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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  FORM 10-KSB

(Mark One)

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
    OF 1934

    FOR THE FISCAL YEAR ENDED DECEMBER 31, 2000

                                       OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

    FOR THE TRANSITION PERIOD FROM                  TO

                        COMMISSION FILE NUMBER 333-93437

                        CENTRA FINANCIAL HOLDINGS, INC.
             (Exact name of registrant as specified in its charter)

<TABLE>
<S>                                            <C>
                WEST VIRGINIA
(State or other jurisdiction of incorporation                    55-0770610
               or organization)                     (I.R.S. Employer Identification No.)

    990 ELMER PRINCE DRIVE, MORGANTOWN, WV                         26505
   (Address of principal executive offices)                      (Zip Code)

             Registrant's telephone number, including area code: (304) 598-2000

              Securities registered pursuant to Section 12(b) of the Act: None

              Securities registered pursuant to Section 12(g) of the Act: None
</TABLE>

     Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.  Yes [X]  No [ ]

     Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [  ]

     Based upon the average selling price of sales known to the Registrant of
the common shares of the Registrant during the period from December 8, 2000 to
February 28, 2001, the aggregate market value of the Common Shares of the
Registrant held by nonaffiliates during that time was $14,290,625. For this
purpose, certain executive officers and directors are considered affiliates.

                      DOCUMENTS INCORPORATED BY REFERENCE:

     Portions of Registrant's definitive Proxy Statement relating to the Annual
Meeting to be held April 19, 2001, are incorporated by reference into Part III
of this Annual Report on Form 10-KSB.

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<PAGE>   2

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                           PAGE
                                                                           ----
<S>          <C>                                                           <C>

PART I
Item 1.      Business....................................................    3
Item 2.      Properties..................................................   11
Item 3.      Legal Proceedings...........................................   11
Item 4.      Submission of Matters to a Vote of Security Holders.........   11

PART II
Item 5.      Market for Registrant's Common Stock and Related Stockholder
             Matters.....................................................   12
Item 6.      Selected Financial Data.....................................   13
Item 7.      Management's Discussion and Analysis of Financial Condition
             and Results of Operations...................................   13
Item 7A.     Quantitative and Qualitative Disclosures about Market
             Risk........................................................   21
Item 8.      Financial Statements and Supplementary Data.................   22
Item 9.      Changes in and Disagreements with Accountants on Accounting
             and Financial Disclosure....................................   22

PART III
Item 10.     Directors and Executive Officers of the Registrant..........   41
Item 11.     Executive Compensation......................................   41
Item 12.     Security Ownership of Certain Beneficial Owners and
             Management..................................................   41
Item 13.     Certain Relationships and Related Transactions..............   41

PART IV
Item 14.     Exhibits, Financial Statement Schedules and Reports on Form
             8-K.........................................................   42
Signatures...............................................................   43
Exhibit Index............................................................   44
</TABLE>

                                        2
<PAGE>   3

                                     PART I

ITEM 1.  BUSINESS

INTRODUCTION

     Centra Financial Holdings, Inc. (Centra) is a newly formed (October 25,
1999) one-bank holding company. Centra's sole bank subsidiary is Centra Bank,
Inc. (Bank) which was formed on September 27, 1999 and chartered under the laws
of the state of West Virginia. Centra Bank commenced operations on February 14,
2000.

     Centra operates one office in the Suncrest area of Morgantown, West
Virginia. At December 31, 2000 Centra had total assets of $76.8 million, total
loans of $42.4 million, total deposits of $62.9 million and total stockholders'
equity of $10.1 million.

     Centra provides an array of financial products and services to its
customers, including checking accounts; NOW accounts; money market deposit
accounts; savings accounts; time certificates of deposit; commercial,
installment, commercial and residential real estate mortgage loans; debit cards;
and safe deposit rental facilities. Centra also sells travelers checks and
official checks. Services are provided through our walk-in office, an automated
teller machine ("ATM"), an automobile drive-in facility, banking by phone, and
internet-based banking. In addition, a full line of investment products are
offered through an unaffiliated registered broker dealer.

     At December 31, 2000, Centra had 24.5 full-time equivalent employees. The
principal office of Centra is located at 990 Elmer Prince Drive, Morgantown,
West Virginia 26505, and its telephone number is (304) 598-2000. Centra's
internet web site is www.centrabank.com.

     From the opening date of February 14, 2000, Centra has experienced
significant growth in assets, loans and deposits due to overwhelming community
and customer support.

     During 2000, Centra has focused on internal growth as the primary method
for reaching performance goals and reviews key performance indicators on a
regular basis to measure our success. There can be no assurance, however, that
Centra will be able to grow, or if it does, that any such growth or expansions
will result in an increase in Centra's earnings, dividends, book value or the
market value of its common shares.

RECENT ACQUISITIONS AND ADDITIONS

     During 2000, Centra acquired property on Don Knotts Boulevard and began
construction of a second full service facility. The construction has been
completed and the Waterfront Branch opened for business on February 20, 2001.
The facility includes all banking functions, automobile drive-through lanes and
an ATM.

     During the first quarter of 2001, Centra formed two wholly owned second
tier holding company subsidiaries that will jointly own Centra Bank, Inc. As
part of this reorganization, Centra has offered up to 240,000 shares of its
common stock in a private offering to be closed in the first quarter of 2001. It
is currently estimated that Centra Financial Corporation - Martinsburg Inc. will
own up to 16.67% of Centra Bank and Centra Financial Corporation - Morgantown
Inc. will own at least 83.33% of Centra Bank. All stock of both second tier
holding companies will be owned by Centra Financial Holdings, Inc. The formation
of the Martinsburg Corporation will enable Centra Bank to expand and begin
operations in the Martinsburg, West Virginia, area. Negotiations are currently
under way to secure a branch site and a main office location for that market.

CUSTOMERS AND MARKETS

     Centra's market area has a diverse economic structure. Principal industries
in the area include health care, West Virginia University, metals, plastics and
petrochemical manufacturing; oil, gas and coal production; and related support
industries. In addition, tourism, education and other service-related

                                        3
<PAGE>   4

industries are important and growing components of the economy. Consequently,
Centra is not dependent upon any one industry segment for its business
opportunities.

     Centra originates various types of loans, including commercial and
commercial real estate loans, residential real estate loans, home equity lines
of credit, real estate construction loans, and consumer loans (loans to
individuals). In general, Centra retains most of its originated loans and,
therefore, secondary market activity is minimal. However, loans originated in
excess of Centra's legal lending limit are sold to other banking institutions
and the servicing of those loans is retained by Centra. Loans are spread over a
broad range of industrial classifications. Management believes that it has no
significant concentration of loans to borrowers engaged in the same or similar
industries and it has no loans to foreign entities. The lending market areas
served are primarily concentrated in Monongalia County, West Virginia, and
neighboring areas of Pennsylvania, West Virginia and Ohio.

COMMERCIAL LOANS

     At December 31, 2000, Centra had outstanding approximately $30.7 million in
commercial loans (including commercial, commercial real estate, financial and
agricultural loans), representing approximately 72% of the total aggregate loan
portfolio as of that date.

     LENDING PRACTICES. Commercial lending entails significant additional risks
as compared with consumer lending (i.e., single-family residential mortgage
lending, and installment lending). In addition, the payment experience on
commercial loans typically depends on adequate cash flow of a business and thus
may be subject, to a greater extent, to adverse conditions in the general
economy or in a specific industry. Loan terms include amortization schedules
commensurate with the purpose of each loan, the source of repayment and the risk
involved. Approval of the board of directors is required for loans to borrowers
whose aggregate total debt, including the principal amount of the proposed loan,
exceeds $1.25 million. The primary analysis technique used in determining
whether to grant a commercial loan is the review of a schedule of estimated cash
flows to evaluate whether anticipated future cash flows will be adequate to
service both interest and principal due. In addition, collateral is reviewed to
determine its value in relation to the loan in the event of a foreclosure.

     Centra periodically evaluates all new commercial loans greater than
$100,000 and on an annual basis, all loans greater than $250,000. If
deterioration in credit worthiness has occurred, Centra takes effective and
prompt action designed to assure repayment of the loan. Upon detection of the
reduced ability of a borrower to meet original cash flow obligations, the loan
is considered an impaired loan and reviewed for possible downgrading or
placement on non-accrual status.

CONSUMER LOANS

     At December 31, 2000, Centra had outstanding consumer loans in an aggregate
amount of approximately $2.8 million or approximately 7% of the aggregate total
loan portfolio.

     LENDING PRACTICES. Consumer loans generally involve more risk as to
collectibility than mortgage loans because of the type and nature of the
collateral and, in certain instances, the absence of collateral. As a result,
consumer lending collections are dependent upon the borrower's continued
financial stability, and thus are more likely to be adversely affected by
employment loss, personal bankruptcy, or adverse economic conditions. Credit
approval for consumer loans requires demonstration of sufficiency of income to
repay principal and interest due, stability of employment, a positive credit
record and sufficient collateral for secured loans. It is the policy of Centra
to review its consumer loan portfolio monthly and to charge off loans that do
not meet its standards and to adhere strictly to all laws and regulations
governing consumer lending. The senior loan committee is responsible for
monitoring performance in this area and for advising and updating loan
personnel.

     Centra makes credit life insurance and health and accident insurance
available to all qualified buyers, thus reducing risk of loss when a borrower's
income is terminated or interrupted.

                                        4
<PAGE>   5

REAL ESTATE LOANS

     At December 31, 2000, Centra had approximately $8.9 million of residential
real estate loans, home equity lines of credit and construction mortgages
outstanding, representing 21% of total loans outstanding.

     LENDING PRACTICES. Centra requires that the residential real estate loan
amount be no more than 80% of the purchase price or the appraisal value of the
real estate securing the loan, unless private mortgage insurance is obtained by
the borrower for the percentage exceeding 80%. On occasion, Centra may lend up
to 100% of the appraised value of the real estate. The risk conditions of these
loans are considered during underwriting for the purposes of establishing an
interest rate compatible with the risks inherent in mortgage lending and based
on the equity of the home. Loans made in this lending category are generally one
to five year adjustable rate, fully amortized mortgages. Centra also generates
fixed rate real estate loans and generally sells these loans in the secondary
market. All real estate loans are secured by first mortgages with evidence of
title in favor of Centra in the form of an attorney's opinion of the title or a
title insurance policy. Centra also requires proof of hazard insurance with
Centra named as the mortgagee and as the loss payee. Limited appraisals are
obtained for loans under $100,000 and full appraisals are required for all loans
in excess of $100,000. All appraisals are obtained from licensed appraisers.

     HOME EQUITY LOANS. Home equity lines of credit are generally made as second
mortgages by Centra. The maximum amount of a home equity line of credit is
generally limited to 80% of the appraised value of the property less the balance
of the first mortgage. Centra will lend up to 100% of the appraised value to the
property at higher interest rates which are considered compatible with the
additional risk assumed in these types of loans. The home equity lines of credit
are written with ten-year terms, but are subject to review upon request for
renewal. For the first six months, Centra has generally charged a discounted
fixed rate on home equity loans. At the end of the six-month period, the line
reverts to a variable interest rate product.

     CONSTRUCTION LOANS. Construction financing is generally considered to
involve a higher degree of risk of loss than long-term financing on improved,
occupied real estate. Risk of loss on a construction loan is dependent largely
upon the accuracy of the initial estimate of the property's value at completion
of construction and the estimated cost (including interest) of construction. If
the estimate of construction cost proves to be inaccurate, Centra may be
required to advance funds beyond the amount originally committed to permit
completion of the project.

COMPETITION

     Centra experiences significant competition in attracting depositors and
borrowers. Competition in lending activities comes principally from other
commercial banks, savings associations, insurance companies, governmental
agencies, credit unions, brokerage firms and pension funds. The primary factors
in competing for loans are interest rate and overall lending services.
Competition for deposits comes from other commercial banks, savings
associations, money market funds and credit unions as well as from insurance
companies and brokerage firms. The primary factors in competing for deposits are
interest rates paid on deposits, account liquidity, convenience of office
location and overall financial condition. Centra believes that its size and
community approach provides flexibility, which enables the bank to offer an
array of banking products and services.

     Centra primarily focuses on the Morgantown market in which to provide
products and services. Management believes Centra has developed a niche and
certain level of expertise in serving these communities.

     Centra operates under a "needs-based" selling approach that management
believes has proven successful in serving the financial needs of most customers.
It is not Centra's strategy to compete solely on the basis of interest rate.
Management believes that a focus on customer relationships and service will
promote our customers continued use of Centra's financial products and services
and will lead to enhanced revenue opportunities.

