CHARLES TOWN, W.Va.,
July 18, 2014 /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, 2014. The Charles Town, West Virginia based company
earned $648 thousand or 19 cents per share compared to net income of
$588 thousand or 17 cents a share for the quarter ended
June 30, 2013. The improvement
in income as compared to the same quarter last year is due to
growth in both the commercial and mortgage loan portfolios and
better overall net interest margins. Income through the first six
months of 2014 is $995 thousand or
29 cents per share compared to
$1.154 million or 34 cents per share for the first six months of
2013. Baronner said, "Credit conditions continue to improve and
real estate values are beginning to show some appreciation in the
Eastern Panhandle which is our primary market. Mortgage
volume has shifted from primarily refinances to new construction
and purchases, which is a good sign that the real estate economy is
improving." Baronner added, "Most of our commercial loan
growth over the last year continues to come from our two new
offices in Middleburg, Virginia
and Hagerstown, Maryland."
Regarding the loan production office in Middleburg, the bank plans to expand its
product offerings at that location to include non-cash deposit
services. This will conveniently allow customers in the
Middleburg market to open deposit
accounts and make non-cash deposits including loan payments.
In addition, the bank also recently completed the formation of an
Advisory Board for its Hagerstown
office. Baronner said, "We have been extremely fortunate to have
local business person Todd Baer
chair the Advisory Board. Todd has been instrumental in recruiting
very capable business and community leaders to represent BCT in
this new market and we have no doubt that we will be very
successful."
Based on the bank's performance, the Board of Directors of
Potomac Bancshares at its July 2014
meeting declared a 4.25 cent per
share dividend for all shareholders of record on July 22, 2014. This cash dividend will be payable
on August 1, 2014.
Bank of Charles Town has
locations in Charles Town,
Harpers Ferry, Kearneysville, Martinsburg, and Hedgesville, West Virginia; Middleburg, Virginia; and Hagerstown, Maryland. For more
information visit us online at www.mybct.com or speak to our staff
at 304-725-8431.
|
FINANCIAL
HIGHLIGHTS
|
|
POTOMAC
BANCSHARES, INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited -
dollars in thousands, except per share data)
|
June 30,
2014
|
|
June 30,
2013
|
|
June 30,
2014
|
|
June 30,
2013
|
|
Earnings
Performance
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
|
|
$3,016
|
|
$2,873
|
|
$5,965
|
|
$5,691
|
|
Interest Expense
|
|
|
293
|
|
305
|
|
575
|
|
631
|
|
Net Interest
Income
|
|
|
2,723
|
|
2,568
|
|
5,390
|
|
5,060
|
|
Provision For Loan
Losses
|
|
|
139
|
|
0
|
|
530
|
|
0
|
|
Non-Interest
Income*
|
|
|
1,172
|
|
1,127
|
|
2,201
|
|
2,185
|
|
Non-Interest
Expense*
|
|
|
2,803
|
|
2,814
|
|
5,602
|
|
5,511
|
|
Income Before Income Tax Expense
|
|
|
953
|
|
881
|
|
1,459
|
|
1,734
|
|
Income Tax
Expense
|
|
|
305
|
|
293
|
|
464
|
|
580
|
|
Net Income
|
|
|
$648
|
|
$588
|
|
$995
|
|
$1,154
|
|
|
|
|
|
|
|
|
|
|
|
Annualized Return On
Average Equity
|
|
|
|
|
|
|
6.63%
|
|
8.43%
|
|
Annualized Return On
Average Assets
|
|
|
|
|
|
|
0.67%
|
|
0.79%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Highlights
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
|
|
|
|
$305,511
|
|
$296,694
|
|
Investment
Securities
|
|
|
|
|
|
|
30,059
|
|
32,554
|
|
Loans, Net
|
|
|
|
|
|
|
238,312
|
|
228,264
|
|
Deposits And Cash Management
Accounts
|
|
|
|
|
|
262,436
|
|
260,955
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
$30,393
|
|
$29,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
June 30,
2013
|
|
June 30,
2014
|
|
June 30,
2013
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Value (per share)
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share,
Basic
|
|
|
$0.19
|
|
$0.17
|
|
$0.29
|
|
$0.34
|
|
Earnings Per Share,
Diluted
|
|
|
0.19
|
|
0.17
|
|
0.29
|
|
0.34
|
|
Cash Dividends Declared (per
share)
|
|
|
|
|
|
|
0.085
|
|
0.040
|
|
Book Value At Period End
(per share)
|
|
|
|
|
|
|
$8.97
|
|
$8.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
Safety and
Soundness
|
|
|
|
|
|
|
|
|
Tier 1 Capital Ratio
(Leverage Ratio)**
|
|
|
|
|
10.26%
|
|
10.11%
|
|
Non-Performing Assets As A
Percentage Of
|
|
|
|
|
|
|
|
|
Total Assets Including OREO
|
|
|
|
|
1.83%
|
|
2.02%
|
|
Allowance For Loan Losses As
A Percentage Of
|
|
|
|
|
|
|
|
|
Period End Loans
|
|
|
|
|
1.39%
|
|
1.35%
|
|
Ratio Of Net Charge-Offs
Annualized During The Period To
|
|
|
|
|
|
|
|
|
Average Loans Outstanding During The Period
|
|
|
|
|
0.25%
|
|
0.10%
|
|
|
|
|
|
|
|
|
|
|
|
* Certain comparative
figures have been reclassified to compare with 2014
presentation.
|
|
|
|
|
|
** 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.
|
|
|
|
|
SOURCE Potomac Bancshares, Inc.