##### Table of Contents



SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, DC 20549
 FORM 10-Q
 þ
    
    QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For Quarterly Period Ended September 30, 2006
 o
    
    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 Commission File No. 000-50151
 Allegheny Bancshares, Inc.
  West Virginia
    
    22-3888163(State or other jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)
 
 (304) 358-2311
 þ o
 o o þ
 o þ




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##### 



PAGEPART I.
    
    FINANCIAL INFORMATIONItem 1.
    
    Financial Statements
    
    
    2Unaudited Consolidated Statements of Income  Nine Months ended September 30, 2006 and 2005
    
    
    2Unaudited Consolidated Statements of Income  Three Months ended September 30, 2006 and 2005
    
    
    3Consolidated Balance Sheets  September 30, 2006 (Unaudited) and December 31, 2005 (Audited)
    
    
    4Unaudited Consolidated Statements of Changes in Stockholders Equity  Nine Months Ended September 30, 2006 and 2005
    
    
    5Unaudited Consolidated Statements of Cash Flows  Nine Months Ended September 30, 2006 and 2005
    
    
    6Notes to Consolidated Financial Statements
    
    
    7Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    9Item 3.
    
    Quantitative and Qualitative Disclosures about Market Risk
    
    
    15Item 4.
    
    Controls and Procedures
    
    
    15PART II.
    
    OTHER INFORMATIONItem 1.
    
    Legal Proceedings
    
    
    15Item 1.A.
    
    Risk Factors
    
    
    15Item 2.
    
    Changes in Securities
    
    
    15Item 3.
    
    Defaults upon Senior Securities
    
    
    16Item 4.
    
    Submission of Matters to a Vote of Security Holders
    
    
    16Item 5.
    
    Other Information
    
    
    16Item 6.
    
    Exhibits and Reports on Form 8K
    
    
    16SIGNATURES
    
    
    17CERTIFICATIONS
    
    
    18EX-31.1EX-31.2EX-32.1EX-32.2




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##### Table of Contents



Part I. Financial Information
 
 Item 1. Consolidated Financial Statements
 
 Allegheny Bancshares, Inc.
Consolidated Statements of Income  (In thousands, except for per share information)
 Nine Months EndedSeptember 30,
    
    
    September 30,2006
    
    
    2005Interest and Dividend Income:Loans and fees
    
    $
    7,543
    
    
    $
    6,497Investment securities  taxable
    
    
    537
    
    
    
    440Investment securities  nontaxable
    
    
    521
    
    
    
    536Deposits and federal funds sold
    
    
    50
    
    
    
    39Total Interest and Dividend Income
    
    
    8,651
    
    
    
    7,512Interest Expense:Deposits
    
    
    2,765
    
    
    
    1,826Borrowings
    
    
    267
    
    
    
    180Total Interest Expense
    
    
    3,032
    
    
    
    2,006Net Interest Income
    
    
    5,619
    
    
    
    5,506Provision for loan losses
    
    
    147
    
    
    
    163Net interest income after provision
for loan losses
    
    
    5,472
    
    
    
    5,343Noninterest Income:Service charges on deposit accounts
    
    
    551
    
    
    
    456Other income
    
    
    264
    
    
    
    165Gain on security transactions
    
    
    (4
    )
    
    
    8Total Noninterest Income
    
    
    811
    
    
    
    629Noninterest Expense:Salaries and benefits
    
    
    1,970
    
    
    
    1,726Occupancy expenses
    
    
    237
    
    
    
    211Equipment expenses
    
    
    458
    
    
    
    415Other expenses
    
    
    1,093
    
    
    
    995Total Noninterest Expenses
    
    
    3,758
    
    
    
    3,347Income before Income Taxes
    
    
    2,525
    
    
    
    2,625Income Tax Expense
    
    
    764
    
    
    
    797Net Income
    
    $
    1,761
    
    
    $
    1,828Earnings Per Share
    
    $
    1.97
    
    
    $
    2.04Weighted Average Shares Outstanding
    
    
    894,407
    
    
    