                                        5
<PAGE>   6

SUPERVISION AND REGULATION

     The following is a summary of certain statutes and regulations affecting
Centra and its subsidiary and is qualified in its entirety by reference to such
statutes and regulations:

GENERAL

     BANK HOLDING COMPANY. Centra is a bank holding company under the Bank
Holding Company Act of 1956, which restricts the activities of Centra and the
acquisition by Centra of voting stock or assets of any bank, savings association
or other company. Centra is also subject to the reporting requirements of, and
examination and regulation by, the Federal Reserve Board. Centra's subsidiary
bank, Centra Bank, is subject to restrictions imposed by the Federal Reserve Act
on transactions with affiliates, including any loans or extensions of credit to
Centra or its subsidiaries, investments in the stock or other securities thereof
and the taking of such stock or securities as collateral for loans to any
borrower; the issuance of guarantees, acceptances or letters of credit on behalf
of Centra and its subsidiaries; purchases or sales of securities or other
assets; and the payment of money or furnishing of services to Centra and other
subsidiaries. Centra is prohibited from acquiring direct or indirect control of
more than 5% of any class of voting stock or substantially all of the assets of
any bank holding company without the prior approval of the Federal Reserve
Board. Centra and its subsidiary are prohibited from engaging in certain tying
arrangements in connection with extensions of credit and/or the provision of
other property or services to a customer by Centra or its subsidiary.

     Under the Gramm-Leach-Bliley Act (also known as the Financial Services
Modernization Act of 1999) bank holding companies are permitted to become
financial holding companies and thereby affiliate with securities firms and
insurance companies and engage in other activities that are financial in nature.
A bank holding company may become a financial holding company if each of its
subsidiary banks is well capitalized, is well managed and has at least a
satisfactory rating under the Community Reinvestment Act, by filing a
declaration that the bank holding company wishes to become a financial holding
company. No regulatory approval will be required for a financial holding company
to acquire a company, other than a bank or savings association, engaged in
activities that are financial in nature or incidental to activities that are
financial in nature, as determined by the Federal Reserve Board. The Financial
Services Modernization Act defines "financial in nature" to include: securities
underwriting, dealing and market making; sponsoring mutual funds and investment
companies; insurance underwriting and agency; merchant banking activities; and
activities that the Federal Reserve Board has determined to be closely related
to banking. A bank also may engage, subject to limitations on investment, in
activities that are financial in nature, other than insurance underwriting,
insurance company portfolio investment, real estate development and real estate
investment, through a financial subsidiary of the bank, if the bank is well
capitalized, well managed and has at least a satisfactory Community Reinvestment
Act rating. The specific effects of the enactment of the Financial Services
Modernization Act on the banking industry in general and on Centra in particular
have yet to be determined due to the fact that the Financial Services
Modernization Act was only recently adopted.

     BANKING SUBSIDIARY. Centra Bank was chartered as a state bank and is
regulated by the West Virginia Division of Banking and the Federal Deposit
Insurance Corporation. Centra Bank provides FDIC insurance on its deposits and
is a member of the Federal Home Loan Bank of Pittsburgh.

FEDERAL DEPOSIT INSURANCE CORPORATION

     The FDIC insures the deposits of Centra Bank and is subject to the
applicable provisions of the Federal Deposit Insurance Act. Insurance of
deposits may be terminated by the FDIC upon a finding that the institution has
engaged in unsafe or unsound practices, is in an unsafe or unsound condition to
continue operations, or has violated any applicable law, regulation, rule, order
or condition enacted or imposed by the bank's regulatory agency.

                                        6
<PAGE>   7

FEDERAL HOME LOAN BANK

     The FHLB provides credit to their members in the form of advances. As a
member of the FHLB of Pittsburgh, Centra Bank must maintain an investment in the
capital stock of that FHLB in an amount equal to the greater of 1.0% of the
aggregate outstanding principal amount of its respective residential mortgage
loans, home purchase contracts and similar obligations at the beginning of each
year, or 5% of its advances from the FHLB.

CAPITAL REQUIREMENTS

     FEDERAL RESERVE BOARD. The Federal Reserve Board has adopted risk-based
capital guidelines for bank holding companies. The risk-based capital guidelines
include both a definition of capital and a framework for calculating
risk-weighted assets by assigning assets and off-balance sheet items to broad
risk categories. For further discussion regarding Centra's risk-based capital
requirements, see Note 11 of the Notes to the Consolidated Financial Statements
included in Item 8 of this Form 10-KSB.

     WEST VIRGINIA DIVISION OF BANKING. State banks, such as Centra Bank, are
subject to similar capital requirements adopted by the Division of Banking.

LIMITS ON DIVIDENDS

     Centra's ability to obtain funds for the payment of dividends and for other
cash requirements largely depends on the amount of dividends declared by Centra
Bank. However, the Federal Reserve Board expects Centra to serve as a source of
strength to Centra Bank. The Federal Reserve Board may require Centra to retain
capital for further investment in Centra Bank, rather than pay dividends to its
shareholders. Centra Bank may not pay dividends to Centra if, after paying those
dividends, Centra Bank would fail to meet the required minimum levels under the
risk-based capital guidelines and the minimum leverage ratio requirements.
Centra Bank must have the approval from the West Virginia Department of Banking
if a dividend in any year would cause the total dividends for that year to
exceed the sum of the current year's net earnings and the retained earnings for
the preceding two years, less required transfers to surplus. These provisions
could limit Centra's ability to pay dividends on its outstanding common shares.
As disclosed in Note 11 of the Notes to the Consolidated Financial Statements
included in Item 8 of this Form 10-KSB, Centra is not permitted to pay dividends
without prior regulatory approval.

FEDERAL AND STATE LAWS

     Centra Bank is subject to regulatory oversight under various consumer
protection and fair lending laws. These laws govern, among other things,
truth-in-lending disclosure, equal credit opportunity, fair credit reporting and
community reinvestment. Failure to abide by federal laws and regulations
governing community reinvestment could limit the ability of a bank to open a new
branch or engage in a merger transaction. Community reinvestment regulations
evaluate how well and to what extent a bank lends and invests in its designated
service area, with particular emphasis on low-to-moderate income communities and
borrowers in such areas.

MONETARY POLICY AND ECONOMIC CONDITIONS

     The business of financial institutions is affected not only by general
economic conditions, but also by the policies of various governmental regulatory
agencies, including the Federal Reserve Board. The Federal Reserve Board
regulates money and credit conditions and interest rates in order to influence
general economic conditions primarily through open market operations in U.S.
government securities, changes in the discount rate on bank borrowings, and
changes in the reserve requirements against depository institutions' deposits.
These policies and regulations significantly affect the overall growth and
distribution of loans, investments and deposits, and the interest rates charged
on loans, as well as the interest rates paid on deposits and accounts.

                                        7
<PAGE>   8

     The monetary policies of the Federal Reserve Board have had a significant
effect on the operating results of financial institutions in the past and are
expected to continue to have significant effects in the future. In view of the
changing conditions in the economy and the money markets and the activities of
monetary and fiscal authorities, Centra can make no definitive predictions as to
future changes in interest rates, credit availability or deposit levels.

EFFECT OF ENVIRONMENTAL REGULATION

     Centra's primary exposure to environmental risk is through its lending
activities. In cases when management believes environmental risk potentially
exists, Centra mitigates its environmental risk exposures by requiring
environmental site assessments at the time of loan origination to confirm
collateral quality as to commercial real estate parcels posing higher than
normal potential for environmental impact, as determined by reference to present
and past uses of the subject property and adjacent sites. Environmental
assessments are typically required prior to any foreclosure activity involving
non-residential real estate collateral.

     With regard to residential real estate lending, management reviews those
loans with inherent environmental risk on an individual basis and makes
decisions based on the dollar amount of the loan and the materiality of the
specific credit.

     Centra anticipates no material effect on anticipated capital expenditures,
earnings or competitive position as a result of compliance with federal, state
or local environmental protection laws or regulations.

STATISTICAL FINANCIAL INFORMATION REGARDING CENTRA

     The following listing of statistical financial information provides
comparative data for Centra over the past two years, as appropriate with Centra
Bank being chartered in 1999. These tables should be read in conjunction with
Item 7 of this Form 10-KSB ("Management's Discussion and Analysis of Financial
Condition and Results of Operations") and the Consolidated Financial Statements
of Centra and its subsidiary found at pages 23 through 39 of this Form 10-KSB.

                                        8
<PAGE>   9

AVERAGE BALANCES AND ANALYSIS OF NET INTEREST INCOME:

<TABLE>
<CAPTION>
                                                                          2000
                                                              -----------------------------
                                                                                    AVERAGE
                                                              AVERAGE    INCOME/    YIELD/
                                                              BALANCE    EXPENSE     RATE
(DOLLARS IN THOUSANDS)                                        -------    -------    -------
<S>                                                           <C>        <C>        <C>
Securities (1):
  Taxable...................................................  $13,195    $  816       6.18%
Loans (2):
  Commercial................................................   17,006     1,582       9.30%
  Real estate...............................................    4,040       329       8.15%
  Consumer..................................................    1,138       116      10.18%
  Valuation reserve.........................................     (329)
                                                              -------    ------      -----
       Total................................................   21,855     2,027       9.27%
Short-term Investments:
  Interest-bearing deposits.................................      273        12       4.51%
  Federal funds sold........................................    5,310       333       6.27%
                                                              -------    ------      -----
  Total.....................................................    5,583       345       6.19%
                                                              -------    ------      -----
       Total earning assets.................................   40,633     3,188       7.85%
Other assets................................................    3,954
                                                              -------
       Total assets.........................................  $44,587
                                                              =======
Deposits:
  Savings...................................................  $   398    $   13       3.25%
  Interest-bearing demand...................................   19,350     1,031       5.33%
  Time......................................................    9,097       619       6.80%
                                                              -------    ------      -----
       Total................................................   28,845     1,663       5.77%
Short-term borrowed funds...................................    1,838       104       5.67%
                                                              -------    ------      -----
Total interest-bearing liabilities..........................   30,683     1,767       5.76%
                                                              -------    ------      -----
Noninterest-bearing demand deposits.........................    2,945
Other liabilities...........................................      275
                                                              -------
       Total liabilities....................................   33,903
       Stockholders' equity.................................   10,684
                                                              -------
       Total liabilities and stockholders' equity...........  $44,587
                                                              =======
Interest rate spread........................................             $1,421       2.09%
                                                                         ======      -----
Interest income/earning assets..............................                          7.85%
Interest expense/earning assets.............................                          4.35%
                                                                                     -----
Net yield on earning assets (net interest margin)...........                          3.50%
                                                                                     =====
</TABLE>

---------------
(1) Average balances of investment securities based on carrying value.

(2) Loan fees included in interest income for 2000 was $13.

                                        9
<PAGE>   10

LOAN MATURITIES AT DECEMBER 31, 2000:

<TABLE>
<CAPTION>
                                                                  DUE IN
                                                     DUE IN      ONE YEAR
                                                    ONE YEAR     THROUGH      DUE AFTER
LOAN TYPE                                           OR LESS     FIVE YEARS    FIVE YEARS     TOTAL
---------                                           --------    ----------    ----------    -------
(DOLLARS IN THOUSANDS)
<S>                                                 <C>         <C>           <C>           <C>
Commercial loans:
  Fixed...........................................  $   353       $1,167        $    0      $ 1,520
  Variable........................................   27,625        1,583             0       29,208
                                                    -------       ------        ------      -------
                                                     27,978        2,750             0       30,728
Real estate loans:
  Fixed...........................................      215        1,112         7,189        8,516
  Variable........................................      324           67             0          391
                                                    -------       ------        ------      -------
                                                        539        1,179         7,189        8,907
Consumer loans:
  Fixed...........................................       29          870           170        1,069
  Variable........................................    1,689           26             0        1,715
                                                    -------       ------        ------      -------
                                                      1,718          896           170        2,784
                                                    -------       ------        ------      -------
       Total......................................  $30,235       $4,825        $7,359      $42,419
                                                    =======       ======        ======      =======
</TABLE>

MATURITIES OF CERTIFICATES OF DEPOSIT $100,000 OR MORE:

<TABLE>
<CAPTION>
                                                                 2000
(DOLLARS IN THOUSANDS)                                          -------
<S>                                                             <C>
Under 3 months..............................................    $ 1,068
3 to 12 months..............................................      2,071
Over 12 months..............................................      8,239
                                                                -------
     Total..................................................    $11,378
                                                                =======
</TABLE>

LOAN PORTFOLIO ANALYSIS:

<TABLE>
<CAPTION>
                                                                 2000
(DOLLARS IN THOUSANDS)                                          -------
<S>                                                             <C>
Year-end balances:
  Commercial, financial and agricultural....................    $30,728
  Real estate...............................................      7,817
  Real estate, construction.................................      1,090
  Consumer..................................................      2,784
                                                                -------
       Total................................................    $42,419
                                                                =======
Average total loans.........................................    $22,184
Average allowance for loan losses...........................       (329)
                                                                -------
Average loans, net of allowance.............................    $21,855
                                                                =======
</TABLE>

                                        10
<PAGE>   11

     During 2000, Centra recorded a provision for loan losses of $636,000. No
other activity impacted the allowance during 2000, such as charge-offs or
recoveries.

