Potomac Bancshares, Inc. Releases 2012 Full Year Earnings

CHARLES TOWN, W.Va., Jan. 29, 2013 /PRNewswire/ -- For the quarter ended December 31, 2012, Potomac Bancshares, Inc. earned $502 thousand or $0.15 cents per share compared to $471 thousand or $0.14 cents a share for the quarter ended September 30, 2012, an improvement of 7%. For the twelve months ended December 31, 2012, Potomac Bancshares, Inc. earned $1.64 million or $0.48 cents per share as compared to a loss of $1.01 million and ($0.30) cents per share for the twelve months ended December 31, 2011.

"During 2012, we continued to see signs that the economy was stabilizing as real estate prices in our area stopped declining and demand for both new and existing housing picked up," stated President and CEO Robert F. Baronner, Jr.  "For the first time in a number of years, we experienced loan growth with loans net of reserve of $211.4 million at 12/31/12 compared to $202.8 million at 12/31/11, an increase of 4.2%. We had a record year for residential mortgage production and began to see our commercial loan portfolio grow once again. In 2012, 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 4.74% at 12/31/11 to 2.97% at 12/31/12." 

Baronner reports, "As we enter 2013 and beyond, we are more committed than ever to the idea that the community banking model is best for the customer, best for the community and most importantly, best for our shareholders.  BCT's long-term strategy includes improving efficiency, and keeping up to date with the latest in products, services, technology and security. As the economy continues to improve, we have plans to expand into other markets in order to grow our footprint, diversify our loan portfolios, and improve earnings."

Bank of Charles Town, a wholly-owned subsidiary of Potomac Bancshares, Inc., is a community bank with five branches 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 friendly staff at 304-725-8431.       


FINANCIAL HIGHLIGHTS
POTOMAC BANCSHARES, INC.





















Three Months Ended


Twelve Months Ended










(Unaudited - dollars in thousands, except per share data)


Dec 31, 2012


Dec 31, 2011


Dec 31, 2012


Dec 31, 2011

Earnings Performance









     Interest Income


$2,890


$3,047


$11,702


$12,571

     Interest Expense


353


557


1,603


2,900

     Net Interest Income


2,537


2,490


10,099


9,671

     Provision For Loan Losses


75


617


881


3,343

     Non-interest Income


1,110


1,268


4,290


4,368

     Non-interest Expense


2,772


2,659


11,104


12,956

          Income  Before Income Tax Expense (Benefit)


800


482


2,404


(2,260)

     Income Tax Expense (Benefit)


298


120


765


(1,250)

          Net Income (Loss)


$502


$362


$1,639


($1,010)










     Annualized Return  On Average Equity






6.18%


N/M

     Annualized Return  On Average Assets






0.56%


N/M










     N/M = Not meaningful















Dec 31, 2012


Dec 31, 2011

Balance Sheet Highlights









     Total Assets






$296,811


$287,393

     Investment Securities






32,236


42,331

     Loans, Net






211,364


202,761

     Deposits And Cash Management Accounts






266,402


256,532

     Shareholders' Equity*






26,923


25,465












Dec 31, 2012


Dec 31, 2011


Dec 31, 2012


Dec 31, 2011

Shareholders' Value (per share)









     Earnings (Loss) Per Share, Basic


$0.15


$0.11


$0.48


($0.30)

     Earnings (Loss) Per Share, Diluted


0.15


0.11


0.48


(0.30)

     Cash Dividends Declared (per share)






-


0.02

     Book Value At Period End (per share)






$7.94


$7.51
















Dec 31, 2012


Dec 31, 2011

Safety and Soundness









     Tier 1 Capital Ratio (Leverage Ratio)*






9.15%


8.56%

     Non-Performing Assets As A Percentage Of Total Assets Including OREO






2.97%


4.74%

     Allowance For Loan Losses As A Percentage Of Period End Loans






1.69%


2.16%

    Ratio Of Net Charge-Offs Annualized During The Period To Average Loans Outstanding During The Period






0.82%


1.84%



















*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.



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