##### Table of Contents





UNITED STATES
    SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549
  FORM 10-K
  þ

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2007ORo

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the transition period
    from          to   Commission file number:
    333-93437
  Centra Financial Holdings,
    Inc.
 (Exact name of registrant as
    specified in its charter)
  West Virginia

55-0770610(State or other jurisdiction of
    incorporation or organization)

(I.R.S. Employer
    Identification No.)990 Elmer Prince Drive, Morgantown, WV

26505(Address of principal executive
    offices)

(Zip Code)   (Registrants
    telephone number, including area code)
    (304) 598-2000
  (Former
    name, former address and former fiscal year, if changed since
    last report) [None]
    Title of Each Class

Name of Each Exchange on Which Registered[Common Stock, $1 par value per share]

None     o þ
  o þ
  þ o
  Regulation S-K Form 10-K Form 10-K. o
  Rule 12b-2 o þ
  Rule 12b-2
  Large accelerated
    filer o

Accelerated
    filer o

Non-accelerated
    filer o
    (Do not check if a smaller reporting company)

Smaller reporting
    company þ     Form 10-K.




---



##### 





TABLE
    OF CONTENTS
   
 PagePART IItem 1.


Business


3Item 1A.


Risk Factors


9Item 1B.


Unresolved Staff Comments


11Item 2.


Properties


11Item 3.


Legal Proceedings


11Item 4.


Submission of Matters to a Vote of Security
    Holders


11PART IIItem 5.


Market for Registrants Common Stock and
    Related Stockholder Matters


11Item 6.


Selected Financial Data


14Item 7.


Managements Discussion and Analysis of
    Financial Condition and Results of Operations


14Item 7A.


Quantitative and Qualitative Disclosures about
    Market Risk


35Item 8.


Financial Statements and Supplementary Data


35Item 9.


Changes in and Disagreements with Accountants on
    Accounting and Financial Disclosure


35Item 9A.


Controls and Procedures


35Item 9A(T).


Controls and Procedures


35Item 9B.


Other Information


35PART IIIItem 10.


Directors and Executive Officers of the
    Registrant


62Item 11.


Executive Compensation


62Item 12.


Security Ownership of Certain Beneficial Owners
    and Management


62Item 13.


Certain Relationships and Related Transactions


62Item 14.


Principal Accounting Fees and Services


62PART IVItem 15.


Exhibits and Financial Statement Schedules


63Signatures


64Exhibit Index


66EX-10.21EX-10.22EX-10.23EX-10.24EX-10.25EX-10.26EX-10.27EX-10.28EX-12EX-21EX-23EX-31.1EX-31.2EX-32.1EX-32.2   2




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##### Table of Contents



PART I ITEM 1.  BUSINESS        (304) 598-2000.
      Recent
    Additions
    Customers
    and Markets
   3




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##### Table of Contents



Commercial
    Loans
    Lending Practices.
    Consumer
    Loans
    Lending Practices.
 4




---



##### Table of Contents



Real
    Estate Loans
    Lending Practices.
  Home Equity Loans. 20-year
  Construction Loans.
  Competition
       5




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##### Table of Contents



Supervision
    and Regulation
    Bank Holding Company Regulation. and/or
      Banking Subsidiary Regulation.
  International Money Laundering Abatement and
    Anti-Terrorist Financing Act of 2001 (USA Patriot
    Act)
 6




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##### Table of Contents



Federal
    Deposit Insurance Corporation
    Federal
    Home Loan Bank
    Capital
    Requirements
  Federal Reserve Board. Form 10-K.
  West Virginia Division of
    Banking.
  Limits
    on Dividends
  Form 10-K,
  Federal
    and State Laws
  truth-in-lending
 7




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##### Table of Contents



Monetary
    Policy and Economic Conditions
      Effect
    of Environmental Regulation
        Executive
    Officers
    Name

Age

Position

Principal Occupation (Past Five Years)Douglas J. Leech


53


Chairman, President and Chief Executive Officer

Chairman, President and CEO Centra Financial Holdings, Inc.,
    President Centra Bank, Inc.Henry M. Kayes, Jr.


40


Vice President

Executive Vice President, Centra Bank, President 
    Martinsburg Region, Centra Bank, Inc. (2001 to present); Senior
    Vice President  City Executive, Martinsburg,
    West Virginia, BB&T(2000 to 2001); Senior Vice
    President, One Valley Bank  East (1989 
    2001)Kevin D. Lemley


53


Vice President, CFO and Treasurer

Senior Vice President and CFO Centra Bank, Inc. (1999 to
    present); Senior Vice President, Huntington National Bank, West
    Virginia (Commercial Portfolio Manager/Manager of Statewide
    Commercial Lending) (1997-1999); Huntington National Bank, West
    Virginia, Chief Financial Officer (1987-1997) 8




---



##### Table of Contents



Name

Age

Position

Principal Occupation (Past Five Years)Timothy P. Saab


51


Vice President and Secretary

Senior Vice President, Centra Bank, Inc. (1999 to present); Vice
    President and Group Executive, Private Financial Group,
    Huntington National Bank (1996-1999); Senior Vice President,
    Huntington National Bank, West Virginia (1993-1996); Corporate
    Secretary, Huntington Bancshares West Virginia (1989 
    1996); Corporate Secretary, Huntington National Bank, West
    Virginia
    (1994-1997)E. Richard Hilleary


59


Vice President

Senior Vice President  Commercial Lending, Centra
    Bank, Inc. (1999 to present); Vice President, Huntington
    National Bank, West Virginia (Commercial Lending (1973 to 1999)Karla J. Strosnider


45


Vice President

Senior Vice President, Centra Bank, Inc. (1999 to present);
    Assistant Vice President, Operations, One Valley
    Bank  Charleston (1981 to 1999)John T. Fahey


46


Vice President

Senior Vice President and Marketing Director, Centra Bank, Inc.
    (1999 to present); Marketing Director, Huntington National Bank,
    West Virginia (1991 to 1999)   ITEM 1A.
    RISK
    FACTORS  The
    allowance for loan losses may prove inadequate or be negatively
    affected by credit risk
    exposures.
  Form 10-K
  Changes
    in interest rates could reduce income and cash
    flows.
   9




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##### Table of Contents



Form 10-K
  Centras
    success depends on Centras management
    team.
    Centras
    real estate portfolios are exposed to weakness in the U.S.
    housing markets and the overall state of the
    economy.
    Centra faces vigorous competition in its market
    areas.
    
    local, regional and national banks;
    savings and loans;
    internet banks;
    credit unions;
    finance companies; and
    brokerage firms serving Centras market areas.    Centra
    is highly
    regulated.
   10




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##### Table of Contents



ITEM 1B.
    UNRESOLVED
    STAFF COMMENTS    ITEM 2.
    PROPERTIES  ,
  Form 10-K.
  ITEM 3.
    LEGAL
    PROCEEDINGS  and/or
  ITEM 4.
    SUBMISSION
    OF MATTERS TO A VOTE OF SECURITY HOLDERS   PART II  ITEM 5.
    MARKET
    FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER
    MATTERS, AND ISSUER PURCHASER OF EQUITY SECURITIES      Quarterly
    Market and Dividend Information:
  2007


2006Estimated





EstimatedMarket Value





Market ValuePer Share


Dividend


Per Share


DividendFourth Quarter


18.18


$
0.00


$
14.87


$
0.00Third Quarter


18.18



0.00



14.87



0.00Second Quarter


14.87



0.00



14.87



0.00First Quarter


14.87



0.00



12.21



0.00    11




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##### Table of Contents



12




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##### Table of Contents



Performance
    Graph
      COMPARE
    5-YEAR
    CUMULATIVE TOTAL RETURN
    AMONG CENTRA FINANCIAL HOLDINGS, INC.,
    NASDAQ MARKET INDEX AND SIC CODE INDEX
  
  ASSUMES $100
    INVESTED ON DECEMBER 31, 2002
    ASSUMES DIVIDEND REINVESTED
    FISCAL YEAR ENDING DEC. 31, 2007
  2002



2003



2004



2005



2006



2007CENTRA FINANCIAL HOLDINGS, INC.