    896,470




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Allegheny Bancshares, Inc.
Consolidated Statements of Income  (In thousands, except for per share information)
 Three Months EndedSeptember 30,
    
    
    September 30,2006
    
    
    2005Interest and Dividend Income:Loans and fees
    
    $
    2,645
    
    
    $
    2,295Investment securities  taxable
    
    
    176
    
    
    
    140Investment securities  nontaxable
    
    
    173
    
    
    
    174Deposits and federal funds sold
    
    
    27
    
    
    
    22Total Interest and Dividend Income
    
    
    3,021
    
    
    
    2,631Interest Expense:Deposits
    
    
    1,052
    
    
    
    680Borrowings
    
    
    89
    
    
    
    77Total Interest Expense
    
    
    1,141
    
    
    
    757Net Interest Income
    
    
    1,880
    
    
    
    1,874Provision for loan losses
    
    
    34
    
    
    
    54Net interest income after provision
for loan losses
    
    
    1,846
    
    
    
    1,820Noninterest Income:Service charges on deposit accounts
    
    
    200
    
    
    
    164Other income
    
    
    94
    
    
    
    59Gain on security transactions
    
    
    (4
    )
    
    
    6Total Noninterest Income
    
    
    290
    
    
    
    229Noninterest Expense:Salaries and benefits
    
    
    670
    
    
    
    586Occupancy expenses
    
    
    87
    
    
    
    75Equipment expenses
    
    
    164
    
    
    
    153Other expenses
    
    
    378
    
    
    
    353Total Noninterest Expenses
    
    
    1,299
    
    
    
    1,167Income before Income Taxes
    
    
    837
    
    
    
    882Income Tax Expense
    
    
    259
    
    
    
    256Net Income
    
    $
    578
    
    
    $
    626Earnings Per Share
    
    $
    .65
    
    
    $
    .70Weighted Average Shares Outstanding
    
    
    893,689
    
    
    
    896,222




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Allegheny Bancshares, Inc.
Consolidated Balance Sheets  (In thousands)
 September 30, 2006
    
    
    December 31, 2005Unaudited
    
    
    AuditedASSETSCash and due from banks
    
    $
    2,801
    
    
    $
    2,882Federal funds sold
    
    
    4,531
    
    
    
    1,541Interest bearing deposits in banks
    
    
    113
    
    
    
    505Investment securities available for sale
    
    
    32,967
    
    
    
    33,459Investment securities held to maturity (aggregate
fair value is $488 for both dates shown)
    
    
    500
    
    
    
    500Restricted investments
    
    
    961
    
    
    
    515Loans receivable, net of allowance for loan
losses of $1,268 and $1,172 respectively
    
    
    131,872
    
    
    
    124,433Bank premises and equipment, net
    
    
    6,820
    
    
    
    6,049Other assets
    
    
    1,718
    
    
    
    1,436Total Assets
    
    $
    182,283
    
    
    $
    171,320LIABILITIESDepositsNoninterest bearing demand
    
    $
    16,795
    
    
    $
    16,275Interest bearingDemand
    
    
    18,420
    
    
    
    20,276Savings
    
    
    30,248
    
    
    
    28,522Time deposits over $100,000
    
    
    22,746
    
    
    
    19,336Other time deposits
    
    
    59,013
    
    
    
    52,565Total Deposits
    
    
    147,222
    
    
    
    136,974Accrued expenses and other liabilities
    
    
    637
    
    
    
    574Short-term borrowings
    
    
    2,170
    
    
    
    3,799Long-term debt
    
    
    5,730
    
    
    
    5,109Total Liabilities
    
    
    155,759
    
    
    
    146,456STOCKHOLDERS EQUITYCommon stock; $1 par value, 2,000,000 shares
Authorized, 900,000 issued
    
    
    900
    
    
    
    900Additional paid in capital
    
    
    900
    
    
    
