Potomac Bancshares, Inc. Releases 2015 1st Quarter Results & Declares Dividend
CHARLES TOWN, W.V., April 27, 2015 /PRNewswire/ -- For the quarter ended March 31, 2015, Potomac Bancshares, Inc. (OTC-QB: PTBS) earned $559 thousand or 16 cents per share compared to $347 thousand or 10 cents a share for the quarter ended March 31, 2014, an improvement of 61%. The improvement in earnings is largely the result of growth in net interest income, non-interest income, and a reduction in the loan loss provision compared to the same quarter last year. Deposits and loans respectively for the quarter ended 3/31/15 were $283.7 million and $259.4 million compared to deposits and loans as of 12/31/14 of $279.2 million and $253.4 million, also respectively. Based on the bank's performance during the first quarter of 2015, the Board of Directors of Potomac Bancshares, Inc. at its April 2015 meeting, declared a dividend of 5.25 cents per share to all shareholders of record on April 24, 2015. This dividend will be payable on May 1, 2015.
Growth in the bank over the last several years can be attributed to several factors. First, significant resources were dedicated to the professional development of employees. This started to generate tangible results in 2014 as each and every employee of BCT is much more adept and confident in their ability to generate new business for the bank. Secondly, the opening of BCT's Maryland and Virginia offices have created opportunities for new BCT loan and deposit customers. Third, business confidence continues to strengthen and it appears to be a willingness to invest in new capital and equipment, which is beneficial to the banking industry.
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 |
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| POTOMAC BANCSHARES, INC. |
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| Three Months Ended |
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| (Unaudited - dollars in thousands, except per share data) |
March 31, 2015 |
March 31, 2014 |
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| Earnings Performance |
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| Interest Income |
$3,101 |
$2,949 |
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| Interest Expense |
371 |
282 |
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| Net Interest Income |
2,730 |
2,667 |
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| Provision For Loan Losses |
32 |
391 |
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| Non-Interest Income |
1,049 |
1,029 |
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| Non-Interest Expense |
2,886 |
2,799 |
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| Income Before Income Tax Expense |
861 |
506 |
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| Income Tax Expense |
302 |
159 |
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| Net Income |
$559 |
$347 |
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| Annualized Return On Average Equity |
7.45% |
4.60% |
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| Annualized Return On Average Assets |
0.70% |
0.47% |
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| March 31, 2015 |
December 31, 2014 |
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| Balance Sheet Highlights |
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| Total Assets |
$325,825 |
$320,919 |
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| Investment Securities |
37,832 |
33,892 |
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| Loans, Net |
259,373 |
253,360 |
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| Deposits And Cash Management Accounts |
283,747 |
279,196 |
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| Shareholders' Equity |
$30,522 |
$30,050 |
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| Three Months Ended |
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| March 31, 2015 |
March 31, 2014 |
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| Shareholders' Value (per share) |
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| Earnings Per Share, Basic |
$0.16 |
$0.10 |
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| Earnings Per Share, Diluted |
0.16 |
0.10 |
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| Cash Dividends Declared (per share) |
0.0525 |
0.0425 |
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| Book Value At Period End (per share) |
$9.00 |
$8.84 |
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| March 31, 2015 |
December 31, 2014 |
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| Safety and Soundness |
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| Tier 1 Capital Ratio (Leverage Ratio)* |
9.99% |
10.07% |
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| Non-Performing Assets As A Percentage Of |
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| Total Assets Including OREO |
1.98% |
2.00% |
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| Allowance For Loan Losses As A Percentage Of |
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| Period End Loans |
1.03% |
1.04% |
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| Ratio Of Net Charge-Offs Annualized During The Period To |
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| Average Loans Outstanding During The Period |
0.01% |
0.52% |
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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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SOURCE Potomac Bancshares, Inc.
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