Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):   November 4, 2010

Allegheny Bancshares, Inc.
(Exact name of registrant as specified in its charter)

West Virginia 000-50151 22-3888163
(State or other jurisdiction
(I.R.S. Employer
of incorporation) File Number) Identification No.)
PO Box 487, 300 N Main St, Franklin, West Virginia   26807
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code:   304-358-2311

Not Applicable
Former name or former address, if changed since last report


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On November 4, 2010, Allegheny Bancshares, Inc. issued a press release announcing results for the quarter ended September 30, 20010. A copy of the press release is being furnished as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1
Allegheny Bancshares, Inc., the parent company of Pendleton Community Bank, is pleased to announce third quarter 2010 net income of $693,000 or $0.80 per share. This compares with third quarter 2009 income of $658,000 or $0.76 per share. This $35,000 increase in income and the $0.04 increase in earnings per share represent a 5.3% increase over the same period a year ago.
For the first nine months of 2010, Allegheny had net income of $1,766,000, which is a 51.8% increase from the net income of $1,163,000 earned the same period in 2009. Earnings per share increased from $1.34 in the first nine months of 2009 to $2.04 for the same period in 2010. Return on Average Assets (ROAA) for the first nine months was 0.96% and the Return on Average Equity (ROAE) was 8.27%. This compares to a ROAA of 0.70% and a ROAE of 5.60% for the same period of 2009.
The earnings in 2009 were low compared to 2010 due to a non-cash impairment charge of $604,000 pre-tax, equivalent to $559,000 after tax or $0.64 per share. This impairment charge related to certain restricted equity securities that were completely written off in the first quarter of 2009.
Assets increased 4.5% from December 31, 2009 to September 30, 2010 and on that date, totaled $253,908,000. Shareholders’ Equity at September 30, 2010 totaled $29,617,000.
W.A. (Bill) Loving, President and CEO, indicated he was extremely pleased with the first nine month’s performance. According to Loving, "The soft economy and current banking environment continues to be extremely challenging for all financial institutions. We are no exception. Although the US economy, and by extension our local economy, is technically out of a recession, we continue to see remnants, both on a national and local level, of this historic downturn. A common result of all downturns is the slowing of business activity and weaker loan demand. Such is the case in the markets we serve; however, while not at historic levels, we have enjoyed a 3.0% asset growth during the 3rd quarter of 2010 and 4.5% year-to-date. Another impact of the current economy is higher levels of unemployment. This condition, along with a slowing in business activity, has created higher levels of delinquencies and charge-offs. While 2010 losses are less than many of our peers, they exceed our historic levels. Accordingly we have continued to set aside higher levels of loan loss reserves in 2010. We believe this to be a prudent decision, given the continued uncertainty in our economy and higher delinquency levels.
Today’s interest rate environment has its own set of challenges. Our continued focus on this integral component of net income has resulted in a higher net interest margin. Margin improvement, coupled with increased non-interest income, has provided the additional earnings to support the higher level of reserve allocation and increased profitability in 3rd quarter 2010 in comparison with 3rd quarter 2009. Today’s performance and results could not be achieved without the dedication of our employees and the continued support of our customers. To each I extend a thank you and appreciation.
This press release includes forward-looking statements, which are not historical facts and pertain to future operating results. These forward-looking statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward looking 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.
Reference is made to the additional risks and factors described from time to time in Allegheny’s reports and registration statements filed with the Securities and Exchange Commission. Allegheny undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

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. Allegheny Mortgage Company, a division of Pendleton Community Bank, originates residential mortgage loans and is headquartered in Moorefield.


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

    Allegheny Bancshares, Inc.
November 4, 2010   By:   /s/William Loving Jr.
        Name: William Loving Jr.
        Title: President/ CEO

The following information was filed by Allegheny Bancshares Inc on Monday, November 8, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Allegheny Bancshares Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Allegheny Bancshares Inc.


Never Miss A New SEC Filing Again

Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.


We Highlighted This SEC Filing For You

SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.


Widen Your SEC Filing Reading Experience

Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view


Uncover Actionable Information Inside SEC Filings

SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q


Adobe PDF, Microsoft Word and Excel Downloads

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis


FREE Financial Statements

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator

Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not


Financial Stability Report

Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity


Get a Better Picture of a Company's Performance

Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years


Log in with your credentials


Forgot your details?

Create Account