    900Retained earnings
    
    
    25,150
    
    
    
    23,389Accumulated other comprehensive income
    
    
    (128
    )
    
    
    (117
    )Treasury stock (at cost, 6,389 shares in 2006 and
4,743 shares in 2005)
    
    
    (298
    )
    
    
    (208
    )Total Stockholders Equity
    
    
    26,524
    
    
    
    24,864Total Liabilities and Stockholders Equity
    
    $
    182,283
    
    
    $
    171,320




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Allegheny Bancshares, Inc.
Consolidated Statements of Changes in Stockholders Equity  (In thousands)
 AccumulatedAdditional
    
    
    
    
    
    
    OtherCommon
    
    
    Paid In
    
    
    Retained
    
    
    Comprehensive
    
    
    TreasuryTotal
    
    
    Stock
    
    
    Capital
    
    
    Earnings
    
    
    Income
    
    
    StockBalance, December 31,
2005
    
    $
    24,864
    
    
    $
    900
    
    
    $
    900
    
    
    $
    23,389
    
    
    $
    (117
    )
    
    $
    (208
    )Comprehensive IncomeNet income
    
    
    1,761
    
    
    
    
    
    
    
    
    
    
    
    1,761Change in unrealized
gain on available
for sale securities,
net of taxes of $(6)
    
    
    (14
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (14
    )Reclassification adjustment
net of taxes of $1
    
    
    3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3Total Comprehensive
Income
    
    
    1,750Purchase of Treasury
Stock
    
    
    (90
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (90
    )Balance, September 30,
2006
    
    $
    26,524
    
    
    $
    900
    
    
    $
    900
    
    
    $
    25,150
    
    
    $
    (128
    )
    
    $
    (298
    )Balance, December 31,
2004
    
    $
    24,047
    
    
    $
    900
    
    
    $
    900
    
    
    $
    22,017
    
    
    $
    371
    
    
    $
    (141
    )Comprehensive IncomeNet income
    
    
    1,828
    
    
    
    
    
    
    
    
    
    
    
    1,828Change in unrealized
gain on available
for sale securities,
net of taxes of $(82)
    
    
    (260
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (260
    )Reclassification adjustment
net of taxes of $(3)
    
    
    (5
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (5
    )Total Comprehensive
Income
    
    
    1,563Purchase of Treasury
Stock
    
    
    (30
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (30
    )Balance, September 30,
2005
    
    $
    25,580
    
    
    $
    900
    
    
    $
    900
    
    
    $
    23,845
    
    
    $
    106
    
    
    $
    (171
    )




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Allegheny Bancshares, Inc.
Consolidated Statements of Cash Flows  (In thousands)
 Nine Months EndedSeptember 30,2006
    
    
    2005Cash Flows from Operating Activities:Net income
    
    $
    1,761
    
    
    $
    1,828Adjustments to reconcile net income to net
cash provided by operating activities:Provision for loan losses
    
    
    147
    
    
    
    163Depreciation and amortization
    
    
    358
    
    
    
    325Net amortization of securities
    
    
    20
    
    
    
    41(Gain) Loss on sale of securities
    
    
    4
    
    
    
    (8
    )Gain on sale of equipment
    
    
    (7
    )
    
    
    Net change in:Accrued income
    
    
    (129
    )
    
    
    (89
    )Other assets
    
    
    (149
    )
    
    
    (164
    )Accrued expense and other liabilities
    
    
    62
    
    
    
    59Net Cash Provided by Operating Activities
    
    
    2,067
    
    
    
    2,155Cash Flows from Investing Activities:Net change in federal funds sold
    
    
    (2,990
    )
    
    
    (1,724
    )Net change in interest bearing deposits in banks
    
    
    391
    
    
    
    (178
    )Proceeds from sales, calls and maturities
of securities available for sale
    
    
    2,467
    
    
    
    5,579Purchase of securities available for sale
    
    
    (2,016
    )
    
