##### 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,
    2010ORo

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the transition period
    from          to   Commission file number:
    000-49699
  Centra Financial Holdings,
    Inc.
 (Exact name of registrant as
    specified in its charter)
  West Virginia(State or other jurisdiction
    of
    incorporation or organization)

55-0770610(I.R.S. Employer
    Identification No.)990 Elmer Prince Drive, Morgantown, WV(Address of principal executive
    offices)

26505(Zip Code)     (Registrants
    telephone number, including area code)
    (304) 598-2000
    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-T o o
  Regulation S-K Form 10-K Form 10-K. o
  Rule 12b-2 o þ
  12b-2
  Large
    accelerated
    filer o
    Accelerated
    filer o
    Non-accelerated
    filer þ
    Smaller
    reporting
    company o




---



##### 





TABLE
    OF CONTENTS
   
 PagePART IItem 1.

Business


3Item 1A.

Risk Factors


16Item 1B.

Unresolved Staff Comments


19Item 2.

Properties


19Item 3.

Legal Proceedings


19Item 4.

(Removed and Reserved)


20PART IIItem 5.

Market for Registrants Common Equity,
    Related Stockholder Matters and Issuer Purchases of Equity
    Securities


20Item 6.

Selected Financial Data


22Item 7.

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


23Item 7A.

Quantitative and Qualitative Disclosures about
    Market Risk


46Item 8.

Financial Statements and Supplementary Data


46Item 9.

Changes in and Disagreements with Accountants on
    Accounting and Financial Disclosure


47Item 9A.

Controls and Procedures


47Item 9B.

Other Information


47PART IIIItem 10.

Directors, Executive Officers and Corporate
    Governance


87Item 11.

Executive Compensation


89Item 12.

Security Ownership of Certain Beneficial Owners
    and Management and Related Stockholder Matters


101Item 13.

Certain Relationships and Related Transactions,
    and Director Independence


101Item 14.

Principal Accounting Fees and Services


102PART IVItem 15.

Exhibits, Financial Statement Schedules


103Signatures


104Exhibit Index


106EX-12EX-21EX-23EX-31.1EX-31.2EX-32.1EX-32.2   2




---



##### Table of Contents



PART I  ITEM 1.
    BUSINESS      Recent
    Developments
    General
    http://www.sec.gov.
 3




---



##### Table of Contents



http://www.centrabank.com. (800) 732-0330
      (304) 598-2000. www.centrabank.com
  Customers
    and Markets
     4




---



##### Table of Contents



Commercial
    Loans
    Lending Practices.
    Consumer
    Loans
    Lending Practices.
    Real
    Estate Loans
    Lending Practices.
 5




---



##### Table of Contents



Home Equity Loans. 20-year
  Construction Loans.
  Competition
        Supervision
    and Regulation
       6




---



##### Table of Contents



Bank Holding Company Regulation. and/or
      Holding Company Bank Ownership.
 7




---



##### Table of Contents



Holding Company Non-bank
    Ownership.
  Sarbanes-Oxley Act.
    Banking Subsidiary Regulation.
  United and Strengthening America by Providing Appropriate
    Tools Required to Intercept and Obstruct Terrorism Act of 2001
    (Patriot Act)
 8




---



##### Table of Contents



Federal Deposit Insurance Corporation
  Federal Home Loan Bank
  Capital
    Requirements
  Federal Reserve Board.
    Form 10-K.
  West Virginia Division of
    Banking.
  FDIC
    Assessment .
   9




---



##### Table of Contents



Dodd-Frank
    Wall Street Reform and Consumer Protection Act
  notice-and-comment
    end-of-month
 10




---



##### Table of Contents



Dodd-Frank
    Wall Street Reform and Consumer Protection Act
    Deposit Insurance.
  Increased Capital Standards and Enhanced
    Supervision.
  Trust Preferred Securities.
  The Consumer Financial Protection
    Bureau.
 11




---



##### Table of Contents



State Enforcement of Consumer Financial Protection
    Laws.
  Transactions with Affiliates and
    Insiders.
  Corporate Governance.
    Future
    Legislation and Regulation
   12




---



##### Table of Contents



one-to-four
    Limits
    on Dividends
  Form 10-K,
  Federal
    and State Laws
  truth-in-lending
 13




---



##### Table of Contents



low-to-moderate
  Monetary
    Policy and Economic Conditions
      Effect
    of Environmental Regulation
       14




---



##### Table of Contents



Executive
    Officers
    Principal OccupationName

Age

Position

(Past Five Years)Douglas J. Leech


56


Chairman, President and Chief Executive Officer

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


43


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)Darren Williams


38


Vice President, Chief Financial Officer and Treasurer

Senior Vice President and CFO, Centra Bank, Inc. (2010 to
    present); Senior Vice President and CIO, Centra Bank, Inc. (2006
    to 2009); CIO with the WVU Foundation (2004 to 2006);  and
    Senior Manager with Ernst & Young LLP (1995 to 2004);Kevin D. Lemley


56


Vice President

Senior Vice President and Chief Credit Administration Officer
    (2010 to present); CFO Centra Bank, Inc. (1999 to 2010); Senior
    Vice President, Huntington National Bank, West Virginia
    (Commercial Portfolio Manager/Manager of Statewide Commercial
    Lending) (1997-1999); Huntington National Bank, West Virginia,
    CFO (1987-1997)Timothy P. Saab


54


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


62


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


48


Vice President

Senior Vice President  Operations, Centra Bank, Inc.
    (1999 to present); Assistant Vice President, Operations, One
    Valley Bank  Morgantown (1981 to 1999) 15




---



##### Table of Contents



Principal OccupationName

Age

Position

(Past Five Years)John T. Fahey


49


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  We
    may not be able to maintain our historical growth rate, which
    may adversely impact our results of operations and financial
    condition.
    Centras
    real estate portfolios are exposed to weakness in the U.S.
    housing markets and the overall state of the
    economy.
      The
    allowance for loan losses may prove inadequate or be negatively
    affected by credit risk
    exposures.
  Form 10-K
  Centras
    Ability to Pay Dividends is
    Limited.
   16




---



##### Table of Contents



Form 10-K,
  Financial
    Market and Economic Conditions May Adversely Affect Our
    Business.
        Changes
    in interest rates could reduce income and cash
    flows.
    Form 10-K
  Centras
    success depends on Centras management
    team.
    Centra
    faces vigorous competition in its market
    areas.
    
    local, regional and national banks;
    savings and loans; 17




---



##### Table of Contents




    internet banks;
    credit unions;
    finance companies; and
    brokerage firms serving Centras market areas.    Centra
    is highly
    regulated.
    The
    number of shares owned by our directors and executive officers
    could make it more difficult to obtain approval for some matters
    submitted to stockholder vote, including mergers and
    acquisitions.
    Our
    ability to complete the merger with United Bankshares is subject
    to the receipt of consents and approvals from government
    entities which may impose conditions that could adversely affect
    us or cause the merger to be abandoned.
    Termination
    of the merger agreement could negatively impact
    Centra.
   18




---



##### Table of Contents



Centra
    will be subject to business uncertainties and contractual
    restrictions while the merger is
    pending.
    Combining
    the two companies may be more difficult, costly or
    time-consuming than
    expected.
    ITEM 1B.
    UNRESOLVED
    STAFF COMMENTS    ITEM 2.
    PROPERTIES    Form 10-K.
  ITEM 3.
    LEGAL
    PROCEEDINGS  and/or
 19




---



##### Table of Contents



ITEM 4.
    (REMOVED
    AND RESERVED) PART II  ITEM 5.
    MARKET
    FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS
    AND ISSUER PURCHASES OF EQUITY SECURITIES    over-the-counter. and/or
  Quarterly
    Market and Dividend Information:
  2010

2009Estimated



EstimatedMarket Value



Market ValuePer Share

Dividend

Per Share

DividendFourth Quarter

$
22.41


$
0.075


$
20.00


$
0.05Third Quarter


20.00



0.075



17.00



0.05Second Quarter


20.00



0.075



16.00



0.05First Quarter


20.00



0.050



16.50



0.05   year-to-date
         20




---



##### Table of Contents



Performance
    Graph
      COMPARISON
    OF 5 YEAR CUMULATIVE TOTAL RETURN*
    AMONG CENTRA FINANCIAL HOLDINGS, INC.,
    THE NASDAQ COMPOSITE INDEX AND SIC CODE INDEX
  
  *
    $100 invested on 12/31/05 in stock or index, including
    reinvestment of dividends.
    Fiscal year ending December 31.  2005


2006


2007


2008


2009


2010Centra Financial Holdings, Inc.



100.00




121.79




135.30




135.87




163.80




183.54NASDAQ Composite



100.00




111.74




124.67




73.77




107.12




125.93SIC Code Index



100.00




111.63




87.82




67.64




56.06




68.51  21




---



##### Table of Contents



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

2010


2009


2008


2007


2006(a)Operating DataFor the year ended:Total interest income

$
61,048


$
64,946


$
69,355


$
68,570


$
50,201Total interest expense


16,089



21,712



29,399



34,001



22,976Net interest income


44,959



43,234



39,956



34,569



27,225Provision for credit losses


5,089



5,669



5,157



3,498



2,327Other income


9,075



8,352



7,566



6,081



3,638Security (losses) gains


(72
)


(475
)


217







(40
)Other expense


36,519



33,399



32,763



28,921



20,735Income tax expense


4,127



4,026



3,249



2,904



2,929Net income


8,227



8,017



6,570



5,327



4,832Dividends and accretion on preferred stock (TARP)






923











Net income available to common stockholders


8,227



7,094



6,570



5,327



4,832Balance Sheet DataAt year-end:Total assets

$
1,374,096


$
1,292,557


$
1,213,557


$
1,085,187


$
913,853Investment securities


133,940



134,453



121,543



125,904



125,130Net loans


1,033,271



1,004,842



1,008,845



876,176



693,520Total deposits


1,167,714



1,114,346



1,012,393



943,934



804,188Short-term borrowings


37,622



40,781



75,285



25,173



25,366Long-term debt


20,000



20,000



20,000



20,000



20,000Stockholders equity


135,848



105,144



95,242



87,920



57,113Significant RatiosNet income to:Average total assets


0.60
%


0.65
%


0.57
%


0.54
%


0.66
%Average stockholders equity


6.36



7.71



7.21



8.16



9.92Average stockholders equity to average total assets


9.47



8.37



7.84



6.59



6.60Average total loans to average deposits


87.60



97.06



92.87



89.00



89.61Risk-based capital ratio


14.91



12.17



11.36



12.24



10.28Per Share DataBasic net income per share

$
1.00


$
1.02


$
1.00


$
0.99


$
1.10Diluted net income per share

$
0.95


$
0.97


$
0.92


$
0.91


$
1.01Cash dividends paid

$
0.28


$
0.20


$
0.20


$
0.00


$
0.00Book value at end of period

$
16.07


$
14.76


$
14.00


$
14.72


$
13.57Basic weighted-average shares outstanding


8,246,098



6,945,644



6,597,386



5,384,111



4,394,585Diluted weighted-average shares outstanding


8,620,523



7,342,174



7,125,462



5,859,746



4,788,779     (a)
    
    The financial data for 2006 and beyond includes the acquisition
    of Smithfield. 22




---



##### Table of Contents



ITEM 7.
    MANAGEMENTS
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
    OPERATIONS  Forward-Looking
    Statements:
      
    General business and economic conditions in the markets we serve
    could adversely affect, among other things, real estate prices,
    the job market, and consumer and business confidence which could
    lead to decreases in the demand for loans, deposits and other
    financial services that we provide and increases in loan
    delinquencies and defaults;
    Changes or volatility in the capital markets, interest rates and
    market prices may adversely impact the value of securities,
    loans, deposits and other financial instruments and the interest
    rate sensitivity of our balance sheet as well as our liquidity;
    Our liquidity requirements could be adversely affected by
    changes in our assets and liabilities;
    Our investment securities portfolio is subject to credit risk,
    market risk, and liquidity risk as well as changes in the
    estimates we use to value certain of the securities in our
    portfolio;
    The effect of legislative or regulatory developments including
    changes in laws concerning taxes, banking, securities, insurance
    and other aspects of the financial securities industry;
    Competitive factors among financial services organizations,
    including product and pricing pressures and our ability to
    attract, develop and retain qualified banking professionals;
    The effect of changes in accounting policies and practices, as
    may be adopted by the Financial Accounting Standards Board, the
    Securities and Exchange Commission, the Public Company
    Accounting Oversight Board and other regulatory
    agencies; and
    The effect of fiscal and governmental policies of the United
    States federal government.
    The businesses of United Bankshares and Centra may not be
    combined successfully, or such combination may take longer, be
    more difficult, time-consuming or costly to accomplish than
    expected;
    The expected growth opportunities or cost savings from the
    merger may not be fully realized or may take longer to realize
    than expected;
    Deposit attrition, operating costs, customer losses and business
    disruption following the merger, including adverse effects on
    relationships with employees, may be greater than expected;
    The regulatory approvals required for the merger may not be
    obtained on the proposed terms or on the anticipated
    schedule; and
    The stockholders of Centra may fail to approve the merger.   23




