Potomac Bancshares, Inc. Releases: 2013 Second Quarter Results

CHARLES TOWN, W.Va., July 22, 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 June 30, 2013. The Charles Town, West Virginia based company earned $588 thousand or 17 cents per share for the quarter ended June 30, 2013 compared to net income of $346 thousand or 10 cents a share for the quarter ended June 30, 2012. This represents an improvement in earnings of 70% over the same period last year. Year to date earnings through June 30, 2013 are 34 cents per share compared to 19 cents for the first six months of 2012.  Loans, net of reserve for the quarter ended June 30, 2013, were $220.6 million compared to $211.4 million at year end December 31, 2012, an improvement of 8.7% on an annualized basis.  

Based on the continued 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 July 9, 2013 meeting declared a 4 cent per share dividend for all shareholders of record on July 22, 2013. This cash dividend will be payable on August 1, 2013.

As previously announced, the Board also adopted a Dividend Reinvestment and Direct Stock Purchase Plan for shareholders and an Employee Stock Purchase Plan through its transfer agent, American Stock Transfer and Trust Co., LLC.  Baronner said, "We're very pleased to offer our shareholders an easy and convenient way to build their investment in Potomac Bancshares."  He added, "We're also very excited that employees will now be able to invest on a biweekly basis in Potomac Bancshares stock and give them an ownership interest in their company and a stake in its future success."

When ready for distribution, the Dividend Reinvestment Plan will be mailed to all registered shareholders with enrollment information. Shareholders who are interested in participating will need to complete an enrollment form and return the same to American Stock Transfer. It is expected the plan will be in place early in the fourth quarter of 2013.

The bank also announced its intent to open a new full service branch in Hagerstown, Maryland early in the fourth quarter of 2013, subject to regulatory approval. Baronner said, "This office will give us additional growth opportunities and some further industry diversification for our commercial loan portfolio going forward.  Our Market Executive, Steve Michael, has been working the Washington County Maryland market for over a year and we believe we can fulfill a niche in small business financial services in the greater Hagerstown area."

Bank of Charles Town has full service locations in Charles Town, Harpers Ferry, Kearneysville, Martinsburg and Hedgesville, West Virginia. The bank also opened a new loan production office in Middleburg, Virginia earlier this year. 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, 2013

June 30, 2012

June 30, 2013

June 30, 2012

Earnings Performance







     Interest Income



$2,873

$2,924

$5,691

$5,866

     Interest Expense



305

410

631

869

     Net Interest Income



2,568

2,514

5,060

4,997

     Provision For Loan Losses



0

470

0

779

     Non-Interest Income



1,092

1,047

2,116

2,086

     Non-Interest Expense



2,779

2,609

5,442

5,373

          Income  Before Income Tax Expense



881

482

1,734

931

     Income Tax Expense



293

136

580

265

          Net Income 



$588

$346

$1,154

$666








     Annualized Return  On Average Equity





8.43%

5.13%

     Annualized Return  On Average Assets





0.79%

0.46%













June 30, 2013

December 31, 2012








Balance Sheet Highlights







     Total Assets





$299,201

$296,811

     Investment Securities





29,666

32,236

     Loans, Net





220,599

211,364

     Deposits And Cash Management Accounts




263,751

266,402

     Shareholders' Equity*





27,805

26,923











Three Months Ended

Six Months Ended









June 30, 2013

June 30, 2012

June 30, 2013

June 30, 2012








Shareholders' Value (per share)







     Earnings  Per Share, Basic



$0.17

$0.10

$0.34

$0.19

     Earnings  Per Share, Diluted



0.17

0.10

0.34

0.19

     Cash Dividends Declared (per share)





0.04

- -

     Book Value At Period End (per share)





$8.20

$7.75













June 30, 2013

December 31, 2012








Safety and Soundness







     Tier 1 Capital Ratio (Leverage Ratio)*





9.72%

9.15%

     Non-Performing Assets As A Percentage Of 






          Total Assets Including OREO





2.60%

2.97%

     Allowance For Loan Losses As A Percentage Of






          Period End Loans





1.52%

1.69%

     Ratio Of Net Charge-Offs Annualized During The Period To





          Average Loans Outstanding During The Period




0.21%

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.



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