CHARLES TOWN, W.Va.,
April 19, 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
March 31, 2013. The Charles Town, West Virginia based company
earned $566 thousand or 17 cents per share compared to net income of
$320 thousand or 9 cents a share for the quarter ended
March 31, 2012. The improvement in
earnings is largely the result of declining credit costs to include
a reduction in the loan loss provision compared to a year ago.
Loans, net of reserve for the quarter ended March 31, 2013 were $217.4
million compared to $211.4
million at year end December 31,
2012, an improvement of 11% on an annualized basis. This is
the first significant loan growth in a number of years.
Baronner reports, "The economy continues to slowly improve in
our area with real estate prices stabilizing over the last six
months and unemployment trending downward. Although there is still
work to do, clearly the volume and severity of problem assets
continues to decline and as a result, earnings are becoming more
predictable from quarter to quarter."
Based on the improvement in the bank's performance and the
overall economic outlook in the bank's trade area, the Board of
Directors of Potomac Bancshares at its April
2013 meeting declared a 4 cent
per share dividend for all shareholders of record on April 15, 2013. This cash dividend will be
payable on May 1, 2013.
The bank also announced the opening of a new loan production
office in Middleburg, Virginia
under the trade name of BCT Mortgage and Commercial Loan Company.
Baronner said, "We decided to open this office in an effort to give
us additional growth opportunities and some market diversification
for our loan portfolio. We have existing personnel, specifically
Arch Moore III and Grant Wetmore,
who have ties to the market and our newest Director, Barbara Scott, is a long time resident of
Middleburg." The new office
is located at 2 West Washington Street in Middleburg also known as the 'Noble House'
across the street from the Red Fox Inn & Tavern. The
phone number is (540) 687-5304.
In addition to the Middleburg
loan production office, Bank of Charles
Town has locations in Charles
Town, Harpers Ferry,
Kearneysville, Martinsburg and Hedgesville West Virginia. 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
|
|
|
|
|
|
|
|
(Unaudited - dollars in thousands, except per
share data)
|
|
|
March
31, 2013
|
|
March
31, 2012
|
|
Earnings Performance
|
|
|
|
|
|
|
Interest Income
|
|
|
$2,818
|
|
$2,942
|
|
Interest Expense
|
|
|
326
|
|
459
|
|
Net Interest
Income
|
|
|
2,492
|
|
2,483
|
|
Provision For Loan
Losses
|
|
|
0
|
|
309
|
|
Non-Interest
Income
|
|
|
1,024
|
|
1,038
|
|
Non-Interest
Expense
|
|
|
2,663
|
|
2,763
|
|
Income Before Income Tax Expense
|
|
|
853
|
|
449
|
|
Income Tax
Expense
|
|
|
287
|
|
129
|
|
Net Income
|
|
|
$566
|
|
$320
|
|
|
|
|
|
|
|
Annualized Return On
Average Equity
|
|
|
8.38%
|
|
4.95%
|
|
Annualized Return On
Average Assets
|
|
|
0.78%
|
|
0.44%
|
|
|
|
|
|
|
|
|
|
March
31, 2013
|
|
December 31, 2012
|
|
|
|
|
|
|
|
Balance
Sheet Highlights
|
|
|
|
|
|
|
Total Assets
|
|
|
$296,983
|
|
$296,811
|
|
Investment
Securities
|
|
|
32,198
|
|
32,236
|
|
Loans, Net
|
|
|
217,371
|
|
211,364
|
|
Deposits And Cash Management
Accounts
|
|
|
266,960
|
|
266,402
|
|
Shareholders'
Equity*
|
|
|
27,505
|
|
26,923
|
|
|
|
|
|
|
|
|
|
March
31, 2013
|
|
March
31, 2012
|
|
|
|
|
|
|
|
Shareholders' Value (per
share)
|
|
|
|
|
|
|
Earnings Per Share,
Basic
|
|
|
$0.17
|
|
$0.09
|
|
Earnings Per Share,
Diluted
|
|
|
0.17
|
|
0.09
|
|
Cash Dividends Declared (per
share)
|
|
|
-
-
|
|
-
-
|
|
Book Value At Period End
(per share)
|
|
|
8.11
|
|
7.63
|
|
|
|
|
|
|
|
|
|
March
31, 2013
|
|
December 31, 2012
|
|
|
|
|
|
|
|
Safety
and Soundness
|
|
|
|
|
|
|
Tier 1 Capital Ratio
(Leverage Ratio)
|
|
|
9.47%
|
|
9.15%
|
|
Non-Performing Assets As A
Percentage Of
|
|
|
|
|
|
|
Total Assets Including OREO
|
|
|
2.97%
|
|
2.97%
|
|
Allowance For Loan Losses As
A Percentage Of
|
|
|
|
|
|
|
Period End Loans
|
|
|
1.58%
|
|
1.69%
|
|
Ratio Of Net Charge-Offs
Annualized During The Period To
|
|
|
|
|
|
|
Average Loans Outstanding During The Period
|
|
|
0.28%
|
|
0.82%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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.