---



##### Table of Contents



Introduction
  Form 10-K.
  Application
    of Critical Accounting Policies
    Income
    Recognition
    and/or
 24




---



##### Table of Contents



Allowance
    for Loan Losses
             25




---



##### Table of Contents



Available-for-sale
    Securities
  Available-for-sale available-for-sale held-to-maturity.
  available-for-sale other-than-temporary other-than-temporarily
  other-than-temporary
  other-than-temporarily other-than-temporary other-than-temporarily other-than-temporary
  Income
    Taxes
    time-to-time
 26




---



##### Table of Contents



Goodwill
    and Other Intangible Assets
          Recent
    Accounting Pronouncements and Developments
    Summary
    Financial Results
     27




---



##### Table of Contents



Interest
    Income and Expense
             28




---



##### Table of Contents



Year Ended December 31(Dollars in Thousands)

2010


2009Net interest income, GAAP basis

$
44,959


$
43,234Tax-equivalent adjustment


909



933Tax-equivalent net interest income

$
45,868


$
44,167    29




---



##### Table of Contents



Statistical
    Financial Information Regarding Centra
    2010


2009Average








AverageAverage


Income/


Yield/


Average


Income/


Yield/(Dollars in Thousands)

Balance


Expense


Rate


Balance


Expense


RateAssetsInterest-bearing deposits

$
3,123


$
1



0.03
%

$
3,898


$
3



0.08
%Federal funds sold


134,850



304



0.23
%


11,585



36



0.31
%Securities(1)(4):Taxable


101,718



2,043



2.01
%


91,249



2,869



3.14
%Tax-exempt


29,522



1,543



5.23
%


32,796



1,777



5.42
%Loans held for sale


3,828



153



4.00
%


3,553



159



4.48
%Loans(2)(3)(4):Commercial


766,797



41,843



5.46
%


754,429



43,343



5.75
%Real estate


186,452



10,973



5.89
%


192,509



11,690



6.07
%Consumer


70,267



5,097



7.25
%


81,906



6,002



7.33
%Allowance for loan losses


(18,416
)










(16,859
)Net loans


1,005,100



57,913



5.76
%


1,011,985



61,035



6.03
%Total earning assets


1,278,141



61,957



4.85
%


1,155,066



65,879



5.70
%Other assets


86,368











87,646Total assets

$
1,364,509










$
1,242,712LiabilitiesDeposits:Non interest-bearing demand deposits


153,694











137,770Interest-bearing deposits:Savings

$
45,874


$
106



0.23
%

$
41,051


$
145



0.35
%Demand


483,287



3,908



0.81
%


347,015



3,775



1.09
%Time


485,522



11,438



2.36
%


534,188



16,926



3.17
%Total


1,014,683



15,452



1.52
%


922,254



20,846



2.26
%Short-term borrowed funds


35,709



168



0.47
%


46,727



291



0.62
%Long-term debt


20,000



469



2.35
%


20,000



575



2.88
%Total interest-bearing liabilities


1,070,392



16,089



1.50
%


988,981



21,712



2.20
%Other liabilities


11,141











11,989Total liabilities


1,235,227











1,138,740Stockholders equity


129,282











103,972Total liabilities and stockholders equity

$
1,364,509










$
1,242,712Interest rate spread










3.35
%










3.50
%Interest income/earning assets










4.85
%










5.70
%Interest expense/earning assets










1.26
%










1.88
%Net yield on earning assets (net interest margin)





$
45,868



3.59
%





$
44,167



3.82
%     (1)
    
    Average balances of investment securities based on carrying
    value.(2)
    
    Loan fees included in interest income were $1,084 in 2010 and
    $894 in 2009.(3)
    
    Nonaccrual loans are included in the daily average loan amounts
    outstanding.(4)
    
    Income is computed on a fully tax-equivalent basis assuming a
    tax rate of approximately 38.8% in 2010 and 40% in 2009. 30




---



##### Table of Contents



Average
    Balances and Analysis of Net Interest Income:
  2008AverageAverage


Income/


Yield/(Dollars in Thousands)

Balance


Expense


RateAssetsInterest-bearing deposits

$
1,312


$
23



1.75
%Federal funds sold


14,074



327



2.32
%Securities(1)(4):


88,495



4,048



4.57
%Taxable


34,068



1,811



5.32
%Tax-exemptLoans held for sale


3,120



164



5.26
%Loans(2)(3)(4):Commercial


685,626



45,689



6.66
%Real estate


188,922



12,123



6.42
%Consumer


87,910



6,659



7.57
%Allowance for loan losses


(14,817
)Net loans


947,641



64,471



6.80
%Total earning assets


1,088,710



70,844



6.51
%Cash and due from banksOther assets


73,807Total assets

$
1,162,517LiabilitiesDeposits:Non interest-bearing demand deposits


125,830Interest-bearing deposits:Savings

$
36,347


$
183



0.50
%Demand


297,502



5,782



1.94
%Time


531,740



21,523



4.05
%Total


865,589



27,488



3.18
%Short-term borrowed funds


49,969



817



1.64
%Long-term debt


20,000



1,094



5.47
%Total interest-bearing liabilities


935,558



29,399



3.14
%Other liabilities


9,721Total liabilities


1,071,109Stockholders equity


91,408Total liabilities and stockholders equity

$
1,162,517Interest rate spread










3.37
%Interest income/earning assets










6.51
%Interest expense/earning assets










2.70
%Net yield on earning assets (net interest margin)





$
41,445



3.81
%     (1)
    
    Average balances of investment securities based on carrying
    value.(2)
    
    Loan fees included in interest income for $1,170 in 2008.(3)
    
    Nonaccrual loans are included in the daily average loan amounts
    outstanding.(4)
    
    Income is computed on a fully tax-equivalent basis assuming a
    tax rate of approximately 40% in 2008. 31




---



##### Table of Contents



Rate/Volume
    Analysis of Changes in Interest Income and Expense:
  2010 vs. 2009Increase (Decrease)Due to Change In:(Dollars in Thousands)

Volume(1)


Rate(1)


NetInterest-earning assets:Loan portfolio:Commercial

$
702


$
(2,202
)

$
(1,500
)Real estate


(362
)


(355
)


(717
)Consumer


(845
)


(60
)


(905
)Net loans


(505
)


(2,617
)


(3,122
)Loans held for sale


12



(18
)


(6
)Securities:Taxable


300



(1,126
)


(826
)Tax exempt


(173
)


(61
)


(234
)Federal funds sold and other


271



(5
)


266Total interest-earning assets

$
(95
)

$
(3,827
)

$
(3,922
)Interest-bearing liabilities:Savings deposits

$
16


$
(55
)

$
(39
)Interest-bearing demand deposits


1,252



(1,119
)


133Time deposits


(1,438
)


(4,050
)


(5,488
)Short-term borrowings


(60
)


(63
)


(123
)Long-term debt






(106
)


(106
)Total interest-bearing liabilities


(230
)


(5,393
)


(5,623
)Net interest income

$
135


$
1,566


$
1,701   32




---



##### Table of Contents



2009 vs. 2008Increase (Decrease)Due to Change In:(Dollars in Thousands)

Volume(1)


Rate(1)


NetInterest-earning assets:Loan portfolio:Commercial

$
4,319


$
(6,665
)

$
(2,346
)Real estate


227



(660
)


(433
)Consumer


(445
)


(212
)


(657
)Net loans


4,101



(7,537
)


(3,346
)Loans held for sale


21



(26
)


(5
)Securities:Taxable


122



(1,301
)


(1,179
)Tax exempt


(68
)


34



(34
)Federal funds sold and other


2



(313
)


(311
)Total interest-earning assets

$
4,178


$
(9,143
)

$
(4,965
)Interest-bearing liabilities:Savings deposits

$
21


$
(59
)

$
(38
)Interest-bearing demand deposits


846



(2,853
)


(2,007
)Time deposits


99



(4,696
)


(4,597
)Short-term borrowings


(50
)


(476
)


(526
)Long-term debt






(519
)


(519
)Total interest-bearing liabilities


916



(8,603
)


(7,687
)Net interest income

$
3,262


$
(540
)

$
2,722     (1)
    
    The above table sets forth a summary for the periods indicated
    of the changes in consolidated interest earned and interest paid
    detailing the amounts attributable to (i) changes in volume
    (change in the average volume times the prior years
    average rate), (ii) changes in rate (change in the average
    rate times the prior years average volume), and
    (iii) changes in rate/volume (change in the average volume
    times the change in average rate).  Allowance
    and Provision for Credit Losses
     33




---



##### Table of Contents



(Dollars in Thousands)

2010


2009


2008


2007


2006Balance, January 1

$
18,010


$
16,367


$
13,536


$
10,336


$
6,907Provision


5,375



5,686



5,186



3,159



1,830Charge-offs


5,164



4,413



2,530



213



1,272Recoveries


365



370



175



254



200Net charge-offs (recoveries)


4,799



4,043



2,355



(41
)


1,072Balance acquired through acquisition


















2,671Balance, December 31

$
18,586


$
18,010


$
16,367


$
13,536


$
10,336Ratio of net charge-offs (recoveries) to average loans


0.47
%


0.39
%


0.24
%


(0.01
)%


0.19
%    34




---



##### Table of Contents



(Dollars in Thousands)

2010


2009


2008


2007


2006Non-accrual loansCommercial

$
14,635


$
4,897


$
3,774


$
3,005


$
1,149Real estate


2,209



1,848



2,468



905



Consumer


1,376



452



519



286



209Total non-accrual loans


18,220



7,197



6,761



4,196



1,358Other impaired loans, accruing interest


7,077



4,702











Total impaired loans


25,297



11,899



6,761



4,196



1,358Total non-accrual loans


18,220



7,197



6,761



4,196



1,358Renegotiated loans


719















Total non-performing loans


18,939



7,197



6,761



4,196



1,358Other real estate, net


2,826



2,261



160



235



10Total non-performing assets

$
21,765


$
9,458


$
6,921


$
4,431


$
1,368Non-performing loans as a % of total loans


1.80
%


0.70
%


0.66
%


0.48
%


0.20
%Allowance for loan losses as a % of non-performing loans


98
%


250
%


242
%


323
%


761
%            35




---



##### Table of Contents



(Dollars in Thousands)

2010


2009


2008


2007


2006Allocation of allowance for loan losses at December 31:Commercial

$
12,448


$
11,654


$
9,323


$
7,628


$
6,236Real estate


3,509



3,887



3,922



3,273



2,140Real estate construction


142



187



320



276



152Consumer


2,487



2,282



2,802



2,359



1,808Total

$
18,586


$
18,010


$
16,367


$
13,536


$
10,336Percent of loans to total loans at December 31:Commercial


76
%


74
%


72
%


69
%


65
%Real estate


17



18



19



19



24Real estate construction


1



1







2



2Consumer


6



7



9



10



9Total


100
%


100
%


100
%


100
%


100
%      36




---



##### Table of Contents



(Dollars in Thousands)

2010


2009


2008


2007


2006Balance, January 1

$
1,460


$
1,477


$
1,507


$
1,167


$
670Provision


(286
)


(17
)


(30
)


340



497Balance, December 31

$
1,174


$
1,460


$
1,477


$
1,507


$
1,167   Non-Interest
    Income
            Non-Interest
    Expense
     37




---



##### Table of Contents



Income
    Taxes
    Return
    on Assets
    Return
    on Equity
     38




---



##### Table of Contents



2009
    Compared to 2008
              Overview
    of the Statement of Condition
        Cash
    and Cash Equivalents
   39