100.00




100.00




100.00




115.38




140.55




156.19SIC CODE INDEX



100.00




130.40




141.81




139.44




158.68




141.53NASDAQ MARKET INDEX



100.00




150.36




163.00




166.58




183.68




201.91  13




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##### Table of Contents



ITEM 6.
    SELECTED
    FINANCIAL DATA    (Dollars in Thousands, exceptRatios and Per Share Data)

2007


2006(a)


2005


2004


2003Operating DataFor the year ended:Total interest income

$
68,570


$
50,201


$
29,530


$
20,014


$
14,634Total interest expense


34,001



22,976



11,288



6,846



5,304Net interest income


34,569



27,225



18,242



13,168



9,330Provision for credit losses


3,498



2,327



1,341



2,160



2,099Other income


6,081



3,638



3,135



2,497



2,786Security losses






(40
)


(247
)






Other expense


28,921



20,735



13,465



10,350



8,157Income tax expense (benefit)


2,904



2,929



2,337



1,151



(104
)Net income


5,327



4,832



3,987



2,004



1,964Balance Sheet DataAt year-end:Total assets

$
1,085,187


$
913,853


$
550,756


$
442,914


$
350,368Investment securities


125,904



125,130



49,748



23,386



22,895Total loans


876,176



693,520



463,496



396,914



295,925Total deposits


943,934



804,188



484,532



385,822



302,355Short-term borrowings


25,173



25,366



18,536



14,507



16,953Long-term debt


20,000



20,000



10,000



10,000



Stockholders equity


87,920



57,113



33,873



29,745



27,838Significant RatiosNet income to:Average total assets


.54
%


.66
%


.80
%


.50
%


.64
%Average stockholders equity


8.16



9.92



12.50



6.98



7.32Average stockholders equity to average total assets


6.59



6.60



6.42



7.14



8.78Average total loans to average deposits


89.00



89.61



99.46



99.06



90.66Risk-based capital ratio


12.24



10.28



11.58



12.09



10.95Per Share DataBasic net income (loss) per share

$
1.09


$
1.21


$
1.00


$
0.59


$
0.58Diluted net income (loss) per share

$
1.00


$
1.11


$
0.92


$
0.56


$
0.55Cash dividends paid

$
0.00


$
0.00


$
0.00


$
0.00


$
0.00Book value at end of period

$
14.72


$
13.57


$
10.93


$
10.59


$
9.91Basic weighted-average shares outstanding


4,894,646



3,995,077



3,995,077



3,397,385



3,397,385Diluted weighted-average shares outstanding


5,327,042



4,353,435



4,353,435



3,566,119



3,590,587     (a)
    
    The financial data for 2006 and beyond includes the acquisition
    of Smithfield.  ITEM 7.
    MANAGEMENTS
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
    OPERATIONS  Forward-Looking
    Statements:
   14




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##### Table of Contents




    General economic conditions, either nationally or within
    Centra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;
    Legal or accounting changes could affect Centras
    results; and
    Adverse changes could occur in the securities and investments
    markets.    Introduction
  Form 10-K.
  Application
    of Critical Accounting Policies
     15




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##### Table of Contents



Income
    Recognition
    and/or
  Allowance
    for Loan Losses
         16




---



##### Table of Contents



Investment
    Securities
        Income
    Taxes
      Goodwill
    and Other Intangible Assets
     17




---



##### Table of Contents



Recent
    Accounting Pronouncements and Developments
    Summary
    Financial Results
        de novo
 18




---



##### Table of Contents



Interest
    Income and Expense
               19




---



##### Table of Contents



Statistical
    Financial Information Regarding Centra
    Average
    Balances and Analysis of Net Interest Income:
  2007


2006Average








AverageAverage


Income/


Yield/


Average


Income/


Yield/(Dollars in Thousands)

Balance


Expense


Rate


Balance


Expense


RateSecurities(1)(4):Taxable


110,357



5,770



5.23
%

$
87,922


$
4,130



4.70
%Tax-exempt


9,640



575



5.96
%


3,171



206



6.50
%Loans(2)(3)(4):Commercial


521,193



42,260



8.11
%


374,864



29,992



8.00
%Real estate


178,575



12,278



6.88
%


145,947



9,870



6.76
%Consumer


78,956



6,070



7.69
%


55,671



4,207



7.56
%Allowance for loan losses


(11,282
)










(9,095
)Net loans


767,442



60,608



7.90
%


567,387



44,069



7.77
%Loans held for sale


2,641



156



5.91
%


2,678



171



6.39
%Short-term investments:Interest-bearing deposits


1,120



70



6.34
%


2,211



244



11.04
%Federal funds sold


34,879



1,769



5.07
%


29,737



1,548



5.21
%Total


35,999



1,839



5.11
%


31,948



1,792



5.61
%Total earning assets


926,079



68,947



7.45
%


693,106



50,368



7.27
%Other assets


65,405











44,485Total assets

$
991,484










$
737,591Interest-bearing deposits:Savings


36,081



449



1.24
%

$
34,179



412



1.21
%Demand


237,072



9,054



3.82
%


153,538



5,131



3.34
%Time


488,998



22,050



4.51
%


369,201



15,206



4.12
%Total


762,151



31,553



4.14
%


556,918



20,749



3.73
%Short-term borrowed funds


22,879



960



4.20
%


24,003



1,098



4.57
%Long-term debt


20,000



1,488



7.44
%


15,370



1,129



7.35
%Total interest-bearing liabilities


805,030



34,001



4.22
%


596,291



22,976



3.85
%Non-interest-bearing demand deposits


112,794











86,424Other liabilities


8,353











6,188Total liabilities


926,177











688,903Stockholders equity


65,307











48,688Total liabilities and stockholders equity


991,484










$
737,591Interest rate spread





$
34,946



3.23
%





$
27,392



3.42
%Interest income/earning assets










7.45
%










7.27
%Interest expense/earning assets










3.67
%










3.32
%Net yield on earning assets (net interest margin)










3.77
%










3.95
%  20




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##### Table of Contents



(1)
    
    Average balances of investment securities based on carrying
    value.(2)
    
    Loan fees included in interest income were $801 in 2007 and $740
    in 2006.(3)
    
    Nonaccrual loans are included in the daily average loan amounts
    outstanding.(4)
    
    For 2007 and 2006, income is computed on a fully tax-equivalent
    basis assuming a tax rate of approximately 40%.  Average
    Balances and Analysis of Net Interest Income:
  2005AverageAverage


Income/


Yield/(Dollars in Thousands)

