ALLEGHENY BANCSHARES, INC. ANNOUNCES THIRD QUARTER 2015 FINANCIAL RESULTS
Allegheny Bancshares, Inc., the parent company of Pendleton Community Bank, is pleased to announce third quarter 2015 net income of $800,000 or $0.93 per share. This represents a 3.8% decrease from third quarter 2014 income of $832,000 or $0.97 per share.
For the first nine months of 2015, Allegheny had net income of $2,439,000, which is a 6.04% increase from the net income of $2,300,000 earned the first nine months of 2014. Earnings per share for the same period increased from $2.68 to $2.84 and Return on Average Assets (ROAA) for the first 9 months was 1.22% and the Return on Average Equity (ROAE) was 9.53%. This compares to a ROAA of 1.16% and a ROAE of 9.50% for the same period of 2014.
Assets increased 1.28% from December 31, 2014 to September 30, 2015 and on that date, totaled $271,076,000. Shareholders' Equity at the end of the quarter totaled $35,322,000.
W.A. (Bill) Loving, President and CEO, indicated he was pleased with the first nine month's performance. According to Loving, "We are continuing to see improvement in the financial results of our bank, as a result of our continued focus on expense management and an improvement in loan demand in the various markets we serve. This increase in loan demand is a welcomed event, as the new business opportunity has allowed us to better offset normal principal pay downs and the ever present competitive forces that tend to put pressure on the net interest margin. Year to date we are continuing to enjoy a healthy net interest margin and we anticipate the same to carry through the remainder of the year. As we look into 2016 and the possibility of moving off the historically low interest rates we have experienced since the financial crisis, we believe that we are well positioned for a potential rate increase and such increase would not significantly erode our current margin. As well, we believe our continued focus on asset quality and reduction in non-earning assets will provide for lower loan loss allocations and an improvement in our earning asset yield, which, all in all will enhance earnings even further.
We look forward to 2016 and beyond, as we strive to be the preferred provider of community based final products in the markets we serve. We will also continue to invest in the future of banking to ensure we provide the products tomorrow's customers desire, while keeping grounded to the preferences of today's customers"
This press release includes forward-looking statements, which are not historical facts and pertain to future operating results. These forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These statements are subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond our control. Accordingly, actual results may differ materially from anticipated results.
Pendleton Community Bank, an independent community bank since 1925, currently has five full-service financial centers located in the West Virginia communities of Franklin, Moorefield, Marlinton, Petersburg, and in the Virginia community of Harrisonburg. Pendleton Community Bank also has a Loan Production office in Wardensville, WV. Allegheny Mortgage Company, a division of Pendleton Community Bank, originates residential mortgage loans and is headquartered in our main office in Franklin.