---



##### Table of Contents



Available-for-sale
    Securities
  Available-for-sale sub-prime
  available-for-sale. available-for-sale
  other-than-temporary
      Loans
         40




---



##### Table of Contents



Loan
    Portfolio Analysis:
  (Dollars in Thousands)

2010


2009


2008


2007


2006Year-end balances:Commercial, financial, and agricultural

$
799,477


$
757,901


$
743,052


$
604,319


$
448,885Real estate


178,050



181,117



180,109



171,335



167,354Real estate construction


7,222



8,697



14,696



14,465



11,894Consumer


67,108



75,137



87,355



86,057



65,387Total

$
1,051,857


$
1,022,852


$
1,025,212


$
876,176


$
693,520Average total loans

$
1,023,516


$
1,028,844


$
962,458


$
778,724


$
576,482Average allowance for loan losses


(18,416
)


(16,859
)


(14,817
)


(11,282
)


(9,095
)Average loans, net of allowance

$
1,005,100


$
1,011,985


$
947,641


$
767,442


$
567,387    41




---



##### Table of Contents



Loan
    Repricing:
  December 31, 2010Due afterOne Year


DueDue in


Through


AfterOne Year


Five


Five(Dollars in Thousands)

or Less


Years


Years


TotalLoan TypeCommercial loans:Fixed

$
46


$
73,964


$
3,841


$
77,851Variable


4,748



84,979



631,899



721,6264,794



158,943



635,740



799,477Real estate loans:Fixed






15



41,837



41,852Variable






541



142,879



143,420



556



184,716



185,272Consumer loans:Fixed


8,132



23,818



34,858



66,808Variable


4







296



3008,136



23,818



35,154



67,108Total

$
12,930


$
183,317


$
855,610


$
1,051,857   Loan
    Concentration
    Funding
    Sources
       42




---



##### Table of Contents



(Dollars in Thousands)

2010


2009Under 3 months

$
74,433


$
77,0153 to 12 months


84,285



119,721Over 12 months


74,998



74,829Total

$
233,716


$
271,565     Capital/Stockholders
    Equity
      available-for-sale available-for-sale,
    Liquidity
    and Interest Rate Sensitivity
   43




---



##### Table of Contents



Interest
    Rate Risk
        and/or
    2010


2009Immediate

Estimated Increase


Estimated IncreaseInterest Rate Change

(Decrease) in Net


(Decrease) in Net(in Basis Points)

Interest Income


Interest Income(Dollars in Thousands)300


548



1.13
%


(1,572
)


(3.43
%)200


172



0.36
%


(1,239
)


(2.71
%)100


16



0.03
%


(673
)


(1.47
%)(100)


(1,567
)


(3.24
%)


1,862



4.07
%  44




---



##### Table of Contents



Liquidity
      available-for-sale
    Contractual Obligations, Commitments, Contingent Liabilities,
    and Off-Balance Sheet Arrangements
      One to


Three to


OverOne Year


Three


Five


Five(Dollars in Thousands)

or Less


Years


Years


Years


TotalCommitments to extend credit:Commercial

$
69,829


$
4,306


$
112


$
3,079


$
77,326Residential real estate


55,983



10,391



1,198



813



68,385Revolving home equity lines


100



43







46,759



46,902Standby letters of credit


11,540



17,387



6,144



69



35,140Net commitments to sell mortgage loans


7,411















    45




---



##### Table of Contents



Payments Due inOne to


Three to


OverOne Year


Three


Five


Five(Dollars in Thousands)

or Less


Years


Years


Years


TotalDeposits without a stated maturity(a)

$
715,649


$



$



$



$
715,649Consumer certificates of deposits(b)


288,176



126,808



37,581







452,565Federal funds borrowed and security repurchase agreements(b)


37,622















37,622Long-term debt(b)


454



908



908



28,847



31,117Operating leases


1,424



2,460



2,349



4,217



10,450     (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, 2010. 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
    ITEM 7A.
    QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK  Form 10-K.
  ITEM 8.
    FINANCIAL
    STATEMENTS AND SUPPLEMENTARY DATA   46




---



##### Table of Contents



ITEM 9.
    CHANGES
    IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
    FINANCIAL DISCLOSURE    ITEM 9A.
    CONTROLS
    AND PROCEDURES  Disclosure
    Controls and Procedures
    Managements
    Annual Report on Internal Control Over Financial
    Reporting
  Regulation S-K Form 10-K.
  Attestation
    Report of Independent Registered Public Accounting
    Firm
  Regulation S-K Form 10-K.
  Changes
    in Internal Control Over Financial Reporting
    ITEM 9B.
    OTHER
    INFORMATION   47




---



##### Table of Contents



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

2010


2009AssetsCash and due from banks

$
4,815


$
3,961Interest-bearing deposits with other banks


2,627



1,996Federal funds sold


116,189



68,607Total cash and cash equivalents


123,631



74,564Available-for-sale
    securities, at estimated fair value (amortized cost of $128,493
    and $128,966 on December 31, 2010 and 2009, respectively)


129,957



131,531Other investment securities, at cost


3,983



2,922Loans, net of unearned income


1,051,857



1,022,852Allowance for loan losses


(18,586
)


(18,010
)Net loans


1,033,271



1,004,842Premises and equipment, net


20,727



22,362Loans held for sale


7,411



2,593Goodwill and other intangible assets


14,816



15,557Bank owned life insurance


19,248



16,522Other assets


21,052



21,664Total assets

$
1,374,096


$
1,292,557LiabilitiesDeposits:Non-interest-bearing

$
160,092


$
155,690Interest-bearing


1,007,622



958,656Total deposits


1,167,714



1,114,346Short-term borrowings


37,622



40,781Long-term debt


20,000



20,000Other liabilities


12,912



12,286Total liabilities


1,238,248



1,187,413Stockholders equity:Preferred stock, $1 par value, 1,000,000 authorized, none
    issued






Common stock, $1 par value, 50,000,000 authorized,
    8,451,444, and 7,122,525 issued and outstanding on
    December 31, 2010 and 2009, respectively


8,451



7,123Additional paid-in capital


121,427



97,320Retained earnings (deficit)


5,074



(838
)Accumulated other comprehensive income


896



1,539Total stockholders equity


135,848



105,144Total liabilities and stockholders equity

$
1,374,096


$
1,292,557   See Notes to Consolidated Financial Statements.
 48




---



##### Table of Contents



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

2010


2009


2008Interest income:Loans, including fees

$
57,561


$
60,746


$
63,607Loans held for sale


153



159



164Securities
    available-for-sale


3,029



4,002



5,234Interest-bearing bank balances


1



3



23Federal funds sold


304



36



327Total interest income


61,048



64,946



69,355Interest expense:Deposits


15,452



20,846



27,488Short-term borrowings


168



291



817Long-term debt


469



575



1,094Total interest expense


16,089



21,712



29,399Net interest income


44,959



43,234



39,956Provision for credit losses


5,089



5,669



5,157Net interest income after provision for credit losses


39,870



37,565



34,799Other income:Service charges on deposit accounts


4,106



3,717



3,058Other service charges and fees


2,886



2,521



2,431Secondary market income


915



1,368



1,187Security (losses) gains


(72
)


(475
)


217Other


1,168



746



890Total other income


9,003



7,877



7,783Other expense:Salaries and employee benefits


18,404



15,647



16,423Occupancy expense


3,128



2,781



2,600Equipment expense


2,188



2,327



2,169Advertising


1,591



1,578



1,388Professional fees


1,216



934



1,283Data processing


2,595



2,523



2,220Other outside services


909



1,033



901Regulatory assessment


1,733



1,922



696Other


4,755



4,654



5,083Total other expense


36,519



33,399



32,763Net income before income tax expense


12,354



12,043



9,819Income tax expense


4,127



4,026



3,249Net income


8,227



8,017



6,570Dividends and accretion on preferred stock (TARP)






923



Net income available to common stockholders

$
8,227


$
7,094


$
6,570Basic earnings per share

$
1.00


$
1.02


$
1.00Diluted earnings per share

$
0.95


$
0.97


$
0.92Basic weighted-average shares outstanding


8,246,098



6,945,644



6,597,386Diluted weighted-average shares outstanding


8,620,523



7,342,174



7,125,462Cash Dividends Declared per share

$
0.28


$
0.20


$
0.20   See Notes to Consolidated Financial Statements.
 49




---



##### Table of Contents



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


Retained


OtherPreferred


Common


Paid-in


(Deficit)


Comprehensive(Dollars in Thousands)

Stock


Stock


Capital


Earnings


Income


TotalBalance, December 31, 2007

$



$
5,971


$
81,580


$
(547
)

$
916


$
87,920Issuance of a 10% stock dividend






616



10,625



(11,241
)






Payments for fractional shares














(8
)






(8
)Cash dividend declared ($0.20)














(1,140
)






(1,140
)Stock Based Compensation Expense










223











223Exercise of 216,967 stock options






217



1,459











1,676Adoption of EITF
    06-04














(169
)






(169
)Comprehensive income:Net income














6,570







6,570Other comprehensive income:Change in unrealized gain on available for sale securities, net
    of income taxes of $28


















40



40Reclassification adjustment for securities gains included in
    income, net of income taxes of $87


















130



130Unrealized gain on
    available-for-sale
    securities, net of income taxes of $115






















170Total comprehensive income






















6,740Balance, December 31, 2008

$



$
6,804


$
93,887


$
(6,535
)

$
1,086


$
95,242Issuance of Series A Preferred Stock


15







14,235











14,250Issuance of Series B Preferred Stock


1







749











750Accretion of discount on Series A Preferred Stock










43



(43
)






Redemption of Series A Preferred Stock


(15
)






(14,278
)


(707
)






(15,000
)Redemption of Series B Preferred Stock


(1
)






(749
)










(750
)Cash dividend declared ($0.20)














(1,397
)






(1,397
)Cash dividends on Series A and B preferred Stock














(173
)






(173
)Stock Based Compensation Expense










361











361Exercise of 218,523 stock options






219



1,466











1,685Shares issued through dividend reinvestment plan






100



1,609











1,709Stock offering expense










(3
)










(3
)Comprehensive income:Net income














8,017







8,017Other comprehensive income:Change in unrealized gain on available for sale securities, net
    of income taxes of $112


















168



168Reclassification adjustment for securities losses included in
    income, net of income taxes of $190


















285



285Net unrealized gain on
    available-for-sale
    securities, net of income taxes of $302






















453Total comprehensive income






















8,470Balance, December 31, 2009

$



$
7,123


$
97,320


$
(838
)

$
1,539


$
105,144Issuance of shares of common stock






1,034



19,580











20,614Cash dividend declared on common stock, $0.28 per share














(2,315
)






(2,315
)Stock based compensation expense










826











826Exercise of 236,790 stock options






237



2,613











2,850Shares issued through dividend reinvestment plan






57



1,088











1,145Comprehensive income:Net income














8,227







8,227Other comprehensive income:Change in unrealized gain on
    available-for-sale
    securities, net of income taxes of ($427)


















(643
)


(643
)Total comprehensive income






















7,584Balance, December 31, 2010

$



$
8,451


$
121,427


$
5,074


$
896


$
135,848   See Notes to Consolidated Financial Statements.
 50




---



##### Table of Contents



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

2010


2009


2008Operating activities:Net income

$
8,227


$
8,017


$
6,570Adjustments to reconcile net income to net cash provided by
    operating activities:Accretion of discounts on securities


(108
)


(267
)


(608
)Amortization of premiums on securities


1,460



1,088



587Loss (gain) on sale of securities


72



475



(217
)Amortization of intangibles


740



740



740Provision for credit losses


5,089



5,669



5,157Deferred income tax benefit


(780
)


(1,670
)


(325
)Depreciation


2,147



2,130



1,867Gain on disposal of premises and equipment






(19
)


Loans originated for sale


(61,706
)


(93,070
)


(74,911
)Proceeds from loans sold


57,803



93,806



75,999Gain on sale of loans


(915
)


(1,368
)


(1,184
)Stock option expense


826



361



223Increase in cash surrender value of life insurance


(718
)


(465
)


(362
)Increase in other liabilities


626



1,649



2,477Decrease (increase) in other assets


2,390



(7,704
)


