Potomac Bancshares, Inc. Releases 2015 Fourth Quarter And Full Year Results

Jan 29, 2016, 17:12 ET from Potomac Bancshares, Inc.

CHARLES TOWN, W.Va., Jan. 29, 2016 /PRNewswire/ -- For the quarter ended December 31, 2015, Potomac Bancshares, Inc. (OTC-QB: PTBS) earned $752 thousand or 22 cents per share compared to $608 thousand or 18 cents a share in the quarter ended December 31, 2014.  Overall, earnings for the year were $2.580 million or 76 cents per share compared to earnings in 2014 of 64 cents per share.  This is an improvement of about 19% in per share earnings over 2014.  As previously communicated, given the bank's strong income performance and good capital position, the dividend was increased from 5.25 cents to 6 cents per share at the January 12, 2016 board meeting and represents a 14% improvement over the prior quarter dividend paid on November 2, 2015.  This cash dividend is for all shareholders of record January 25, 2016 and will be paid on February 1, 2016.

In the fourth quarter, Potomac Bancshares, Inc. repurchased 7,403 shares bringing the total shares repurchased for the year to 45,177.  President and CEO, Robert F. Baronner, Jr. said, "We will continue to repurchase our stock from time to time."

There is an optimistic economic view for 2016 that includes the much talked about "Procter and Gamble" manufacturing plant that began construction last fall in Berkeley County.  In addition, we anticipate that vendors who will support P & G will also begin construction in the coming years. The culmination of these factors should bring well paid long term jobs, the return to a robust home real estate market, and a stronger tax base that will help the infrastructure as our area continues to expand.

It's our belief that things look bright in the market we operate and, in turn, we feel strong about the future performance of our company.  Based on the dividend we have been paying and the price our stock has been trading at, the taxable yield has been nearly 3%, which is above other comparable investments.  Also, on the attached page you'll see that our growth, profitability, and Safety and Soundness ratings are very good compared to our peers.  Given our turnaround from one of the worst recessions since 1929, PTBS continues to trade at a discount to book value.  Should you need information on PTBS feel free to contact our President and CEO, Robert F. Baronner, Jr., at 304-728-2431. As always, thank you for your support.  

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 our staff by calling 304-725-8431.

 

FINANCIAL HIGHLIGHTS

POTOMAC BANCSHARES, INC.



























Three Months Ended


Twelve Months Ended

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








December 31, 2015


December 31, 2014


December 31, 2015

December 31, 2014

Earnings Performance








     Interest Income


$3,313


$3,083


$12,812

$12,072

     Interest Expense


419


370


1,511

1,275

     Net Interest Income


2,894


2,713


11,301

10,797

     (Recovery of) Provision For Loan Losses


(37)


61


60

814

     Non-Interest Income


1,283


1,148


4,507

4,503

     Non-Interest Expense


3,050


2,870


11,821

11,268

          Income  Before Income Tax Expense


1,164


930


3,927

3,218

     Income Tax Expense


412


322


1,347

1,059

          Net Income 


$752


$608


$2,580

$2,159









     Annualized Return  On Average Equity


9.45%


7.75%


8.32%

7.06%

     Annualized Return  On Average Assets


0.86%


0.76%


0.78%

0.70%















December 31, 2015

December 31, 2014









Balance Sheet Highlights








     Total Assets






$351,757

$320,919

     Investment Securities






34,369

33,892

    Loans, Net of allowance of $2,548 in 2015 and $2,665 in 2014




277,563

253,360

     Deposits And Cash Management Accounts





308,674

279,196

     Shareholders' Equity






$31,833

$30,050











Three Months Ended


Twelve Months Ended











December 31, 2015


December 31, 2014


December 31, 2015

December 31, 2014









Shareholders' Value (per share)








     Earnings  Per Share, Basic


$0.22


$0.18


$0.76

$0.64

     Earnings  Per Share, Diluted


0.22


0.18


0.76

0.64

     Cash Dividends Declared (per share)


0.0525


0.0425


0.21

0.17

     Book Value At Period End (per share)






$9.52

$8.86

  End of period number of shares outstanding





3,345,001

3,390,178















December 31, 2015

December 31, 2014









Safety and Soundness








     Tier 1 Capital Ratio (Leverage Ratio)*






9.76%

10.07%

     Non-Performing Assets As A Percentage Of 







          Total Assets Including OREO






0.70%

2.00%

     Allowance For Loan Losses As A Percentage Of







          Period End Loans






0.91%

1.04%

     Ratio Of Net Charge-Offs Annualized During The Period To






          Average Loans Outstanding During The Period





0.07%

0.52%









* 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.



RELATED LINKS

http://www.mybct.com