CHARLES TOWN, W.Va.,
Oct. 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 September 30, 2013. The Charles Town, West Virginia based company
earned $620 thousand or 18 cents per share for the quarter ended
September 30, 2013 compared to net
income of $471 thousand or
14 cents a share for the quarter
ended September 30, 2012. This
represents an improvement in earnings of 32% over the same period
last year. Year to date earnings through September 30, 2013 are 52
cents per share compared to 34
cents for the first nine months of 2012. Loans, net of
reserve for the quarter ended September 30,
2013, were $221.6 million
compared to $211.4 million at year
end December 31, 2012, an improvement
of 6.5% on an annualized basis.
Based on the bank's performance, the Board of Directors of
Potomac Bancshares at its October 8, 2013 meeting declared a
4 cent per share dividend for all
shareholders of record on October 22,
2013. This cash dividend will be payable on November 1, 2013.
Earlier in the year the Board also adopted a Dividend
Reinvestment & Direct Stock Purchase and Sale Plan for
shareholders through its transfer agent, American Stock Transfer
and Trust Co., LLC. A mailing was sent to shareholders in
September explaining how to enroll in both the Dividend
Reinvestment and Direct Stock Purchase Plan. Any questions
regarding the plans can be directed to CFO Dean Cognetti who can be reached at (304)
728-2434 or via e-mail at dcognetti@mybct.com.
Baronner also announced the bank received regulatory approval in
the third quarter to open a new full service branch in Hagerstown, Maryland. The office will be
managed by Market Executive Steve
Michael and will concentrate on small business lending in
conjunction with cash management services and mortgage
lending. This location at 1101 Frederick Street in
Hagerstown is currently being
renovated and is expected to open in November. The bank also opened
a new loan production office in Middleburg, Virginia earlier this year.
Baronner said, "The Middleburg
location thus far has exceeded our expectations for loan production
during its first six months of operation. We expect this office and
the new Hagerstown location will
make significant contributions to our growth in
2014."
Bank of Charles Town has full
service locations in Charles Town,
Harpers Ferry, Kearneysville, Martinsburg, and Hedgesville, West Virginia and a loan
production office located at 2 West Washington Street in
Middleburg, Virginia. 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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Nine Months
Ended
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(Unaudited -
dollars in thousands, except per share data)
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September 30,
2013
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September 30,
2012
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September 30,
2013
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September 30,
2012
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Earnings
Performance
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Interest Income
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$2,902
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$2,946
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$8,593
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$8,812
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Interest Expense
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308
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381
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939
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1,250
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Net Interest
Income
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2,594
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2,565
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7,654
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7,562
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Provision For Loan
Losses
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0
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27
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0
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806
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Non-Interest
Income
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1,159
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1,094
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3,275
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3,180
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Non-Interest
Expense
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2,861
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2,959
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8,303
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8,332
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Income Before Income Tax Expense
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892
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673
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2,626
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1,604
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Income Tax
Expense
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272
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202
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852
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467
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Net Income
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$620
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$471
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$1,774
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$1,137
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Annualized Return On
Average Equity
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8.53%
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5.77%
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Annualized Return On
Average Assets
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0.80%
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0.52%
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September 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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$294,395
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$296,811
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Investment
Securities
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32,852
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32,236
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Loans, Net
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221,621
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211,364
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Deposits And Cash Management
Accounts
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257,571
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266,402
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Shareholders'
Equity*
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28,256
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26,923
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Three Months
Ended
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Nine Months
Ended
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September 30,
2013
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September 30,
2012
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September 30,
2013
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September 30,
2012
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Shareholders'
Value (per share)
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Earnings Per Share,
Basic
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$0.18
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$0.14
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$0.52
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$0.34
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Earnings Per Share,
Diluted
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0.18
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0.14
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0.52
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0.34
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Cash Dividends Declared (per
share)
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0.08
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- -
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Book Value At Period End
(per share)
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$8.33
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$7.89
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September 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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9.98%
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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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2.47%
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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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0.14%
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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.