##### Table of Contents



UNITED
    STATES
 SECURITIES AND EXCHANGE
    COMMISSION
 Washington, 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, 2006ORo

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

(I.R.S. Employerincorporation or organization)

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
 o o þ
    Form 10-K.




---



##### 



TABLE
    OF CONTENTS
  
  PagePART IItem 1.


Business


3Item 1A.


Risk
    Factors


10Item 1B.


Unresolved Staff
    Comments


12Item 2.


Properties


12Item 3.


Legal
    Proceedings


12Item 4.


Submission of
    Matters to a Vote of Security Holders


12PART IIItem 5.


Market for
    Registrants Common Stock and Related Stockholder
    Matters


12Item 6.


Selected Financial
    Data


15Item 7.


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


16Item 7A.


Quantitative and
    Qualitative Disclosures about Market Risk


37Item 8.


Financial
    Statements and Supplementary Data


37Item 9.


Changes in and
    Disagreements with Accountants on Accounting and Financial
    Disclosure


37Item 9A.


Controls and
    Procedures


37Item 9B.


Other
    Information


37PART IIIItem 10.


Directors and
    Executive Officers of the Registrant


65Item 11.


Executive
    Compensation


65Item 12.


Security Ownership
    of Certain Beneficial Owners and Management


65Item 13.


Certain
    Relationships and Related Transactions


65Item 14.


Principal
    Accounting Fees and Services


65PART IVItem 15.


Exhibits and
    Financial Statement Schedules


66Signatures


67Exhibit Index


69EX-3.2EX-10.22EX-10.22.01EX-10.22.02EX-10.23EX-10.24EX-10.25EX-10.26EX-10.27EX-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
         6




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##### Table of Contents



Banking Subsidiary Regulation.
  International Money Laundering Abatement and
    Anti-Terrorist Financing Act of 2001 (USA Patriot
    Act)
  Federal
    Deposit Insurance Corporation
    Federal
    Home Loan Bank
    Capital
    Requirements
  Federal Reserve Board. Form 10-K.
  West Virginia Division of
    Banking.
  Limits
    on Dividends
   7




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##### Table of Contents



Form 10-K,
  Federal
    and State Laws
  truth-in-lending low-to-moderate
  Monetary
    Policy and Economic Conditions
      Effect
    of Environmental Regulation
       8




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##### Table of Contents



Executive
    Officers
    Name

Age

Position

Principal Occupation (Past Five Years)Douglas J. Leech


52


Chairman, President and Chief
    Executive Officer

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


39


Senior Vice President

Executive Vice President, Centra
    Bank, President  Martinsburg Region, Centra Bank,
    Inc. (2001 to present); Senior Vice President  City
    Executive, Martinsburg, West Virginia, Branch Banking and Trust
    (2000 to 2001); Senior Vice President, One Valley
    Bank  East (1989  2001)S. Todd Eckels


39


Senior Vice President

Executive Vice President, Centra
    Bank, Inc. (2006 to present); Community Bank
    President  Huntington Banks  West Virginia
    (2004  2006); Vice president, BB&T, commercial
    lending, (1989-2004)Kevin D. Lemley


52


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)Timothy P. Saab


50


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


58


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


44


Vice President

Senior Vice President, Centra
    Bank, Inc. (1999 to present); Assistant Vice President,
    Operations, One Valley Bank  Charleston (1981 to
    1999) 9




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##### Table of Contents



Name

Age

Position

Principal Occupation (Past Five Years)John T. Fahey


45


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
    Company faces vigorous competition in its market
    areas.
      out-of-state
  The
    Companys lending limit may prevent it from attracting
    higher volume customers.
    The
    Company engages in commercial and consumer lending activities
    which are riskier than residential real estate
    lending.
   10




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##### Table of Contents



The
    Company has limited control over its profitability because the
    Company cannot control the various factors that can cause
    fluctuations in interest
    rates.
    Form 10-K
  The
    Companys success depends on the Companys management
    team.
    An
    economic slowdown in our market area could hurt the
    Companys
    business.
    
    Loan delinquencies may increase;
    Problem assets and foreclosures may increase;
    Demand for the products and services of the Company may
    decline; and
    Collateral (including real estate) for loans made by the Company
    may decline in value, in turn, reducing customers
    borrowing power and making existing loans less secure.  The
    Company is highly
    regulated.
   11




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##### Table of Contents



The
    Company may incur increased charge-offs and additional loan loss
    provision due to negative credit in the
    future.
    Centra
    has no current plans to declare cash
    dividends.
   ITEM 1B.  UNRESOLVED
    STAFF COMMENTS   ITEM 2.  PROPERTIES  ,
  Form 10-K.
 ITEM 3.  LEGAL
    PROCEEDINGS   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     12




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##### Table of Contents



Quarterly
    Market and Dividend Information:
  2006


2005Estimated





EstimatedMarket Value





Market ValuePer Share


Dividend


Per Share


DividendFourth Quarter

$
16.36


$
0.00


$
13.43


$
0.00Third Quarter


16.36



0.00



13.43



0.00Second Quarter


16.36



0.00



13.22



0.00First Quarter


13.43



0.00



12.40



0.00        13




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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 JAN. 1, 2002
    ASSUMES DIVIDEND REINVESTED
    FISCAL YEAR ENDING DEC. 31, 2006
  2001



2002



2003



2004



2005



2006CENTRA FINANCIAL HOLDINGS, INC.



