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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.

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