CHARLES TOWN, W.Va.,
Feb. 3, 2014 /PRNewswire/ -- For
the quarter ended December 31, 2013,
Potomac Bancshares, Inc. (OTC-QB: PTBS) earned $554 thousand or $0.16
cents per share compared to $502
thousand or $0.15 cents a
share for the quarter ended December 31,
2012, an improvement of 7%. For the twelve months ended
December 31, 2013, the company earned
$2.328 million or $0.69 cents per share as compared to $1.639 million and $0.48
cents per share for the twelve months ended December 31, 2012, an improvement of 44%. "During
2013, the economy continued to improve and we once again
experienced record mortgage volume," stated President and CEO
Robert F. Baronner, Jr. "With the
recent opening of the bank's seventh office in Hagerstown, Maryland and our new Loan
Production office in Middleburg,
Virginia, we are optimistic about the prospects for growth
in 2014." Loans compared to last year, net of reserve, grew from
$211.4 million to $228.3 million, an increase of 8%. Credit quality
continued to improve as non-performing assets (non-accruing loans
and other real estate owned) as a percentage to total assets
declined from 2.97% to just 2.02% at 12/31/13.
Based on the fourth quarter's performance, the Board of
Directors of Potomac Bancshares at its January 2014 meeting declared a dividend of
4.25 cents per share for all
shareholders of record as of January 27,
2014. The cash dividend will be payable on February 3, 2014. Additionally, in the fourth
quarter, Norman Casagrande, owner
and member of Code Plus Components LLC in Spring Mills, West Virginia was elected to the
Board of Directors of both Bank of Charles Town and Potomac Bancshares, Inc. Code
Plus is a manufacturer of roof trusses and engineered beams for the
housing industry. Baronner said of Casagrande, "Norman brings a
wealth of knowledge about the residential construction industry to
our company as he and his partners were able to navigate through
one of the most difficult residential construction real estate
markets in recent history. His perspective will be an invaluable
asset to our board as the economy and residential housing business
continues to recover."
Bank of Charles Town, a
wholly-owned subsidiary of Potomac Bancshares, Inc., is a community
bank with 7 offices serving the Eastern Panhandle of West Virginia and the surrounding region. 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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Twelve Months
Ended
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(Unaudited -
dollars in thousands, except per share data)
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December 31,
2013
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December 31,
2012
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December 31,
2013
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December 31,
2012
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Earnings
Performance
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Interest Income
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$2,894
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$2,890
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$11,487
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$11,702
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Interest Expense
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301
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353
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1,240
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1,603
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Net Interest
Income
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2,593
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2,537
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10,247
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10,099
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(Recovery of) Provision For
Loan Losses
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(300)
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75
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(300)
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881
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Non-Interest
Income*
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1,190
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1,146
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4,567
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4,460
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Non-Interest
Expense*
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3,293
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2,808
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11,698
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11,274
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Income Before Income Tax Expense
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790
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800
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3,416
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2,404
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Income Tax
Expense
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236
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298
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1,088
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765
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Net Income
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$554
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$502
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$2,328
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$1,639
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Annualized Return On
Average Equity
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8.30%
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6.18%
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Annualized Return On
Average Assets
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0.79%
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0.56%
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December 31,
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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$296,694
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$296,811
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Investment
Securities
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32,554
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32,236
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Loans, Net
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228,264
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211,364
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Deposits And Cash Management
Accounts
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260,955
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266,402
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Shareholders'
Equity
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29,765
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26,923
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Three Months
Ended
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Twelve Months
Ended
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December 31,
2013
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December 31,
2012
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December 31,
2013
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December 31,
2012
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Shareholders'
Value (per share)
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Earnings Per Share,
Basic
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$0.16
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$0.15
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$0.69
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$0.48
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Earnings Per Share,
Diluted
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0.16
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0.15
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0.69
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0.48
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Cash Dividends Declared (per
share)
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0.12
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- -
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Book Value At Period End
(per share)
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$8.78
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$7.94
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December 31,
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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10.11%
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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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2.02%
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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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1.35%
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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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0.10%
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0.82%
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* Certain comparative
figures have been reclassified to compare with 2013
presentation.
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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.