100.00




121.63




121.63




121.63




140.33




170.95STATE COMMERCIAL BANKS



100.00




93.67




122.15




132.84




130.62




148.64NASDAQ MARKET INDEX



100.00




69.75




104.88




113.70




116.19




128.12  14




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##### Table of Contents



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

2006


2005


2004


2003


2002Operating DataFor the year ended:Total interest income

$
50,201


$
29,530


$
20,014


$
14,634


$
10,566Total interest expense


22,976



11,288



6,846



5,304



4,312Net interest income


27,225



18,242



13,168



9,330



6,254Provision for credit losses


2,327



1,341



2,160



2,099



967Other income


3,638



3,135



2,497



2,786



1,529Security losses


(40
)


(247
)










Other expense


20,735



13,465



10,350



8,157



5,891Income tax expense (benefit)


2,929



2,337



1,151



(104
)


Net income


4,832



3,987



2,004



1,964



925Balance Sheet
    DataAt year-end:Total assets

$
913,853


$
550,756


$
442,914


$
350,368


$
266,551Investment securities


125,130



49,748



23,386



22,895



37,170Total loans


693,520



463,496



396,914



295,925



186,737Total deposits


804,188



484,532



385,822



302,355



214,868Short-term borrowings


25,366



18,536



14,507



16,953



24,578Long-term debt


20,000



10,000



10,000







Stockholders equity


56,952



33,873



29,745



27,838



25,871Significant
    RatiosNet income to:Average total assets


.66
%


.80
%


.50
%


.64
%


.45
%Average stockholders equity


9.92



12.50



6.98



7.32



4.52Average stockholders equity
    to average total assets


6.60



6.42



7.14



8.78



9.98Average total loans to average
    deposits


89.61



99.46



99.06



90.66



88.79Risk-based capital ratio


10.28



11.58



12.09



10.95



15.16Per Share DataBasic net income (loss) per share

$
1.33


$
1.29


$
0.65


$
0.64


$
0.35Diluted net income (loss) per share

$
1.22


$
1.20


$
0.62


$
0.60


$
0.33Cash dividends paid

$
0.00


$
0.00


$
0.00


$
0.00


$
0.00Book value at end of period

$
13.57


$
10.93


$
10.59


$
9.91


$
13.36Basic weighted-average shares
    outstanding


3,631,888



3,090,611



3,088,532



3,088,532



2,658,851Diluted weighted-average shares
    outstanding


3,957,668



3,313,688



3,241,926



3,264,170



2,809,399  15




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##### Table of Contents



ITEM 7.
    MANAGEMENTS
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
    OPERATIONS  Forward-Looking
    Statements:
      
    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
   16




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##### Table of Contents



Income
    Recognition
    and/or
  Allowance
    for Loan Losses
       17




---



##### Table of Contents



Investment
    Securities
  available-for-sale held-to-maturity.
  available-for-sale other-than-temporary other-than-temporary
  other-than-temporarily
  Income
    Taxes
    time-to-time
 18




---



##### Table of Contents



Goodwill
    and Other Intangible Assets
            Recent
    Accounting Pronouncements and Developments
    Summary
    Financial Results
   19




---



##### Table of Contents



Interest
    Income and Expense
         20




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##### Table of Contents



21




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##### Table of Contents



Statistical
    Financial Information Regarding Centra
    Average Balances and Analysis of Net Interest Income:
  2006


2005Average








AverageAverage


Income/


Yield/


Average


Income/


Yield/(Dollars in Thousands)

Balance


Expense


Rate


Balance


Expense


RateSecurities(1)(4):Taxable

$
87,922


$
4,130



4.70
%

$
25,553


$
769



3.01
%Tax-exempt


3,171



206



6.50
%


192



11



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


374,864



29,992



8.00
%


290,660



19,040



6.55
%Real estate


145,947



9,870



6.76
%


107,122



6,510



6.08
%Consumer


55,671



4,207



7.56
%


35,128



2,582



7.35
%Allowance for loan losses


(9,095
)










(7,075
)Net loans


567,387



44,069



7.77
%


425,835



28,132



6.61
%Loans held for sale


2,678



171



6.39
%


2,721



164



6.02
%Short-term investments:Interest-bearing deposits


2,211



244



11.04
%


1,627



95



5.89
%Federal funds sold


29,737



1,548



5.21
%


11,591



425



3.67
%Total


31,948



1,792



5.61
%


13,218



520



3.94
%Total earning assets


693,106



50,368



7.27
%


467,519



29,596



6.33
%Other assets


44,485











28,961Total assets

$
737,591










$
496,480Interest-bearing deposits:Savings

$
34,179



412



1.21
%

$
15,282



113



0.74
%Demand


153,538



5,131



3.34
%


111,921



1,960



1.75
%Time


369,201



15,206



4.12
%


246,427



8,227



3.34
%Total


556,918



20,749



3.73
%


373,630



10,300



2.76
%Short-term borrowed funds


24,003



1,098



4.57
%


16,164



423



2.62
%Long-term debt


15,370



1,129



7.35
%


10,000



565



5.65
%Total interest-bearing liabilities


596,291



22,976



3.85
%


399,794



11,288



2.82
%Non-interest-bearing demand
    deposits


86,424











61,636Other liabilities


6,188











3,159Total liabilities


688,903











464,589Stockholders equity


48,688











31,891Total liabilities and
    stockholders equity

$
737,591










$
496,480Interest rate spread





$
27,392



3.42
%





$
18,308



3.51
%Interest income/earning assets










7.27
%










6.33
%Interest expense/earning assets










3.32
%










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










3.95
%










3.92
%  22




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##### Table of Contents



(1)
    
    Average balances of investment securities based on carrying
    value.(2)
    
