First West Virginia Bancorp has reported that its net income for the fourth quarter ended December 31, 2008 was $536,048, or $0.34 per share, up 0.2%, compared to $534,931, or $0.34 per share, for the fourth quarter ended December 31, 2007.
The increase in earnings during the fourth quarter of 2008 compared to 2007 was primarily attributed to the decrease in noninterest expenses, offset in part by decreases in net interest income and noninterest income, according to First West Virginia Bancorp.
Net income for the year ended December 31, 2008 was $2.2m, or $1.39 per share, as compared to $2.03m, or $1.28 per share, for the year ended December 31, 2007.
The company reported that the increase in earnings during 2008 over 2007 was primarily attributed to the increase in noninterest income combined with the decrease in noninterest expenses, offset in part by the decrease in net interest income and the decrease in the negative provision for loan losses.
The company ended the year 2008 with total assets of $258.16m, an increase of 2%, as compared to $253.19m for the year 2007.