(1,379
)Net cash provided by operating activities


15,153



9,372



14,634Investing activities:Purchases of premises and equipment


(517
)


(3,630
)


(4,598
)Retirement of premises and equipment






598



Purchases of life insurance


(2,008
)


(5,114
)


(5,509
)Purchases of
    available-for-sale
    securities


(66,286
)


(73,804
)


(84,015
)Sales, calls and maturities of
    available-for-sale
    securities


64,275



60,353



88,898Net increase in loans made to customers


(33,570
)


(1,718
)


(151,414
)Net cash used in investing activities


(38,106
)


(23,315
)


(156,638
)Financing activities:Net increase in deposits


53,368



101,953



68,010Net (decrease) increase in short-term borrowing


(3,159
)


(34,504
)


50,112Cash received from dividend reinvestment plan


634



1,293



Proceeds of stock offering


20,614



(3
)


Payments for fractional shares






(8
)


(8
)Cash dividend paid on common stock


(1,097
)


(1,282
)


(898
)Cash received from exercise of stock options


1,660



1,685



1,688Net proceeds from issuance of Series A and B Preferred Stock






15,000



Repayment of Series A and B Preferred Stock






(15,750
)


Cash dividend paid on preferred stock






(173
)


Net cash provided by financing activities


72,020



68,211



118,904Increase (decrease) in cash and cash equivalents


49,067



54,268



(23,100
)Cash and cash equivalents  beginning of period


74,564



20,296



43,396Cash and cash equivalents  end of period

$
123,631


$
74,564


$
20,296Supplemental cash flow information:Interest paid

$
16,481


$
22,142


$
29,679Income taxes paid

$
5,137


$
6,855


$
4,500   See Notes to Consolidated Financial Statements.
 51




---



##### 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
  Other-Than-Temporary
    Impairments (OTTI)
  available-for-sale other-than-temporary
    other-than-temporary available-for-sale
 52




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
  Loans
          Allowance
    for Credit Losses
         53




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
    Loans
    Held for Sale
    Other
    Real Estate Owned
    Rate
    Lock Commitments
    Bank
    Premises and Equipment
    Advertising
    Expense
    Income
    Taxes
   54




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
    Stock-Based
    Compensation
      Earnings
    Per Share
      December 31(Dollars in Thousands except for per Share Data)

2010


2009


2008Net income

$
8,227


$
8,017


$
6,570Dividends and accretion on preferred stock and warrants






923



Net income available to common stockholders

$
8,227


$
7,094


$
6,570Weighted-average common shares outstanding


8,246,098



6,945,644



6,597,386Effect of potentially dilutive common shares


374,425



396,530



528,076Total weighted-average common shares outstanding


8,620,523



7,342,174



7,125,462Earnings per ShareBasic

$
1.00


$
1.02


$
1.00Diluted

$
0.95


$
0.97


$
0.92   Variable
    Interest Entities
     55




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
        As of December 31, 2010

As of December 31, 2009Aggregate

Aggregate

Risk of

Aggregate

Aggregate

Risk of(Dollars in thousands)

Assets

Liabilities

Loss(1)

Assets

Liabilities

Loss(1)Trust preferred securities

$
20,620


$
20,000


$
620


$
20,620


$
20,000


$
620     (1)
    
    Represents investment in VIEs.  Recent
    Accounting Pronouncements
  No. 2010-20
  2.
    Mergers
    and Acquistions       56




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
    3.
    Fair
    Values of Financial Instruments      
    Level 1  Valuation is based on quoted prices in
    active markets for identical assets and liabilities.
    Level 2  Valuation is based on observable inputs
    other than quoted prices in active markets for similar assets
    and liabilities, quoted prices for identical or similar assets
    and liabilities in nonactive markets, and model-based valuation
    techniques for which all significant assumptions are observable
    in the market.
    Level 3  Valuation is based on model-based
    techniques that use one or more significant inputs or
    assumptions that are unobservable in the market.   57




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
    Fair Value Measurements atDecember 31, 2010 Using:Quoted Pricesin Active


SignificantMarkets for


Other


SignificantBalance as of


Identical


Observable


UnobservableDecember 31,


Assets


Inputs


InputsDescription

2010


(Level 1)


(Level 2)


(Level 3)AssetsAvailable-for-sale
    securities:Debt securities:U.S. Government sponsored agencies

$
99,785


$



$
99,785


$
State and municipal


29,008







29,008



Corporate


771







771



Equity securities:














Financial institution stock


393



393







Total

$
129,957


$
393


$
129,564


$
   Fair Value Measurements atDecember 31, 2009 Using:Quoted Pricesin Active


SignificantMarkets for


Other


SignificantBalance as of


Identical


Observable


UnobservableDecember 31,


Assets


Inputs


InputsDescription

2009


(Level 1)


(Level 2)


(Level 3)AssetsAvailable-for-sale
    securities:Debt securities:U.S. Government sponsored agencies

$
97,106


$



$
97,106


$
State and municipal


32,406







32,406



Corporate


1,630







1,630



Equity securities:














Financial institution stock


389



389







Total

$
131,531


$
389


$
131,142


$
    58




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
    Fair Value Measurements atDecember 31, 2010 Using:Quoted Pricesin Active

SignificantMarkets for

Other

SignificantBalance as of

Identical

Observable

Unobservable(Dollars in Thousands)

December 31,

Assets

Inputs

InputsDescription

2010

(Level 1)

(Level 2)

(Level 3)AssetsNonaccrual loans

$
18,220


$



$



$
18,220Other real estate owned

$
2,826


$



$



$
2,826   Fair Value Measurements atDecember 31, 2009 Using:Quoted Pricesin Active


SignificantMarkets for


Other


SignificantBalance as of


Identical


Observable


Unobservable(Dollars in Thousands)

December 31,


Assets


Inputs


InputsDescription

2009


(Level 1)


(Level 2)


(Level 3)AssetsNonaccrual loans

$
7,197


$



$



$
7,197Other real estate owned

$
2,261


$



$



$
2,261   lower-of-cost-or-market
  Loans held for sale: one-to-four
  Allowance for Credit Losses:
 59




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
  Other real estate owned:
  Goodwill and Core Deposit Intangible:
  Financial Instruments:
  Cash
    and Cash Equivalents
    Loans
    Deposits
    Short-Term
    Borrowings
    Long-Term
    Debt
   60




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
  Off-Balance
    Sheet Financial Instruments
      2010

2009Carrying

Estimated

Carrying

Estimated(Dollars in Thousands)

Amount

Fair Value

Amount

FairFinancial assets:Cash and cash equivalents

$
123,631


$
123,631


$
74,564


$
74,564Investment securities


129,957



129,957



131,531



131,531Loans


1,051,857



1,098,876



1,022,852



1,077,091Loans Held for Sale


7,411



7,411



2,593



2,593Financial liabilities:Deposits

$
1,167,714


$
1,167,726


$
1,114,346


$
1,126,781Short-term borrowings


37,622



37,622



40,781



40,781Long-term debt


20,000



20,000



20,000



20,000     4.
    Investment
    Securities  Securities Classified as Available-for-SaleGross


Gross


EstimatedAmortized


Unrealized


Unrealized


Fair(Dollars in Thousands)

Cost


Gains


Losses


ValueAt December 31, 2010:Debt securities:U.S. Government sponsored agencies

$
99,152


$
649


$
(16
)

$
99,785State and municipal


28,192



817



(1
)


29,008Corporate


756



15







771Equity securities:Financial institution stock


393











393Total
    available-for-sale
    securities

$
128,493


$
1,481


$
(17
)

$
129,957At December 31, 2009:Debt securities:U.S. Government sponsored agencies

$
95,752


$
1,397


$
(43
)

$
97,106State and municipal


31,253



1,168



(15
)


32,406Corporate


1,572



58







1,630Equity securities:Financial institution stock


389











389Total
    available-for-sale
    securities

$
128,966


$
2,623


$
(58
)

$
131,531  61




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
    available-for-sale
  Amortized
    Cost
  After 1





After 5Year





YearsWithin 1





Through





Through





Over 10(Dollars in Thousands)

Year


Yield


5 Years


Yield


10 Years


Yield


Years


Yield


TotalDecember 31, 2010:Debt securities:U.S. Government sponsored agencies

$
41,948



1.73
%

$
57,204



1.15
%

$




0.00
%

$




0.00
%

$
99,152State and municipal


1,670



2.97
%


26,422



3.44
%


100



4.00
%






0.00
%


28,192Corporate


756



5.74
%






0.00
%






0.00
%






0.00
%


756Equity securities:Financial institution stock






0.00
%






0.00
%






0.00
%


393



0.00
%


393Total
    available-for-sale
    securities

$
44,374



1.84
%

$
83,626



1.78
%

$
100



4.00
%

$
393



0.00
%

$
128,493   Fair
    Value
  After 1


After 5Year


YearsWithin 1


Through 5


Through 10


Over 10Year


years


years


Years


TotalDecember 31, 2010:Debt securities:U.S. Government sponsored agencies

$
42,246


$
57,539


$



$



$
99,785State and municipal


1,678



27,224



106







29,008Corporate


771















771Equity securities:Financial institution stock














393



393Total
    available-for-sale
    securities

$
44,695


$
84,763


$
106


$
393


$
129,957     available-for-sale
  62




---



##### 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, 2010:Debt securities:U.S. Government sponsored agencies

$
16,559


$
(16
)

$



$



$
16,559


$
(16
)State and municipal


519



(1
)










519



(1
)Corporate






















Equity securities:Financial institution stock






















Total

$
17,078


$
(17
)

$



$



$
17,078


$
(17
)At December 31, 2009:Debt securities:U.S. Government sponsored agencies

$
15,213


$
(43
)

$



$



$
15,213


$
(43
)State and municipal


1,275



(15
)










1,275



(15
)Corporate






















Equity securities:Financial institution stock






















Total

$
16,488


$
(58
)

$



$



$
16,488


$
(58
)   other-than-temporary other-than-temporarily other-than-temporary
    5.
    Loans
    and Allowance for Loan Losses   63




---



##### Table of Contents



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

2010


2009Commercial

$
160,526


$
140,299Real estate, commercial


638,951



617,602Real estate, mortgage


185,272



189,814Consumer


67,108



75,137Total loans

$
1,051,857


$
1,022,852       (Dollars in Thousands)

2010


2009Balance, January 1

$
75,682


$
71,522New loans


16,623



7,038Repayments


(6,674
)


(2,878
)Balance, December 31

$
85,631


$
75,682     Commercial(Dollars in Thousands)

Commercial


Real Estate


Consumer


Residential


TotalAllowance for loan losses:Beginning balance  December 31, 2009

$
2,177


$
9,582


$
2,248


$
4,003


$
18,010Charge-offs


(759
)


(3,048
)


(313
)


(1,044
)


(5,164
)Recoveries


35



141



116



73



365Provision


1,029



3,291



436



619



5,375Ending balance  December 31, 2010

$
2,482


$
9,966


$
2,487


$
3,651


$
18,586   Commercial(Dollars in Thousands)

Commercial


Real Estate


Consumer


Residential


TotalAllowance for loan losses:Beginning balance  December 31, 2008

$
1,776


$
7,547


$
2,802


$
4,242


$
16,367Charge-offs


(597
)


(2,629
)


(360
)


(827
)


(4,413
)Recoveries


50



220



30



70



370Provision


948



4,444



(224
)


518



5,686Ending balance  December 31, 2009

$
2,177


$
9,582


$
2,248


$
4,003


$
18,010  64




---



##### Table of Contents



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

Commercial


Real Estate


Consumer


Residential


TotalAllowance for loan losses:Beginning balance  December 31, 2007

$
1,814


$
5,798


$
2,359


$
3,565


$
13,536Charge-offs


(342
)


(1,452
)


(233
)


(503
)


(2,530
)Recoveries


24



100



16



35



175Provision


280



3,101



660



1,145



5,186Ending balance  December 31, 2008

$
1,776


$
7,547


$
2,802


$
4,242


$
16,367       (Dollars in Thousands)

2010


2009


2008Balance, January 1

$
1,460


$
1,477


$
1,507Benefit


(286
)


(17
)


(30
)Balance, December 31

$
1,174


$
1,460


$
1,477     (Dollars in Thousands)

2010


2009


2008Provision for loan losses

$
5,375


$
5,686


$
5,186Benefit for credit losses


(286
)