Balance


Expense


RateSecurities(1)(4):Taxable

$
25,553


$
769



3.01
%Tax-exempt


192



11



5.73
%Loans(2)(3)(4):Commercial


290,660



19,040



6.55
%Real estate


107,122



6,510



6.08
%Consumer


35,128



2,582



7.35
%Allowance for loan losses


(7,075
)Net loans


425,835



28,132



6.61
%Loans held for sale


2,721



164



6.02
%Short-term investments:Interest-bearing deposits


1,627



95



5.89
%Federal funds sold


11,591



425



3.67
%Total


13,218



520



3.94
%Total earning assets


467,519



29,596



6.33
%Other assets


28,961Total assets

$
496,480Interest-bearing deposits:Savings

$
15,282



113



0.74
%Demand


111,921



1,960



1.75
%Time


246,427



8,227



3.34
%Total


373,630



10,300



2.76
%Short-term borrowed funds


16,164



423



2.62
%Long-term debt


10,000



565



5.65
%Total interest-bearing liabilities


399,794



11,288



2.82
%Non-interest-bearing demand deposits


61,636Other liabilities


3,159Total liabilities


464,589Stockholders equity


31,891Total liabilities and stockholders equity

$
496,480Interest rate spread





$
18,308



3.51
%Interest income/earning assets










6.33
%Interest expense/earning assets










2.41
%Net yield on earning assets (net interest margin)










3.92
%  21




---



##### Table of Contents



(1)
    
    Average balances of investment securities based on carrying
    value.(2)
    
    Loan fees included in interest income for 2005 were $371.(3)
    
    Nonaccrual loans are included in the daily average loan amounts
    outstanding.(4)
    
    For 2005, income is computed on a fully tax-equivalent basis
    assuming a tax rate of approximately 40%.  Rate/Volume
    Analysis of Changes in Interest Income and Expense:
  2007 vs. 2006Increase (Decrease)Due to Change In:(Dollars in Thousands)

Volume(1)


Rate(1)


NetInterest-earning assets:Loan portfolio:Commercial

$
11,859


$
408


$
12,267Real estate


2,241



167



2,408Consumer


1,789



74



1,863Net loans


15,889



649



16,538Loans held for sale


(2
)


(13
)


(15
)Securities:Taxable


1,136



504



1,640Tax exempt


387



(18
)


369Federal funds sold and other


216



(169
)


47Total interest-earning assets


17,626



953



18,579Interest-bearing liabilities:Savings deposits

$
23


$
14


$
37Interest-bearing demand deposits


3,107



816



3,923Time deposits


5,297



1,547



6,844Short-term borrowings


(50
)


(88
)


(138
)Long-term debt


344



15



359Total interest-bearing liabilities

$
8,721


$
2,304


$
11,025Net interest income

$
8,905


$
(1,351
)

$
7,554   22




---



##### Table of Contents



2006 vs. 2005Increase (Decrease)Due to Change In:(Dollars in Thousands)

Volume(1)


Rate(1)


NetInterest-earning assets:Loan portfolio:Commercial

$
6,208


$
4,744


$
10,952Real estate


2,561



799



3,360Consumer


1,550



75



1,625Net loans


10,319



5,618



15,937Loans held for sale


(3
)


10



7Securities:Taxable


2,733



628



3,361Tax exempt


193



2



195Federal funds sold and other


976



296



1,272Total interest-earning assets

$
14,218


$
6,554


$
20,772Interest-bearing liabilities:Savings deposits

$
198


$
101


$
299Interest-bearing demand deposits


921



2,250



3,171Time deposits


4,751



2,228



6,979Short-term borrowings


266



409



675Long-term debt


362



202



564Total interest-bearing liabilities

$
6,498


$
5,190


$
11,688Net interest income

$
7,720


$
1,364


$
9,084     (1)
    
    The change in interest due to both rate and volume has been
    allocated to volume and rate changes in proportion to the
    relationship of the absolute dollar amounts of the change in
    each.  Allowance
    and Provision for Credit Losses
       23




---



##### Table of Contents



03-3,
            (Dollars in Thousands)

2007


2006


2005


2004


2003Balance, January 1

$
10,336


$
6,907


$
5,764


$
3,922


$
2,060Provision


3,159



1,830



1,301



2,065



1,879Charge-offs


213



1,272



304



227



17Recoveries


254



200



146



4



Net (recoveries) charge-offs


(41
)


1,072



158



223



17Balance acquired through acquisition






2,671











Balance, December 31


13,536


$
10,336


$
6,907


$
5,764


$
3,922Ratio of net (recoveries)charge-offs to average loans


(.01
)%


.19
%


.04
%


.06
%


.01
%  24




---



##### Table of Contents



(Dollars in Thousands)

2007


2006


2005


2004


2003Allocation of allowance for loan losses at December 31:Commercial

$
7,628


$
6,236


$
5,291


$
4,217


$
3,409Real estate


3,273



2,140



769



983



252Real estate construction


276



152



65



80



15Consumer


2,359



1,808



782



484



246Total

$
13,536


$
10,336


$
6,907


$
5,764


$
3,922Percent of loans to total loans at December 31:Commercial


69
%


65
%


66
%


68
%


71
%Real estate


19



24



23



23



19Real estate construction


2



2



2



2



2Consumer


10



9



9



7



8Total


100
%


100
%


100
%


100
%


100
%     (Dollars in Thousands)

2007


2006


2005


2004


2003Balance, January 1

$
1,167


$
670


$
630


$
535


$
315Provision


339



497



40



95



220Balance, December 31


1,506


$
1,167


$
670


$
630


$
535      25




---



##### Table of Contents



(Dollars in Thousands)

2007


2006


2005


2004


2003Nonaccrual loansCommercial

$
3,005


$
1,149


$



$
358


$
455Real estate


905















Consumer


286



209



72



1



9Total nonaccrual loans


4,196



1,358



72



359



464Renegotiated loans


















Total non-performing loans


4,196



1,358



72



359



464Other real estate, net


235



10



204







Total non-performing assets


4,431


$
1,368


$
276


$
359


$
464Accruing loans past due 90 days or more


















Non-performing loans as a% of total loans


.48
%


.20
%


.02
%


.09
%


.16
%Allowance for loan losses as a% of non-performing loans


323
%


761
%


9,593
%


1,681
%


961
%     Non-Interest
    Income
            Non-Interest
    Expense
   26




---



##### Table of Contents



de novo
  Income
    Taxes
    Return
    on Assets
   27




---



##### Table of Contents



Return
    on Equity
      2006
    Compared to 2005
            Overview
    of the Statement of Condition
        Cash
    and Cash Equivalents
     28




---



##### Table of Contents



Investment
    Securities
        Loans
           29




---



##### Table of Contents



Loan
    Maturities:
  (Dollars in Thousands)

December 31, 2007Due inOne Year


DueDue in


Through


AfterOne Year


Five


Fiveor Less


Years


Years


TotalLoan TypeCommercial loans:Fixed


10,312



25,791



41,309



77,412Variable


268,758



252,231



5,918



526,907279,070



278,022



47,227



604,319Real estate loans:Fixed


11,608



15,167



69,288



96,063Variable


68,120



21,510



107



89,73779,728



36,677



69,395



185,800Consumer loans:Fixed


11,390



19,227



45,939



76,556Variable


7,354



2,147







9,50118,744



21,374



45,939



86,057Total


377,542



336,073



162,561



876,176     Loan
    Portfolio Analysis:
  (Dollars in Thousands)