<TABLE>
<CAPTION>
                                                                2000
(DOLLARS IN THOUSANDS)                                          -----
<S>                                                             <C>
Allocation of allowance for loan losses at December 31:
  Commercial................................................    $ 605
  Real estate...............................................       17
  Real estate construction..................................        2
  Consumer..................................................       12
                                                                -----
       Total................................................    $ 636
                                                                =====
Percent of loans to total loans at December 31:
  Commercial................................................       72%
  Real estate...............................................       18
  Real estate, construction.................................        3
  Consumer..................................................        7
                                                                -----
       Total................................................    100.0%
                                                                =====
</TABLE>

     Nonperforming loans are defined as loans 90 days or more past due,
renegotiated loans and nonaccrual loans. Nonperforming assets are comprised of
nonperforming loans and other real estate owned.

     Centra Bank had no nonperforming assets or loans during 2000.

ITEM 2.  PROPERTIES

     Centra's sole banking subsidiary, Centra Bank, leases its main office on
Elmer Prince Drive. Rent expense on the leased properties totaled $234,411 in
2000.

     Centra Bank acquired property on Don Knotts Boulevard in 2000 and began
construction of the Waterfront Branch. Construction was completed and the branch
opened on February 20, 2001.

     Additional information concerning the property and equipment owned or
leased by Centra and its subsidiary is incorporated herein by reference from
"Note 5. Bank Premises and Equipment" of the Notes to the Consolidated Financial
Statements included in Item 8 of this Form 10-KSB.

ITEM 3.  LEGAL PROCEEDINGS

     There are no pending legal proceedings to which Centra or of its subsidiary
is a party or to which any of their property is subject.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     Not applicable.

                                        11
<PAGE>   12

                                    PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTERS

     The table presented below sets forth the estimated market value for the
indicated periods based upon sales known to management, and the cash dividends
declared, with respect to Centra's common shares. The information set forth in
the table is based on Centra's knowledge of certain arms-length transactions in
the stock.

QUARTERLY MARKET AND DIVIDEND INFORMATION:

<TABLE>
<CAPTION>
                                                               ESTIMATED
                                                              MARKET VALUE
                                                               PER SHARE      DIVIDEND
                                                              ------------    --------
<S>                                                           <C>             <C>
2000:
  Fourth Quarter............................................     $11.00        $0.00
  Third Quarter.............................................      10.50         0.00
  Second Quarter............................................      10.00         0.00
  First Quarter.............................................      10.00         0.00
</TABLE>

     Centra's common shares are not traded on any national market.

     Centra had 345 stockholders of record at December 31, 2000.

                                        12
<PAGE>   13

ITEM 6.  SELECTED FINANCIAL DATA

     The information below has been derived from Centra's Consolidated Financial
Statements.

<TABLE>
<CAPTION>
                                                                 2000         1999
(DOLLARS IN THOUSANDS, EXCEPT RATIOS AND PER SHARE DATA)      ----------    --------
<S>                                                           <C>           <C>
OPERATING DATA
For the year ended:
Total interest income.......................................  $    3,188    $    193
Total interest expense......................................       1,767           0
Net interest income.........................................       1,421         193
Provision for loan losses...................................         636           0
Other income................................................         113           0
Other expense...............................................       2,384         658
Net loss....................................................      (1,486)       (465)

BALANCE SHEET DATA
At year end:
Total assets................................................  $   76,794    $ 10,513
Investment securities.......................................      23,422       7,383
Net loans...................................................      41,783           0
Total deposits..............................................      62,900           0
Stockholders' equity........................................      10,060      10,313

SIGNIFICANT RATIOS
Net loss to:
  Average total assets......................................  $    (3.33)   $
  Average stockholders' equity..............................      (13.91)
Average stockholders' equity to average total assets........       23.96
Average loans to average deposits...........................       69.78
Risk-based capital ratio....................................       15.40

PER SHARE DATA
Net loss:
  Basic and diluted.........................................  $    (1.25)   $   (.60)
Cash dividends paid.........................................           0           0
Book value at end of period.................................        8.38        9.55
Basic and diluted weighted average shares outstanding.......   1,189,234     778,300
</TABLE>

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS

FORWARD-LOOKING STATEMENTS:

     The following discussion contains statements that refer to future
expectations, contain projections of the results of operations or of financial
condition, or state other information that is "forward-looking."
"Forward-looking" statements are easily identified by the use of words such as
"could," "anticipate," "estimate," "believe," and similar words that refer to a
future outlook. There is always a degree of uncertainty associated with
"forward-looking" statements. Centra's management believes that the expectations
reflected in such statements are based upon reasonable assumptions and on the
facts and circumstances existing at the time of these disclosures. Actual
results could differ significantly from those anticipated.

     Many factors could cause Centra's actual results to differ materially from
the results contemplated by the forward-looking statements. Some factors, which
could negatively affect the results, include:

     - General economic conditions, either nationally or within Centra's
       markets, could be less favorable than expected;

     - Changes in market interest rates could affect interest margins and
       profitability;
                                        13
<PAGE>   14

     - Competitive pressures could be greater than anticipated;

     - Legal or accounting changes could affect Centra's results; and

     - Adverse changes could occur in the securities and investments markets.

     In Management's Discussion and Analysis we review and explain the general
financial condition and the results of operations for Centra Financial Holdings,
Inc. and its subsidiary. The discussion is designed to assist you in
understanding the significant changes in Centra's financial condition and
results of operations. Accounting principles generally accepted in the United
States have been used to prepare the accompanying consolidated financial
statements. Included is an independent audit report from Ernst & Young LLP,
which was engaged to audit the consolidated financial statements.

INTRODUCTION

     The following discussion and analysis of the Consolidated Financial
Statements of Centra is presented to provide insight into management's
assessment of the financial results and operations of the Company. Centra Bank
is the sole subsidiary of Centra and all comments, unless otherwise noted, are
related to the Bank. The Bank began operations on February 14, 2000. Any
comparisons between current year financials and those of the prior year-end will
not be meaningful.

     Centra is chartered by the state of West Virginia and subject to
regulation, supervision, and examination by the Federal Deposit Insurance
Corporation ("FDIC") and the West Virginia Department of Banking. The Bank is
not a member of the Federal Reserve System.

     This discussion and analysis should be read in conjunction with the audited
Consolidated Financial Statements and footnotes and the ratios and statistics
contained elsewhere in this Form 10-KSB.

SUMMARY FINANCIAL RESULTS

     The Bank began operations on February 14, 2000 with a mission to provide
community banking to the Morgantown area. Via a menu of customer friendly
products, competitive loan and deposit rates, and exemplary customer service,
the Bank concluded the calendar year with earning assets of $70.1 million and
deposits of $62.9 million.

     Centra incurred a loss of $1.5 million in 2000. The loss equated to a
return on average assets of -3.33% and a return on average equity of -13.91%.
Basic and fully diluted earnings per share were -$1.25. This loss is
attributable to the start up nature of a de novo banking institution striving to
build critical mass to support staffing levels and back room operations.
Quarterly losses have declined consistently since the second quarter.

     While operating in a challenging interest rate environment, the Bank
achieved a 7.85% yield on earning assets. This yield was achieved as the Bank
grew loans to $42.4 million at year-end in a highly competitive environment. The
Bank's ability to acquire quality loans is supported by a zero delinquency rate,
and absence of non-accrual, non-performing, classified or renegotiated loans.

     The Bank grew deposits to $62.9 million at year-end due to an uncomplicated
product design and minimal fee structure which attracted customers at a steady
rate during the year. The overall cost of funds for the Bank was 5.76% for 2000.
This cost of funds, combined with the earning asset yield, resulted in a net
interest margin of 3.50% for 2000.

     The Bank maintained a high quality, short-term, investment portfolio during
2000 to provide liquidity for the balance sheet and to fund loan growth. U.S.
government and Agency securities comprised the Bank's investment portfolio
during 2000.

INTEREST INCOME AND EXPENSE

     Net interest income is the amount by which interest income on earning
assets exceeds interest incurred on interest-bearing liabilities. Interest
earning assets include loans and investment securities.

                                        14
<PAGE>   15

Interest-bearing liabilities include interest-bearing deposits, borrowed funds
such as sweep accounts and repurchase agreements. Net interest income remains
the primary source of revenue for Centra. Net interest income is also impacted
by changes in market interest rates, as well as adjustments in the mix of
interest-earning assets and interest-bearing liabilities. Net interest income
will also be impacted favorably by increases in our non-interest bearing
deposits.

     Net interest margin is calculated by dividing net interest income by
average interest-earning assets and serves as a measurement of the net revenue
stream generated by Centra's balance sheet. In 2000, the net interest margin was
3.50%. The net interest margin faced pressure due to competitive pricing of
loans and deposits in Centra's markets. Management anticipates the net interest
margin will decrease modestly in future periods due to continued intense
competition for loans and deposits as well as recent decreases in the prime
lending rate and other related rates.

     Management continues to analyze methods to deploy Centra's assets to an
earning asset mix which will result in a stronger net interest margin. Loan
growth continues to be strong and management anticipates that loan activity will
remain strong in the near term future, which will enable Centra to shift a
portion of its earning asset base to these higher-yielding assets as
lower-yielding investment securities mature.

     Average total earning assets were $40.6 million in 2000. Average loans grew
to $21.9 million in 2000 and comprise the largest earning asset component on
Centra's balance sheet.

     The yield on earning assets totaled 7.85% in 2000. Centra's investment
portfolio yield remained stable with a yield of 6.18% in 2000.

     Deposits, which comprise the largest dollar volume of interest-bearing
liabilities, were acquired at a cost of funds of 5.76%.

PROVISION FOR LOAN LOSSES

     In 2000, Centra recorded a provision for loan losses of $636,000. Due to
the start-up nature of the bank, arriving at an appropriate allowance involves a
high degree of management judgment. In exercising this judgment, management
considers numerous internal and external factors including, but not limited to,
portfolio growth, national and local economic conditions, trends in the markets
served, historical loss experience of other institutions in these markets and
guidance from the bank's primary regulator. Management seeks to produce an
allowance for loan losses that is appropriate in the circumstances and that
complies with applicable accounting and regulatory standards. Further discussion
can be found later in this discussion under "Allowance for Loan Losses."

NON-INTEREST INCOME

     Fees related to deposit accounts and electronic banking revenue generate
the majority of the bank's non-interest income. Due to the start-up nature of
the bank, non-interest income totaled $114,069 in 2000. The bank has undertaken
a strategic philosophy of offering free checking with minimal fees to capture
market share. Therefore, we expect non-interest income to continue to be below
peer institutions.

     Management will continue to explore new methods of enhancing non-interest
income. Other traditional and non-traditional financial service products are
analyzed regularly for potential inclusion in Centra's product mix.

LOSSES ON SECURITIES TRANSACTIONS

     For the year ended December 31, 2000, Centra reported net losses on
securities transactions of $495. Net losses on securities transactions in 2000
were primarily the result of Centra liquidating securities to provide funding
for loan growth.

                                        15
<PAGE>   16

NON-INTEREST EXPENSE

     For the year ended December 31, 2000, total non-interest expense reached
$2.4 million. The level of non-interest costs incurred is representative of a
start-up bank in the first year. Expenses are included for an entire year while
the bank began generating income on February 14, 2000.

     Salaries and benefits expense reflects Centra's commitment to providing
high quality customer service utilizing cutting edge technology. At December 31,
2000, Centra had 24.5 full-time equivalent employees. This total includes a
portion of the staff that will operate the Waterfront Branch that opened on
February 20, 2001. Management will continue to strive to find new ways of
increasing efficiencies and leveraging its resources, effectively optimizing
customer service and return to shareholders.

     For the year ended December 31, 2000, occupancy expense totaled $270,860.
Included in this total is depreciation expense of $18,454 and lease expense of
$234,411. All lease costs relate to the Bank's Elmer Prince Drive location.
Lease costs are included for an entire year with depreciation commencing on
February 14, 2000.

     Equipment expense totaled $243,857 during 2000. Depreciation expense
constituted $152,621 of that expense. Equipment depreciation also reflects
Centra's commitment to technology.

     Maintaining acceptable levels of non-interest expense and operating
efficiency are key performance indicators for Centra in its strategic
initiatives. The financial services industry uses the efficiency ratio (total
non-interest expense as a percentage of the aggregate of net interest income and
non-interest income) as a key indicator of performance. Due to growing to a
level that will facilitate economies of scale and significant start-up expenses
during the year, the relevancy of the efficiency ratio as an indicator of
performance is minimal.

RETURN ON ASSETS

     Centra's return on assets for 2000 was -3.33%. This negative return is
normal for start-up financial institutions as they attempt to attain critical
mass to support their infrastructure and as they grow the interest earning asset
base. It is anticipated that this performance indicator will continue to migrate
toward those of Centra's peers.