(17
)


(30
)Balance, December 31

$
5,089


$
5,669


$
5,156  65




---



##### Table of Contents



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

2010


2009Commercial

$
1,979


$
803Commercial real estate:Commercial real estate construction


1,860



Commercial real estate  other


10,796



4,094Consumer:Consumer  other


1,169



358Consumer  auto


207



94Residential


2,209



1,848Total nonaccrual loans

$
18,220


$
7,197  66




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
    Impaired Loans as of December 31, 2010Unpaid





Average


InterestRecorded


Principal


Related


Recorded


Income(Dollars in Thousands)

Investment


Balance


Allowance


Investment


RecognizedWith no related allowance recordedCommercial

$
285


$
345


$



$
297


$
10Commercial real estate:Commercial real estate construction


1,325



1,792







1,669



8Commercial real estate  other


2,484



4,221







3,647



66Consumer:Consumer  other


1,169



1,993







1,969



111Consumer  auto


207



227







237



18Residential


2,209



2,328







2,280



93Total impaired without related allowance

$
7,679


$
10,906


$



$
10,099


$
306With an allowance recorded:Commercial

$
1,694


$
1,733


$
675


$
1,721


$
64Commercial real estate:Commercial real estate construction


2,331



2,331



507



2,321



70Commercial real estate  other


13,371



13,566



3,142



12,700



416Residential


222



222



42



219



13Total impaired with related allowance

$
17,618


$
17,852


$
4,366


$
16,961


$
563Total:Commercial

$
21,490


$
23,988


$
4,324


$
22,355


$
634Consumer


1,376



2,220







2,206



129Residential


2,431



2,550



42



2,499



106Total impaired loans

$
25,297


$
28,758


$
4,366


$
27,060


$
869  67




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
    Impaired Loans as of December 31, 2009Unpaid





Average


InterestRecorded


Principal


Related


Recorded


Income(Dollars in Thousands)

Investment


Balance


Allowance


Investment


RecognizedWith no related allowance recordedCommercial

$
755


$
929


$



$
1,341


$
74Commercial real estate:Commercial real estate construction


















Commercial real estate  other


1,106



1,197







1,080



89Consumer:Consumer  other


358



1,110







1,045



76Consumer  auto


94



152







117



13Residential


1,848



1,416







1,444



95Total impaired without related allowance

$
4,161


$
4,804


$



$
5,027


$
347With an allowance recorded:Commercial

$
48


$
98


$
5


$
98


$
7Commercial real estate:Commercial real estate construction


















Commercial real estate  other


7,690



8,147



2,479



7,819



471Residential


















Total impaired with related allowance

$
7,738


$
8,245


$
2,484


$
7,917


$
478Total:Commercial

$
9,599


$
10,371


$
2,484


$
10,338


$
641Consumer


452



1,262







1,162



89Residential


1,848



1,416







1,444



95Total impaired loans

$
11,899


$
13,049


$
2,484


$
12,944


$
825    68




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
    Age Analysis of Past Due Loans As of December 31,
    2010Greater30-59 Days


60-89 Days


than 90


Total Past





Total(Dollars in Thousands)

Past Due


Past Due


Days


Due


Current


LoansCommercial

$
337


$
9


$
1,979


$
2,325


$
158,201


$
160,526Commercial real estate:Commercial real estate construction


1,464



262



1,860



3,586



50,764



54,350Commercial real estate  other


2,493







10,797



13,290



571,311



584,601Consumer:Consumer  other


814



232



1,168



2,214



56,040



58,254Consumer  auto


82



91



207



380



8,474



8,854Residential


4,265



983



2,209



7,457



177,815



185,272Total

$
9,455


$
1,577


$
18,220


$
29,252


$
1,022,605


$
1,051,857   Age Analysis of Past Due Loans As of December 31,
    2009Greater30-59 Days


60-89 Days


Than 90


Total Past





Total(Dollars in Thousands)

Past Due


Past Due


Days


Due


Current


LoansCommercial

$
433


$



$
803


$
1,236


$
139,063


$
140,299Commercial real estate:Commercial real estate construction


















47,660



47,660Commercial real estate  other


904



93



4,094



5,091



564,851



569,942Consumer:Consumer  other


408



64



358



830



63,088



63,918Consumer  auto


193



42



94



329



10,890



11,219Residential


3,224



1,178



1,848



6,250



183,564



189,814Total

$
5,162


$
1,377


$
7,197


$
13,736


$
1,009,116


$
1,022,852     
    Loans are given a pass risk rating when the borrower has strong
    liquidity, low/stable leverage, strong and stable earnings year
    to year, excellent history of successful performance and other
    high quality indicators.
    Management attention applies to loans considered to have a high
    credit risk and servicing need. Loans are placed in this
    category, not because they are problem credits, but because they
    pose a relatively high risk. These loans are monitored more
    closely than credits with a pass risk rating.
    Special mention applies to borrowers with often unstable
    financial condition and position and is susceptible to current
    economic or market conditions. The borrowers ability to
    repay from primary sources is currently adequate, but threatened
    by potential weakness. Borrowers may experience adverse
    operating trends or may be operating with unusually high
    financial leverage. Borrowers may also have 69




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
  filed bankruptcy and are successfully operating under a plan of
    reorganization that adequately repays their debt.  
    Substandard applies to loans where the bank is inadequately
    protected by the current net worth or paying capacity of the
    borrower. The borrower may have high debt to worth, negative
    cash flow
    and/or
    negative debt service capacity. The borrower may also have a
    history of consecutive operation losses. Borrowers may also have
    filed for bankruptcy and maybe in the initial stages of filing a
    reorganization plan. Loans in this category may be placed on
    nonaccrual status and some loss of principal or income is likely.
    Doubtful/loss applies to loans that are partially or totally
    uncollectible. The collateral values securing these loans are
    not sufficient to completely cover the loss.    Commercial Real EstateCommercial


Construction


Commercial Real Estate -Other(Dollars in Thousands)

2010


2009


2010


2009


2010


2009GradePass

$
140,064


$
123,320


$
41,889


$
44,771


$
524,884


$
535,043Management Attention


15,071



15,091



7,034



2,731



34,994



17,030Special Mention


1,026



1,183



156







16,564



6,590Substandard


4,365



705



5,271



158



8,159



11,279Total

$
160,528


$
140,299


$
54,350


$
47,660


$
584,601


$
569,942     Consumer - Other


Consumer - Auto


Residential(Dollars in Thousands)

2010


2009


2010


2009


2010


2009Performing

$
57,085


$
63,560


$
8,647


$
11,125


$
183,063


$
189,966Nonperforming


1,169



358



207



94



2,209



1,848Total

$
58,254


$
63,918


$
8,854


$
11,219


$
185,272


$
189,814     Loan ModificationsNumber


Pre-Modification


Post-Modification(Dollars in Thousands)

of Loans


Outstanding Balance


Outstanding BalanceTroubled Debt RestructuringsCommercial real estate  other


1


$
347


$
345Residential


2



371



374Total


3


$
718


$
719  70




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
  6.
    Bank
    Premises and Equipment    (Dollars in Thousands)

2010


2009Land

$
6,055


$
6,055Building and premises


10,942



10,893Leasehold improvements


3,795



3,685Furniture, fixtures, and equipment


11,929



11,68532,721



32,318Accumulated depreciation


(11,994
)


(9,956
)Net book value

$
20,727


$
22,362     Operating(Dollars in Thousands)

LeasesYear ending December 31:2011

$
1,4242012


1,2862013


1,1742014


1,1742015


1,175Thereafter


4,217Total minimum lease payments

$
10,450     7.
    Deposits    December 31(Dollars in Thousands)

2010


2009Demand deposit

$
160,092


$
155,690Interest bearing checking


199,114



184,216Money market accounts


299,613



211,363Savings


56,831



43,456Time deposits


452,064



519,621Total

$
1,167,714


$
1,114,346  71




---



##### Table of Contents



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

AmountDue in three months or less

$
128,415Due in over three through six months


64,040Due in over six months through twelve months


95,221Due in one  three years


126,808Due in three  five years


37,580Thereafter


Total time deposits

$
452,064     8.
    Short-Term
    Borrowings    (Dollars in Thousands)

2010

2009Ending balance

$
37,622


$
40,781Average balance


35,709



46,727Highest month-end balance


37,626



71,499Interest expense


168



291Weighted-average interest rate:End of year


0.35
%


0.54
%During the year


0.47
%


0.62
%     9.
    Long-Term
    Debt     72




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
          2010

2009Weighted



WeightedAverage



Average(Dollars in Thousands)

Amount

Rate

Amount

RateCentra Financial Statutory Trust I

$
10,000



2.67
%

$
10,000



3.22
%Centra Financial Statutory Trust II

$
10,000



2.02
%

$
10,000



2.52
%     10.
    Income
    Taxes    2010


2009


2008Statutory corporate tax rate


35.0
%


35.0
%


34.0
%Differences in rate resulting from:State income taxes


3.9



3.8



5.5Tax exempt interest


(4.2
)


(4.3
)


(5.2
)Other


(1.3
)


(1.1
)


(1.2
)Effective income tax rate


33.4
%


33.4
%


33.1
%     (Dollars in Thousands)

2010


2009


2008Federal:Current

$
4,425


$
5,527


$
3,787Deferred


(780
)


(2,211
)


(1,357
)State


482



710



819Income tax expense

$
4,127


$
4,026


$
3,249  73




---



##### Table of Contents



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

2010


2009Deferred tax assets:Allowance for loan losses

$
7,667


$
7,555Net operating loss carry-forward






301Supplemental retirement plan


2,177



1,406Deferred net loan origination fees


466



483Stock option compensation


898



577Premises and equipment






24Other-than-temporary
    impairment loss


232



204Other


216



168Deferred tax assets


11,656



10,718Deferred tax liabilities:Premises and equipment


573



Unrealized gain on
    available-for-sale
    securities


568



995Accretion on
    available-for-sale
    securities


7



113Core deposit intangibles, loans premium and discounts, and fair
    value adjustments on fixed assets of acquired bank


1,290



1,599Deferred tax liabilities


2,438



2,707Net deferred tax assets

$
9,218


$
8,011       11.
    Financial
    Instruments With Off-Balance Sheet Risk    (Dollars in Thousands)

2010

2009Commitments to grant loans

$
145,712


$
135,185Unfunded commitments under lines of credit


46,902



45,949Standby letters of credit


35,140



32,782    74




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
      12.
    Other
    Expenses    (Dollars in Thousands)

2010

2009

2008Taxes not on income

$
764


$
956


$
1,173Core deposit intangible amortization


740



740



740   13.
    Regulatory
    Matters         75




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
    MinimumTo Be WellCapitalized UnderAdequately


Prompt CorrectiveActual


Capitalized


Action Provisions(Dollars in Thousands)

Amount


Ratio


Amount


Ratio


Amount


RatioAs of December 31, 2010Total capital(1)Consolidated

$
153,050



14.9
%

$
82,119



8.0
%

$
102,649



10.0
%Bank


151,114



14.7



82,016



8.0



102,520



10.0
%Tier 1(2)Consolidated


140,136



13.7



41,065



4.0



61,598



6.0Bank


138,216



13.5



41,014



4.0



61,520



6.0Tier 1(3)Consolidated


140,136



10.1



55,499



4.0



69,374



5.0Bank


138,216



10.0



55,453



4.0



69,316



5.0As of December 31, 2009Total capital(1)Consolidated

$
120,509



12.2
%

$
79,217



8.0
%

$
99,021



10.0
%Bank


116,924



11.8



79,069



8.0



98,837



10.0
%Tier 1(2)Consolidated


108,048



10.9



39,578



4.0



59,367



6.0Bank


104,478



10.6



39,538



4.0



59,306



6.0Tier 1(3)Consolidated


108,048



8.6



50,431



4.0



63,039



5.0Bank


104,478



8.3



50,351



4.0



62,939



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.  14.
    Federal
    Reserve Requirements    15.
    Employee
    Benefit Plans   76




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
    16.
    Stock
    Compensation Plans  10-year
    WeightedAverageWeighted