2007


2006


2005


2004


2003Year-end balances:Commercial, financial, and agricultural

$
604,319


$
448,885


$
305,270


$
269,863


$
211,688Real estate


171,335



167,354



106,599



90,458



56,620Real estate construction


14,465



11,894



9,084



7,416



4,776Consumer


86,057



65,387



42,543



29,177



22,841Total

$
876,176


$
693,520


$
463,496


$
396,914


$
295,925Average total loans

$
778,724


$
576,482


$
432,910


$
349,837


$
236,223Average allowance for loan losses


(11,282
)


(9,095
)


(7,075
)


(5,276
)


(3,298
)Average loans, net of allowance

$
767,442


$
567,387


$
425,835


$
344,561


$
232,925   Loan
    Concentration
   30




---



##### Table of Contents



Funding
    Sources
        
   (Dollars in Thousands)

2007


2006


2005Under 3 months

$
65,733


$
45,661


$
44,0623 to 12 months


123,593



82,243



32,469Over 12 months


50,270



86,599



70,699Total

$
239,596


$
214,503


$
147,230     Capital/Stockholders
    Equity
         31




---



##### Table of Contents



Liquidity
    and Interest Rate Sensitivity
    Interest
    Rate Risk
        and/or
 32




---



##### Table of Contents



2007


2006Immediate

Estimated Increase


Estimated IncreaseInterest Rate Change

(Decrease) in Net


(Decrease) in Net(in Basis Points)

Interest Income


Interest Income(Dollars in Thousands)300


(4,187
)


(10.3
%)

$
957



2.4
%200


(2,793
)


(6.9
)


710



1.8100


(1,416
)


(3.5
)


407



1.0(100)


1,519



3.7



(530
)


(1.3
)   Liquidity
        Contractual Obligations, Commitments, Contingent Liabilities,
    and Off-Balance Sheet Arrangements
   33




---



##### Table of Contents



One


Three toOne Year


to Three


Five


Over Five(Dollars in Thousands)

or Less


Years


Years


Years


TotalCommitments to extend credit:Commercial


55,721



19,729



1,789



3,378



80,617Residential real estate


58,912



742



4



106



59,764Revolving home equity lines














41,699



41,699Standby letters of credit


28,095



675



19



47



28,836Net commitments to sellmortgage loans


1,865















1,865       Payments Due inOne to


Three toOne Year


Three


Five


Over Five(Dollars in Thousands)

or Less


Years


Years


Years


TotalDeposits without a stated maturity(a)


438,926















438,926Consumer certificates of deposits(b)


395,040



82,479



27,489







505,008Federal funds borrowed and security repurchase agreements(b)


25,173















25,173Long-term debt(b)


2,822



2,822



31,875



21,411



58,930Operating leases


1,269



2,427



1,449



4,418



9,563     (a)
    
    Excludes interest(b)
    
    Includes interest on both fixed and variable rate obligations.
    The interest associated with variable rate obligations is based
    upon interest rates in effect at December 31, 2007. The
    contractual amounts to be paid on variable rate obligations are
    affected by changes in market interest rates. Future changes in
    market interest rates could materially affect the contractual
    amounts to be paid.      Fourth
    Quarter
   34




---



##### Table of Contents



Future
    Outlook
      ITEM 7A.
    QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK  32-33 Form 10-K.
  ITEM 8.
    FINANCIAL
    STATEMENTS AND SUPPLEMENTARY DATA    ITEM 9.
    CHANGES
    IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
    FINANCIAL DISCLOSURE    ITEM 9A.
    CONTROLS
    AND PROCEDURES  Disclosure
    Controls and Procedures
    Changes
    in Internal Control Over Financial Reporting
    ITEM 9A(T).
    Controls
    and Procedures    Managements
    Annual Report on Internal Control Over Financial
    Reporting
  Regulation S-K Form 10-K.
  ITEM 9B.
    OTHER
    INFORMATION   35




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##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Consolidated
    Balance Sheets
  December 31(Dollars in Thousands, except Per Share Data)

2007


2006AssetsCash and cash equivalents

$
15,507


$
18,353Interest-bearing deposits in other banks


985



3,211Federal funds sold


26,904



37,908Total cash and cash equivalents


43,396



59,472Available-for-sale securities, at estimated fair value
    (amortized cost of $124,379 in 2007 and $124,447 in 2006)


125,904



125,130Loans


876,176



693,520Allowance for loan losses


(13,536
)


(10,336
)Net loans


862,640



683,184Premises and equipment


18,720



13,926Loans held for sale


1,865



1,011Goodwill and other intangible assets


16,735



17,712Other assets


15,927



13,418Total assets

$
1,085,187


$
913,853LiabilitiesDeposits:Non-interest-bearing

$
114,419


$
98,275Interest-bearing


829,515



705,913Total deposits


943,934



804,188Short-term borrowings


25,173



25,366Long-term debt


20,000



20,000Other liabilities


8,160



7,186Total liabilities


997,267



856,740Stockholders equity:Preferred stock, $1 par value, 1,000,000 authorized, none
    issued






Common stock, $1 par value, 50,000,000 authorized,
    5,971,171 and 4,197,140 issued and outstanding on
    December 31, 2007 and 2006, respectively


5,971



4,197Additional paid-in capital


81,580



48,510Accumulated (deficit) earnings


(547
)


3,996Accumulated other comprehensive income


916



410Total stockholders equity


87,920



57,113Total liabilities and stockholders equity

$
1,085,187


$
913,853   See Notes to Consolidated Financial Statements.
 36




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Consolidated
    Statements of Income
  Year Ended December 31(Dollars in Thousands, except Per Share Data)

2007


2006


2005Interest income:Loans, including fees

$
60,423


$
43,975


$
28,064Loans held for sale


156



171



164Securities available-for-sale


6,153



4,263



781Interest-bearing bank balances


70



244



96Federal funds sold


1,768



1,548



425Total interest income


68,570



50,201



29,530Interest expense:Deposits


31,553



20,749



10,300Short-term borrowings


960



1,098



423Long-term debt


1,488



1,129



565Total interest expense


34,001



22,976



11,288Net interest income


34,569



27,225



18,242Provision for credit losses


3,498



2,327



1,341Net interest income after provision for credit losses


31,071



24,898



16,901Other income:Service charges on deposit accounts


2,174



1,241



903Other service charges and fees


1,893



1,224



898Secondary market income


1,099



808



1,002Security losses






(40
)


(247
)Other


915



365



332Total other income


6,081



3,598



2,888Other expense:Salaries and employee benefits


14,653



10,015



6,247Occupancy expense


2,171



1,840



1,379Equipment expense


1,921



1,524



1,216Advertising


2,029



1,031



855Professional fees


340



420



391Data processing


1,763



1,292



809Other outside services


885



625



448Other


5,159



3,988



2,120Total other expense


28,921



20,735



13,465Net income before income tax expense


8,231



7,761



6,324Income tax expense


2,904



2,929



2,337Net income

$
5,327


$
4,832


$
3,987Basic earnings per share

$
1.09


$
1.21


$
1.17Diluted earnings per share

$
1.00


$
1.11


$
1.09Basic weighted-average shares outstanding


4,894,646



3,995,077



3,399,672Diluted weighted-average shares outstanding


5,327,042



4,353,435



3,645,057   See Notes to Consolidated Financial Statements.
 37




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Consolidated
    Statements of Stockholders Equity
  AccumulatedAdditional


Accumulated


OtherCommon


Paid-in


(Deficit)


Comprehensive(Dollars in Thousands)

