CHARLES TOWN, W.Va.,
Oct. 24, 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
September 30, 2014. The Charles Town, West Virginia based company
earned $556 thousand or 16 cents per share compared to net income of
$620 thousand or 18 cents a share for the quarter ended
September 30, 2013. Cumulative
earnings through the first nine months of this year are lower
compared to last year primarily due to an increase in the loan loss
provision. A portion of the increase in the provision is due to
loan growth and a portion is allocated to a specific loan that was
put on non-accrual status during the third quarter. The net loan
portfolio has grown $17.6 million or
7.7% since year end and deposits, including cash management
accounts, grew $8 million or 3.1%
since year end as well.
Baronner reports, "We are optimistic about our new locations in
Hagerstown, Maryland and
Middleburg, Virginia." He
added, "Although we are carrying the added expense of both offices,
we expect the incremental loan and deposit growth from these
locations will pay dividends sooner than later for the bank.
Deposit growth is lagging behind loan demand and we are employing
strategies to change that dynamic to include new business products,
offering more competitive time deposit pricing and the ability to
open accounts and take non-cash deposits at our Middleburg office."
Based on the bank's performance, the Board of Directors of
Potomac Bancshares at its October
2014 meeting declared a 4.25
cent per share dividend for all shareholders of record on
October 27, 2014. This cash dividend
will be payable on November 3,
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 one of 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,
2014
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September 30,
2013
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September 30,
2014
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September 30,
2013
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Earnings
Performance
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Interest Income
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$3,024
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$2,902
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$8,989
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$8,593
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Interest Expense
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330
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308
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905
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939
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Net Interest
Income
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2,694
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2,594
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8,084
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7,654
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Provision For Loan
Losses
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223
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0
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753
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0
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Non-Interest
Income*
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1,154
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1,192
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3,355
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3,377
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Non-Interest
Expense*
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2,796
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2,894
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8,398
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8,405
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Income Before Income Tax Expense
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829
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892
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2,288
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2,626
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Income Tax
Expense
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273
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272
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737
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852
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Net Income
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$556
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$620
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$1,551
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$1,774
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Annualized Return On
Average Equity
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6.82%
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8.53%
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Annualized Return On
Average Assets
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0.69%
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0.80%
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September 30,
2014
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December 31,
2013
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Balance Sheet
Highlights
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Total Assets
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$310,188
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$296,694
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Investment
Securities
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32,175
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32,554
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Loans, Net
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245,870
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228,264
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Deposits And Cash Management
Accounts
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268,938
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260,955
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Shareholders'
Equity
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$30,769
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$29,765
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Three Months
Ended
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Nine Months
Ended
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September 30,
2014
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September 30,
2013
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September 30,
2014
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September 30,
2013
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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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$0.18
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$0.46
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$0.52
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Earnings Per Share,
Diluted
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0.16
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0.18
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0.46
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0.52
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Cash Dividends Declared (per
share)
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0.1275
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0.0800
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Book Value At Period End
(per share)
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$9.08
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$8.33
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September 30,
2014
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December 31,
2013
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Safety and
Soundness
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Tier 1 Capital Ratio
(Leverage Ratio)**
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10.14%
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10.11%
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Non-Performing Assets As A
Percentage Of
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Total Assets Including OREO
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2.97%
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2.02%
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Allowance For Loan Losses As
A Percentage Of
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Period End Loans
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1.45%
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1.35%
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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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0.15%
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0.10%
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* Certain comparative
figures have been reclassified to compare with 2014
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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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/potomac-bancshares-inc-releases-2014-third-quarter-results-and-declares-dividend-939446885.html
SOURCE Potomac Bancshares, Inc.