    Loan fees included in interest income for 2006 were $740 and
    $371 in 2005.(3)
    
    Nonaccrual loans are included in the daily average loan amounts
    outstanding.(4)
    
    For 2006 and 2005, income is computed on a fully tax-equivalent
    basis assuming a tax rate of approximately 40%.  Average
    Balances and Analysis of Net Interest Income:
  2004AverageAverage


Income/


Yield/(Dollars in Thousands)

Balance


Expense


RateSecurities(1)(4):Taxable

$
22,678


$
457



2.02
%Tax-exempt


37



2



6.38Loans(2)(3)(4):Commercial


243,788



13,014



5.34
%Real estate


80,169



4,432



5.53
%Consumer


25,880



1,905



7.36
%Allowance for loan losses


(5,276
)Net loans


344,561



19,351



5.62
%Loans held for sale


1,866



112



5.98
%Short-term investments:Interest-bearing deposits


1,219



33



2.74
%Federal funds sold


10,591



130



1.22
%Total


11,810



163



1.38
%Total earning assets


380,952



20,085



5.27
%Other assets


20,950Total assets

$
401,902Interest-bearing deposits:Savings

$
12,705



84



0.66
%Demand


97,219



926



0.95
%Time


196,919



5,599



2.84
%Total


306,843



6,609



2.15
%Short-term borrowed funds


15,217



116



.77
%Long-term debt


2,814



121



4.31
%Total interest-bearing liabilities


324,874



6,846



2.11
%Non-interest-bearing demand
    deposits


46,327Other liabilities


1,988Total liabilities


373,189Stockholders equity


28,713Total liabilities and
    stockholders equity

$
401,902Interest rate spread





$
13,239



3.16
%Interest income/earning assets










5.27
%Interest expense/earning assets










1.79
%Net yield on earning assets (net
    interest margin)










3.48
%  23




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##### Table of Contents



(1)
    
    Average balances of investment securities based on carrying
    value.(2)
    
    Loan fees included in interest income for 2004 were $260.(3)
    
    Nonaccrual loans are included in the daily average loan amounts
    outstanding.(4)
    
    For 2004, 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:
  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   24




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##### Table of Contents



2005 vs. 2004Increase (Decrease)Due to Change In:(Dollars in Thousands)

Volume(1)


Rate(1)


NetInterest-earning
    assets:Loan portfolio:Commercial

$
2,764


$
3,264


$
6,028Real estate


1,603



473



2,076Consumer


680



(3
)


677Net loans


5,047



3,734



8,781Loans held for sale


51



1



52Securities:Taxable


63



249



312Tax-exempt


9







9Total securities


72



249



321Federal funds sold and other


22



335



357Total interest-earning assets

$
5,192


$
4,319


$
9,511Interest-bearing
    liabilities:Savings deposits

$
18


$
11


$
29Interest-bearing demand deposits


158



876



1,034Time deposits


1,553



1,075



2,628Short-term borrowings


8



299



307Long-term debt


396



48



444Total interest-bearing liabilities

$
2,133


$
2,309


$
4,442Net interest income

$
3,059


$
2,010


$
5,069     (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
      sub-prime.
 25




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##### Table of Contents



03-3,
            (Dollars in Thousands)

2006


2005


2004


2003


2002Balance, January 1

$
6,907


$
5,764


$
3,922


$
2,060


$
1,239Provision


1,830



1,301



2,065



1,879



839Charge-offs


1,272



304



227



17



18Recoveries


200



146



4







Net charge-offs


1,072



158



223



17



18Balance Acquired through
    acquisition


2,671Balance, December 31


10,336


$
6,907


$
5,764


$
3,922


$
2,060Ratio of net charge-offs to
    average loans


.19
%


.04
%


.06
%


.01
%


.01
%  26




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##### Table of Contents



(Dollars in Thousands)

2006


2005


2004


2003


2002Allocation of allowance for loan
    losses at December 31:Commercial

$
6,236


$
5,291


$
4,217


$
3,409


$
1,784Real estate


2,140



769



983



252



156Real estate construction


152



65



80



15



15Consumer


1,808



782



484



246



105Total

$
10,336


$
6,907


$
5,764


$
3,922


$
2,060Percent of loans to total loans at
    December 31:Commercial


65
%


66
%


68
%


71
%


69
%Real estate


24



23



23



19



21Real estate construction


2



2



2



2



2Consumer


9



9



7



8



8Total


100
%


100
%


100
%


100
%


100
%     (Dollars in Thousands)

2006


2005


2004


2003


2002Balance, January 1

$
670


$
630


$
535


$
315


$
187Provision


497



40



95



220



128Balance, December 31

$
1,167


$
670


$
630


$
535


$
315      27




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##### Table of Contents



(Dollars in Thousands)

2006


2005


2004


2003


2002Nonaccrual loansCommercial

$
1,149


$



$
358


$
455


$
Real estate


















14Consumer


209



72



1



9



Total nonaccrual loans


1,358



72



359



464



14Renegotiated loans


















Total non-performing loans


1,358



72



359



464



14Other real estate, net


10



204











Total non-performing assets

$
1,368


$
276


$
359


$
464


$
14Accruing loans past due
    90 days or more


















Non-performing loans as a % of
    total loans


.20
%


.02
%


.09
%


.16
%


.01
%Allowance for loan losses as a %
    of non-performing loans


761
%


9,593
%


1,681
%


961
%


16,964
%     Non-Interest
    Income
             28




---



##### Table of Contents



Non-Interest
    Expense
                  Income
    Taxes
   29




---



##### Table of Contents



Return
    on Assets
    Return
    on Equity
      2005
    Compared to 2004
            Overview
    of the Statement of Condition
     30