Stock


Capital


Earnings


Income (Loss)


TotalBalance, December 31, 2004

$
2,552


$
25,185


$
2,046


$
(38
)

$
29,745Issuance of a 10% stock dividend


256



(258
)










(2
)Issuance of common stock


9



89











98Comprehensive income:Net income










3,987







3,987Other comprehensive income:Unrealized gain on available-for-sale securities, net of income
    taxes of $128














193



193Reclassification adjustment for losses included in net income,
    net of income taxes $98














(148
)


(148
)Total comprehensive income


















4,032Balance, December 31, 2005


2,817



25,016



6,033



7



33,873Issuance of a 10% stock dividend


381



6,488



(6,869
)






Issuance of common stock


999



16,841











17,840Payments for fractional shares






4











4Stock Based Compensation Expense






161











161Comprehensive income:Net income










4,832







4,832Other comprehensive income:Unrealized gain on available-for-sale securities, net of income
    taxes of $284














427



427Reclassification adjustment for losses included in net income,
    net of income taxes $16














(24
)


(24
)Total comprehensive income


















5,235Balance, December 31, 2006


4,197



48,510



3,996



410



57,113Issuance of a 10% stock dividend


542



9,319



(9,861
)






Issuance of common stock


1,232



23,008











24,240Payments for fractional shares










(9
)






(9
)Stock Based Compensation Expense






743











743Comprehensive income:Net income










5,327







5,327Other comprehensive income:Unrealized gain on available-for-sale securities, net of income
    taxes of $202














506



506Total comprehensive income


















5,832Balance, December 31, 2007


5,971



81,580



(547
)


916



87,920   See Notes to Consolidated Financial Statements.
 38




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##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Consolidated
    Statements of Cash Flows
  Year Ended December 31(Dollars in Thousands)

2007


2006


2005Operating activities:Net income

$
5,327


$
4,832


$
3,987Adjustments to reconcile net income to net cash provided by
    operating activities:Accretion of discounts on securities


(1,028
)


(488
)


(27
)Amortization of premiums on securities


876



47



18Loss on sale of securities






40



247Provision for credit losses


3,498



2,327



1,341Deferred income tax expense (benefit)


(1,155
)


839



(535
)Depreciation


1,486



1,257



1,119Loss (gain) on disposal of premises and equipment


18



3



(2
)Loans originated for sale


(71,671
)


(60,916
)


(69,543
)Proceeds from loans sold


71,895



62,207



70,255Gain on sale of loans


(1,078
)


(795
)


(934
)Stock Option Expense


743



161



Increase (decrease) in other liabilities


974



(5,169
)


975(Increase) decrease in other assets


(1,237
)


463



(1,191
)Net cash provided by operating activities


8,648



4,808



5,710Investing activities:Purchases of premises and equipment


(6,298
)


(4,581
)


(3,319
)Retirement of premises and equipment






34



36Purchases of life insurance


(216
)


(173
)


(1,873
)Purchases of available-for-sale securities


(68,300
)


(44,642
)


(46,426
)Sales and maturities of available-for-sale securities


69,260



134,375



19,901Net cash paid for acquisition of Smithfield






(16,700
)


Net increase in loans made to customers


(182,954
)


(178,403
)


(66,780
)Net cash used in investing activities


(188,508
)


(110,090
)


(98,461
)Financing activities:Net increase in deposits


139,746



106,659



98,710Net (decrease) increase in securities sold under agreement to
    repurchase


(193
)


6,830



4,029Proceeds of long-term debt issuance






10,000



Proceeds of stock offering


24,240



17,840



98Payments for fractional shares


(9
)


(4
)


(2
)Net cash provided by financing activities


163,784



141,325



102,835(Decrease) increase in cash and cash equivalents


(16,076
)


36,043



10,084Cash and cash equivalents  beginning of period


59,472



23,429



13,345Cash and cash equivalents  end of period

$
43,396


$
59,472


$
23,429Supplemental cash flow information:Interest paid

$
32,902


$
22,600


$
10,666Income taxes paid

$
4,803


$
3,950


$
3,069   See Notes to Consolidated Financial Statements.
 39




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial Statements
  1.
    Summary
    of Significant Accounting Policies        Principles
    of Consolidation
    Cash
    and Cash Equivalents
    Investment
    Securities
    Loans
       40




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
      Other
    Real Estate Owned
    Allowance
    for Credit Losses
         41




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
  Loans
    Held for Sale
    Bank
    Premises and Equipment
    Advertising
    Expense
    Income
    Taxes
    Stock-Based
    Compensation
      December 31,(Dollars in Thousands, except Per Share Data)

2005Net income as reported

$
3,987Stock-based compensation using fair value method


(393
)Pro forma net income

$
3,594Basic earnings per share as reported

$
1.17Diluted earnings per share as reported

$
1.09Pro forma basic earnings per share

$
1.05Pro forma diluted earnings per share

$
0.98  42




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
    Earnings
    Per Share
    Stock
    Dividend
    Recent
    Accounting Pronouncements
      Fair Value
    Measurements
  Business
    Combinations
 43




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
  Accounting for Costs Associated with Exit or Disposal
    Activities
    No. 06-10, EITF 06-10 EITF 06-10 EITF 06-10
  No. 06-4 (EITF 06-4), EITF 06-4 EITF 06-4 EITF 06-4 EITF 06-4
  No. 06-5, Bulletin No. 85-4, EITF 06-5 Bulletin No. 85-4. EITF 06-5
 44




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
  2.
    Fair
    Values of Financial Instruments    Cash
    and Cash Equivalents
    Investment
    Securities
    Loans
    Loans
    Held for Sale
    Deposits
    Short-Term
    Borrowings
    Long-Term
    debt
    Off-Balance
    Sheet Financial Instruments
   45




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
    2007


2006Carrying


Estimated


Carrying


Estimated(Dollars in Thousands)

Amount


Fair Value


Amount


Fair ValueFinancial assets:Cash and cash equivalents

$
43,396


$
43,396


$
59,472


$
59,472Investment securities


125,904



125,904



125,130



125,130Loans


876,176



1,111,167



693,520



795,812Loans Held for Sale


1,865



1,865



1,011



1,011Financial liabilities:Deposits


943,934



942,994



804,188



802,741Short-term borrowings


25,173



25,173



25,366



25,366Long-term debt


20,000



20,000



20,000



20,000     3.
    Investment
    Securities  Securities Classified as Available-for-SaleGross


Gross


EstimatedAmortized


Unrealized


Unrealized


Fair(Dollars in Thousands)

Cost


Gains


Losses


ValueAt December 31, 2007:U.S. Treasury securities and obligations of
    U.S. government agencies and corporations

$
93,373


$
1,260






$
94,633Tax-exempt securities


20,364



290



(22
)


20,632Other securities


10,642



80



(83
)


10,639Total available-for-sale securities


124,379



1,630



(105
)


125,904At December 31, 2006:U.S. Treasury securities and obligations of
    U.S. government agencies and corporations

$
108,421


$
466


$
(68
)

$
108,819Tax-exempt securities


5,152



90



(17
)


5,225Other securities


10,874



215



(3
)


11,086Total available-for-sale securities

$
124,447


$
771


$
(88
)

$
125,130    46




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
  Maturity
    distribution of available-for-sale securities:
  Contractual MaturitiesU.S. TreasurySecurities and





TotalObligations of





Available-U.S. Government


Other


for-Sale(Dollars in Thousands)