RETURN ON EQUITY

     Centra's return on average stockholders' equity ("ROE") was -13.91% in
2000. This negative return is normal for start-up financial institutions.

     The bank is considered well-capitalized under regulatory and industry
standards of risk-based capital. See Note 11 of Notes to the consolidated
financial statements included in Item 8 herein.

INCOME TAX EXPENSE

     Centra has not recorded income tax benefit during 1999 or 2000. While the
bank is generating net operating losses that will reduce future tax liabilities,
the bank has established a valuation allowance that eliminates the tax benefit
from the financial statements until it is recognized.

OVERVIEW OF THE STATEMENT OF CONDITION

     Centra's balance sheet at December 31, 2000, changed significantly in
comparison to year-end 1999 primarily due to the opening of Centra Bank on
February 14, 2000. Asset growth has occurred due to increases in loans and
investments and was funded by increases in all categories of deposits and
short-term borrowings. Centra utilizes investment securities and federal funds
sold to temporarily invest funds pending anticipated loan demand.

     Deposits have grown to $62.9 million as of December 31, 2000. Short-term
borrowings have increased to $3.5 million.

                                        16
<PAGE>   17

     Stockholders' equity has decreased $253,760 from 1999. This decrease is a
combination of the $1.5 million loss incurred during 2000 and the $1.2 million
collection of subscriptions receivable from prior year.

CASH AND CASH EQUIVALENTS

     Centra's cash and cash equivalents totaled $7.6 million at December 31,
2000, an increase of $4.9 million compared to year-end 1999. These balances will
continue to stabilize due to loan demand and the acquisition of short-term
government securities in lieu of federal funds sold.

     Management believes the current balance of cash and cash equivalents
adequately serves Centra's liquidity and performance needs. Total cash and cash
equivalents fluctuate on a daily basis due to transactions in process and other
liquidity needs. Management believes the liquidity needs of Centra are satisfied
by the current balance of cash and cash equivalents, readily available access to
traditional and non-traditional funding sources, and the portions of the
investment and loan portfolios that mature within one year. These sources of
funds should enable Centra to meet cash obligations as they come due.

INVESTMENT SECURITIES

     Investment securities totaled $23.4 million at year-end 2000, up $16.0
million compared to December 31, 1999. Government sponsored agency securities
comprise the majority of the portfolio.

     All of Centra's investment securities are classified as available-for-sale.
Management believes the available-for-sale classification provides flexibility
for Centra in terms of selling securities as well as interest rate risk
management opportunities. At December 31, 2000, the amortized cost of Centra's
investment securities totaled $23.4 million, resulting in unrealized
appreciation in the investment portfolio of $11,000.

     Management monitors the earnings performance and liquidity of the
investment portfolio on a regular basis through Asset/Liability Committee
("ALCO") meetings. The group also monitors net interest income, sets pricing
guidelines, and manages interest rate risk for Centra. Through active balance
sheet management and analysis of the investment securities portfolio, Centra
maintains sufficient liquidity to satisfy depositor requirements and the various
credit needs of its customers. Management believes the risk characteristics
inherent in the investment portfolio are acceptable based on these parameters.

LOANS

     Centra's lending is primarily focused in north central West Virginia, and
consists principally of commercial lending, retail lending, which includes
single-family residential mortgages and consumer lending. Loans totaled $42.4
million as of December 31, 2000. Centra experienced significant loan growth
during 2000 in commercial and all other loan classifications. At December 31,
2000, commercial loans totaled 72% of Centra's total loan portfolio, comprising
the largest portion of the loan portfolio. Economic conditions in Centra's
markets have provided quality credit opportunities, in particular, Monongalia
county. Management will continue to focus on the enhancement and growth of the
commercial loan portfolio while maintaining appropriate underwriting standards
and risk/price balance. Management expects commercial loan demand to continue to
be strong into 2001. In addition to the anticipated additional in-market
penetration, Centra will continue to selectively lend to customers outside its
primary markets.

     Real estate loans to Centra's retail customers (including real estate
construction loans) account for the second largest portion of the loan
portfolio, comprising 21% of Centra's total loan portfolio. Real estate mortgage
loans totaled $8.9 million at December 31, 2000.

     Included in real estate loans are home equity credit lines which totaled
$2.1 million at December 31, 2000. Management believes the home equity loans are
a competitive product with an acceptable return on investment after risk
considerations. Residential real estate lending continues to represent a major
focus of Centra's lending due to the lower risk factors associated with this
type of loan and the opportunity to provide additional products and services to
these consumers at reasonable yields to Centra.

                                        17
<PAGE>   18

     Consumer lending continues to be a vital part of Centra's core lending. For
the year ended December 31, 2000, consumer loan balances totaled $2.8 million.
The majority of Centra's consumer loans are in the direct lending area.
Management is pleased with the performance and quality of Centra's consumer loan
portfolio, which can be attributed to Centra's commitment to high level of
customer service and the continued loan demand in the markets served by Centra.

LOAN CONCENTRATION

     At December 31, 2000, commercial loans comprised the largest component of
the loan portfolio. The bank has a concentration of its loan portfolio in the
building, developing and general contracting industry. This concentration is
comprised of loans to various builders/developers and is not considered
detrimental to the bank. Due to the opening of the bank in 2000, management has
been working closely with the West Virginia Department of Banking to assure that
lending transactions meet applicable state and federal regulations.

ALLOWANCE FOR LOAN LOSSES

     Management continually monitors the loan portfolio through its Senior Loan
Committee to determine the adequacy of the allowance for loan losses. This
formal analysis determines the appropriate level of the allowance for loan
losses and allocation of the allowance among loan types. The portion of the
allowance allocated among the various loan types represents management's
estimate of losses based upon specific allocations for individual lending
relationships and estimated losses for each category of loans. The individual
loan reviews are based upon specific qualitative and quantitative criteria,
including the size of the loan and loan grades below a predetermined level. Due
to the absence of an historical experience factor, the bank has utilized factors
comparable to peer banks operating in our lending area. Centra also considers
trends in losses and delinquencies, the growth of loans in particular markets
and industries, and known changes in economic conditions in the particular
lending markets.

     Allowances for homogeneous loans (such as residential mortgage loans,
personal loans, etc.) are collectively evaluated upon peer loss experience,
trends in losses and delinquencies, the growth of loans in particular markets,
and known changes in economic conditions in the particular lending markets.

     The results of this analysis at December 31, 2000, indicate that the
reserve for loan losses is considered adequate to absorb losses inherent in the
portfolio. Management expects continued loan growth in 2001 and believes that
future provision expense will increase accordingly. Centra incurred no charge
offs in 2000. Centra had no nonperforming, nonaccrual, delinquent loans or other
real estate owned as of December 31, 2000.

FUNDING SOURCES

     Centra considers a number of alternatives, including but not limited to
deposits, short-term borrowings, and long-term borrowings when evaluating
funding sources. Traditional deposits continue to be the most significant source
of funds for Centra, totaling $62.9 million, or 95% of Centra's funding sources
at December 31, 2000.

     Non-interest bearing deposits remain a core funding source for Centra. At
December 31, 2000, non-interest bearing balances totaled $7.5 million.
Management intends to continue to focus on maintaining its base of lower-costing
funding sources, through product offerings that benefit customers who increase
their relationship with Centra by using multiple products and services.

     Interest-bearing deposits totaled $55.4 million at December 31, 2000. On a
percentage basis, interest-bearing transaction accounts were the largest growth
component of Centra's deposits. Average interest-bearing transaction accounts
totaled $30.7 million during 2000 while average non-interest bearing accounts
totaled $2.9 million during 2000. Management will continue to emphasize deposit
gathering in 2001 by offering outstanding customer service and competitively
priced products. Management will also concentrate on balancing deposit growth
with adequate net interest margin to meet Centra's strategic goals.

                                        18
<PAGE>   19

     Along with traditional deposits, Centra has access to both short-term and
long-term borrowings to fund its operations and investments. Centra's short-term
borrowings consist of corporate deposits held in overnight repurchase agreements
and retail funds such as term repurchase agreements. At December 31, 2000,
short-term borrowings totaled $3.5 million.

     Centra had fixed rate and fixed term retail repurchase agreements totaling
$672 thousand at December 31, 2000. In general, Centra's accesses this funding
source at various times to balance liquidity needs.

CAPITAL/STOCKHOLDERS' EQUITY

     During the year ended December 31, 2000, stockholders' equity decreased
approximately $254 thousand (or 2.5%) to $10.0 million. This decrease resulted
primarily from the 2000 operating loss of the bank. Offsetting this decline was
the collection of 1999 stock subscriptions receivable for $1.2 million. Centra
paid no dividends during 2000.

     At December 31, 2000, the adjustment for the net unrealized holding loss on
available-for-sale securities totaled $10,581, a change of $29,946 from 1999.
Because all the investment securities in Centra's portfolio are classified as
available-for-sale, both the investment and equity sections of Centra's balance
sheet are more sensitive to the changing market values of investments. The
changes in market value of Centra's investment portfolio directly impacted
Centra's stockholders' equity. Management believes Centra's capital continues to
provide a strong base for profitable growth.

     Centra has also complied with the standards of capital adequacy mandated by
the banking industry. Bank regulators have established "risk-based" capital
requirements designed to measure capital adequacy. Risk-based capital ratios
reflect the relative risks of various assets banks hold in their portfolios. A
weight category of either 0% (lowest risk assets), 20%, 50%, or 100% (highest
risk assets) is assigned to each asset on the balance sheet. Detailed
information concerning Centra's risk-based capital ratios can be found in Note
11 of the Notes to the Consolidated Financial Statements. At December 31, 2000,
Centra and its banking subsidiary's risk-based capital ratios were above the
minimum standards for a well-capitalized institution. Centra's risk-based
capital ratio of 21.9% at December 31, 2000, is well above the well-capitalized
standard of 10%. Centra's Tier 1 capital ratio of 20.7% also exceeded the
well-capitalized minimum of 6%. The Leverage ratio at year-end 2000 was 22.5%
and was also above the well-capitalized standard of 5%.

LIQUIDITY AND INTEREST RATE SENSITIVITY

     The objective of Centra's asset/liability management function is to
maintain consistent growth in net interest income within Centra's policy
guidelines. This objective is accomplished through management of Centra's
balance sheet liquidity and interest rate risk exposure based on changes in
economic conditions, interest rate levels, and customer preferences.

INTEREST RATE RISK

     The most significant market risk resulting from Centra's normal course of
business, extending loans and accepting deposits, is interest rate risk.
Interest rate risk is the potential for economic loss due to future interest
rate changes which can impact both the earnings stream as well as market values
of financial assets and liabilities. Centra's management has charged the
Asset/Liability Committee (ALCO) with the overall management of Centra and its
subsidiary bank's balance sheets related to the management of interest rate
risk. The ALCO strives to keep Centra focused on the future, anticipating and
exploring alternatives, rather than simply reacting to change after the fact.

     To this end, the ALCO has established an interest risk management policy
that sets the minimum requirements and guidelines for monitoring and controlling
the level and amount of interest rate risk. The objective of the interest rate
risk policy is to encourage management to adhere to sound fundamentals of
banking while allowing sufficient flexibility to exercise the creativity and
innovations necessary to meet the

                                        19
<PAGE>   20

challenges of changing markets. The ultimate goal of these policies is to
optimize net interest income within the constraints of prudent capital adequacy,
liquidity, and safety.

     The ALCO relies on different methods of assessing interest rate risk
including simulating net interest income, monitoring the sensitivity of the net
present market value of equity or economic value of equity, and monitoring the
difference or gap between maturing or rate-sensitive assets and liabilities over
various time periods. The ALCO places emphasis on simulation modeling as the
most beneficial measurement of interest rate risk due to its dynamic measure. By
employing a simulation process that measures the impact of potential changes in
interest rates and balance sheet structures and by establishing limits on
changes in net income and net market value, the ALCO is better able to evaluate
the possible risks associated with alternative strategies.

     The simulation process starts with a base case simulation which represents
projections of current balance sheet growth trends. Base case simulation results
are prepared under a flat interest rate forecast and at least two alternative
interest rate forecasts, one rising and one declining, assuming parallel yield
curve shifts. Comparisons showing the earnings variance from the flat rate
forecast illustrate the risks associated with the current balance sheet
strategy. When necessary, additional balance sheet strategies are developed and
simulations prepared. These additional simulations are run with the same
interest rate forecasts used with the base case simulation and/or using
non-parallel yield curve shifts. The additional strategies are used to measure
yield curve risk, prepayment risk, basis risk, and index lag risk inherent in
the balance sheet. Comparisons showing the earnings and equity value variance
from the base case provide the ALCO with information concerning the risks
associated with implementing the alternative strategies. The results from model
simulations are reviewed for indications of whether current interest rate risk
strategies are accomplishing their goal and, if not, suggest alternative
strategies that could. The policy calls for periodic review by the ALCO of
assumptions used in the modeling.