---



##### Table of Contents



Cash
    and Cash Equivalents
      Investment
    Securities
    available-for-sale. available-for-sale
    Loans
       31




---



##### Table of Contents



Loan
    Maturities:
  (Dollars in Thousands)

December 31, 2006Due inOne Year


DueDue in


Through


AfterOne Year


Five


Fiveor Less


Years


Years


TotalLoan TypeCommercial loans:Fixed

$
7,859


$
18,860


$
33,090


$
59,809Variable


233,740



113,624



41,712



389,076241,599



132,484



74,802



448,885Real estate loans:Fixed


13,709



23,200



47,463



84,372Variable


78,546



16,263



67



94,87692,255



39,463



47,530



179,248Consumer loans:Fixed


9,226



28,822



17,090



55,138Variable


9,998



251







10,24919,224



29,073



17,090



65,387Total

$
353,078


$
201,020


$
139,422


$
693,520    32




---



##### Table of Contents



Loan
    Portfolio Analysis:
  (Dollars in Thousands)

2006


2005


2004


2003


2002Year-end balances:Commercial, financial, and
    agricultural

$
448,885


$
305,270


$
269,863


$
211,688


$
128,858Real estate


167,354



106,599



90,458



56,620



38,675Real estate construction


11,894



9,084



7,416



4,776



4,133Consumer


65,387



42,543



29,177



22,841



15,071Total

$
693,520


$
463,496


$
396,914


$
295,925


$
186,737Average total loans

$
576,482


$
432,910


$
349,837


$
236,223


$
149,858Average allowance for loan losses


(9,095
)


(7,075
)


(5,276
)


(3,298
)


(1,816
)Average loans, net of allowance

$
567,387


$
425,835


$
344,561


$
232,925


$
148,042   Loan Concentration
    Funding
    Sources
          (Dollars in Thousands)

2006


2005


2004Under 3 months

$
45,661


$
44,062


$
36,7033 to 12 months


82,243



32,469



15,691Over 12 months


86,599



70,699



55,874Total

$
214,503


$
147,230


$
108,268    33




---



##### Table of Contents



Capital/Stockholders
    Equity
    available-for-sale available-for-sale,
      Liquidity
    and Interest Rate Sensitivity
    Interest
    Rate Risk
     34




---



##### Table of Contents



and/or
    2006


2005Immediate

Estimated Increase


Estimated IncreaseInterest Rate Change

(Decrease) in Net


(Decrease) in Net(in Basis Points)

Interest Income


Interest Income(Dollars in thousands)300

$
957



2.4
%

$
3,476



14.8
%200


710



1.8



2,320



9.9100


407



1.0



1,167



5.0-100


(530
)


(1.3
)


(972
)


(4.1
)   Liquidity
    available-for-sale
 35




---



##### Table of Contents



Contractual Obligations, Commitments, Contingent Liabilities,
    and Off-Balance Sheet Arrangements
      One


Three toOne Year


to Three


Five


Over Five(Dollars in Thousands)

or Less


Years


Years


Years


TotalCommitments to extend credit:Commercial

$
58,018


$
22


$



$
1,525


$
59,565Residential real estate


56,312



101











56,413Revolving home equity lines














34,625



34,625Standby letters of credit


25,750



449











26,199Net commitments to sell mortgage
    loans


1,011















1,011       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)

$
349,503


$



$



$



$
349,503Consumer certificates of
    deposits(b)


261,280



149,021



44,384







454,685Federal funds borrowed and
    security repurchase agreements(b)


25,366















25,366Long-term debt(b)


2,940



2,940



34,709



21,470



62,059Operating leases


1,170



720



709



4,964



7,563     (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, 2006. 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.     36




---



##### Table of Contents



Fourth
    Quarter
  available-for-sale
  Future
    Outlook
     ITEM 7A.  QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK  pages 34-35 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     ITEM 9B.  OTHER
    INFORMATION   37




---



##### Table of Contents



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

2006


2005AssetsCash and cash equivalents

$
18,353


$
11,162Interest-bearing deposits in other
    banks


3,211



1,634Federal funds sold


37,908



10,633Total cash and cash equivalents


59,472



23,429Available-for-sale
    securities, at estimated fair value (amortized cost of $124,447
    in 2006 and $49,736 in 2005)


125,130



49,748Loans


693,520



463,496Allowance for loan losses


(10,336
)


(6,907
)Net loans


683,184



456,589Premises and equipment


13,926



9,264Loans held for sale


1,011



1,507Goodwill and other intangible
    assets


17,712



Other assets


13,418



10,219Total assets

$
913,853


$
550,756LiabilitiesDeposits:Non-interest-bearing

$
98,275


$
63,627Interest-bearing


705,913



420,905Total deposits


804,188



484,532Short-term borrowings


25,366



18,536Long-term debt


20,000



10,000Other liabilities


7,347



3,815Total liabilities


856,901



516,883Stockholders equity:Preferred stock, $1 par
    value, 1,000,000 authorized, none issued






Common stock, $1 par value,
    50,000,000 authorized, 4,197,140 and 2,817,309 issued and
    outstanding on December 31, 2006 and 2005, respectively


