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Potomac Bancshares, Inc. Releases 2015 Third Quarter Results, Declares Dividend, Executes On Repurchase Of Stock, And Announces Subsequent Events


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Potomac Bancshares, Inc.

Oct 26, 2015, 05:00 ET

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CHARLES TOWN, W.Va., Oct. 26, 2015 /PRNewswire/ -- For the quarter ended September 30, 2015, Potomac Bancshares, Inc. (OTC-QB: PTBS), the one bank holding company for Bank of Charles Town, earned $685,000 or 20 cents per share compared to $556,000 or 16 cents a share for the quarter ended September 30, 2014.  Overall earnings through September 30, 2015 were $1.828 million compared to earnings for the same period last year of $1.551 million, an improvement of $277,000 or 18%.  Loans and deposits, respectively, for the quarter ended September 30, 2015 were $272.8 million and $292.1 million compared to loans and deposits as of September 30, 2014 of $245.9 million and $268.9 million, also respectively.

There are a number of reasons for the improvement in earnings compared to last year which includes a reduction in the loan loss provision due to improving credit conditions within the bank and increased loan production based on our expansion into the Hagerstown, Maryland and Middleburg, Virginia markets. President and CEO Robert F. Baronner stated, "Part of the bank's expansion strategy is to selectively pick markets where there is bank merger activity that tends to confuse customers and gives them the opportunity to look for another bank like BCT. In addition, with demographic trends in the banking business and customers using more electronic avenues to conduct business, the days of large capital investments in physical locations are quickly passing. Our objective is to expand economically, hire good quality people in new markets and begin to make a profit on the expansion within two years of opening a new location."      

Based on the performance above, the Board of Directors at its October meeting declared a 5.25 cents dividend per share, payable on November 2, 2015 to all shareholders of record on October 26, 2015. Based on the most recent trade of PTBS stock, the dividend yield is currently a competitive 2.75% on an annual basis.    

In the third quarter, Potomac Bancshares, Inc. repurchased 37,774 shares of Potomac Bancshares, Inc. stock. This decision was based upon a decline in the market price of the stock during the first six months of the year. Baronner said, "With the stock currently trading at approximately 82% of book value, management feels the repurchase of stock is a good utilization of internal capital and very affordable. For existing shareholders who retain their stock, each internal repurchase will increase their percentage of ownership in the company. We will continue to repurchase stock from time to time as it becomes available."      

If you wish to view purchases of the company's stock by directors, executive officers and employees, as a group, visit our website at www.mybct.com and click on the "Investor Relations" page, under the "About Us" tab.

As previously communicated, to further demonstrate the Board of Directors' and insiders' commitment to stock ownership, a policy was established that all current members of the Board must own 5,000 shares of Potomac Bancshares, Inc. stock by the April 2018 shareholders meeting. Newly elected directors must own 5,000 shares of stock within three years of selection to the Board.  Current or newly elected directors not owning 5,000 shares within the respective time lines will be automatically removed as a director.

Subsequent Event(s) Subsequent to the end of the third quarter, the bank received payment on a non-performing loan totaling nearly $2.95 million. This event along with a reduction in non-performing assets in the third quarter are projected to have a positive effect on our net income and credit quality ratios in the fourth quarter of 2015.  

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


Nine Months Ended










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

September 30, 2015


September 30, 2014


September 30, 2015

September 30, 2014

Earnings Performance









     Interest Income



$3,230


$3,024


$9,499

$8,989

     Interest Expense



364


330


1,092

905

     Net Interest Income



2,866


2,694


8,407

8,084

     Provision For Loan Losses



0


223


97

753

     Non-Interest Income



1,069


1,154


3,224

3,355

     Non-Interest Expense



2,922


2,796


8,771

8,398

          Income  Before Income Tax Expense



1,013


829


2,763

2,288

     Income Tax Expense



328


273


935

737

          Net Income 



$685


$556


$1,828

$1,551










     Annualized Return  On Average Equity



8.71%


7.17%


7.93%

6.82%

     Annualized Return  On Average Assets



0.83%


0.71%


0.75%

0.69%

















September 30, 2015

September 30, 2014










Balance Sheet Highlights









     Total Assets







$334,728

$310,188

     Investment Securities







29,397

32,175

     Loans, Net of allowance of $2,691 in 2015 and $3,610 in 2014





272,831

245,870

     Deposits And Cash Management Accounts






292,127

268,938

     Shareholders' Equity







$31,105

$30,769













Three Months Ended


Nine Months Ended













September 30, 2015


September 30, 2014


September 30, 2015

September 30, 2014










Shareholders' Value (per share)









     Earnings  Per Share, Basic



$0.20


$0.16


$0.54

$0.46

     Earnings  Per Share, Diluted



0.20


0.16


0.54

0.46

     Cash Dividends Declared (per share)



0.0525


0.0425


0.1575

0.1275

     Book Value At Period End (per share)



$9.28


$9.08


$9.28

$9.08

     End of period number of shares outstanding


3,352,404


3,390,178


3,352,404

3,390,178

















September 30, 2015

September 30, 2014










Safety and Soundness









     Tier 1 Capital Ratio (Leverage Ratio)*







10.06%

10.14%

     Non-Performing Assets As A Percentage Of 








          Total Assets Including OREO







1.67%

2.97%

     Allowance For Loan Losses As A Percentage Of








          Period End Loans







0.98%

1.45%

     Ratio Of Net Charge-Offs Annualized During The Period To







          Average Loans Outstanding During The Period






0.04%

0.15%










* 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

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