Allegheny Bancshares, Inc., the parent company of Pendleton Community Bank, has announced third quarter 2019 net income of $1,057,000 or $1.27 per share. This represents a 2.03 percent increase from third quarter 2018 income of $1,036,000 or $1.24 per share.
For the first nine months of 2019, Allegheny had net income of $2,736,000, which is a decrease from the net income of $2,977,000 earned the first nine months of 2018 and a decrease in earnings per share of $.28 to $3.28 for the first nine months of 2019. Return on Average Assets (ROAA) for the first nine months was 1.16 percent and the Return on Average Equity (ROAE) was 9.24 percent. This compares to a ROAA of 1.34 percent and a ROAE of 10.63 percent for the same period of 2018.
Assets increased 10.35 percent from Dec. 31, 2018, to Sept. 30, 2019, and on that date totaled $339,353,000. Shareholders’ Equity at the end of the third quarter totaled $41,300,000.
The decrease in earnings resulted from an increase in noninterest expense of $545,000, which included $224,000 nonrecurring merger-related expenses, and an increase in provision for loan losses of $210,000 over 2018 levels. These increases outpaced a $529,000 increase in Net Interest Income, and $167,000 increase in noninterest income.
Pendleton Community Bank, an independent community bank since 1925, currently has seven full-service financial centers in the West Virginia communities of Franklin, Moorefield, Marlinton, Petersburg, Beckley, Mount Hope, and Oak Hill and two in Harrisonburg, Va. Pendleton Community Bank also has a Loan Production office in Wardensville, W.Va., that will soon open as a full-service facility and a mortgage division of Pendleton Community Bank headquartered in Harrisonburg, Va.