4,197



2,817Additional paid-in capital


48,349



25,016Accumulated earnings


3,996



6,033Accumulated other comprehensive
    income


410



7Total stockholders equity


56,952



33,873Total liabilities and
    stockholders equity

$
913,853


$
550,756   See Notes to Consolidated Financial Statements.
 38




---



##### Table of Contents



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

2006


2005


2004Interest income:Loans, including fees

$
43,975


$
28,064


$
19,280Loans held for sale


171



164



112Securities
    available-for-sale


4,263



781



459Interest-bearing bank balances


244



96



33Federal funds sold


1,548



425



130Total interest income


50,201



29,530



20,014Interest expense:Deposits


20,749



10,300



6,609Short-term borrowings


1,098



423



116Long-term debt


1,129



565



121Total interest expense


22,976



11,288



6,846Net interest income


27,225



18,242



13,168Provision for credit losses


2,327



1,341



2,160Net interest income after
    provision for credit losses


24,898



16,901



11,008Other income:Service charges on deposit accounts


1,241



903



865Other service charges and fees


1,224



898



674Secondary market income


808



1,002



815Security losses


(40
)


(247
)


Other


365



332



143Total other income


3,598



2,888



2,497Other expense:Salaries and employee benefits


10,015



6,247



4,759Occupancy expense


1,840



1,379



969Equipment expense


1,524



1,216



1,076Advertising


1,031



855



553Professional fees


420



391



403Data processing


1,292



809



864Other Outside Services


625



448



Other


3,988



2,120



1,726Total other expense


20,735



13,465



10,350Net income before income tax
    expense


7,761



6,324



3,155Income tax expense


2,929



2,337



1,151Net income

$
4,832


$
3,987


$
2,004Basic earnings per share

$
1.33


$
1.29


$
.65Diluted earnings per share

$
1.22


$
1.20


$
.62Basic weighted-average shares
    outstanding


3,631,888



3,090,611



3,088,532Diluted weighted-average shares
    outstanding


3,957,668



3,313,688



3,241,926   See Notes to Consolidated Financial Statements.
 39




---



##### 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, 2003

$
2,320


$
25,419


$
42


$
57


$
27,838Issuance of a 10% stock dividend


232



(234
)










(2
)Comprehensive income:Net income










2,004







2,004Other comprehensive loss:Unrealized loss on
    available-for-sale
    securities, net of income taxes of $63














(95
)


(95
)Total comprehensive income


















1,909Balance, 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











4Comprehensive 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


$
48,349


$
3,996


$
410


$
56,952   See Notes to Consolidated Financial Statements.
 40




---



##### Table of Contents



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

2006


2005


2004Operating activities:Net income

$
4,832


$
3,987


$
2,004Adjustments to reconcile net
    income to net cash provided by operating activities:Accretion of discounts on
    securities


(488
)


(27
)


(11
)Amortization of premiums on
    securities


47



18



178Loss on sale of securities


40



247



Provision for credit losses


2,327



1,341



2,160Deferred income tax expense
    (benefit)


839



(535
)


(816
)Depreciation


1,257



1,119



761Loss (gain) on disposal of
    premises and equipment


3



(2
)


101Loans originated for sale


(60,916
)


(69,543
)


(57,354
)Proceeds from loans sold


62,207



70,255



57,589Gain on sale of loans


(795
)


(934
)


(764
)(Decrease) increase in other
    liabilities


(5,008
)


975



(477
)Decrease (increase) in other assets


463



(1,191
)


(344
)Net cash provided by operating
    activities


4,808



5,710



3,027Investing activities:Purchases of premises and equipment


(4,581
)


(3,319
)


(2,630
)Retirement of premises and
    equipment


34



36



324Purchases of life insurance


(173
)


(1,873
)


(118
)Purchases of
    available-for-sale
    securities


(44,642
)


(46,426
)


(28,087
)Sales and maturities of
    available-for-sale
    securities


134,375



19,901



27,271Net cash paid for acquisition of
    Smithfield


(16,700
)






Net increase in loans made to
    customers


(178,403
)


(66,780
)


(101,212
)Net cash used in investing
    activities


(110,090
)


(98,461
)


(104,452
)Financing activities:Net increase in deposits


106,659



98,710



83,467Net increase (decrease) in
    securities sold under agreement to repurchase


6,830



4,029



(2,446
)Proceeds of long-term debt issuance


10,000







10,000Proceeds of stock offering


17,840



98



Payments for fractional shares


(4
)


(2
)


(2
)Net cash provided by financing
    activities


141,325



102,835



91,019Increase (decrease) in cash and
    cash equivalents


36,043



10,084



(10,406
)Cash and cash
    equivalents  beginning of period


23,429



13,345



23,751Cash and cash
    equivalents  end of period

$
59,472


$
23,429


$
13,345Supplemental cash flow information:Interest paid

$
11,288


$
11,061


$
6,693Income taxes paid

$
3,460


$
3,069


$
2,963   See Notes to Consolidated Financial Statements.
 41




---



##### 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
  Available-for-sale Available-for-sale
  Loans
       42




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to the Consolidated Financial
    Statements  (Continued)
      Other
    Real Estate Owned
    Allowance
    for Credit Losses
         43




---



##### 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
      Year Ended December 31(Dollars in Thousands, except Per Share Data)

2005


2004Net income as reported

$
3,987


$
2,004Stock-based compensation using
    fair value method


(393
)


(239
)Pro forma net income

$
3,594


$
1,765Basic earnings per share as
    reported

$
1.29


$
.65Diluted earnings per share as
    reported

$
1.20


$
.62Pro forma basic earnings per share

$
1.16


$
.57Pro forma diluted earnings per
    share

$
1.08


$
.54  44




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to the Consolidated Financial
    Statements  (Continued)
    Earnings
    Per Share
    Stock
    Dividend
    Recent
    Accounting Pronouncements
           45