RemainingAverage


Contractual


AggregateOutstanding Shares

Shares


Exercise Price


Term  Years


Intrinsic ValueOutstanding at beginning of period


1,260,305


$
11.04Granted


189,000



20.00Exercised


236,790



6.84Forfeited


2,150



15.29Outstanding at end of period


1,210,413



13.25



5.7



11,086,453Exercisable at end of period


1,122,394



12.90



5.5



10,668,830      77




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
      17.
    Goodwill
    and Intangible Assets      (Dollars in thousands)

2010


2009Gross carrying amount

$
6,024


$
6,024Accumulated amortization


(3,331
)


(2,591
)Net core deposit intangible

$
2,693


$
3,433    78




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
  18.
    Parent
    Company Only Financial Information  Condensed
    Balance Sheet
  December 31(Dollars in Thousands)

2010


2009Assets:Cash and cash equivalents

$
1,082


$
2,649Available-for-sale
    securities, at estimated fair value (amortized cost of $393 in
    2010 and $389 in 2009)


393



389Investment in second tier bank holding companies


153,928



121,574Other assets


445



532Total assets

$
155,848


$
125,144Liabilities:Long-term debt

$
20,000


$
20,000Total liabilities


20,000



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






Common stock, $1 par value, 50,000,000 authorized,
    8,451,444 and 7,122,525 issued and outstanding on
    December 31, 2010 and 2009 respectively


8,451



7,123Additional paid-in capital


121,427



97,320Retained earnings (deficit)


5,074



(838
)Accumulated other comprehensive income


896



1,539Total stockholders equity


135,848



105,144Total liabilities and stockholders equity

$
155,848


$
125,144  79




---



##### 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)

2010


2009


2008Income:Dividends from bank subsidiary

$
1,000


$



$
1,750Interest and dividends






19



30Security losses


(72
)


(526
)


Expense:Interest expense


469



575



1,094Other expenses


38



20



8Income (loss) before federal income tax and equity in
    undistributed earnings of subsidiaries


421



(1,102
)


678Applicable income tax benefit


(193
)


(425
)


(503
)Equity in undistributed income of subsidiaries


7,613



8,694



5,389Net income

$
8,227


$
8,017


$
6,570Dividends and accretion on preferred stock (TARP)






923



Net income available to common stockholders

$
8,227


$
7,094


$
6,570  80




---



##### 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)

2010


2009


2008Operating activities:Net income

$
8,227


$
8,017


$
6,570Adjustments to reconcile net income to net cash provided by
    operating activities:Increase (Decrease) in accrued expenses


108



(218
)


(400
)Loss on securities


72



526



Equity in undistributed income of subsidiaries


(7,613
)


(8,694
)


(5,389
)Net cash provided by (used in) operations


794



(369
)


781Investing activities:Net purchases of
    available-for-sale
    securities


(76
)






(89
)Net cash used in investing activities


(76
)






(89
)Financing activities:Cash received from dividend reinvestment plan


634



1,293



Proceeds of stock offering


20,614



(3
)


Payments for fractional shares






(8
)


(8
)Cash dividend paid on common stock


(1,097
)


(1,282
)


(898
)Cash received from stock options exercised


1,660



1,685



1,688Net proceeds from issuance of Series A and B Preferred Stock






15,000



Repayment of Series A and B Preferred Stock






(15,750
)


Cash dividends paid on preferred stock and warrants






(173
)


Investment in subsidiaries


(24,096
)


98



(34
)Net cash provided by (used in) financing activities


(2,285
)


860



748Net change in cash


(1,567
)


491



1,440Cash and cash equivalents at beginning of year


2,649



2,158



718Cash and cash equivalents at end of year

$
1,082


$
2,649


$
2,158  81




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
  19.
    Summarized
    Quarterly Information
    (Unaudited)    First

Second

Third

Fourth(Dollars in Thousands, Except Per Share Data)

Quarter

Quarter

Quarter

Quarter2010:Interest income

$
15,443


$
15,355


$
15,220


$
15,030Interest expense


4,565



4,378



3,838



3,308Net interest income


10,878



10,977



11,382



11,722Provision for credit losses


755



815



1,019



2,500Other income


1,928



2,299



2,370



2,406Other expenses


8,996



8,960



8,882



9,681Income tax expense


1,003



1,143



1,260



721Net income available to common stockholders


2,052



2,358



2,591



1,226Basic earnings per share

$
0.27


$
0.28


$
0.30


$
0.15Diluted earnings per share

$
0.25


$
0.27


$
0.29


$
0.14Basic weighted average shares outstanding


7,694,931



8,413,893



8,424,891



8,440,519Diluted weighted average shares outstanding


8,148,610



8,719,571



8,758,909



8,844,8892009:Interest income

$
16,315


$
16,307


$
16,233


$
16,091Interest expense


5,836



5,698



5,270



4,908Net interest income


10,479



10,609



10,963



11,183Provision for credit losses


404



916



1,186



3,163Other income


1,540



2,271



2,030



2,036Other expenses


7,474



8,691



8,430



8,804Income tax expense


1,370



1,116



1,223



317Net income


2,771



2,157



2,154



935Dividends and accretion on Preferred Stock (TARP)


920



3







Net income available to common stockholders


1,851



2,154



2,154



935Basic earnings per share

$
0.27


$
0.31


$
0.31


$
0.13Diluted earnings per share

$
0.26


$
0.30


$
0.29


$
0.12Basic weighted average shares outstanding


6,848,841



6,916,999



6,970,533



7,043,786Diluted weighted average shares outstanding


7,242,410



7,281,880



7,327,725



7,514,265  82




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
  Notes to
    the Consolidated Financial
    Statements  (Continued)
  20.
    Subsequent
    Event      
    Mr. Leech waived all rights to cash severance and
    retirement benefits under the Employment Agreement, the 2000
    SERP, and the 2008 SERP that would exceed, on a present value
    basis, as of the date of his termination of employment limits of
    approximately $5 million of severance under the Employment
    Agreement, $3 million of retirement benefits under 2000
    SERP, and $8 million of retirement benefits under the 2008
    SERP. One of the SERPs also guaranteed certain minimum life
    insurance benefits, which guarantee was waived.
    The Bank confirmed Mr. Leechs right to certain
    employee health and welfare benefits and fringe benefits as part
    of his severance benefits that are currently provided in his
    Employment Agreement; however, Mr. Leech agreed that the
    aggregate value of these benefits will not exceed a present
    value of $2.3 million and he waived his right to certain
    fringe benefits that would have otherwise been provided as part
    of his severance under the Employment Agreement.
    The Bank agreed that if the Bank desires to terminate the
    $4 million face value term life insurance it holds on
    Mr. Leechs life, he may assume the policies at his
    cost. The Bank also agreed to continue the bank owned life
    insurance on Mr. Leechs life, for the benefit of his
    beneficiaries, which currently has a death benefit of
    $4.6 million.
    The Bank confirmed the existing provision of the Employment
    Agreement that provides Mr. Leech a
    gross-up for
    any excise taxes or penalty taxes under Section 4999 of the
    Internal Revenue Code. 83




---



##### Table of Contents



REPORT ON
    MANAGEMENTS ASSESSMENT OF INTERNAL CONTROL OVER
    FINANCIAL REPORTING
        Douglas
    J. Leech
   Chief Executive Officer
  Darren
    K. Williams
  Darren K. Williams
 Chief Financial Officer
   84




---



##### Table of Contents



REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
    ON EFFECTIVENESS OF INTERNAL CONTROL OVER FINANCIAL
    REPORTING                    85




---



##### Table of Contents



REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
    ON CONSOLIDATED FINANCIAL STATEMENTS
                86




---



##### Table of Contents



PART III  ITEM 10.
    DIRECTORS,
    EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE  and/or
  Director

Class

Principal OccupationName

Age

Position

Since

Expires

(Past Five Years)Douglas J. Leech


56


President and Chief Executive Officer


1999



2012


Chairman, President Centra Financial Holdings, Inc. President
    Centra Bank, IncHenry M. Kayes, Jr.


43


Senior Vice President









Executive Vice President, Centra Bank, President 
    Martinsburg Region, Centra Bank, Inc. (2001 to present.Darren Williams


38


Vice President, Chief Financial Officer and Treasurer









Senior Vice President and CFO, Centra Bank, Inc. (2010 to
    present); Senior Vice President and CIO, Centra Bank, Inc. (2006
    to 2009); Chief Information Officer with the WVU Foundation
    (2004 to 2006);  and Senior Manager with Ernst & Young LLP
    (1995 to 2004);Kevin D. Lemley


56


Vice President









Senior Vice President and Chief Credit Administrative Officer
    of  Centra Bank, Inc. (2010 to present); Senior Vice President
    and CFO Centra Bank, Inc. (1999 to 2010)Timothy P. Saab


54


Vice President and Secretary









Senior Vice President, Centra Bank, Inc. (1999 to present)E. Richard Hilleary


62


Vice President









Senior Vice President  Commercial Lending, Centra
    Bank, Inc. (1999 to present)Karla J. Strosnider


48


Vice President









Senior Vice President, Centra Bank, Inc. (1999 to present)John T. Fahey


49


Vice President









Senior Vice President and Marketing Director, Centra Bank, Inc.
    (1999 to present)Arthur Gabriel


73


Director


1999



2011


President, Gabriel Brothers, Inc. (Retail Sales)Robert A. McMillan


68


Director


2003



2011


President, Jefferson Distributing Company (Beer Distributor)Michael A. Murray


49


Director


2008



2011


President, Direct Mail Processors, Inc. (Mail Processing)Milan Puskar


76


Director


1999



2011


Retired Chairman, Mylan Labs, Inc. (Pharmaceutical Company)James W. Dailey II


64


Director


2001



2012


Chairman, W. Harley Miller Contractors (Building Construction)Mark R. Nesselroad


55


Director


2003



2012


Chief Executive Officer, Glenmark Holding L.L.C. (Real Estate
    Development)C. Christopher Cluss


63


Director


2006



2013


President & CEO, Cluss Lumber (Building Supplies)Parry G. Petroplus


59


Director


1999



2013


President, Petroplus & Associates (Real Estate)Paul T. Swanson


78


Director


2003



2013


Chairman, CWS Inc., and Swanson Plating (Plating and
    Manufacturing)Bernard G. Westfall


69


Director


1999



2013


Retired President and CEO, WV United Health Systems (Health
    Care)     Audit Committee.
 87




---



##### Table of Contents



Compensation Committee.
    Executive Committee.
  Finance Committee. over-the-counter.
  Governance and Nominating Committee.
   88




---



##### Table of Contents



ITEM 11.
    EXECUTIVE
    COMPENSATION  Compensation
    Discussion and Analysis
  Overview
    of Objectives
    
    to keep, incent, and reward highly capable and well-qualified
    executives;
    to focus executives efforts on increasing long-term
    stockholder value; and
    to reward executives at levels which are competitive with the
    marketplace for similar positions and consistent with the
    performance of each executive and of Centra.    Elements
    of Compensation
    
    Annual Compensationwhich is comprised of base salary,
    cash bonus, and other annual types of compensation; and
    Long-Term Compensationwhich includes the award of stock
    options, a cash-based long-term incentive plan tied to
    achievement of multi-year performance financial objectives (in
    which only the CEO participates), 401(k) matching contributions,
    and similar long-term compensation.     89




---



##### Table of Contents



Annual
    Compensation
    
    Centras performance relative to improving asset quality
    and its growth of earning assets such as loans, growth in
    deposits, along with growth in corresponding income statement
    line items such net interest income and related fee income.
    Further, consideration was given to the overall profitability of
    Centra. Each of these items were compared against Centras
    peers which is defined as all banks within the
    United States with assets between $1-3 billion. As of
    December 31, 2010, this was approximately 325 banks.
    the relative individual performance of each executive.  Base
    Salary
  and/or
    Annual
    Incentive Compensation
    Other
    Annual Compensation
    out-of-pocket
    Long-Term
    Compensation
   90




---



##### Table of Contents



Stock
    Options
    10-year
    Other
    Long-Term Compensation
        2008
    Executive Bonus Plan
     91




---



##### Table of Contents



Executive
    Compensation
      
    The Committee requests and receives information from Buck
    Consultants on competitive pay practices and trends as well as
    information on how other similar organizations are linking pay
    to performance;
    The Committee, along with assistance from Centra Banks
    finance area, obtains a detailed quantitative assessment of the
    performance of Centra Bank relative to the financial goals that
    were established near the beginning of the year. The assessment
    compares Centras performance relative to prior years as
    well as to the performance of a broad group of banking
    organizations similar in scope to Centra Bank.
    The Committee reviews the non-financial accomplishments of
    Centra Bank and the leadership contributions made by the CEO to
    the overall success and continued development of Centra Bank.       92




---



##### Table of Contents



President, Martinsburg Region:
    Vice President, Chief Financial
    Officer:
  day-to-day
  Vice President, Chief Credit Administrative
    Officer:
    Vice President, Commercial Lending:
   93




---



##### Table of Contents



Board
    Compensation Committee Report on Executive
    Compensation
  Form 10-K
  
    EXCUTIVE
    COMPENSATION  SUMMARY COMPENSATION TABLE
    SUMMARY
    COMPENSATION TABLE
  Change inPensionValue andNonquali-fiedNon-Equity


DeferredIncentive


Compen-


All OtherStock


Option


Plan


sation


CompensaSalary


Bonus


Awards


Awards


Compensation


Earnings


tion ($)


TotalName and Principal Position

Year


($)


($)(1)


($)


($)(2)


($)(3)


($)


(4)


($)Douglas J. Leech,


2010



661,250



350,000







254,600



589,330



327,214



45,765



2,228,159President and Chief


2009



492,000



550,000







165,350



369,000



581,331



55,452



2,213,133Executive Officer


2008



480,000



872,000















300,207



43,526



1,695,733Henry M. Kayes, Jr.


