News Feed Item

Potomac Bancshares, Inc. Releases 2013 Full Year Earnings

CHARLES TOWN, W.Va., Feb. 3, 2014 /PRNewswire/ -- For the quarter ended December 31, 2013, Potomac Bancshares, Inc. (OTC-QB: PTBS) earned $554 thousand or $0.16 cents per share compared to $502 thousand or $0.15 cents a share for the quarter ended December 31, 2012, an improvement of 7%. For the twelve months ended December 31, 2013, the company earned $2.328 million or $0.69 cents per share as compared to $1.639 million and $0.48 cents per share for the twelve months ended December 31, 2012, an improvement of 44%. "During 2013, the economy continued to improve and we once again experienced record mortgage volume," stated President and CEO Robert F. Baronner, Jr. "With the recent opening of the bank's seventh office in Hagerstown, Maryland and our new Loan Production office in Middleburg, Virginia, we are optimistic about the prospects for growth in 2014." Loans compared to last year, net of reserve, grew from $211.4 million to $228.3 million, an increase of 8%. Credit quality continued to improve as non-performing assets (non-accruing loans and other real estate owned) as a percentage to total assets declined from 2.97% to just 2.02%  at 12/31/13.

Based on the fourth quarter's performance, the Board of Directors of Potomac Bancshares at its January 2014 meeting declared a dividend of 4.25 cents per share for all shareholders of record as of January 27, 2014. The cash dividend will be payable on February 3, 2014. Additionally, in the fourth quarter, Norman Casagrande, owner and member of Code Plus Components LLC in Spring Mills, West Virginia was elected to the Board of Directors of both Bank of Charles Town and Potomac Bancshares, Inc. Code Plus is a manufacturer of roof trusses and engineered beams for the housing industry. Baronner said of Casagrande, "Norman brings a wealth of knowledge about the residential construction industry to our company as he and his partners were able to navigate through one of the most difficult residential construction real estate markets in recent history. His perspective will be an invaluable asset to our board as the economy and residential housing business continues to recover."

Bank of Charles Town, a wholly-owned subsidiary of Potomac Bancshares, Inc., is a community bank with 7 offices serving the Eastern Panhandle of West Virginia and the surrounding region. For more information visit us online at www.mybct.com, or speak to our staff at 304-725-8431.




Three Months Ended

Twelve Months Ended

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

December 31, 2013

December 31, 2012

December 31, 2013

December 31, 2012

Earnings Performance

     Interest Income





     Interest Expense





     Net Interest Income





     (Recovery of) Provision For Loan Losses





     Non-Interest Income*





     Non-Interest Expense*





          Income  Before Income Tax Expense





     Income Tax Expense





          Net Income 





     Annualized Return  On Average Equity



     Annualized Return  On Average Assets



December 31, 2013

December 31, 2012

Balance Sheet Highlights

     Total Assets



     Investment Securities



     Loans, Net



     Deposits And Cash Management Accounts



     Shareholders' Equity



Three Months Ended

Twelve Months Ended

December 31, 2013

December 31, 2012

December 31, 2013

December 31, 2012

Shareholders' Value (per share)

     Earnings  Per Share, Basic





     Earnings  Per Share, Diluted





     Cash Dividends Declared (per share)


- -

     Book Value At Period End (per share)



December 31, 2013

December 31, 2012

Safety and Soundness

     Tier 1 Capital Ratio (Leverage Ratio)**



     Non-Performing Assets As A Percentage Of 

          Total Assets Including OREO



     Allowance For Loan Losses As A Percentage Of

          Period End Loans



     Ratio Of Net Charge-Offs Annualized During The Period To

          Average Loans Outstanding During The Period



* Certain comparative figures have been reclassified to compare with 2013 presentation.

** 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.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm ...
Although it has gained significant traction in the consumer space, IoT is still in the early stages of adoption in enterprises environments. However, many companies are working on initiatives like Industry 4.0 that includes IoT as one of the key disruptive technologies expected to reshape businesses of tomorrow. The key challenges will be availability, robustness and reliability of networks that connect devices in a business environment. Software Defined Wide Area Network (SD-WAN) is expected to...
OnProcess Technology has announced it will be a featured speaker at @ThingsExpo, taking place November 1 - 3, 2016, in Santa Clara, California. Dan Gettens, OnProcess’ Chief Analytics Officer, will discuss how Internet of Things (IoT) data can be leveraged to predict product failures, improve uptime and slash costly inventory stock. @ThingsExpo is an annual gathering of IoT and cloud developers, practitioners and thought-leaders who exchange ideas and insights on topics ranging from Big Data in...
SYS-CON Events announced today that CDS Global Cloud, an Infrastructure as a Service provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CDS Global Cloud is an IaaS (Infrastructure as a Service) provider specializing in solutions for e-commerce, internet gaming, online education and other internet applications. With a growing number of data centers and network points around the world, ...
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of (at least) three separate application components: the software embedded in the device, the back-end service, and the mobile application for the end user’s controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target –...
Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service. 

Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Big Data has been changing the world. IoT fuels the further transformation recently. How are Big Data and IoT related? In his session at @BigDataExpo, Tony Shan, a renowned visionary and thought leader, will explore the interplay of Big Data and IoT. He will anatomize Big Data and IoT separately in terms of what, which, why, where, when, who, how and how much. He will then analyze the relationship between IoT and Big Data, specifically the drilldown of how the 4Vs of Big Data (Volume, Variety,...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will present at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they manag...
SYS-CON Events announced today that eCube Systems, the leading provider of modern development tools and best practices for Continuous Integration on OpenVMS, will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. eCube Systems offers a family of middleware products and development tools that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect...
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...