---



##### 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
   46




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to the Consolidated Financial
    Statements  (Continued)
     2006


2005Carrying


Estimated


Carrying


Estimated(Dollars in Thousands)

Amount


Fair Value


Amount


Fair ValueFinancial assets:Cash and cash equivalents

$
59,472


$
59,472


$
23,429


$
23,429Investment securities


125,130



125,130



49,748



49,748Loans


693,520



795,812



463,496



511,666Loans Held for Sale


1,011



1,011



1,507



1,507Financial liabilities:Deposits


804,188



802,741



484,532



471,751Short-term borrowings


25,366



25,366



18,536



18,536Long-term debt


20,000



20,000



10,000



10,000     3.  Investment
    Securities
  Securities Classified as Available-for-SaleGross


Gross


EstimatedAmortized


Unrealized


Unrealized


Fair(Dollars in Thousands)

Cost


Gains


Losses


ValueAt 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
)

$
125,130At December 31, 2005:U.S. Treasury securities and
    obligations of U.S. government agencies and corporations

$
47,390


$



$
(163
)

$
47,227Tax-exempt securities


1,099







(2
)


1,097Other securities


1,247



177







1,424Total
    available-for-sale
    securities

$
49,736


$
177


$
(165
)

$
49,748    47




---



##### 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, 2006Within one year:Amortized cost

$
47,267


$
1,069


$
48,336Fair value

$
47,236


$
1,071


$
48,307Yield


5.19
%


5.53
%


5.21
%1 to 5 years:Amortized cost

$
61,154


$
8,743


$
69,892Fair value

$
61,583


$
8,822


$
70,405Yield


5.32
%


5.19
%


5.30
%5 to 10 years:Amortized cost

$



$
5,256


$
5,256Fair value

$



$
5,325


$
5,325Yield



%


4.45
%


4.45
%Over 10 years:Amortized cost

$



$
963


$
963Fair value

$



$
1,093


$
1,093Yield



%


3.32
%


3.32
%Total amortized cost

$
108,421


$
16,026


$
124,447Total fair value

$
108,819


$
16,311


$
125,130Total yield


5.26
%


4.87
%


5.21
%     available-for-sale
  48




---



##### 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, 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
)At December 31, 2005:U.S. government and agency
    securities

$
20,300


$
(90
)

$
3,927


$
(73
)

$
24,227


$
(163
)Tax-exempt securities


377



(2
)










377



(2
)Other securities






















Total loans

$
20,677


$
(92
)

$
3,927


$
(73
)

$
24,604


$
(165
)   4.  Loans
    and Allowance for Loan Losses
    (Dollars in Thousands)

2006


2005Commercial

$
98,878


$
63,887Real estate, commercial


350,007



241,384Real estate, mortgage


179,248



115,683Consumer


65,387



42,542Total loans

$
693,520


$
463,496     (Dollars in Thousands)

2006


2005


2004Balance, January 1

$
6,907


$
5,764


$
3,827Provision


1,830



1,301



2,160Balance acquired through
    acquisition


2,671







Charge-offs


1,272



304



227Recoveries


200



146



4Net charge-offs


1,072



158



223Balance, December 31

$
10,336


$
6,907


$
5,764  49




---



##### Table of Contents



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

2006


2005


2004Balance, January 1

$
670


$
630


$
535Provision


497



40



95Balance, December 31

$
1,167


$
670


$
630           (Dollars in Thousands)

2006


2005Balance, January 1

$
19,380


$
18,357New loans


25,217



8,650Repayments


(9,425
)


(7,627
)Balance, December 31

$
35,172


$
19,380  50




---



##### Table of Contents



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

2006


2005Land

$
5,285


$
2,832Building and premises


5,954



3,756Leasehold improvements


774



774Furniture, fixtures, and equipment


8,983



5,14820,996



12,510Accumulated depreciation


(7,070
)


(3,246
)Net book value

$
13,926


$
9,264     Operating(Dollars in Thousands)

LeasesYear Ending December 31:2007

$
1,1702008


7202009


7092010


6892011


502Thereafter


3,773Total minimum lease payments

$
7,563       6.  Deposits
     51




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##### Table of Contents



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

2006


2005


2004Ending balance

$
25,366


$
18,536


$
14,507Average balance


24,003



16,164



15,217Highest month-end balance


40,509



24,477



16,493Interest expense


1,103



423



116Weighted-average interest rate:End of year


4.48
%


3.44
%


1.60
%During the year


4.57
%


2.62
%


0.77
%     8.  Long-Term
    Debt
         52




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##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to the Consolidated Financial
    Statements  (Continued)
     2006


2005Weighted





WeightedAverage





Average(Dollars in Thousands)

Amount


Rate


Amount


RateCentra Financial Statutory
    Trust I

$
10,000



7.66
%

$
10,000



5.65
%Centra Financial Statutory
    Trust II

$
10,000



7.02
%






     9.  Income
    Taxes
    2006


2005


2004Statutory corporate tax rate


34.0
%


34.0
%


34.0
%Differences in rate resulting from:State income taxes


3.2



4.0



4.3Other


0.5



(1.0
)


(1.8
)Effective income tax rate


37.7
%


37.0
%


36.5
%     (Dollars in Thousands)

2006


2005


2004Federal:Current

$
3,160


$
2,408


$
1,656Deferred


(605
)


(455
)


(708
)State


374



384



203Income tax expense

$
2,929


$
2,337


$
1,151     (Dollars in Thousands)

