CHARLES TOWN, W.Va.,
Jan. 29, 2015 /PRNewswire/ -- For the
quarter ended December 31, 2014,
Potomac Bancshares Inc. (OTC-QB: PTBS) earned $608 thousand or 18
cents per share compared to $554
thousand or 16 cents a share
for the quarter ended December 31,
2013, an improvement of 10%. For the 12 months ended
December 31, 2014, the company earned
$2.16 million or 64 cents per share compared to earnings of
$2.33 million or 69 cents per share for the year ended
December 31, 2013, a decrease of
7.3%. There are several reasons for the decline in earnings. First,
there was an increase in the loan loss provision of $1.1 million in 2014 compared to 2013. The
majority of this provision was set aside for a loan that was put on
non-accrual status during the third quarter of 2014. The remainder
of the provision was allocated to the reserve based on the growth
in loans experienced in 2014 compared to 2013 of $25.1 million or 11%. The second reason for the
decline, which was anticipated, was due to the incremental expenses
incurred with the expansion into the Hagerstown, Maryland market. As outlined in
previous communications, we have exceeded projections at both the
Hagerstown and Middleburg, Virginia locations in 2014 and
expect the two offices to positively contribute to the bottom line
in 2015. To fund the aforementioned loan growth in 2014, we were
able to grow deposits $18.2 million
or 7% during 2014.
Based on the bank's performance during the fourth quarter of
2014, the Board of Directors of Potomac Bancshares Inc. at its
January 2015 meeting declared a
dividend of 5.25 cents per share to
all shareholders of record on January 26,
2015. This dividend will be payable on February 2, 2015 and represents a 24% increase in
the 4.25 cents per share dividend
paid on November 3, 2014.
Also in the fourth quarter of 2014, Anthony P. Zelenka was elected to the Board of
Directors of both Bank of Charles
Town and Potomac Bancshares Inc. Zelenka is President and
Chief Operating Officer of University Healthcare's Berkeley Medical
Center and is also President of the Berkeley County Development
Authority. President and CEO of Potomac Bancshares Inc. and Bank of
Charles Town Robert F. Baronner said
of Zelenka, "Tony has a proven track record of improving and
expanding Berkeley Medical Center. His insight into an evolving
healthcare industry will be invaluable to the bank and we feel he
will be a very valuable addition to the Board."
Bank of Charles Town, a wholly
owned subsidiary of Potomac Bancshares Inc., is a locally owned
community bank with seven offices serving the Eastern Panhandle of
West Virginia, Washington County, Maryland and Middleburg, Virginia. For more information,
visit us online at www.mybct.com or speak to one of our staff by
calling (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,
2014
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December 31,
2013
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December 31,
2014
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December 31,
2013
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Earnings
Performance
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Interest Income
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$3,083
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$2,894
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$12,072
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$11,487
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Interest Expense
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370
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301
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1,275
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1,240
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Net Interest
Income
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2,713
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2,593
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10,797
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10,247
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Provision For (Recovery of)
Loan Losses
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61
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(300)
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814
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(300)
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Non-Interest
Income
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1,148
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1,190
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4,503
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4,567
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Non-Interest
Expense
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2,870
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3,293
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11,268
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11,698
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Income Before Income Tax Expense
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930
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790
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3,218
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3,416
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Income Tax
Expense
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322
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236
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1,059
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1,088
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Net Income
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$608
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$554
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$2,159
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$2,328
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Annualized Return On
Average Equity
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7.06%
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8.30%
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Annualized Return On
Average Assets
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0.70%
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0.79%
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December 31,
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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$320,919
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$296,694
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Investment
Securities
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33,892
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32,554
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Loans, Net
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253,360
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228,264
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Deposits And Cash Management
Accounts
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279,196
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260,955
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Shareholders'
Equity
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$30,050
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$29,765
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Three Months
Ended
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Twelve Months
Ended
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December 31,
2014
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December 31,
2013
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December 31,
2014
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December 31,
2013
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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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$0.16
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$0.64
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$0.69
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Earnings Per Share,
Diluted
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0.18
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0.16
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0.64
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0.69
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Cash Dividends Declared (per
share)
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0.17
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0.12
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Book Value At Period End
(per share)
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$8.86
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$8.78
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December 31,
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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10.07%
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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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2.00%
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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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1.04%
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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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0.52%
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0.10%
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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-fourth-quarter-and-full-year-2014-results-300027878.html
SOURCE Potomac Bancshares, Inc.