2010



192,492











16,504



30,337



12,731



9,195



261,259President, Martinsburg Region


2009



185,000











49,605



55,038



46,515



7,386



343,544and Chief Credit Officer


2008



175,000















65,604



3,776



7,416



251,796Darren Williams,


2010



130,000



100,000







20,630



28,938







8,538



288,106Vice President, CFO


2009



120,000











49,605



42,000







6,863



218,468and Treasurer


2008



110,000















40,000







4,562



154,562Kevin D. Lemley,


2010



132,000















29,384



34,336



12,027



207,747Vice President,


2009



123,000











16,535



43,050



94,543



13,165



290,293Chief Credit Administrative Officer


2008



120,000















45,335



17,170



11,753



194,258E Richard Hilleary,


2010



127,000











10,315



30,823



37,348



20,539



226,025Vice President,


2009



112,750











16,535



32,550



70,276



13,675



245,786Commercial Lending


2008



110,000















50,781



14,640



12,419



187,840     (1)
    
    Represents special bonuses awarded by the Compensation Committee
    in recognition of a number of significant accomplishments during
    the relevant year.(2)
    
    Centra used the Black-Scholes option pricing model to calculate
    the estimated fair value of the options granted in 2010 and
    2009. For Mr. Leechs options granted in 2010, the
    weighted-average assumptions used were a risk-free interest rate
    of 3.7%, volatility of 0.1%, expected dividend rate of 1.0% and
    an 94




---



##### Table of Contents



expected life of 7 years. For options granted in 2010 to
    Mr. Kayes, Mr. Williams and Mr. Hilleary, the
    weighted-average assumptions used were a risk-free interest rate
    of 3.1%, volatility of 0.1%, expected dividend rate of 1.4% and
    an expected life of 7 years. The weighted-average
    assumptions used were a risk-free interest rate of 3.6%,
    volatility of 0.1% and expected dividend rate of 0.2% and a
    weighted average expected life of options of 7 years for
    the options granted in 2009.(3)
    
    Includes $208,050 paid under the 2010 short-term incentive plan
    and $381,280 paid under the 2008 long term incentive plan.(4)
    
    Includes life insurance premium payouts and tax gross-up for
    group term life insurance coverage in excess of $50,000 for all
    executive officers, reimbursement of payroll taxes related to
    Centras Supplemental Employee Retirement Plans (see
    note 15 of financial statements), income reportable in
    compensation related to Centras Supplemental Employee
    Retirement Plans, for personal use of company-owned vehicle and
    Centras matching 401(k) contributions.  Retirement
    Plans
    PENSION
    BENEFITS TABLE
  PresentNumber of

Value ofYears Credited

Accumulated


Payments DuringService

Benefit


Last Fiscal YearName

Plan Name

(#)

($)


($)Douglas J. Leech

2000 Executive Supplemental Retirement Plan

Not applicable


5,810,812(1
)


None2008 Supplemental Executive Retirement PlanHenry M. Kayes, Jr.

Executive Salary Continuation Plan

Not applicable


234,133



NoneDarren Williams

None

None


None



NoneKevin D. Lemley

Executive Salary Continuation Plan

Not applicable


631,502



NoneE. Richard Hilleary

Executive Salary Continuation Plan

Not applicable


686,887



None     (1)
    
    This is the combined actuarial present value of the two plans as
    of December 31, 2010. The present value was calculated as
    of December 31, 2010, assuming a discount rate of 5.75% and
    assuming that a portion of the benefit under the 2008 SERP was
    unvested. For further information regarding the plans and their
    associated liabilities and assumptions, see footnote 15 Employee
    Benefit Plans in the 2010 Audited Financial Statements.  Post
    Employment Compensation
  Employment Agreements and Change
    of Control.
 95




---



##### Table of Contents



POTENTIAL
    SERP PAYMENTS UPON TERMINATION OR CHANGE OF CONTROL
    Douglas J. LeechReason for Termination

($)Voluntary Termination, By Executive  Benefits under
    SERPs


14,031,250Involuntary By Company Without Cause  Benefits under
    SERPs


20,350,765Change in Control By Company Without Cause  Benefits
    Under SERPs


19,716,719Death: Endorsement Split Dollar Plan Benefit


6,923,133Death: Benefits under SERPs


12,803,075Disability: Benefits under SERPs


19,716,719By Company for Cause: Benefits under SERPs


14,031,250     Payments
    Upon Termination or Change of Control to
    Mr. Leech
  CEO Employment Agreement. grossed-up gross-up gross-up gross-up gross-up
 96




---



##### Table of Contents



Mr. Leechs 2000
    SERP.
  Mr. Leechs 2008 gross-up
  Mr. Leechs Agreement to Waive Certain Payments and
    Benefits.
  
    Mr. Leech waived all rights to cash severance and
    retirement benefits under the employment agreement, the 2000
    SERP, and the 2008 SERP that would exceed, on a present value
    basis, as of the date of his termination of employment, limits
    of approximately $5 million of severance under the
    employment agreement, $3 million of retirement benefits
    under the 2000 SERP, and $8 million of retirement benefits
    under the 2008 SERP. Mr. Leech also waived the guarantee of
    the minimum life insurance benefits in the 2000 SERP and the
    Bank agreed to continue certain bank owned life insurance as
    discussed below, respecting policies referenced in an amendment
    to the associated split dollar agreement.
    The Bank confirmed Mr. Leechs right to certain
    employee health, welfare, and fringe benefits as part of his
    severance benefits that are currently provided in his employment
    agreement; however, Mr. Leech agreed that the aggregate
    value of these benefits will not exceed an annual present value
    of $2.3 million and he waived his right to certain fringe
    benefits that would have otherwise been provided as part of his
    severance under the employment agreement. 97




---



##### Table of Contents




    The Bank agreed that if the Bank desired to terminate the
    $4 million face value term life insurance it holds on
    Mr. Leechs life, he may assume the policies at his
    cost. The Bank also agreed to continue the bank owned life
    insurance on Mr. Leechs life, for the benefit of his
    beneficiaries, which currently has a death benefit of
    $4.6 million.
    The Bank confirmed the existing provision of the employment
    agreement that provides Mr. Leech a
    gross-up for
    any excise taxes under Section 4999 of the Internal Revenue
    Code.  Henry M.


Darren


Kevin D.


E. RichardReason for Termination

Kayes, Jr.


Williams


Lemley


HillearyVoluntary Termination, By Executive  Benefits
    under
    SERP (1a)


92,026







340,299



266,217Involuntary By Company Without Cause  Benefits
    under SERP (1b)


92,026







340,299



266,217Change in Control By Company Without Cause  
    Benefits Under SERP(2)


234,133







631,502



686,887Death:
    Endorsement Split Dollar Plan Benefit(3)


400,000







400,000



400,000Death:
    Benefits under SERP(4)










350,000



Disability:
    Benefits under SERP(5)


92,026







340,299



266,217Retirement:
    Benefits under SERP(6)


234,133







631,502



686,887By Company for Cause: Benefits under SERP














     (1)
    
    a. Reflects the benefit payable under the SERP upon Voluntary
    Termination.b. Reflects the benefits payable under the SERP upon
    Involuntary Termination without cause(2)
    
    Reflects the benefit payable under the SERP Agreements upon the
    executives termination of employment after a change of
    control.(3)
    
    Split dollar.(4)
    
    Reflects the benefit payable under the SERP Agreements upon the
    executives death.(5)
    
    Reflects the benefit payable under the SERP Agreements upon the
    executives termination of employment by reason of
    disability.(6)
    
    None of our named executive officers were eligible to retire
    under the SERP Agreements as of December 31, 2010.  GRANTS OF
    PLAN-BASED AWARDS
  All


All





GrantOther Stock


Other Option





DateAwards:


Awards:


Exercise


FairNumber of


Number of


on Base


Value ofEstimated Future Payouts Under Non-Equity


Shares of


Securities


Price of


StockIncentive Plan Awards


Stock or


Underlying


Option


andGrant


Threshold


Target


Maximum


Units


Options


Awards


OptionName

Date


($)


($)


($)


(#)


(#)


($/Sh)


AwardsDouglas J. Leech


2010 STIP







219,000



438,000







100,000


$
20


$
254,6002010 LTIP







330,630



661,250















    98




---



##### Table of Contents



OUTSTANDING
    EQUITY AWARDS AT FISCAL YEAR-END
  Option AwardsEquity IncentiveNumber





Plan Awards:of


Number of


NumberSecurities


Securities


of SecuritiesUnderlying


Underlying


UnderlyingUnexercised


Unexercised


UnexercisedOptions


Options


Unearned


Option Exercise


Option(#)


(#)


Options


Price


ExpirationName

Exercisable


Unexercisable


(#)


($)


DateDouglas J. Leech


6,442











9.63



05-14-201372,568











9.62



02-27-2015121,000











13.61



03-14-20171,210











16.52



11-19-201725,000











16.00



07-15-201925,000











16.00



07-15-2019100,000











20.00



03-22-2020Henry M. Kayes, Jr.


16,105











9.63



12-11-201317,569











9.62



02-27-20159,075











13.61



04-15-201715,000











16.00



07-15-20198,000











20.00



06-24-2020Darren Williams


2,420











13.52



01-01-20173,630











13.61



04-15-201715,000











16.00



07-15-201910,000











20.00



06-24-2020Kevin D. Lemley


16,105











9.63



12-11-201310,249











9.62



02-27-20155,445











13.61



04-15-20175,000











16.00



07-15-2019E. Richard Hilleary


16,105











7.76



11-21-201116,105











9.63



12-11-201310,249











9.62



02-27-20155,445











13.61



04-15-20175,000











16.00



07-15-20195,000











20.00



06-24-2020       Regulatory
    Limits on Certain Termination Payments
   99




---



##### Table of Contents



Change inPensionValue andFees











NonqualifiedEarned or








Non-Equity


DeferredPaid in


Stock


Option


Incentive Plan


Compensation


All OtherName

Cash


Awards


Awards


Compensation


Earnings


Compensation


Total(a)

($) (b)


($) (c)


($) (d)


($) (e)


(f)


($) (g)


($) (h)C. Christopher Cluss


11,400























11,400James W. Dailey, II


17,250















393







17,643Arthur Gabriel


7,900















282







8,182Douglas J. Leech


11,800























11,800Robert A. McMillan


9,600























9,600Michael A. Murray


7,600















163







7,763Mark R. Nesselroad


24,350























24,350Parry G. Petroplus


9,600























9,600Milan Puskar


10,600























10,600Paul T. Swanson


16,600















433







17,033Bernard G. Westfall


24,000























24,000  100




---



##### Table of Contents



ITEM 12.
    SECURITY
    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
    RELATED STOCKHOLDER MATTERS    Shares of


Shares ofCommon Stock


Common Stock


Amount ofBeneficially


Subject to


Beneficial


Percent ofName

Owned(1)(2)


Right to Acquire


Ownership


OwnershipC. Christopher Cluss


35,035



3,210



38,245



0.45
%James W. Dailey II


67,146



13,164



80,310



0.95
%Arthur Gabriel


5,415



7,000



12,415



0.15
%Douglas J. Leech


40,522



351,220



391,742



4.62
%Robert A. McMillan


142,686



16,385



159,071



1.88
%Michael A. Murray


57,784



2,000



59,784



0.70
%Mark R. Nesselroad


202,338



7,000



209,338



2.47
%Parry G. Petroplus


32,230



13,212



45,442



0.54
%Milan Puskar


273,171



7,000



280,171



3.30
%Paul T. Swanson


141,587



13,332



154,919



1.83
%Bernard G. Westfall


43,398



12,982



56,380



0.66
%Henry M. Kayes, Jr.