     For the year ended December 31, 2000, the ALCO determined that the ratio of
the one-year cumulative gap would not exceed 40% of earning assets. During the
year, the ALCO reviewed static gap reports for specific time periods focusing on
one-year cumulative gap. Based upon these reviews, Centra was within the policy
guidelines established by ALCO at all measured points during 2000.

     On an ongoing basis, the ALCO believes that it is beneficial to monitor
interest rate risk for both the short and long-term. Therefore, to effectively
evaluate results from model simulations, limits on changes in net interest
income and the value of the balance sheet will be established. ALCO has
determined that by the end of 2002, the earnings at risk of the bank shall not
change more than 7.5% from base case for each 1% shift in interest rates.
Management believes Centra will be in compliance with policy by the end of 2002.
The following table is provided to show the earnings at risk and value at risk
positions of Centra as of December 31, 2000.

EARNINGS AND VALUE AT RISK AT DECEMBER 31, 2000:

<TABLE>
<CAPTION>
     IMMEDIATE         ESTIMATED INCREASE           ESTIMATED
INTEREST RATE CHANGE   (DECREASE) IN NET      INCREASE (DECREASE) IN
 (IN BASIS POINTS)      INTEREST INCOME      ECONOMIC VALUE OF EQUITY
--------------------  --------------------   ------------------------
                       (DOLLARS IN THOUSANDS)
<S>                   <C>            <C>     <C>              <C>
         300          $ 1,303         60.9%   $ 1,185           12.4%
         200              865         40.5        803            8.4
         100              432         20.2        412            4.3
        -100             (432)       (20.2)      (446)          (4.7)
        -200             (863)       (40.4)      (916)          (9.6)
        -300           (1,311)       (61.4)    (1,353)         (14.1)
</TABLE>

     The interest risk analysis shows that Centra is asset sensitive. This means
that downward moving interest rates unfavorably impact net interest income.

                                        20
<PAGE>   21

LIQUIDITY

     Maintenance of a sufficient level of liquidity is a primary objective of
the ALCO. Liquidity, as defined by the ALCO, is the ability to meet anticipated
operating cash needs, loan demand, and deposit withdrawals, without incurring a
sustained negative impact on net interest income. It is Centra's policy to
manage liquidity so that there is no need to make unplanned sales of assets or
to borrow funds under emergency conditions.

     The main source of liquidity for Centra comes through deposit growth.
Liquidity is also provided from cash generated from assets such as maturities,
principal payments and income from loans and investment securities. During the
year ended December 31, 2000, cash provided by financing activities totaled
$67.6 million, while outflows from investing activity totaled $59.9 million.
When appropriate, Centra has the ability to take advantage of external sources
of funds such as advances from the FHLB, national market repurchase agreements,
and brokered funds. These external sources often provide attractive interest
rates and flexible maturity dates which enables Centra to match funding with
contractual maturity dates of assets. Securities in the investment portfolio are
classified as available for sale and can be utilized as an additional source of
liquidity.

EFFECTS OF INFLATION ON FINANCIAL STATEMENTS

     Substantially all of Centra's assets relate to banking and are monetary in
nature. Therefore, they are not impacted by inflation in the same manner as
companies in capital intensive industries. During a period of rising prices, a
net monetary asset position results in loss in purchasing power and conversely a
net monetary liability position results in an increase in purchasing power. In
banks, monetary assets typically exceed monetary liabilities and therefore, as
prices have increased over the past year, financial institutions experienced a
modest decline in the purchasing power of their assets.

FOURTH QUARTER

     Centra's quarterly net operating losses decreased each consecutive quarter,
after the second quarter, to a loss of $241,000 in the fourth quarter of 2000.
This equated to a ($.20) loss per share on both a basic and fully diluted basis.
Net interest income increased for the third consecutive quarter to $512,000.
Other income increased in each consecutive quarter to $57,000 in the fourth
quarter.

FUTURE OUTLOOK

     The bank's results of operations in the first year represent the infancy
stage of a typical de novo banking institution. The emphasis in future periods
will be to attract depositors and deploy those funds in the lending function.
The strategy for growth of the bank in the future will be the emphasis on
customer service with the highest quality products and technology.

     The bank exceeded first year growth goals after approximately four months
of operations and exceeded second year projections as well. The challenge will
be to achieve critical mass to cover fixed costs inherent with the start-up of
any new financial institution.

     Future plans for the bank involve the bank taking advantage of both
technology and personal customer contact. The bank introduced retail and
business internet services during 2000. In addition to "top of the line"
technology, the bank is committed to providing individual and personal banking
services. As part of our commitment, the bank is opening its first full service
branch in the Waterfront area of Morgantown in February 2001. Centra is also in
the process of expanding its operations in the Martinsburg, West Virginia,
region. Centra will continue to search for quality banking locations as well as
exploring alternative delivery systems. In addition, Centra is currently adding
additional ATM sites.

ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     Please refer to pages 19 and 20 in Item 7 of this Form 10-KSB.

                                        21
<PAGE>   22

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

     The Consolidated Financial Statements and accompanying notes, and the
report of independent auditors, are set forth immediately following Item 9 of
this report.

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE

     No response required.

                                        22
<PAGE>   23

                 CENTRA FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF CONDITION

<TABLE>
<CAPTION>
                                                                 DECEMBER 31
                                                              ------------------
                                                               2000       1999
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)                 -------    -------
<S>                                                           <C>        <C>
ASSETS
Cash and due from banks.....................................  $ 2,773    $    25
Interest-bearing deposits in other banks....................       71         31
Federal funds sold..........................................    4,797      2,638
                                                              -------    -------
     Total cash and cash equivalents........................    7,641      2,694
Available-for-sale securities, at estimated fair value
  (amortized cost of $23,411 in 2000 and $7,402 in 1999)....   23,422      7,383
Loans.......................................................   42,419         --
Allowance for loan losses...................................     (636)        --
                                                              -------    -------
     Net loans..............................................   41,783         --
Premises and equipment......................................    2,282        316
Other assets................................................    1,666        120
                                                              -------    -------
     Total assets...........................................  $76,794    $10,513
                                                              =======    =======
LIABILITIES
  Demand deposits...........................................  $ 7,456    $    --
  Interest-bearing demand deposits..........................    5,250         --
  Savings and money market accounts.........................   29,000         --
  Savings certificates......................................    9,816         --
  Large denomination certificates of deposit................   11,378         --
                                                              -------    -------
     Total deposits.........................................   62,900         --
Short-term borrowings.......................................    3,488         --
Other liabilities...........................................      346        199
                                                              -------    -------
     Total liabilities......................................   66,734        199
Stockholders' equity
Common stock, $1 par value, 1,900,000 authorized, 1,200,000
  issued and outstanding....................................    1,200      1,200
Additional paid-in capital..................................   10,800     10,800
Stock subscriptions receivable..............................       --     (1,202)
Accumulated deficit.........................................   (1,951)      (465)
Accumulated other comprehensive income (loss)...............       11        (19)
                                                              -------    -------
     Total stockholders' equity.............................   10,060     10,314
                                                              -------    -------
     Total liabilities and stockholders' equity.............  $76,794    $10,513
                                                              =======    =======
</TABLE>

                See Notes to Consolidated Financial Statements.
                                        23
<PAGE>   24

                 CENTRA FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

                       CONSOLIDATED STATEMENTS OF INCOME

<TABLE>
<CAPTION>
                                                                                 PERIOD FROM
                                                                                  INCEPTION
                                                                    YEAR        (SEPTEMBER 27,
                                                                   ENDED           1999) TO
                                                                DECEMBER 31,     DECEMBER 31,
                                                                    2000             1999
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)                   ------------    --------------
<S>                                                             <C>             <C>
Interest income:
  Loans, including fees.....................................     $    2,027        $     --
  Securities available-for-sale.............................            816              58
  Interest-bearing bank balances............................             12               3
  Federal funds sold........................................            333             132
                                                                 ----------        --------
     Total interest income..................................          3,188             193
Interest expense:
  Deposits..................................................          1,663              --
  Short-term borrowings.....................................            104              --
                                                                 ----------        --------
     Total interest expense.................................          1,767              --
                                                                 ----------        --------
     Net interest income....................................          1,421             193
Provision for loan losses...................................            636              --
                                                                 ----------        --------
     Net interest income after provision for loan losses....            785             193
Other income:
  Service charges on deposit accounts.......................             37              --
  Safe deposit..............................................              3              --
  Other.....................................................             73              --
                                                                 ----------        --------
     Total other operating revenue..........................            113              --
Loss on sales of securities.................................             --              --
                                                                 ----------        --------
     Total other income.....................................            113              --
Other expense:
  Salary and employee benefits..............................          1,082             297
  Occupancy expense.........................................            271              83
  Equipment expense.........................................            244              --
  Advertising...............................................            145             109
  Professional fees.........................................             54              77
  Data processing...........................................            128              --
  Other.....................................................            460              92
                                                                 ----------        --------
     Total other expense....................................          2,384             658
                                                                 ----------        --------
     Net loss before income taxes...........................         (1,486)           (465)
Income taxes:
  Federal...................................................             --              --
  State.....................................................             --              --
                                                                 ----------        --------
     Total income taxes.....................................             --              --
                                                                 ----------        --------
     Net loss...............................................     $   (1,486)       $   (465)
                                                                 ==========        ========
Basic and diluted loss per share............................     $    (1.25)       $  (0.60)
Basic and diluted weighted average shares outstanding.......      1,189,234         778,300
</TABLE>

                See Notes to Consolidated Financial Statements.
                                        24
<PAGE>   25

                 CENTRA FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

                CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                                                                    ACCUMULATED
                                        ADDITIONAL       STOCK                         OTHER
                               COMMON    PAID-IN     SUBSCRIPTIONS   ACCUMULATED   COMPREHENSIVE
                               STOCK     CAPITAL      RECEIVABLE       DEFICIT     INCOME(LOSS)     TOTAL
(DOLLARS IN THOUSANDS)         ------   ----------   -------------   -----------   -------------   -------
<S>                            <C>      <C>          <C>             <C>           <C>             <C>
Balance, September 27,
  1999.......................  $  --     $    --        $    --        $    --         $ --        $    --
Issuance of common stock.....  1,200      10,800         (1,202)            --           --         10,798
Comprehensive loss:
  Net loss...................     --          --             --           (465)          --           (465)
  Other comprehensive loss:
     Unrealized loss on
       available-for-sale
       securities............                                                           (19)           (19)
                                                                                                   -------
  Total comprehensive loss...                                                                         (484)
                               ------    -------        -------        -------         ----        -------
Balance, December 31, 1999...  1,200      10,800         (1,202)          (465)         (19)        10,314
Issuance of common stock.....     --          --          1,202             --           --          1,202
Comprehensive loss:
  Net loss...................     --          --             --         (1,486)          --         (1,486)
  Other comprehensive loss:
     Unrealized gain on
       available-for-sale
       securities............                                                            30             30
                                                                                                   -------
  Total comprehensive loss...                                                                       (1,456)
                               ------    -------        -------        -------         ----        -------
Balance, December 31, 2000...  $1,200    $10,800        $    --        $(1,951)        $ 11        $10,060
                               ======    =======        =======        =======         ====        =======
</TABLE>

                See Notes to Consolidated Financial Statements.
                                        25
<PAGE>   26

                 CENTRA FINANCIAL HOLDINGS INC. AND SUBSIDIARY

                     CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                                 PERIOD FROM
                                                                                  INCEPTION
                                                                                (SEPTEMBER 27,
                                                                 YEAR ENDED        1999) TO
                                                                DECEMBER 31,     DECEMBER 31,
                                                                    2000             1999
(DOLLARS IN THOUSANDS)                                          ------------    --------------
<S>                                                             <C>             <C>
Operating activities:
Net loss....................................................      $ (1,486)        $  (465)
Adjustments to reconcile net loss to net cash used in
  operating activities:
     Accretion of discounts on securities...................          (654)            (36)
     Provision for loan losses..............................           636              --
     Depreciation...........................................           171              --
     Increase in accrued expenses...........................           146             199
     Increase in other assets...............................        (1,546)           (120)
                                                                  --------         -------
          Net cash used in operating activities.............        (2,733)           (422)
Investing activities:
Purchases of premises and equipment.........................        (2,137)           (316)
Purchases of available-for-sale securities..................       (87,339)         (7,366)
Sales and maturities of securities..........................        71,984              --
Net increase in loans made to customers.....................       (42,419)             --
                                                                  --------         -------
Net cash used in investing activities.......................       (59,911)         (7,682)
Financing activities:
Net increase in demand, savings and money market accounts...        41,707              --
Net increase in savings certificates........................        21,194              --
Net increase in securities sold under agreement to
  repurchase................................................         3,488              --
Proceeds of stock offering..................................         1,202          10,798
                                                                  --------         -------
          Net cash provided by financing activities.........        67,591          10,798
                                                                  --------         -------
          Increase in cash and cash equivalents.............         4,947           2,694
Cash and cash equivalents -- beginning of period............         2,694              --
                                                                  --------         -------
          Cash and cash equivalents -- end of period........      $  7,641         $ 2,694
                                                                  ========         =======
Supplemental cash flow information:
  Interest paid.............................................      $  1,637         $    --
  Income taxes paid.........................................      $     --              --
</TABLE>

                See Notes to Consolidated Financial Statements.
                                        26
<PAGE>   27

                 CENTRA FINANCIAL HOLDINGS INC. AND SUBSIDIARY

                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     The accounting and reporting policies of Centra Financial Holdings Inc. and
Subsidiary ("Centra") conform to accounting principles generally accepted in the
United States and to general practices within the banking industry. Centra
considers all of its principal activities to be banking related. The preparation
of the financial statements in conformity with accounting principles generally
accepted in the United States requires management to make estimates and
assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.