Agencies


Securities


SecuritiesDecember 31, 2007Within one year:Amortized cost


35,205



5,301



40,506Fair value


35,284



5,314



40,598Yield


4.93
%


5.67
%


4.93
%1 to 5 years:Amortized cost


58,168



12,195



70,363Fair value


59,348



12,340



71,688Yield


5.23
%


4.58
%


5.23
%5 to 10 years:Amortized cost






12,683



12,683Fair value






12,874



12,874Yield






3.90
%


3.90
%Over 10 years:Amortized cost






827



827Fair value






744



744Yield






3.52
%


3.52
%Total amortized cost


93,373



31,006



124,379Total fair value


94,633



31,271



125,904Total yield


5.12
%


4.85
%


5.08
%       47




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
  Less Than 12 Months


12 Months or More


TotalFair


Unrealized


Fair


Unrealized


Fair


Unrealized(Dollars in Thousands)

Value


Losses


Value


Losses


Value


LossesAt December 31, 2007:U.S. government and agency securities










5,994



(1
)


5,994



(1
)Tax-exempt securities






















Other securities


2,976



(104
)










2,976



(104
)Total loans


2,976



(104
)


5,994



(1
)


8,970



(105
)At December 31, 2006:U.S. government and agency securities

$
46,570


$
(25
)

$
16,454


$
(43
)

$
63,024


$
(68
)Tax-exempt securities


164



(1
)


819



(16
)


983



(17
)Other securities


303



(3
)










303



(3
)Total loans

$
47,037


$
(29
)

$
17,273


$
(59
)

$
64,310


$
(88
)   4.
    Loans
    and Allowance for Loan Losses    (Dollars in Thousands)

2007


2006Commercial

$
143,675


$
98,878Real estate, commercial


460,644



350,007Real estate, mortgage


185,800



179,248Consumer


86,057



65,387Total loans

$
876,176


$
693,520     (Dollars in Thousands)

2007


2006


2005Balance, January 1

$
10,336


$
6,907


$
5,764Provision


3,159



1,830



1,301Balance acquired through acquisition






2,671



Charge-offs


213



1,272



304Recoveries


254



200



146Net (recoveries) charge-offs


(41
)


1,072



158Balance, December 31


13,536


$
10,336


$
6,907  48




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
    (Dollars in Thousands)

2007


2006


2005Balance, January 1

$
1,167


$
670


$
630Provision


340



497



40Balance, December 31

$
1,507


$
1,167


$
670           (Dollars in Thousands)

2007


2006Balance, January 1

$
35,172


$
19,380New loans


38,752



25,217Repayments


(18,208
)


(9,425
)Balance, December 31

$
55,716


$
35,172  49




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
  5.
    Bank
    Premises and Equipment    (Dollars in Thousands)

2007


2006Land

$
6,026


$
5,285Building and premises


8,887



5,954Leasehold improvements


1,191



774Furniture, fixtures, and equipment


9,135



8,98325,239



20,996Accumulated depreciation


(6,519
)


(7,070
)Net book value

$
18,720


$
13,926     Operating(Dollars in Thousands)

LeasesYear Ending December 31:2008


1,2692009


1,2252010


1,2022011


7452012


704Thereafter


4,418Total minimum lease payments


9,563       6.
    Deposits     50




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
   7.  Short-Term
    Borrowings
    (Dollars in Thousands)

2007


2006


2005Ending balance

$
25,173


$
25,366


$
18,536Average balance


22,879



24,003



16,164Highest month-end balance


30,559



40,509



24,477Interest expense


960



1,103



423Weighted-average interest rate:End of year


3.55
%


4.48
%


3.44
%During the year


4.20
%


4.57
%


2.62
%     8.  Long-Term
    Debt
            2007


2006Weighted





WeightedAverage





Average(Dollars in Thousands)

Amount


Rate


Amount


RateCentra Financial Statutory Trust I

$
10,000



7.80
%

$
10,000



7.66
%Centra Financial Statutory Trust II

$
10,000



7.08
%

$
10,000



7.02
%    51




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##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
   9.  Income
    Taxes
    2007


2006


2005Statutory corporate tax rate


34.0
%


34.0
%


34.0
%Differences in rate resulting from:State income taxes


4.0



3.2



4.0Other


(2.7
)


0.5



(1.0
)Effective income tax rate


35.3



37.7
%


37.0
%     (Dollars in Thousands)

2007


2006


2005Federal:Current


3,558


$
3,160


$
2,408Deferred


(916
)


(605
)


(455
)State


262



374



384Income tax expense

$
2,904


$
2,929


$
2,337     (Dollars in Thousands)

2007


2006Deferred tax assets:Allowance for loan losses

$
5,675


$
4,012Net Operation Loss Carryforward


1,177



1,615Supplemental retirement plan


337



259Deferred net loan origination fees


322



206Other


524



105Deferred tax assets


8,035



6,197Deferred tax liabilities:Premises and equipment


466



442Available-for-sale
    securities


610



274Accretion on
    available-for-sale
    securities


386



187Purchase Accounting


2,110



1,649Deferred tax liabilities


3,572



2,552Net deferred tax assets

$
4,463


$
3,645      52




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##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
  10.  Financial
    Instruments With Off-Balance Sheet Risk
    Loan
    Commitments and Standby Letters of Credit
      11.  Other
    Expenses
    (Dollars in Thousands)

2007


2006


2005Professional Fees


340



420



391Outside services


885



625



448Taxes not on income


1,021



539



359   12.  Regulatory
    Matters
     53




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##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
        Well-CapitalizedUnder PromptFor Capital


CorrectiveActual


Adequacy


Action Provision(Dollars in Thousands)

Amount


Ratio


Amount


Ratio


Amount


RatioAs of December 31, 2007Total capital(1)

$
100,606



12.2
%

$
65,756



8.0
%

$
82,194



10.0
%Tier 1(2)


90,270



11.0



32,885



4.0



49,328



6.0Tier 1(3)


90,270



8.7



41,456



4.0



51,820



5.0As of December 31, 2006Total capital(1)

$
68,665



10.3
%

$
53,436



8.0
%

$
66,795



10.0
%Tier 1(2)


59,119



8.9



26,720



4.0



40,081



6.0Tier 1(3)


59,119



6.7



35,454



4.0



44,317



5.0     (1)
    
    Ratio represents total risk-based capital to net risk-weighted
    assets.(2)
    
    Ratio represents Tier 1 capital to net risk-weighted assets.(3)
    
    Ratio represents Tier 1 capital to average assets.  13.  Federal
    Reserve Requirements
    14.  Employee
    Benefit Plans
       54




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##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
    15.  Stock
    Options
    10-year
     55




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##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
    WeightedAverageWeighted


RemainingAverage


Contractual


AggregateOutstanding Shares

Shares


Exercise Price


Term  Years


Intrinsic ValueOutstanding at beginning of period


1,143,217


$
8.88Granted


252,195



15.13Exercised


33,014



8.05Forfeited


7,353



9.09Outstanding at end of period


1,355,045



10.06



5.33



13,470,332Exercisable at end of period


1,137,932



9.36



4.71



12,103,049       2007


2006Risk-free interest rate


4.46
%


5.02
%Dividend yield (*)Volatility factor of the market price (*)Weighted average expected life of options


7 years



7 years     (*)
    
    No volatility or expected dividends were used to estimate the
    fair value due to Centras stock not being publicly traded
    and Centra having no history of dividend payments.    16.  Goodwill
    and Intangible Assets
      (In thousands)