2006


2005Deferred tax assets:Allowance for loan losses

$
4,012


$
2,974Supplemental retirement plan


259



207Deferred net loan origination fees


206



88Other


105



Deferred tax assets


4,582



3,269Deferred tax liabilities:Premises and equipment


442



413Available-for-sale
    securities


274



5Accretion on
    available-for-sale
    securities


187



11Purchase Accounting


34



Deferred tax liabilities


937



429Net deferred tax assets

$
3,645


$
2,840  53




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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)

2006


2005


2004Stationery and supplies

$
465


$
307


$
203Outside services


625



448



303Taxes not on income


539



359



308   12.  Regulatory
    Matters
     54




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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, 2006Total capital(1)

$
68,665



10.3
%

$
53,436



8
%

$
66,795



10
%Tier 1(2)


59,119



8.9



26,720



4



40,081



6Tier 1(3)


59,119



6.7



35,454



4



44,317



5As of December 31, 2005Total capital(1)

$
49,212



11.6
%

$
33,998



8
%

$
42,497



10
%Tier 1(2)


33,866



10.8



12,497



4



18,745



6Tier 1(3)


33,866



8.8



15,429



4



19,286



5     (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
     55




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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
     56




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##### Table of Contents



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


RemainingAverage


Contractual


AggregateOutstanding Shares

Shares


Exercise Price


Term  Years


Intrinsic ValueOutstanding at beginning of period


1,011,700


$
9.57Granted


30,250


$
16.36Exercised






Forfeited


2,662



7.51Outstanding at end of period


1,039,288


$
9.77



5.42


$
7,046,373Exercisable at end of period


893,403


$
9.31



4.82


$
5,530,165       2006


2005Risk-free interest rate


5.02%



3.43%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.  Acquisition
   57




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##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to the Consolidated Financial
    Statements  (Continued)
          58




---



##### Table of Contents



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

SmithfieldPurchase price

$
28,510Carrying value of net assets
    acquired


16,463Excess of purchase price over
    carrying value of net assets acquired


12,047Purchase accounting adjustments:Securities


441Portfolio loans


(819
)Premises and equipment


(67
)Deposits


2,224Severance and exit costs


1,819Other liabilities


193Deferred taxes


1,874Total purchase accounting
    adjustments


5,665Core deposit intangibles


(6,024
)Goodwill

$
11,688     (Dollars in thousands)Assets:Cash and cash equivalents

$
8,603Securities


163,160Loans, net of allowance for loan
    losses


51,113Premises and equipment


1,375Goodwill and other intangibles


17,712Other assets


4,884Total assets


246,847Liabilities:Deposits


212,997Other liabilities


5,340Total liabilities


218,337Fair value of net assets acquired

$
28,510    59




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##### Table of Contents



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

2006


2005


2004Net interest income

$
26,626


$
23,956


$
21,678Provision for credit losses


2,322



1,426



2,640Net interest income after
    provision for credit losses


24,304



22,530



19,038Noninterest income


3,781



3,742



1,397Noninterest expense


20,193



19,099



15,353Income before income tax expense


7,892



7,173



5,082Income tax expense


2,903



2,457



1,701Net income

$
4,989


$
4,716


$
3,381Net income per share:Basic

$
1.37


$
1.53


$
1.09Diluted

$
1.26


$
1.42


$
1.04Average common shares outstanding:Basic


3,631,888



3,090,611



3,088,532Diluted


3,957,668



3,313,688



3,241,926    60




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##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to the Consolidated Financial
    Statements  (Continued)
   17.  Parent
    Company Only Financial Information
  Condensed
    Balance Sheet
  December 31(Dollars in Thousands)

2006


2005Assets:Cash and cash equivalents

$
1,140


$
35Available-for-sale
    securities, at estimated fair value (amortized cost of $616 in
    2006 and $640 in 2005)


741



817Investment in second tier bank
    holding companies


75,266



42,992Total assets

$
77,147


$
43,844Liabilities:Long-term debt

$
20,000


$
10,000Other liabilities


195



(29
)Total liabilities


20,195



9,971Stockholders equity:Preferred stock, $1 par
    value, 1,000,000 authorized, none issued






Common stock, $1 par value,
    50,000,000 authorized, 4,197,140 and 2,817,309 issued and
    outstanding on December 31, 2006 and 2005, respectively


4,197



2,817Additional paid-in capital


48,349



25,016Accumulated earnings


3,996



6,033Accumulated other comprehensive
    income


410



7Total stockholders equity


56,952



33,873Total liabilities and
    stockholders equity

$
77,147


$
43,844   Consolidated
    Statement of Income
  Year Ended December 31(Dollars in Thousands)

2006


2005


2004Income  dividends from
    bank subsidiary

$
1,848


$
500


$
550 interest and dividends


17



9



5Total expense


1,157



567



124Income (loss) before federal
    income tax and equity in undistributed earnings of subsidiaries


708



(58
)


431Applicable income tax benefit


(660
)


(225
)


(42
)Equity in undistributed income of
    subsidiaries


3,464



3,820



1,531Net income

$
4,832


$
3,987


$
2,004  61




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##### Table of Contents



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

2006


2005


2004Operating activities:Net income

$
4,832


$
3,987


$
2,004Adjustments to reconcile net
    income to net cash provided by operating activities:Decrease in accrued expenses


(283
)


(89
)


(24
)Equity in undistributed income of
    subsidiaries


(3,464
)


(3,820
)


(1,531
)Net cash provided by operations


1,085



78



449Investing activities:Net cash paid for acquisition


(16,700
)






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


24



(564
)


(47
)Net cash used in investing
    activities


(16,676
)


(564
)