     The following is a summary of significant accounting policies followed in
the preparation of the financial statements:

  PRINCIPLES OF CONSOLIDATION

     The consolidated financial statements include the accounts of Centra
Financial Holdings Inc. and its wholly owned subsidiary. All significant
intercompany accounts and transactions have been eliminated.

  CASH AND CASH EQUIVALENTS

     Cash and cash equivalents include cash and due from banks, interest bearing
deposits in other banks, and federal funds sold, all with original maturities of
90 days or less.

  INVESTMENT SECURITIES

     Management determines the appropriate classification of investment
securities at the time of purchase. Available-for-sale securities are those
securities that would be available to be sold in the future in response to
Centra's liquidity needs, changes in market interest rates, and asset-liability
management strategies, among others. Available-for-sale securities are reported
at fair value, with unrealized holding gains and losses reported in a separate
component of other comprehensive income. The cost of securities sold is based on
the specific identification method.

  ALLOWANCE FOR LOAN LOSSES

     The allowance for loan losses is maintained at a level believed adequate by
management to absorb losses in the loan portfolio. Management's determination of
the adequacy of the allowance for loan losses is based on a quarterly evaluation
of the portfolio, historical loan loss experience, peer group comparisons,
current national and local economic conditions, volume, growth and composition
of the portfolio, and other relevant factors. Ultimately, management's efforts
produce an allowance for loan losses that is appropriate in the circumstances
and in accordance with applicable accounting and regulatory standards.

  BANK PREMISES AND EQUIPMENT

     Bank premises and equipment are stated at cost less accumulated
depreciation. Depreciation is computed on the straight-line method over the
estimated useful lives of the related assets. Centra depreciates its building,
leasehold improvements and premises and furniture, fixtures and equipment over
estimated useful lives ranging from 7 to 20 years and 3 to 10 years,
respectively.

  INCOME RECOGNITION

     Interest income is recognized by methods which result in level rates of
return on principal amounts outstanding. Amortization of premiums has been
deducted from and accretion of discounts has been added to the related interest
income. Nonrefundable loan fees and direct loan costs are deferred and
recognized over the life of the loan as an adjustment of the yield. The
subsidiary bank discontinues the accrual of

                                        27
<PAGE>   28
                 CENTRA FINANCIAL HOLDINGS INC. AND SUBSIDIARY

          NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

interest when, in management's opinion, collection of all or a portion of
contractual interest has become doubtful, which generally occurs when a loan is
90 days past due. When deemed uncollectible, previously accrued interest
recognized in income in the current year is reversed and interest accrued in
prior years is charged against the allowance for loan losses. Interest received
on non-accrual loans is included in income only if principal recovery is
reasonably assured. A non-accrual loan is restored to accrual status when it is
brought current, has performed in accordance with contractual terms for a
reasonable period of time, and the collectibility of the total contractual
principal and interest is no longer in doubt.

  INCOME TAXES

     Deferred income taxes (included in other assets) are provided for temporary
differences between the tax basis of an asset or liability and its reported
amount in the financial statements at the statutory tax rate. A valuation
allowance equal to this amount was established.

  STOCK BASED COMPENSATION

     Centra has nonqualified and incentive stock option plans for certain key
employees and directors. Because the exercise price of Centra's employee stock
options equals the market price of the underlying stock on the date of grant, no
compensation expense is recognized.

  EARNINGS PER SHARE

     Basic earnings per share is determined by dividing net income by the
weighted average number of shares outstanding. Diluted earnings per share is
determined by dividing net income by the weighted average number of shares
outstanding increased by the number of shares that would be issued assuming the
exercise of stock options. Basic and diluted earnings per share are equal for
Centra due to the overall loss and anti-dilutive impact of the options.

  OPERATING SEGMENTS

     Centra's business activities are currently confined to one segment which is
community banking. As a community banking entity, Centra offers its customers a
full range of products through various delivery channels.

  RECENT ACCOUNTING PRONOUNCEMENTS

     As required, Centra adopted FASB Statement No. 133, "Accounting for
Derivative Instruments and Hedging Activities," (FAS 133) on January 1, 2001.
This Statement requires that all derivatives be recorded on the balance sheets
at fair value and establishes "special" accounting for fair value, cash flow,
and foreign currency hedges. Adoption of Statement No. 133 did not impact Centra
because Centra does not have any derivative financial instruments.

2.  FAIR VALUES OF FINANCIAL INSTRUMENTS

     The following methods and assumptions were used by Centra in estimating its
fair value disclosures for financial instruments in accordance with SFAS No.
107:

  CASH AND CASH EQUIVALENTS

     The carrying amounts reported in the balance sheet for these captions
approximate their fair values.

                                        28
<PAGE>   29
                 CENTRA FINANCIAL HOLDINGS INC. AND SUBSIDIARY

          NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

  INVESTMENT SECURITIES

     Fair values for investment securities are based on quoted market prices,
where available. If quoted market prices are not available, fair values are
estimated using quoted market prices of comparable securities.

  LOANS

     The fair value of performing variable rate loans that reprice frequently
and performing demand loans, with no significant change in credit risk, is based
on carrying value. The fair value of certain mortgage loans is based on quoted
market prices of similar loans sold in conjunction with securitization
transactions, adjusted for differences in loan characteristics. The fair value
of other performing loans (e.g., commercial real estate, commercial and consumer
loans) is estimated using discounted cash flow analyses and interest rates
currently being offered for loans with similar terms to borrowers of similar
credit quality.

  DEPOSITS

     The carrying amounts of demand deposits, savings accounts and certain money
market deposits approximate their fair values. The fair value of fixed maturity
certificates of deposit is estimated using a discounted cash flow calculation
that applies current rates offered for deposits of similar remaining maturities.

  SHORT-TERM BORROWINGS

     The carrying amounts of short-term borrowings approximate their fair
values.

  FINANCIAL INSTRUMENTS

     The fair value of loan commitments is estimated using the fees currently
charged to enter into similar agreements taking into account the remaining terms
of the agreements and the counterparties' credit standing. The estimated fair
value of these commitments approximates their carrying value.

     The estimated fair values of Centra's financial instruments are as follows:

<TABLE>
<CAPTION>
                                                                 2000
                                                          -------------------
                                                          CARRYING     FAIR
                                                           AMOUNT      VALUE
(DOLLARS IN THOUSANDS)                                    --------    -------
<S>                                                       <C>         <C>
Financial assets:
     Cash and cash equivalents..........................  $ 7,641     $ 7,641
     Investment securities..............................   23,422      23,422
     Loans..............................................   42,419      41,779
Financial liabilities:
     Deposits...........................................  $62,900     $63,435
     Short-term borrowings..............................    3,488       3,488
</TABLE>

     Bank premises and equipment and other information required to compute
Centra's aggregate fair value are not included in the above information.
Accordingly, the above fair values are not intended to represent the aggregate
fair value of Centra.

3.  INVESTMENT SECURITIES

     The estimated maturities presented in the tables below may differ from the
contractual maturities because borrowers may have the right to call or prepay
obligations without call or prepayment penalties.

                                        29
<PAGE>   30
                 CENTRA FINANCIAL HOLDINGS INC. AND SUBSIDIARY

          NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

The portfolio contains no single issue (excluding U.S. government and U.S.
Agency securities) which exceeds 10% of stockholders' equity.

<TABLE>
<CAPTION>
                                                     SECURITIES CLASSIFIED AS AVAILABLE-FOR-SALE
                                                  --------------------------------------------------
                                                                 GROSS         GROSS       ESTIMATED
                                                  AMORTIZED    UNREALIZED    UNREALIZED      FAIR
                                                    COST         GAINS         LOSSES        VALUE
(DOLLARS IN THOUSANDS)                            ---------    ----------    ----------    ---------
<S>                                               <C>          <C>           <C>           <C>
At December 31, 2000:
U.S. Treasury securities and obligations of U.S.
  government agencies and corporations..........   $23,389        $11            $--        $23,400
Other securities................................        22         --            --              22
                                                   -------        ---            --         -------
     Total available-for-sale securities........   $23,411        $11            $--        $23,422
                                                   =======        ===            ==         =======
</TABLE>

<TABLE>
<CAPTION>
                                                     SECURITIES CLASSIFIED AS AVAILABLE-FOR-SALE
                                                  --------------------------------------------------
                                                                 GROSS         GROSS       ESTIMATED
                                                  AMORTIZED    UNREALIZED    UNREALIZED      FAIR
                                                    COST         GAINS         LOSSES        VALUE
(DOLLARS IN THOUSANDS)                            ---------    ----------    ----------    ---------
<S>                                               <C>          <C>           <C>           <C>
At December 31, 1999:
U.S. Treasury securities and obligations of U.S.
  government agencies and corporations..........   $ 7,378        $--           $(20)       $ 7,358
Other securities................................        25         --             --             25
                                                   -------        ---           ----        -------
     Total available-for-sale securities........   $ 7,403        $--           $(20)       $ 7,383
                                                   =======        ===           ====        =======
</TABLE>

                                        30
<PAGE>   31
                 CENTRA FINANCIAL HOLDINGS INC. AND SUBSIDIARY

          NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

MATURITY DISTRIBUTION OF AVAILABLE-FOR-SALE SECURITIES:

<TABLE>
<CAPTION>
                                                                  CONTRACTUAL MATURITIES
                                                    ---------------------------------------------------
                                                     U.S. TREASURY
                                                    SECURITIES AND
                                                    OBLIGATIONS OF                         TOTAL
                                                    U.S. GOVERNMENT      OTHER       AVAILABLE-FOR-SALE
                                                       AGENCIES        SECURITIES        SECURITIES
(DOLLARS IN THOUSANDS)                              ---------------    ----------    ------------------
<S>                                                 <C>                <C>           <C>
December 31, 2000:
  Within one year:
     Amortized cost...............................      $23,389          $  --            $23,389
     Fair value...................................      $23,400          $  --            $23,400
     Yield........................................         6.21%          0.00%              6.21%
  1 to 5 years:
     Amortized cost...............................      $    --          $  --            $    --
     Fair value...................................      $    --          $  --            $    --
     Yield........................................         0.00%          0.00%              0.00%
  5 to 10 years:
     Amortized cost...............................      $    --          $  --            $    --
     Fair value...................................      $    --          $  --            $    --
     Yield........................................         0.00%          0.00%              0.00%
  Over 10 years:
     Amortized cost...............................      $    --          $  22            $    22
     Fair value...................................      $    --          $  22            $    22
     Yield........................................         0.00%          7.75%              7.75%
  Total amortized cost............................      $23,389          $  22            $23,411
  Total fair value................................      $23,400          $  22            $23,422
  Total yield.....................................         6.21%          7.75%              6.22%
December 31, 1999:
  Within one year:
     Amortized cost...............................      $ 4,898          $  --            $ 4,898
     Fair value...................................      $ 4,888          $  --            $ 4,888
     Yield........................................         5.43%          0.00%              5.43%
  1 to 5 years:
     Amortized cost...............................      $ 2,480          $  --            $ 2,480
     Fair value...................................      $ 2,470          $  --            $ 2,470
     Yield........................................         6.03%          0.00%              6.03%
  5 to 10 years:
     Amortized cost...............................      $    --          $  --            $    --
     Fair value...................................      $    --          $  --            $    --
  Yield...........................................         0.00%          0.00%              0.00%
  Over 10 years:
     Amortized cost...............................      $    --          $  25            $    25
     Fair value...................................      $    --          $  25            $    25
     Yield........................................         0.00%          6.00%              6.00%
  Total amortized cost............................      $ 7,378          $  25            $ 7,403
  Total fair value................................      $ 7,358          $  25            $ 7,383
  Total yield.....................................         5.63%          6.00%              5.63%
</TABLE>

                                        31
<PAGE>   32
                 CENTRA FINANCIAL HOLDINGS INC. AND SUBSIDIARY

          NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

     In 2000, gross losses of $495 were realized. At December 31, 2000,
investment securities having a carrying value of $5,881,000 were pledged to
secure public deposits and repurchase agreements in accordance with federal and
state requirements.

