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.
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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)
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March 31,
2015
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March 31,
2014
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Earnings
Performance
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Interest Income
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$3,101
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$2,949
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Interest Expense
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371
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282
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Net Interest
Income
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2,730
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2,667
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Provision For Loan
Losses
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32
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391
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Non-Interest
Income
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1,049
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1,029
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Non-Interest
Expense
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2,886
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2,799
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Income Before Income Tax Expense
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861
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506
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Income Tax
Expense
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302
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159
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Net Income
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$559
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$347
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Annualized Return On
Average Equity
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7.45%
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4.60%
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Annualized Return On
Average Assets
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0.70%
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0.47%
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March 31,
2015
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December 31,
2014
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Balance Sheet
Highlights
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Total Assets
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$325,825
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$320,919
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Investment
Securities
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37,832
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33,892
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Loans, Net
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259,373
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253,360
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Deposits And Cash Management
Accounts
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283,747
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279,196
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Shareholders'
Equity
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$30,522
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$30,050
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Three Months
Ended
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March 31,
2015
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March 31,
2014
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Shareholders'
Value (per share)
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Earnings Per Share,
Basic
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$0.16
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$0.10
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Earnings Per Share,
Diluted
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0.16
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0.10
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Cash Dividends Declared (per
share)
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0.0525
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0.0425
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Book Value At Period End
(per share)
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$9.00
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$8.84
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March 31,
2015
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December 31,
2014
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Safety and
Soundness
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Tier 1 Capital Ratio
(Leverage Ratio)*
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9.99%
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10.07%
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Non-Performing Assets As A
Percentage Of
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Total Assets Including OREO
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1.98%
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2.00%
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Allowance For Loan Losses As
A Percentage Of
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Period End Loans
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1.03%
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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
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0.01%
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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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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/potomac-bancshares-inc-releases-2015-1st-quarter-results--declares-dividend-300072779.html
SOURCE Potomac Bancshares, Inc.