    
    (4,587
    )Net (increase) decrease in restricted investments
    
    
    (446
    )
    
    
    7Net increase in loans
    
    
    (7,586
    )
    
    
    (8,678
    )Proceeds from sale of bank equipment
    
    
    23
    
    
    
    Purchase of bank premises and equipment
    
    
    (1,142
    )
    
    
    (1,400
    )Net Cash Used in Investing Activities
    
    
    (11,299
    )
    
    
    (10,981
    )Cash Flows from Financing Activities:Net change in:Demand and savings deposits
    
    
    390
    
    
    
    1,887Time deposits
    
    
    9,858
    
    
    
    3,530Proceeds from borrowings
    
    
    1,060
    
    
    
    3,241Curtailments of borrowings
    
    
    (2,067
    )
    
    
    (279
    )Purchase of treasury stock
    
    
    (90
    )
    
    
    (30
    )Net Cash Provided by Financing Activities
    
    
    9,151
    
    
    
    8,349Cash and Cash EquivalentsNet decrease in cash and cash equivalents
    
    
    (81
    )
    
    
    (477
    )Cash and Cash Equivalents, beginning of period
    
    
    2,882
    
    
    
    2,695Cash and Cash Equivalents, end of period
    
    $
    2,801
    
    
    $
    2,218Supplemental Disclosure of Cash Paid During the Period for:Interest
    
    $
    2,955
    
    
    $
    1,931Income taxes
    
    $
    805
    
    
    $
    774




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ALLEGHENY BANCSHARES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 NOTE 1 ACCOUNTING PRINCIPLES:
    NOTE 2 INVESTMENT SECURITIES AND RESTRICTED INVESTMENTS:
  September 30, 2006
    
    
    December 31, 2005Amortized
    
    
    Fair
    
    
    Amortized
    
    
    FairCost
    
    
    Value
    
    
    Cost
    
    
    ValueSecurities available for sale:U.S. Treasury and agency
obligations
    
    $
    10,966
    
    
    $
    10,839
    
    
    $
    10,457
    
    
    $
    10,370State and municipal obligations
    
    
    17,974
    
    
    
    18,084
    
    
    
    18,149
    
    
    
    18,289Mortgage-backed securities
    
    
    4,213
    
    
    
    4,044
    
    
    
    5,022
    
    
    
    4,800Total
    
    $
    33,153
    
    
    $
    32,967
    
    
    $
    33,628
    
    
    $
    33,459Securities held to maturity:U.S. Treasury and agency
obligations
    
    $
    500
    
    
    $
    488
    
    
    $
    500
    
    
    $
    488




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ALLEGHENY BANCSHARES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 NOTE 3 LOANS:
  September 30,
    
    
    December 31,2006
    
    
    2005Real estate loans
    
    $
    60,969
    
    
    $
    57,056Commercial and industrial loans
    
    
    56,537
    
    
    
    55,780Loans to individuals, primarily
collateralized by autos
    
    
    11,404
    
    
    
    10,853All other loans
    
    
    4,230
    
    
    
    1,916Total Loans
    
    
    133,140
    
    
    
    125,605Less allowance for loan losses
    
    
    1,268
    
    
    
    1,172Net Loans Receivable
    
    $
    131,872
    
    
    $
    124,433
 NOTE 4 ALLOWANCE FOR LOAN LOSSES:
  Nine Months EndedSeptember 30,2006
    
    
    2005Balance, beginning of period
    
    $
    1,172
    
    
    $
    1,094Provision charged to operating expenses
    
    
    147
    
    
    
    163Recoveries of loans charged off
    
    
    67
    
    
    
    11Loans charged off
    
    
    (118
    )
    
    
    (134
    )Balance, end of period
    
    $
    1,268
    
    
    $
    1,134
 NOTE 5 RECLASSIFICATIONS:




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Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    Forward Looking Statements
   
    
    General economic conditions, either nationally or within the Companys markets,
could be less favorable than expected;
    