2007


2006Gross carrying amount

$
6,024


$
6,024Accumulated amortization


(1,111
)


(370
)Net core deposit intangible

$
4,913


$
5,654  56




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##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
    ProjectedAmortization(In thousands)

Expense2008

$
7402009


7402010


7402011


7402012


740$
3,700  17.  Parent
    Company Only Financial Information  Condensed
    Balance Sheet
  December 31(Dollars in Thousands)

2007


2006Assets:Cash and cash equivalents

$
718


$
1,140Available-for-sale
    securities, at estimated fair value (amortized cost of $616 in
    2007 and 2006)


744



741Investment in second tier bank holding companies


106,646



75,266Total assets

$
108,108


$
77,147Liabilities:Long-term debt

$
20,000


$
20,000Other liabilities


188



34Total liabilities


20,188



20,034Stockholders equity:Preferred stock, $1 par value, 1,000,000 authorized, none
    issued






Common stock, $1 par value, 50,000,000 authorized,
    5,971,171 and 4,197,140 issued and outstanding on
    December 31, 2007 and 2006, respectively


5,971



4,197Additional paid-in capital


81,580



48,510Accumulated earnings


(547
)


3,996Accumulated other comprehensive income


916



410Total stockholders equity


87,920



57,113Total liabilities and stockholders equity

$
108,108


$
77,147  57




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##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
  Consolidated
    Statement of Income
  Year Ended December 31(Dollars in Thousands)

2007


2006


2005Income  dividends from bank subsidiary

$



$
1,848


$
500 interest
    and dividends


24



17



9Total expense


1,494



1,157



567(Loss) income before federal income tax and equity in
    undistributed earnings of subsidiaries


(1,470
)


708



(58
)Applicable income tax benefit


(593
)


(660
)


(225
)Equity in undistributed income of subsidiaries


6,204



3,464



3,820Net income

$
5,327


$
4,832


$
3,987   Statement
    of Cash Flows
  Year Ended December 31(Dollars in Thousands)

2007


2006


2005Operating activities:Net income

$
5,327


$
4,832


$
3,987Adjustments to reconcile net income to net cash provided by
    operating activities:Increase (decrease) in accrued expenses


154



(444
)


(89
)Stock Option Expense


743



161Equity in undistributed income of subsidiaries


(6,204
)


(3,464
)


(3,820
)Net cash provided by operations


20



1,085



78Investing activities:Net cash paid for acquisition






(16,700
)


Net proceeds from (purchases) sales of
    available-for-sale
    securities


(3
)


24



(564
)Net cash used in investing activities


(3
)


(16,676
)


(564
)Financing activities:Proceeds of long-term debt issuance






10,000



Proceeds of stock offering


24,240



17,840



98Payments for fractional shares


(8
)


(4
)


(2
)Investment in subsidiaries


(24,671
)


(11,140
)


Net cash (used in) provided by financing activities


(439
)


16,696



96Net change in cash


(422
)


1,105



(390
)Cash and cash equivalents at beginning of year


1,140



35



425Cash and cash equivalents at end of year

$
718


$
1,140


$
35  58




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##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
  18.  Summarized
    Quarterly Information (Unaudited)
    First


Second


Third


Fourth(Dollars in Thousands, Except Per Share Data)

Quarter


Quarter


Quarter


Quarter2007:Interest income

$
15,815


$
16,586


$
17,873


$
18,296Interest expense


7,640



8,068



9,097



9,196Net interest income


8,175



8,518



8,776



9,100Provision for credit losses


500



443



521



2,034Other income


1,119



1,542



1,585



1,835Other expenses


6,513



7,051



7,287



8,070Income tax expense


898



934



884



188Net income


1,383



1,632



1,669



643Basic earnings per share

$
0.30


$
0.35


$
0.35


$
0.11Diluted earnings per share

$
0.28


$
0.33


$
0.32


$
0.11Basic weighted average shares outstanding


4,618,524



4,647,953



4,702,214



5,601,209Diluted weighted average shares outstanding


4,964,068



5,018,877



5,211,457



6,105,0832006:Interest income

$
9,298


$
10,421


$
14,898


$
15,584Interest expense


4,035



4,711



6,826



7,404Net interest income


5,263



5,710



8,072



8,180Provision for credit losses


469



739



234



885Other income


764



628



1,143



1,103Loss on sale of securities














(40
)Other expenses


4,082



4,112



6,654



5,887Income tax expense


544



546



932



907Net income


932



941



1,395



1,564Basic earnings per share

$
0.27


$
0.27


$
0.31


$
0.34Diluted earnings per share

$
0.25


$
0.24


$
0.29


$
0.31Basic weighted average shares outstanding


3,408,944



3,496,753



4,466,118



4,589,824Diluted weighted average shares outstanding


3,677,995



3,886,172



4,853,235



4,977,667  59




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##### Table of Contents



REPORT ON
    MANAGEMENTS ASSESSMENT OF INTERNAL CONTROL OVER
    FINANCIAL REPORTING
      Douglas
    J. Leech
   Chief Executive Officer
  Kevin
    D. Lemley
   Chief Financial Officer
   60




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##### Table of Contents



REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM            
    61




---



##### Table of Contents



PART III  ITEM 10.
    DIRECTORS
    AND EXECUTIVE OFFICERS OF THE REGISTRANT        ITEM 11.
    EXECUTIVE
    COMPENSATION    ITEM 12.
    SECURITY
    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
    RELATED STOCKHOLDER MATTERS    ITEM 13.
    CERTAIN
    RELATIONSHIPS AND RELATED TRANSACTIONS    ITEM 14.
    PRINCIPAL
    ACCOUNTING FEES AND SERVICES   62




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##### Table of Contents



PART IV  ITEM 15.
    EXHIBITS AND
    FINANCIAL STATEMENT SCHEDULES  (a)
    (1) Financial Statements
    PageReport of Independent Registered Public
    Accounting Firm (Ernst & Young LLP)


61Consolidated Balance Sheets as of
    December 31, 2007 and 2006


36Consolidated Statements of Income for the years
    ended December 31, 2007, 2006, and 2005


37Consolidated Statements of Stockholders
    Equity for the years ended December 31, 2007, 2006, and
    2005


38Consolidated Statements of Cash Flows for the
    years ended December 31, 2007, 2006, and 2005


39Notes to the Consolidated Financial Statements


40Centra Financial Holdings Inc.: (Parent Company
    Only Financial Statements are included in Note 17 of the
    Notes to the Consolidated Financial Statements)


57   (a)
    (2) Financial Statement Schedules
    (a)
    (3) Exhibits
  Form 10-K Form 10-K.
  (b)
    Exhibits  Form 10-K
  (c)
    Financial
    Statement Schedules   63




---



##### Table of Contents



SIGNATURES      By:
    /s/  Douglas
    J. Leech   President and Chief Executive Officer
    By:
    /s/  Kevin
    D. Lemley   SVP-CFO Principal Financial and
    Accounting Officer
      Signatures

