31.9 percent.
 Earnings for the six months ended June 30, 1992, were $3,040,000, or $1.17 per share, compared to $2,244,000 or $.86 per share, during 1991, increasing 35.5 percent and 36.0 percent respectively.
 "Our improved performance during the second quarter is a consequence of continued favorable interest rates which resulted in increased margins," commented Brent D. Robinson, president. "Other factors were additional asset quality improvement with charge-offs falling 33 percent during the first half of this year, and overhead costs being maintained at a constant level."
 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
 (Unaudited; in thousands of dollars, except per-share amounts)
 Second Quarter 1992 1991
 Net income $1,609 $1,227
 Per share $.62 $.47
 Net interest income 6,720 6,350
 Noninterest income 741 861
 Noninterest expense 4,927 4,926
 Loss provision 255 522
 Net charge-offs 206 23
 Six Months 1992 1991
 Net income $3,040 $2,244
 Per share $1.17 $.86
 Net interest income 13,317 11,738
 Noninterest income 1,473 1,485
 Noninterest expense 9,956 9,072
 Loss provision 551 1,078
 Net charge-offs 520 771
 Balance Sheet 6/30/92 6/30/91
 Assets $628,544 $601,579
 Deposits 537,848 523,607
 Loans, net of unearned
 interest 269,789 270,243
 Shareholder's equity 52,879 49,656
 Loan loss reserve 7,295 7,726
 Other real estate owned 5,753 5,497
 Loan loss reserve/loans (pct.) 2.70 2.86
 Nonperforming loans 7,153 8,048
 Nonpeforming loans/loans (pct.) 2.65 2.98
 Primary capital ratio (pct.) 9.57 9.54
 Earnings per share have been computed based on the weighted average of 2,587,019 and 2,588,322 shares outstanding for the three-month and six-month periods ended June 30, 1992, and 2,604,097 and 2,607,266 shares outstanding for the three-month and six-month periods ended June 30, 1991.
 -0- 7/13/92
 /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


MK-JS -- PG006 -- 8578 07/13/92 11:07 EDT
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Publication:PR Newswire
Date:Jul 13, 1992
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