CHARLES TOWN, W.Va.,
July 22, 2013 /PRNewswire/
-- Robert F. Baronner Jr., President and CEO, of Potomac
Bancshares, Inc., (OTC-QB: PTBS), the One Bank Holding
Company for Bank of Charles Town,
announced its quarterly results for the period ending June 30, 2013. The Charles Town, West Virginia based company
earned $588 thousand or 17 cents per share for the quarter ended
June 30, 2013 compared to net income
of $346 thousand or 10 cents a share for the quarter ended
June 30, 2012. This represents an
improvement in earnings of 70% over the same period last year. Year
to date earnings through June 30,
2013 are 34 cents per share
compared to 19 cents for the first
six months of 2012. Loans, net of reserve for the quarter
ended June 30, 2013, were
$220.6 million compared to
$211.4 million at year end
December 31, 2012, an improvement of
8.7% on an annualized basis.
Based on the continued improvement in the bank's performance and
the overall economic outlook in the bank's trade area, the Board of
Directors of Potomac Bancshares at its July
9, 2013 meeting declared a 4
cent per share dividend for all shareholders of record on
July 22, 2013. This cash dividend
will be payable on August 1,
2013.
As previously announced, the Board also adopted a Dividend
Reinvestment and Direct Stock Purchase Plan for shareholders and an
Employee Stock Purchase Plan through its transfer agent, American
Stock Transfer and Trust Co., LLC. Baronner said, "We're very
pleased to offer our shareholders an easy and convenient way to
build their investment in Potomac Bancshares." He added,
"We're also very excited that employees will now be able to invest
on a biweekly basis in Potomac Bancshares stock and give them an
ownership interest in their company and a stake in its future
success."
When ready for distribution, the Dividend Reinvestment Plan will
be mailed to all registered shareholders with enrollment
information. Shareholders who are interested in participating will
need to complete an enrollment form and return the same to American
Stock Transfer. It is expected the plan will be in place early in
the fourth quarter of 2013.
The bank also announced its intent to open a new full service
branch in Hagerstown, Maryland
early in the fourth quarter of 2013, subject to regulatory
approval. Baronner said, "This office will give us additional
growth opportunities and some further industry diversification for
our commercial loan portfolio going forward. Our Market
Executive, Steve Michael, has been
working the Washington County
Maryland market for over a year and we believe we can
fulfill a niche in small business financial services in the greater
Hagerstown area."
Bank of Charles Town has full
service locations in Charles Town,
Harpers Ferry, Kearneysville, Martinsburg and Hedgesville, West Virginia. The bank also
opened a new loan production office in Middleburg, Virginia earlier this year. For
more information, visit us online at www.mybct.com or speak to our
staff at 304-725-8431.
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FINANCIAL
HIGHLIGHTS
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POTOMAC
BANCSHARES, INC.
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Three Months
Ended
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Six Months
Ended
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(Unaudited -
dollars in thousands, except per share data)
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June 30,
2013
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June 30,
2012
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June 30,
2013
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June 30,
2012
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Earnings
Performance
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Interest Income
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$2,873
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$2,924
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$5,691
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$5,866
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Interest Expense
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305
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410
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631
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869
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Net Interest
Income
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2,568
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2,514
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5,060
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4,997
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Provision For Loan
Losses
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0
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470
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0
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779
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Non-Interest
Income
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1,092
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1,047
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2,116
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2,086
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Non-Interest
Expense
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2,779
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2,609
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5,442
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5,373
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Income Before Income Tax Expense
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881
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482
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1,734
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931
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Income Tax
Expense
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293
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136
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580
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265
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Net Income
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$588
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$346
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$1,154
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$666
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Annualized Return On
Average Equity
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8.43%
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5.13%
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Annualized Return On
Average Assets
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0.79%
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0.46%
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June 30,
2013
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December 31,
2012
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Balance Sheet
Highlights
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Total Assets
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$299,201
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$296,811
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Investment
Securities
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29,666
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32,236
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Loans, Net
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220,599
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211,364
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Deposits And Cash Management
Accounts
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263,751
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266,402
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Shareholders'
Equity*
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27,805
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26,923
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Three Months
Ended
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Six Months
Ended
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June 30,
2013
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June 30,
2012
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June 30,
2013
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June 30,
2012
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Shareholders'
Value (per share)
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Earnings Per Share,
Basic
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$0.17
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$0.10
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$0.34
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$0.19
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Earnings Per Share,
Diluted
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0.17
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0.10
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0.34
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0.19
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Cash Dividends Declared (per
share)
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0.04
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- -
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Book Value At Period End
(per share)
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$8.20
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$7.75
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June 30,
2013
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December 31,
2012
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Safety and
Soundness
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Tier 1 Capital Ratio
(Leverage Ratio)*
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9.72%
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9.15%
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Non-Performing Assets As A
Percentage Of
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Total Assets Including OREO
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2.60%
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2.97%
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Allowance For Loan Losses As
A Percentage Of
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Period End Loans
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1.52%
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1.69%
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Ratio Of Net Charge-Offs
Annualized During The Period To
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Average Loans Outstanding During The Period
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0.21%
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0.82%
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*When computing
capital ratios, the net of unrealized holding gains (losses) on
securities available
for sale and the
unfunded liability for pension and other post-retirement benefits,
all computed net
of tax, are added
back to these shareholders' equity figures. Capital ratios are
preliminary.
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SOURCE Potomac Bancshares, Inc.