4.  LOANS

     The following is a detail of total loans outstanding as of December 31,
2000:

<TABLE>
<CAPTION>
(DOLLARS IN THOUSANDS)
<S>                                                           <C>
Commercial..................................................  $16,301
Real estate, commercial.....................................   14,427
Real estate, mortgage.......................................    8,907
Consumer....................................................    2,784
                                                              -------
     Total loans............................................  $42,419
                                                              =======
</TABLE>

     During 2000, Centra recorded a provision for loan losses of $636,000. No
other activity impacted the allowance during 2000, such as charge-offs or
recoveries.

     Centra's lending is primarily focused in the north central West Virginia
market and consists principally of commercial lending, retail lending, which
includes single-family residential mortgages and other consumer lending. All
credits were subjected to Centra's normal commercial underwriting standards and
did not present more than the normal amount of risk assumed in other lending
areas.

     Centra does not extend credit to any single borrower or group of related
borrowers in excess of the combined legal lending limits of its subsidiary bank.
Centra had no impaired loans at December 31, 2000.

     In the normal course of its business, Centra's subsidiary bank has granted
loans to executive officers and directors of Centra and to their associates.
Related party loans were made on substantially the same terms, including
interest rates and collateral, as those prevailing at the time for comparable
loans with unrelated persons and did not involve more than normal risk of
collectibility. The following is an analysis of activity of related party loans
for the year ended December 31, 2000:

<TABLE>
<CAPTION>
(DOLLARS IN THOUSANDS)
<S>                                                           <C>
Balance, January 1, 2000....................................  $    --
New loans...................................................   14,307
Repayments..................................................   (3,452)
                                                              -------
     Balance, December 31, 2000.............................  $10,855
                                                              =======
</TABLE>

5.  BANK PREMISES AND EQUIPMENT

     The major categories of bank premises and equipment and accumulated
depreciation are summarized as follows at December 31:

<TABLE>
<CAPTION>
                                                               2000     1999
(DOLLARS IN THOUSANDS)                                        ------    ----
<S>                                                           <C>       <C>
Land........................................................  $  481    $ --
Building and premises.......................................     253     175
Leasehold improvements......................................     402     141
Furniture, fixtures and equipment...........................   1,317      --
                                                              ------    ----
                                                               2,453     316
Accumulated depreciation....................................    (171)     --
                                                              ------    ----
     Net book value.........................................  $2,282    $316
                                                              ======    ====
</TABLE>

                                        32
<PAGE>   33
                 CENTRA FINANCIAL HOLDINGS INC. AND SUBSIDIARY

          NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

     Centra leases certain banking facilities and equipment under various
agreements with original terms providing for fixed monthly payments over periods
ranging from 3 to 20 years. The future minimum payments, by year and in the
aggregate, under noncancelable operating leases with initial or remaining terms
of one year or more consisted of the following at December 31, 2000:

<TABLE>
<CAPTION>
                                                              OPERATING
                                                               LEASES
(DOLLARS IN THOUSANDS)                                        ---------
<S>                                                           <C>
Year Ending December 31:
     2000...................................................   $  221
     2001...................................................      221
     2002...................................................      204
     2003...................................................      200
     2004...................................................      200
     Thereafter.............................................    2,717
                                                               ------
          Total minimum lease payments......................   $3,763
                                                               ======
</TABLE>

     Rent expense was $234,411 in 2000 and $80,908 in 1999.

     Centra leases its main banking facility from a Limited Liability Company,
two thirds of which is owned by two directors of the Company. Rent expense for
the building approximated $234,000 in 2000.

6.  DEPOSITS

     Included in interest-bearing deposits are various time deposit products.
The maturities of time deposits are as follows: $1,462,000 in the next 3 months;
$4,007,000 in months 4 through 12; $15,114,000 in years 2 and 3; and $611,000
over 3 years.

     Deposits from related parties approximated $16.5 million at December 31,
2000.

7.  SHORT-TERM BORROWINGS

     Short-term borrowings primarily consist of corporate deposits held in
overnight repurchase agreements. The securities underlying the repurchase
agreements are under the control of Centra. Additional details regarding
short-term borrowings are summarized as follows:

<TABLE>
<CAPTION>
                                                                RETAIL
                                                              REPURCHASE
                                                              AGREEMENTS
(DOLLARS IN THOUSANDS)                                        ----------
<S>                                                           <C>
2000:
     Ending balance.........................................    $3,488
     Average balance........................................     1,838
     Highest month end balance..............................     3,488
     Interest expense -- YTD................................       104
     Weighted average interest rate:
          End of year.......................................      5.46%
          During the year...................................      5.67%
</TABLE>

     Centra has a borrowing capacity of $9.0 million dollars from the Federal
Home Loan Bank on a short-term basis. In addition, Centra has short-term
borrowing capacity of $1 million from Wachovia Bank, N.A. via an unsecured line
of credit and $3 million via a reverse repurchase agreement.

                                        33
<PAGE>   34
                 CENTRA FINANCIAL HOLDINGS INC. AND SUBSIDIARY

          NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

8.  INCOME TAXES

     Centra did not record income tax expense (benefit) during 2000 and 1999.
While Centra is generating net operating losses that will reduce future tax
liabilities, a valuation allowance has been established that eliminates the tax
benefit from the financial statements until it is recognized.

     The effective income tax rate in the consolidated statement of operations
is less than the statutory corporate tax rate due to the following:

<TABLE>
<CAPTION>
                                                              2000     1999
                                                              -----    -----
<S>                                                           <C>      <C>
Statutory corporate tax rate................................   34.0%    34.0%
Differences in rate resulting from:
  Impact of graduated tax rates.............................  (13.9)   (13.9)
  State income taxes........................................    3.0      4.0
  Other.....................................................     --      (.5)
  Valuation allowance.......................................  (23.1)   (23.6)
                                                              -----    -----
  Effective income tax rate.................................    0.0%     0.0%
                                                              =====    =====
</TABLE>

     The Company currently has approximately $880,000 and $250,000 of net
operating loss carry-forwards that will expire in 2020 and 2019, respectively.

     The following is a summary of deferred tax assets (liabilities) as of
December 31, 2000:

<TABLE>
<CAPTION>
                                                             2000     1999
                                                             -----    -----
<S>                                                          <C>      <C>
Allowance..................................................  $ 254    $  --
Organization costs.........................................     90       95
Net operating loss.........................................    353      101
Premises and equipment.....................................     (9)      --
Unrealized gain (loss) on securities.......................     (4)       8
                                                             -----    -----
Net deferred tax asset.....................................    684      204
Valuation allowance........................................   (684)    (204)
                                                             -----    -----
                                                             $   0    $   0
                                                             =====    =====
</TABLE>

9.  FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK

     In the normal course of business, Centra is party to financial instruments
with off-balance sheet risk necessary to meet the financing needs of customers
and to manage its own exposure to fluctuations in interest rates. These
financial instruments include commitments to extend credit. The instruments
involve, to varying degrees, elements of credit and interest rate risk in excess
of the amount recognized in the balance sheets. The contract or notional amounts
of these instruments express the extent of involvement Centra has in these
financial instruments.

  LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT

     Loan commitments are made to accommodate the financial needs of Centra's
customers. Standby letters of credit commit Centra to make payments on behalf of
customers when certain specified future events occur. Centra has no standby
letters of credit at this time. Centra's exposure to credit loss in the event of
nonperformance by the counter-party to the financial instrument for loan
commitments and standby letters of credit is represented by the contractual
amount of those instruments. Centra uses the same underwriting standards in
making commitments and conditional obligations as it does for on-balance sheet
instruments. The amount of collateral obtained is based on management's credit
evaluation of the

                                        34
<PAGE>   35
                 CENTRA FINANCIAL HOLDINGS INC. AND SUBSIDIARY

          NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

customer. Collateral held varies, but may include accounts receivable,
inventory, property, plant, and equipment, and income-producing commercial
properties. The total amount of loan commitments outstanding at December 31,
2000, is $10,824,000.

10.  OTHER EXPENSES

     The following items of other expense exceed one percent of total revenue
during 2000 (in thousands):

<TABLE>
<S>                                                           <C>
Stationery and supplies.....................................  $101
West Virginia Franchise taxes...............................    62
Outside services............................................    40
</TABLE>

11.  REGULATORY MATTERS

     The primary source of funds for the dividends paid by Centra is dividends
received from its banking subsidiary. The payment of dividends by banking
subsidiaries is subject to various banking regulations. The most restrictive
provision requires regulatory approval if dividends declared in any calendar
year exceed the total net profits of that year plus the retained net profits of
the preceding two years. At December 31, 2000, Centra is not permitted to pay
dividends without prior regulatory approval.

     Centra and its banking subsidiary are subject to various regulatory capital
requirements administered by the banking regulatory agencies. Under capital
adequacy guidelines and the regulatory framework for prompt corrective action,
Centra and its banking subsidiary must meet specific capital guidelines that
involve quantitative measures of each entity's assets, liabilities, and certain
off-balance sheet items as calculated under regulatory accounting practices.
Centra and its banking subsidiary's capital amounts and classification are also
subject to qualitative judgments by the regulators about components, risk
weightings, and other factors.

     Quantitative measures established by regulation to ensure capital adequacy
require Centra and its banking subsidiary to maintain minimum amounts and ratios
of total and Tier I capital (as defined in the regulations) to risk-weighted
assets (as defined), and of Tier I capital (as defined) to average assets (as
defined). Centra and its banking subsidiary met all capital adequacy
requirements at December 31, 2000.

     As of December 31, 2000, the most recent notifications from the banking
regulatory agencies categorized Centra and its banking subsidiary as well
capitalized under the regulatory framework for prompt corrective action. To be
categorized as well capitalized, Centra and its banking subsidiary must maintain
minimum total risk-based, Tier I risk-based and Tier I leverage ratios as set
forth in the table below. There are no conditions or events since these
notifications that management believes have changed Centra's or its banking
subsidiary's category.

                                        35
<PAGE>   36
                 CENTRA FINANCIAL HOLDINGS INC. AND SUBSIDIARY

          NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

     Centra and its banking subsidiary, Centra Bank's actual capital amounts and
ratios are also presented in the following table.

<TABLE>
<CAPTION>
                                                                                   WELL CAPITALIZED
                                                                                     UNDER PROMPT
                                                                 FOR CAPITAL          CORRECTIVE
                                                 ACTUAL            ADEQUACY        ACTION PROVISION
                                             --------------     --------------     ----------------
                                             AMOUNT   RATIO     AMOUNT   RATIO     AMOUNT    RATIO
(DOLLARS IN THOUSANDS)                       ------   -----     ------   -----     -------   ------
<S>                                          <C>      <C>       <C>      <C>       <C>       <C>
As of December 31, 2000:
     Total capital (1).....................  10,656   21.9%     3,885      8%       4,856      10%
     Tier 1 (2)............................  10,049   20.7      1,942      4        2,913       6
     Tier 1 (3)............................  10,049   22.5      1,783      4        2,229       5
</TABLE>

---------------
(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.

12.  FEDERAL RESERVE REQUIREMENTS

     The subsidiary bank is required to maintain average reserve balances with
the Federal Reserve Bank. The Reserve requirement is calculated on a percentage
of total deposit liabilities and averaged $1,197,000 for the year ended December
31, 2000.

13.  EMPLOYEE BENEFIT PLANS

     The Centra 401(k) Plan (the Plan) is a deferred compensation plan under
section 401(k) of the Internal Revenue Code. All full and regular part-time
employees who complete six months of service are eligible to participate in the
Plan. Participants may contribute from 1% to 15% of pre-tax earnings to their
respective accounts. These contributions may be invested in various investment
options selected by the employee. Centra matched 100% of the first 6% of
compensation deferred by the employee during 2000. Centra's total expense
associated with the Plan approximated $29,265 in 2000. Centra has an individual
supplemental retirement agreement with its chief executive officer. The cost is
being accrued over the period of active service from the date of the agreement.
The liability for such agreement approximated $43,000 at December 31, 2000, and
is included in other liabilities in the accompanying consolidated statements of
condition. To assist in funding the cost of this agreement, Centra is the owner
and beneficiary of a life insurance policy on its chief executive officer.
During the year ended December 31, 2000, the cost of the supplemental retirement
plan, net of an increase in cash surrender value on the policy of $22,000, was
$21,000.