(47
)Financing activities:Proceeds of long-term debt issuance


10,000







10,000Proceeds of stock offering


17,840



98



Payments for fractional shares


(4
)


(2
)


(2
)Investment in subsidiaries


(11,140
)






(10,000
)Net cash provided by (used in)
    financing activities


16,696



96



(2
)Net change in cash


1,105



(390
)


400Cash and cash equivalents at
    beginning of year


35



425



25Cash and cash equivalents at end
    of year

$
1,140


$
35


$
425  62




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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


Quarter2006: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

$
0.30


$
0.30


$
0.34


$
0.38Diluted earnings per share

$
0.28


$
0.27


$
0.32


$
0.35Basic weighted average shares
    outstanding


3,099,040



3,178,866



4,060,107



4,172,567Diluted weighted average shares
    outstanding


3,343,632



3,532,884



4,412,032



4,525,1522005:Interest income

$
6,242


$
6,964


$
7,620


$
8,704Interest expense


2,183



2,551



2,952



3,602Net interest income


4,059



4,413



4,668



5,102Provision for credit losses


437



447



117



340Other income


639



749



916



831Loss on sale of securities










(79
)


(168
)Other expenses


2,936



3,135



3,706



3,688Income tax expense


489



591



622



635Net income


836



989



1,060



1,102Basic earnings per share

$
0.27


$
0.32


$
0.34


$
0.36Diluted earnings per share

$
0.26


$
0.30


$
0.32


$
0.33Basic weighted average shares
    outstanding


3,088,532



3,089,301



3,090,529



3,094,021Diluted weighted average shares
    outstanding


3,251,320



3,326,151



3,337,278



3,339,948  63




---



##### Table of Contents



REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
            
     64




---



##### 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   65




---



##### 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)


64Consolidated Balance Sheets as of
    December 31, 2006 and 2005


38Consolidated Statements of Income
    for the years ended December 31, 2006, 2005, and 2004


39Consolidated Statements of
    Stockholders Equity for the years ended December 31,
    2006, 2005, and 2004


40Consolidated Statements of Cash
    Flows for the years ended December 31, 2006, 2005, and 2004


41Notes to the Consolidated
    Financial Statements


42Centra Financial Holdings Inc.:
    (Parent Company Only Financial Statements are included in
    Note 17 of the Notes to the Consolidated Financial
    Statements)


61   (a)
    (2) Financial Statement Schedules
    (a)
    (3) Exhibits
  Form 10-K Form 10-K.
  (b)
    Exhibits  Form 10-K
  (c)
    Financial
    Statement Schedules   66




---



##### 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 14, 2007/s/  James
    W. Dailey IIJames
    W. Dailey II

Director

March 14, 2007/s/  Arthur
    GabrielArthur
    Gabriel

Director

March 14, 2007/s/  Robert
    A. McmillanRobert
    A. McMillan

Director

March 14, 2007/s/  Mark
    R. NesselroadMark
    R. Nesselroad

Director

March 14, 2007/s/  Parry
    G. PetroplusParry
    G. Petroplus

Director

March 14, 2007/s/  Milan
    PuskarMilan
    Puskar

Director

March 14, 2007 67




---



##### Table of Contents



Signatures

Title

Date/s/  Paul
    T. SwansonPaul
    T. Swanson

Director

March 14, 2007/s/  Bernard
    G. WestfallBernard
    G. Westfall

Director

March 14, 2007/s/  C.
    Christopher ClussC.
    Christopher Cluss

Director

March 14, 2007  68




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##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES ANNUAL REPORT ONFORM 10-K
    for Fiscal Year Ended December 31, 2006
 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

Filed herewith.4
.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

Employment Agreement of Douglas J.
    Leech dated March 16, 2000

Form 10-KSB
    for the year ended December 31, 2000, and incorporated by
    reference herein.10
.3

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
.4

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
.5

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
.6

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
.7

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
.8

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

Form 10-KSB
    for the year ended December 31, 2003, and incorporated by
    reference herein.10
.9

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

Form 10-KSB
    for the year ended December 31, 2003, and incorporated by
    reference herein.10
.10

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

Form 10-KSB
    for the year ended December 31, 2003, and incorporated by
    reference herein.10
.11

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

Form 10-KSB
    for the year ended December 31, 2003, and incorporated by
    reference herein.10
.12

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
.13

Floating Rate Junior Subordinated
    Deferrable Interest Debenture

Form 10-K
    for the year ended December 31, 2004, and incorporated by
    reference herein.10
.14

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
.15

Deferred compensation plan for
    directors

Form 10-K
    for the year ended December 31, 2005, and incorporated by
    reference herein.10
.16

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

Form 10-K
    for the year ended December 31, 2005, and incorporated by
    reference herein. 69




---



##### Table of Contents



ExhibitNumber

Description

Exhibit Location10
.17

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

Form 10-K
    for the year ended December 31, 2005, and incorporated by
    reference herein.10
.18

Stock Purchase Agreement with
    shareholders of Smithfield State Bank

Form 8-K
    filed March 16,2006, and incorporated by reference herein.10
.19

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
.20

Floating Rate Junior Subordinated
    Deferrable Interest Debenture

Form 10-Q
    for the quarter ended June 30, 2006, and incorporated by
    reference herein.10
.21

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
.22

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

Filed herewith.10
.22a

Life Insurance Method Split Dollar
    Plan Agreement

Filed herewith.10
.22b

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

Filed herewith.10
.23

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

Filed herewith.10
.24

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

Filed herewith.10
.25

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

Filed herewith.10
.26

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

Filed herewith.10
.27

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

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 49 herein.  70