    Changes in market interest rates could affect interest margins and profitability;
    
    Competitive pressures could be greater than anticipated; and
    
    Legal or accounting changes could affect the Companys results.
 Critical Accounting Policy




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Page 10 Allowance for Loan Losses and Provision for Loan Losses
  Accounting for Contingencies Accounting by
Creditors for Impairment of a Loan.
 Overview
   Net Interest Income




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Page 11  Noninterest Income
   Noninterest Expenses
   Income Tax Expense
  Loans
  Loan Portfolio Risk Factors




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Page 12  Deposits
  Borrowings
    Capital
  Uncertainties and Trends
  Liquidity and Interest Sensitivity




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Page 13    Allegheny Bancshares, Inc.  Net Interest Margin Analysis  (On a Fully Taxable Equivalent Basis)(Dollar Amounts in Thousands)
 Nine Months Ended
    
    
    Nine Months EndedSeptember 30, 2006
    
    
    September 30, 2005Average
    
    
    Income/
    
    
    
    
    
    
    Average
    
    
    Income/Balance
    
    
    Expense
    
    
    Rates
    
    
    Balance
    
    
    Expense
    
    
    RatesInterest IncomeLoans 1,2
    
    $
    129,802
    
    
    $
    7,615
    
    
    
    7.82
    %
    
    $
    123,196
    
    
    $
    6,497
    
    
    
    7.03
    %Federal funds sold
    
    
    1,017
    
    
    
    38
    
    
    
    4.98
    %
    
    
    1,470
    
    
    
    34
    
    
    
    3.08
    %Interest bearing deposits
    
    
    338
    
    
    
    12
    
    
    
    4.73
    %
    
    
    260
    
    
    
    5
    
    
    
    2.56
    %InvestmentsTaxable
    
    
    15,563
    
    
    
    536
    
    
    
    4.59
    %
    
    
    14,526
    
    
    
    440
    
    
    
    4.04
    %Nontaxable 2
    
    
    17,627
    
    
    
    788
    
    
    
    5.96
    %
    
    
    18,442
    
    
    
    813
    
    
    
    5.88
    %Total Earning Assets
    
    
    164,347
    
    
    
    8,989
    
    
    
    7.29
    %
    
    
    157,894
    
    
    
    7,789
    
    
    
    6.58
    %Interest ExpenseDemand deposits
    
    
    18,024
    
    
    
    205
    
    
    
    1.52
    %
    
    
    18,339
    
    
    
    172
    
    
    
    1.25
    %Savings
    
    
    28,950
    
    
    
    431
    
    
    
    1.99
    %
    
    
    27,587
    
    
    
    202
    
    
    
    .98
    %Time deposits
    
    
    75,792
    
    
    
    2,129
    
    
    
    3.75
    %
    
    
    71,089
    
    
    
    1,452
    
    
    
    2.72
    %Short-term borrowings
    
    
    2,920
    
    
    
    90
    
    
    
    4.11
    %
    
    
    3,362
    
    
    
    64
    
    
    
    2.54
    %Long-term debt
    
    
    5,639
    
    
    
    177
    
    
    
    4.19
    %
    
    
    4,084
    
    
    
    115
    
    
    
    3.75
    %Total Interest Bearing
Liabilities
    
    $
    131,325
    
    
    $
    3,032
    
    
    
    3.08
    %
    
    $
    124,461
    
    
    $
    2,005
    
    
    
    2.15
    %Net Interest Margin 1
    
    
    
    
    
    
    5,957
    
    
    
    
    
    
    
    
    
    
    
    5,784Net Yield on Interest
Earning Assets
    
    
    
    
    
    
    
    
    
    
    4.83
    %
    
    
    
    
    
    
    
    
    
    
    4.88
    %
 
 1
    
    Interest on loans includes loan fees2
    
    An incremental tax rate of 34% was used to calculate the tax equivalent income




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Allegheny Bancshares, Inc.
Interest Sensitivity Analysis September 30, 2006
 0-3
    