14.  STOCK OPTIONS

     Centra's stock option plans provide for the granting of both incentive
stock options and non-qualified stock options of up to 480,000 shares of common
stock. Under the provisions of the plans, the option price per share shall not
be less than the fair market value of the common stock on the date of grant of
such option, therefore no compensation expense is recognized. All granted
options vest in periods ranging from

                                        36
<PAGE>   37
                 CENTRA FINANCIAL HOLDINGS INC. AND SUBSIDIARY

          NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

immediately to four years and expire 10 years from the date of grant. The
following summarizes Centra's stock options as of December 31, 2000, and the
changes for the year then ended:

<TABLE>
<CAPTION>
                                                                      2000
                                                              ---------------------
                                                                           WEIGHTED
                                                                           AVERAGE
                                                               NUMBER      EXERCISE
                                                              OF SHARES     PRICE
                                                              ---------    --------
<S>                                                           <C>          <C>
Outstanding at beginning of year............................        --      $   --
Granted.....................................................   271,400       10.00
Exercised...................................................        --          --
Canceled....................................................        --          --
                                                               -------
Outstanding at end of year..................................   271,400       10.00
                                                               =======
Exercisable at end of year..................................   130,000       10.00
                                                               =======
Weighted average fair value of options granted during the
  year......................................................                $ 1.38
                                                                            ======
</TABLE>

     The following summarizes information concerning Centra's stock options
outstanding at December 31, 2000:

<TABLE>
<CAPTION>
                                       OPTIONS OUTSTANDING
                              --------------------------------------      OPTIONS EXERCISABLE
                                              WEIGHTED                  -----------------------
                                               AVERAGE      WEIGHTED                   WEIGHTED
                                OPTION        REMAINING     AVERAGE                    AVERAGE
                                SHARES       CONTRACTUAL    EXERCISE      NUMBER       EXERCISE
EXERCISE PRICE                OUTSTANDING       LIFE         PRICE      EXERCISABLE     PRICE
--------------                -----------    -----------    --------    -----------    --------
<S>                           <C>            <C>            <C>         <C>            <C>
$10.00......................    271,400      9.67 years      $10.00       130,000       $10.00
</TABLE>

     The fair value for the options was estimated at the date of grant using a
Black-Scholes option-pricing model with a risk-free interest rate of 5.00% and a
weighted life of the options of three years. For purposes of proforma
disclosures, the estimated fair value of options is amortized to expense over
the options' vesting period. Had compensation expense been determined using the
fair value method, proforma net loss for the year ended December 31, 2000, would
have been $1,733,000 or $(1.46) per basic and diluted share.

                                        37
<PAGE>   38
                 CENTRA FINANCIAL HOLDINGS INC. AND SUBSIDIARY

          NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

15.  PARENT COMPANY ONLY FINANCIAL INFORMATION

CONDENSED BALANCE SHEET

<TABLE>
<CAPTION>
                                                              DECEMBER 31, 2000
(DOLLARS IN THOUSANDS)                                        -----------------
<S>                                                           <C>
Assets:
  Investment in Bank subsidiary:............................       $10,060
                                                                   -------
     Total assets...........................................       $10,060
                                                                   =======
     Total stockholders' equity.............................       $10,060
                                                                   =======
</TABLE>

CONSOLIDATED STATEMENT OF INCOME

<TABLE>
<CAPTION>
                                                                 YEAR ENDED
                                                              DECEMBER 31, 2000
(DOLLARS IN THOUSANDS)                                        -----------------
<S>                                                           <C>
Total income................................................       $    --
Total expense...............................................            --
                                                                   -------
Income before federal income taxes and equity in
  undistributed earnings of subsidiary......................            --
Applicable income tax benefit...............................            --
Equity in undistributed earnings (loss) of subsidiary.......        (1,486)
                                                                   -------
          Net loss..........................................       $(1,486)
                                                                   =======
</TABLE>

STATEMENT OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                 YEAR ENDED
                                                              DECEMBER 31, 2000
(DOLLARS IN THOUSANDS)                                        -----------------
<S>                                                           <C>
Net loss....................................................       $(1,486)
Equity in undistributed earnings of subsidiary..............         1,486
                                                                   -------
          Net cash from operations..........................            --
Net cash used in investing activities.......................            --
Net cash used in financing activities:
  Collection of stock subscription receivable...............        (1,202)
  Proceeds of stock offering................................         1,202
                                                                   -------
          Net change in cash................................            --
Cash and cash equivalents at beginning of year..............            --
                                                                   -------
          Cash and cash equivalents at end of year..........       $    --
                                                                   =======
</TABLE>

                                        38
<PAGE>   39
                 CENTRA FINANCIAL HOLDINGS INC. AND SUBSIDIARY

          NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)

16.  SUMMARIZED QUARTERLY INFORMATION (UNAUDITED)

     A summary of selected quarterly financial information for 2000 and 1999
follows:

<TABLE>
<CAPTION>
                                                 FIRST         SECOND        THIRD         FOURTH
                                                QUARTER       QUARTER       QUARTER       QUARTER
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)  ----------    ----------    ----------    ----------
<S>                                            <C>           <C>           <C>           <C>
2000:
  Interest income..........................    $      247    $      637    $    1,001    $    1,303
  Interest expense.........................            73           326           577           791
  Net interest income......................           174           311           424           512
  Provision for possible loan losses.......           115           259           162           100
  Other income.............................             3            20            34            56
  Other expenses...........................           491           593           591           709
  Income taxes.............................            --            --            --            --
  Net loss.................................          (429)         (521)         (295)         (241)
  Basic and diluted loss per share.........    $    (0.37)   $    (0.43)   $    (0.25)   $    (0.20)
  Basic and diluted weighted average shares
     outstanding...........................     1,156,700     1,200,000     1,200,000     1,200,000

1999:
  Net interest income......................           N/A           N/A           N/A    $      193
  Net interest income......................                                                     193
  Other expenses...........................                                                     658
  Net income...............................                                                    (465)
  Basic and diluted loss per share.........                                              $    (0.06)
  Basic and diluted weighted average shares
     outstanding...........................                                                 778,300
</TABLE>

                                        39
<PAGE>   40

                         REPORT OF INDEPENDENT AUDITORS

To the Stockholders and Board of Directors

     We have audited the accompanying consolidated balance sheets of Centra
Financial Holdings Inc. and Subsidiary as of December 31, 2000 and 1999, and the
related consolidated statements of income, stockholders' equity, and cash flows
for the year ended December 31, 2000, and the period from inception (September
27, 1999) to December 31, 1999. These financial statements are the
responsibility of Centra's management. Our responsibility is to express an
opinion on these financial statements based on our audits.

     We conducted our audits in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

     In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the consolidated financial position of
Centra Financial Holdings Inc. and Subsidiary at December 31, 2000 and 1999, and
the consolidated results of their operations and their cash flows for the year
ended December 31, 2000, and the period from inception (September 27, 1999) to
December 31, 1999, in conformity with accounting principles generally accepted
in the United States.

                                          /s/  ERNST & YOUNG LLP

Charleston, West Virginia
February 2, 2001

                                        40
<PAGE>   41

                                    PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

     Directors and Executive Officers of Centra included those persons
identified under "Election of Directors" on pages 2 through 5 of Centra's
definitive Proxy Statement relating to Centra's Annual Meeting of Shareholders
to be held April 19, 2001, which section is expressly incorporated by reference.
Other Executive Officers were Kevin D. Lemley (46), Vice President and Chief
Financial Officer, former Vice President and Manager of Statewide Lending and
Chief Financial Officer for Huntington National Bank, West Virginia ; Richard L.
Barnard (46), Vice President and Chief Information Officer, former Vice
President and Chief Information Officer for Huntington National Bank, West
Virginia; Timothy P. Saab (45), Vice President and Treasurer, former Vice
President Private Financial Group for Huntington National Bank, West Virginia;
E. Richard Hilleary (53), Vice President - Commercial Lending, former Vice
President of Commercial Lending with Huntington National Bank, West Virginia.

     Mr. Lemley, Mr. Barnard, Mr. Saab, and Mr. Hilleary all assumed their
current positions upon formation of Centra Bank and its opening on February 14,
2000.

ITEM 11.  EXECUTIVE COMPENSATION

     See "Compensation of Executive Officers and Directors" on pages 9 through
10 of Centra's definitive Proxy Statement relating to Centra's Annual Meeting of
Stockholders to be held April 19, 2001, which is incorporated herein by
reference.

     Neither the report of the Compensation Committee of the Board of Directors
on executive compensation nor the performance graph included in Centra's
definitive Proxy Statement relating to Centra's Annual Meeting of Shareholders
to be held on April 19, 2001, shall be deemed to be incorporated by reference.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     See "Security Ownership of Certain Beneficial Owners and Management" on
pages 12 of Centra's definitive Proxy Statement relating to Centra's Annual
Meeting of Shareholders to be held April 19, 2001, which section is expressly
incorporated by reference.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     See "Transactions Involving Management" on pages 7 through 8 of Centra's
definitive Proxy Statement relating to Centra's Annual Meeting of Shareholders
to be held April 19, 2001, which section is expressly incorporated by reference.

                                        41
<PAGE>   42

                                    PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

(a)(1) FINANCIAL STATEMENTS:

     The following consolidated financial statements of Centra Financial
Holdings Inc. and subsidiary are included in Item 8:

<TABLE>
<CAPTION>
                                                                      PAGE
                                                                      ----
        <S>                                                           <C>
        Report of Independent Auditors (Ernst & Young LLP)..........   40

        Consolidated Statements of Condition as of December 31, 2000
          and 1999..................................................   23

        Consolidated Statements of Income for the years ended
          December 31, 2000 and 1999................................   24

        Consolidated Statements of Stockholders' Equity for the
          years ended December 31, 2000 and 1999....................   25

        Consolidated Statements of Cash Flows for the years ended
          December 31, 2000 and 1999................................   26

        Notes to the Consolidated Financial Statements..............   27

        Centra Financial Holdings Inc.: (Parent Company Only
          Financial Statements are included in Note 15 of the Notes
          to the Consolidated Financial Statements).................   38
</TABLE>

(a)(2) FINANCIAL STATEMENT SCHEDULES

       All schedules for which provision is made in the applicable accounting
       regulations of the Securities and Exchange Commission are not required
       under the related instructions or are inapplicable and, therefore, have
       been omitted.

(a)(3) EXHIBITS

       Exhibits filed with this Annual Report on Form 10-KSB are attached
       hereto. For a list of such exhibits, see "Exhibit Index" beginning after
       page 44. The Exhibit Index specifically identifies each management
       contract or compensatory plan required to be filed as an exhibit to this
       Form 10-KSB.

(b)    REPORTS ON FORM 8-K

       Centra was not required to file Form 8-K during 2000.

(c)    EXHIBITS

       Exhibits filed with Annual Report on Form 10-KSB are attached hereto. For
       a list of such exhibits, see "Exhibit Index" beginning at page 44.

(d)    FINANCIAL STATEMENT SCHEDULES

       None.

                                        42
<PAGE>   43

                                   SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                          CENTRA FINANCIAL HOLDINGS INC.

Date: March 19, 2001                      By: /s/ DOUGLAS J. LEECH
                                            ------------------------------------
                                              Douglas J. Leech,
                                              President and Chief Executive
                                              Officer

Date: March 19, 2001                      By: /s/ KEVIN D. LEMLEY
                                            ------------------------------------
                                              Kevin D. Lemley,
                                              VP-CFO Principal Financial and
                                              Accounting Officer

     Pursuant to the requirements of the Securities Exchange Act of 1934, this
Report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.

<TABLE>
<CAPTION>
                 SIGNATURES                                  TITLE                     DATE
                 ----------                                  -----                     ----
<S>                                              <C>                              <C>

            /s/ DOUGLAS J. LEECH                 President and Chief Executive    March 19, 2001
---------------------------------------------    Officer and Director
              Douglas J. Leech

             /s/ ARTHUR GABRIEL                  Director                         March 19, 2001
---------------------------------------------
               Arthur Gabriel

           /s/ PARRY G. PETROPLUS                Director                         March 19, 2001
---------------------------------------------
             Parry G. Petroplus

              /s/ MILAN PUSKAR                   Director                         March 19, 2001
---------------------------------------------
                Milan Puskar

           /s/ BERNARD G. WESTFALL               Director                         March 19, 2001
---------------------------------------------
             Bernard G. Westfall
</TABLE>

                                        43
<PAGE>   44

                                 EXHIBIT INDEX

           CENTRA FINANCIAL HOLDINGS INC. ANNUAL REPORT ON FORM 10-K
                    FOR FISCAL YEAR ENDED DECEMBER 31, 2000

<TABLE>
<CAPTION>
EXHIBIT
NUMBER                       DESCRIPTION                                 EXHIBIT LOCATION
-------  ---------------------------------------------------  ---------------------------------------
<C>      <S>                                                  <C>

    3.1  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 S-4 Registration Statement,
                                                              Registration No. 333-36186, filed
                                                              December 23, 1999, 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           Filed herewith.
         Incentive Plan dated as of April 27, 2000

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

     12  Statement Re: Computation of Ratios                  Filed herewith.

     21  Subsidiary of Registrant                             Filed herewith.

   99.1  Proxy Statement for the 2001 Annual Meeting          Filed herewith.

   99.2  Report of Ernst & Young, LLP, Independent Auditors   Found on Page 40 herein.
</TABLE>

                                        44