35,588



65,749



101,337



1.19
%Darren Williams


2,420



31,050



33,470



0.39
%Kevin D. Lemley


71,039



36,799



107,838



1.27
%E. Richard Hilleary


53,384



57,904



111,288



1.31
%Karla J. Strosnider


11,980



40,188



52,168



0.62
%Timothy P. Saab


54,670



57,404



112,074



1.32
%John T. Fahey


36,327



35,357



71,684



0.85
%All directors and executive officers as a group (eighteen
    persons)


1,306,720



770,956



2,077,676



24.49
%    (1)
    
    Beneficial ownership is determined in accordance with
    Rule 13(d)-3
    under the Securities Exchange Act of 1934, as amended, and
    includes shares held by immediate family living in the same
    household and any related entity in which a 10% or greater
    ownership percentage is maintained.(2)
    
    Two directors listed above have pledged Centra stock as
    collateral for debt, both for loans at Centra. Mark Nesselroad
    and Parry Petroplus pledged a total of 77,162 and 24,350 shares,
    respectively, for a total of 101,512 shares.  ITEM 13.
    CERTAIN
    RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
    INDEPENDENCE  Certain
    Transactions with Directors and Officers and Their
    Associates
   101




---



##### Table of Contents



and/or and/or
  Director
    Independence
    
    a director who is, or at any time during the past three years
    was, employed by Centra or by any parent or subsidiary of Centra;
    a director who accepted or who has a family member who accepted
    any compensation from Centra in excess of $120,000 during any
    period of twelve consecutive months within the three years
    preceding the determination of independence, other than the
    following: (i) compensation for board or board committee
    service; (ii) compensation paid to a family member who is
    an employee (other than an executive officer) of Centra; or
    (iii) benefits under a tax-qualified retirement plan, or
    non-discretionary compensation, provided, however, that in
    addition to the requirements contained previously, Audit
    Committee members are also subject to additional, more stringent
    requirements under Rule 4350(d) of the Nasdaq Marketplace
    Rules;
    a director who is a family member of an individual who is, or at
    any time during the past three years was, employed by Centra as
    an executive officer;
    a director who is, or has a family member who is, a partner in,
    or a controlling shareholder or an executive officer of, any
    organization to which Centra made, or from which Centra
    received, payments for property or services in the current or
    any of the past three fiscal years that exceed 5% of the
    recipients consolidated gross revenues for that year, or
    $200,000, whichever is more, other than the following:
    (i) payments arising solely from investments in
    Centras securities; or (ii) payments under
    non-discretionary charitable contribution matching programs;
    a director of the issuer who is, or has a family member who is,
    employed as an executive officer of another entity where at any
    time during the past three years any of the executive officers
    of the issuer serve on the compensation committee of such other
    entity; or
    a director who is, or has a family member who is, a current
    partner of Centras outside auditor, or was a partner or
    employee of Centras outside auditor who worked on
    Centras audit at any time during any of the past three
    years;  ITEM 14.
    PRINCIPAL
    ACCOUNTING FEES AND SERVICES   2010


2009Audit Fees

$
338,900


$
316,770Audit-Related Fees


23,900



24,600Tax Fees


45,800



19,250  102




---



##### Table of Contents



Form 10-Q,
    PART IV  ITEM 15.
    EXHIBITS,
    FINANCIAL STATEMENT SCHEDULES  (a)(1) Financial
    Statements:
   PageReport of Independent Registered Public
    Accounting Firm (Ernst & Young LLP)


85Consolidated Balance Sheets as of
    December 31, 2010 and 2009


48Consolidated Statements of Income for the years
    ended December 31, 2010, 2009, and 2008


49Consolidated Statements of Stockholders
    Equity for the years ended December 31, 2010, 2009, and
    2008


50Consolidated Statements of Cash Flows for the
    years ended December 31, 2010, 2009, and 2008


51Notes to the Consolidated Financial Statements


52Centra Financial Holdings Inc.: (Parent Company
    Only Financial Statements are included in Note 17 of the
    Notes to the Consolidated Financial Statements)


79   (a)(2) Financial
    Statement Schedules
    (a)(3) Exhibits
  Form 10-K Form 10-K.
  (b) Exhibits
  Form 10-K
  (c) Financial
    Statement Schedules
   103




---



##### Table of Contents



SIGNATURES      By:
    /s/  Douglas
    J. Leech   and Chief Executive Officer
    By:
    /s/  Darren
    K. Williams    SVP-CFO Principal Financial and 
    Accounting Officer
      Signatures

Title

Date/s/  Douglas
    J. LeechDouglas
    J. Leech

President and Chief Executive Officer
    and Director

March 16, 2011/s/  C.
    Christopher ClussC.
    Christopher Cluss

Director

March 16, 2011/s/  James
    W. Dailey IIJames
    W. Dailey II

Director

March 16, 2011/s/  Arthur
    GabrielArthur
    Gabriel

Director

March 16, 2011/s/  Robert
    A. McMillanRobert
    A. McMillan

Director

March 16, 2011/s/  Michael
    A. MurrayMichael
    A. Murray

Director

March 16, 2011/s/  Mark
    R. NesselroadMark
    R. Nesselroad

Director

March 16, 2011 104




---



##### Table of Contents



Signatures

Title

Date/s/  Parry
    G. PetroplusParry
    G. Petroplus

Director

March 16, 2011/s/  Milan
    PuskarMilan
    Puskar

Director

March 16, 2011/s/  Paul
    T. SwansonPaul
    T. Swanson

Director

March 16, 2011/s/  Bernard
    G. WestfallBernard
    G. Westfall

Director

March 16, 2011  105




---



##### Table of Contents



CENTRA
    FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES ANNUAL REPORT ONFORM 10-K
 for Fiscal Year Ended December 31, 2010.
 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, 2010, and incorporated
    by reference herein.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

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
.07

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
.08

Floating Rate Junior Subordinated Deferrable Interest Debenture

Form 10-K for the year ended December 31, 2004, and incorporated
    by reference herein.10
.09

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 herein 106




---



##### Table of Contents



ExhibitNumber

Description

Exhibit Location10
.15a

Life Insurance Method Split Dollar Plan Agreement

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

Form 10-K for the year ended December 31, 2007, and incorporated
    by reference herein10
.22

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

Form 10-K for the year ended December 31, 2007, and incorporated
    by reference herein10
.23

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

Form 10-K for the year ended December 31, 2007, and incorporated
    by reference herein10
.24

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

Form 10-K for the year ended December 31, 2007, and incorporated
    by reference herein10
.25

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

Form 10-K for the year ended December 31, 2007, and incorporated
    by reference herein10
.26

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

Form 10-K for the year ended December 31, 2007, and incorporated
    by reference herein10
.27

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

Form 10-K for the year ended December 31, 2007, and incorporated
    by reference herein10
.28

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

Form 10-K for the year ended December 31, 2007, and incorporated
    by reference herein10
.29

Amendment and Restated Employee and
    Change-of-Control
    Agreement with S. Todd Eckels

Form 10-K filed October 16, 2008, and incorporated by reference
    herein.10
.30

Amendment to Executive Salary Continuation Agreement for John T.
    Fahey dated December 24, 2008

Form 10-K filed December 31, 2008, and incorporated by reference
    herein.10
.31

Amendment to Executive Salary Continuation Agreement for E.
    Richard Hilleary dated December 24,2008

Form 10-K filed December 31, 2008, and incorporated by reference
    herein.10
.32

Amendment to Executive Salary Continuation Agreement for Henry
    M. Kayes, Jr. dated December 24, 2008

Form 10-K filed December 31, 2008, and incorporated by reference
    herein.10
.33

Amendment to Executive Salary Continuation Agreement for Timothy
    P. Saab dated December 24, 2008

Form 10-K filed December 31, 2008, and incorporated by reference
    herein. 107




---



##### Table of Contents



ExhibitNumber

Description

Exhibit Location10
.34

Amendment to Executive Salary Continuation Agreement for Kevin
    D. Lemley dated December 24 ,2008

Form 10-K filed December 31, 2008, and incorporated by reference
    herein.10
.35

Amendment to Executive Salary Continuation Agreement for Karla
    J. Strosnider dated December 24, 2008

Form 10-K filed December 31, 2008, and incorporated by reference
    herein.10
.36

Amendment to Executive Salary Continuation Agreement for Kevin
    D. Lemley dated December 24, 2008

Form 10-K filed December 31, 2008, and incorporated by reference
    herein.10
.37

Amendment to Executive Salary Continuation Agreement for Timothy
    P. Saab dated December 24, 2008

Form 10-K filed December 31, 2008, and incorporated by reference
    herein.10
.38

Amendment to Executive Salary Continuation Agreement for Douglas
    J. Leech, Jr. dated December 24, 2008

Form 10-K filed December 31, 2008, and incorporated by reference
    herein.10
.39

Supplemental Executive Retirement Agreement for John T. Fahey
    dated December 24, 2008

Form 10-K filed December 31, 2008, and incorporated by reference
    herein.10
.40

Supplemental Executive Retirement Agreement for Kevin D. Lemley
    dated December 24, 2008

Form 10-K filed December 31, 2008, and incorporated by reference
    herein.10
.41

Supplemental Executive Retirement Agreement for Timothy P. Saab
    dated December 24, 2008

Form 10-K filed December 31, 2008, and incorporated by reference
    herein.10
.42

Supplemental Executive Retirement Agreement for Karla J.
    Strosnider dated December 24, 2008

Form 10-K filed December 31, 2008, and incorporated by reference
    herein.10
.43

Supplemental Executive Retirement Agreement for E. Richard
    Hilleary dated December 24, 2008

Form 10-K filed December 31, 2008, and incorporated by reference
    herein.10
.44

Supplemental Executive Retirement Agreement for Henry M. Kayes,
    Jr. dated December 24, 2008

Form 10-K filed December 31, 2008, and incorporated by reference
    herein.10
.45

Amendment to Employment Agreement of Douglas J. Leech, Jr.

Form 8-K filed January 20, 2009 and incorporated by reference
    herein.10
.46

Agreement Amending Supplemental Executive Retirement Plan
    Agreement for Douglas J. Leech, Jr.

Form 8-K filed January 20, 2009 and incorporated by reference
    herein.10
.47

Amendment to Centra Bank, Inc. 2008 Executive Incentive Bonus
    Plan

Form 8-K filed January 20, 2009 and incorporated by reference
    herein.10
.48

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

Form 8-K filed June 2, 2009 and incorporated by reference herein.10
.49

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

Form 8-K filed June 2, 2009 and incorporated by reference herein.10
.50

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

Form 8-K filed October 30, 2009 and incorporated by reference
    herein.10
.51

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

Form 8-K filed June 6, 2010 and incorporated by reference herein.10
.52

Employment and
    Change-of-Control
    Agreement with Darren K. Williams

Form 8-K filed June 6, 2010 and incorporated by reference herein.10
.53

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

Form 8-K filed June 6, 2010 and incorporated by reference
    herein. 108




---



##### Table of Contents



ExhibitNumber

Description

Exhibit Location10
.54

Amendment to Employment Agreement of Douglas J. Leech, Jr.

Form 8-K filed September 23, 2010 and incorporated by reference
    herein.10
.55

Amendment to Employment Agreement of Douglas J. Leech, Jr.

Form 8-K filed February 23, 2011 and incorporated by reference
    herein.10
.56

Waiver and Amendment to Employment Agreement, 2000 SERP and 2008
    SERP of Douglas J. Leech, Jr.

Form 8-K filed February 23, 2011 and incorporated by reference
    herein.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 2009Annual Meeting

To be filed.99
.2

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

Found on page 73  109