Title

Date/s/  Douglas
    J. LeechDouglas
    J. Leech

President and Chief Executive Officer
    and Director

March 17, 2008/s/  James
    W. Dailey IIJames
    W. Dailey II

Director

March 17, 2008/s/  Arthur
    GabrielArthur
    Gabriel

Director

March 17, 2008/s/  Robert
    A. McMillanRobert
    A. McMillan

Director

March 17, 2008/s/  Mark
    R. NesselroadMark
    R. Nesselroad

Director

March 17, 2008/s/  Parry
    G. PetroplusParry
    G. Petroplus

Director

March 17, 2008/s/  Milan
    PuskarMilan
    Puskar

Director

March 17, 2008 64




---



##### Table of Contents



Signatures

Title

Date/s/  Paul
    T. SwansonPaul
    T. Swanson

Director

March 17, 2008/s/  Bernard
    G. WestfallBernard
    G. Westfall

Director

March 17, 2008/s/  C.
    Christopher ClussC.
    Christopher Cluss

Director

March 17, 2008  65




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##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES ANNUAL REPORT ONFORM 10-K
    for Fiscal Year Ended December 31, 2007
 EXHIBIT INDEX  ExhibitNumber

Description

Exhibit Location3
.1

Articles of Incorporation

Form S-4
    Registration Statement, Registration
    No. 333-36186,
    filed December 23, 1999, and incorporated by reference
    herein.3
.2

Bylaws

Form 10-K
    for the year ended December 31, 2006, and incorporated by
    reference herein4
.1

Shareholder Protection Rights Agreement

Form S-4
    Registration Statement, Registration
    No. 333-36186,
    filed December 23, 1999, and incorporated by reference
    herein.10
.1

Centra Financial Holdings, Inc. 1999 Stock Incentive Plan dated
    as of April 27, 2000

Form 10-KSB
    for the year ended December 31, 2000, and incorporated by
    reference herein.10
.2

Lease agreement with Platinum Plaza, Inc.

Form S-4
    Registration Statement, Registration
    No. 333-36186,
    filed December 23, 1999, and incorporated by reference
    herein.10
.3

Lease agreement with Frank and Teresa Fargo for premises
    occupied by the Williamsport Pike office

Form 10-KSB
    for the year ended December 31, 2001, and incorporated by
    reference herein.10
.4

Lease agreement with Columbus, LLC for premises occupied by the
    450 Foxcroft Avenue office

Form 10-KSB
    for the year ended December 31, 2001, and incorporated by
    reference herein.10
.5

Lease agreement with Van Wyk Enterprises, Inc. for premises
    occupied by the 300 Foxcroft Avenue office

Form 10-KSB
    for the year ended December 31, 2001, and incorporated by
    reference herein.10
.6

Lease agreement with Union Properties for unimproved real estate
    at the corner of West Virginia Route 857 and Venture Drive

Form 10-KSB
    for the year ended December 31, 2002, and incorporated by
    reference herein.10
.7

Indenture with Centra Financial Holdings, Inc. as Issuer and
    Wilmington Trust Company as Trustee

Form 10-K
    for the year ended December 31, 2004, and incorporated by
    reference herein.10
.8

Floating Rate Junior Subordinated Deferrable Interest Debenture

Form 10-K
    for the year ended December 31, 2004, and incorporated by
    reference herein.10
.9

Guarantee Agreement by and between Centra Financial Holdings,
    Inc. and Wilmington Trust Company

Form 10-K
    for the year ended December 31, 2004, and incorporated by
    reference herein.10
.10

Deferred compensation plan for directors

Form 10-K
    for the year ended December 31, 2005, and incorporated by
    reference herein.10
.11

Stock Purchase Agreement with shareholders of Smithfield State
    Bank

Form 8-K
    filed March 16, 2006, and incorporated by reference herein.10
.12

Indenture with Centra Financial Holdings, Inc. as Issuer and
    Bear Stearns as Trustee

Form 10-Q
    for the quarter ended June 30, 2006, and incorporated by
    reference herein.10
.13

Floating Rate Junior Subordinated Deferrable Interest Debenture

Form 10-Q
    for the quarter ended June 30, 2006, and incorporated by
    reference herein.10
.14

Guarantee Agreement by and between Centra Financial Holdings,
    Inc. and Bear Stearns

Form 10-Q
    for the quarter ended June 30, 2006, and incorporated by
    reference herein.10
.15

Executive Supplemental Retirement Plan for Douglas J. Leech
    dated April 20, 2000

Form 10-K
    for the year ended December 31, 2006, and incorporated by
    reference herein10
.15a

Life Insurance Method Split Dollar Plan Agreement

Form 10-K
    for the year ended December 31, 2006, and incorporated by
    reference herein 66




---



##### Table of Contents



ExhibitNumber

Description

Exhibit Location10
.15b

Rabbi Trust for the Executive Supplemental Retirement Plan
    Agreement and the Endorsement Method Split Dollar Plan Agreement.

Form 10-K
    for the year ended December 31, 2006, and incorporated by
    reference herein10
.16

Executive Salary Continuation Plan for Kevin D. Lemley dated
    January 24, 2001

Form 10-K
    for the year ended December 31, 2006, and incorporated by
    reference herein10
.17

Executive Salary Continuation Plan for Henry M. Kayes, Jr. dated
    September 6, 2005

Form 10-K
    for the year ended December 31, 2006, and incorporated by
    reference herein10
.18

Executive Salary Continuation Plan for Kevin D. Lemley dated
    September 7, 2005

Form 10-K
    for the year ended December 31, 2006, and incorporated by
    reference herein10
.19

Executive Salary Continuation Plan for E. Richard Hilleary dated
    September 7, 2005

Form 10-K
    for the year ended December 31, 2006, and incorporated by
    reference herein10
.20

Executive Salary Continuation Plan for Karla J. Strosnider dated
    September 7, 2005

Form 10-K
    for the year ended December 31, 2006, and incorporated by
    reference herein10
.21

Employment and Change-of-Control Agreement with Kevin D. Lemley

Filed herewith.10
.22

Employment and Change-of-Control Agreement with Timothy P. Saab

Filed herewith.10
.23

Employment and Change-of-Control Agreement with E. Richard
    Hilleary

Filed herewith.10
.24

Employment and Change-of-Control Agreement with Henry M. Kayes,
    Jr.

Filed herewith.10
.25

Employment and Change-of-Control Agreement with Karla J.
    Strosnider

Filed herewith.10
.26

Employment and Change-of-Control Agreement with John T. Fahey

Filed herewith.10
.27

Employment Agreement of Douglas J. Leech dated January 17, 2008

Filed herewith.10
.28

Executive Supplemental Retirement Plan for Douglas J. Leech
    dated February 23, 2008

Filed herewith.12


Statement Re: Computation of Ratios

Filed herewith.14


Code of Ethics

Form 10-K
    for the year ended December 31, 2004, and incorporated by
    reference herein.21


Subsidiaries of Registrant

Filed herewith.23


Consent of Independent Registered Public Accounting Firm

Filed herewith.31
.1

Certification of Principal Executive Officer Pursuant to Section
    302 of Sarbanes-Oxley Act of 2002

Filed herewith.31
.2

Certification of Principal Financial Officer Pursuant to Section
    302 of Sarbanes-Oxley Act of 2002

Filed herewith.32
.1

Certification of Principal Executive Officer Pursuant to Section
    906 of Sarbanes-Oxley Act of 2002

Filed herewith.32
.2

Certification of Principal Financial Officer Pursuant to Section
    906 of Sarbanes-Oxley Act of 2002

Filed herewith.99
.1

Proxy Statement for the 2007 Annual Meeting

To be filed.99
.2

Report of Ernst & Young LLP, Independent Registered Public
    Accounting Firm

Found on Page 61 herein.  67