    4-12
    
    1-5
    
    Over 5(In Thousands of Dollars)
    
    Months
    
    Months
    
    Years
    
    Years
    
    TotalUses of Funds:Loans
    
    
    28,131
    
    
    
    22,311
    
    
    
    38,855
    
    
    
    43,843
    
    
    
    133,140Fed Funds Sold
    
    
    4,531
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,531Interest bearing deposits
    
    
    113
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    113Investment securities
    
    
    800
    
    
    
    3,154
    
    
    
    16,773
    
    
    
    12,740
    
    
    
    33,467Restricted Investments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    961
    
    
    
    961Total
    
    
    33,575
    
    
    
    25,465
    
    
    
    55,628
    
    
    
    57,544
    
    
    
    172,212Sources of Funds:Deposits:Interest bearing demand
    
    
    18,420
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    18,420Savings
    
    
    30,248
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    30,248Time deposits over $100,000
    
    
    4,849
    
    
    
    11,907
    
    
    
    5,990
    
    
    
    
    
    
    
    22,746Other time deposits
    
    
    15,464
    
    
    
    28,218
    
    
    
    14,638
    
    
    
    693
    
    
    
    59,013Short-term borrowings
    
    
    2,170
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,170Long-term debt
    
    
    138
    
    
    
    422
    
    
    
    2,427
    
    
    
    2,743
    
    
    
    5,730Total
    
    
    71,289
    
    
    
    40,547
    
    
    
    23,055
    
    
    
    3,436
    
    
    
    138,327Discrete Gap
    
    
    (37,714
    )
    
    
    (15,082
    )
    
    
    32,573
    
    
    
    54,108
    
    
    
    33,885Cumulative Gap
    
    
    (37,714
    )
    
    
    (52,796
    )
    
    
    (20,223
    )
    
    
    33,885Ratio of Cumulative Gap
To Total Earning Assets
    
    
    -21.90
    %
    
    
    -30.66
    %
    
    
    -11.74
    %
    
    
    19.68
    %
 
    Table of Contents    
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
 Item 4. Controls and Procedures
 Evaluation of Disclosure Controls and Procedures
   Changes in Internal Controls
  
 Part II. Other Information
 
 Item 1. Legal Proceedings 
  
 Item 1 A. Risk Factors 
  
 Item 2. Changes in Securities 




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##### Table of Contents



Total Number
    
    AverageOf shares
    
    Price perDate
    
    Purchased
    
    ShareJuly 7, 2006
    
    
    338
    
    
    $
    60.00July 21, 2006
    
    
    150
    
    
    $
    55.00September 22, 2006
    
    
    20
    
    
    $
    55.00
 
 Item 3. Defaults Upon Senior Securities 
  
 Item 4. Submission of Matters to a Vote of Security Holders 
  
 Item 5. Other Information 
  
 Item 6. Exhibits and Reports on 8-K 
 a.
    
    ExhibitsThe following Exhibits are filed as part of this Form 10-Q
 No.
    
    Description31.1
    
    Certification of Chief Executive Officer pursuant to Rule 13a-14(a) (filed herewith).31.2
    
    Certification of Chief Financial Officer pursuant to Rule 13a-14(a) (filed herewith).32
    
    Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed
herewith).
  No.
    
    Description
    
    Exhibit Number3.1
    
    Articles of Incorporation  Allegheny Bancshares, Inc.
    
    E2
  No.
    
    Description
    
    Exhibit Number3.3
    
    Bylaws of Allegheny Bancshares, Inc.
    
    3.3
 b.
    
    Reports on 8KNot Applicable




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##### Table of Contents



SIGNATURE
  ALLEGHENY BANCSHARES, INC.By:
    /s/ WILLIAM A. LOVINGWilliam A. Loving, Jr.Executive Vice President and
Chief Executive OfficerBy:
    /s/ L. KIRK BILLINGSLEYL. Kirk BillingsleyChief Financial Officer