PR Newswire
CHARLES TOWN, W.Va., April 26, 2016
CHARLES TOWN, W.Va., April 26, 2016 /PRNewswire/ -- For the quarter ended March 31, 2016, Potomac Bancshares, Inc. (OTC-QB: PTBS) earned $488 thousand or 15 cents per share compared to $559 thousand or 16 cents a share in the quarter ended March 31, 2015. Net income was down compared to the first quarter of last year due to the costs of upgrading customers' EMV Chip Enabled Debit Cards, costs associated with good loan production during the first quarter, and loan loss provision to keep up with the increased loan volume. During 2016, we expect to continue to collect on the principal balance of loans that had been charged off several years ago. This will allow us to continue to build our loan loss reserve and in turn take smaller loan provisions during the remainder of the year "barring" anything unforeseen. Credit quality continues to improve as non-performing assets are less than 1% of outstanding loans.
Given the bank's performance and good capital position, the dividend of 6 cents per share for the second quarter was approved at the April board meeting to all shareholders of record on April 25, 2016. This cash dividend will be paid on May 2, 2016.
Stock was not repurchased during the first quarter of 2016. President and CEO, Robert F. Baronner Jr. said, "We will continue to repurchase our stock from time to time as it is still trading at a substantial discount to book value. In our opinion and in many others, banks that made it through the last recession and survived, offer good value for investors especially common stocks that offer competitive cash dividends."
In June, we will be moving from our existing location in Middleburg, Virginia to a new building, also in Middleburg, that will upgrade our presence in the town and enable us to improve profitability in the market.
Things continue to look bright in the markets we operate in. Based on the dividend we have been paying and the trading price of our stock, the taxable yield has been nearly 3%. Should you need information on PTBS, feel free to contact our President and CEO, Robert F. Baronner, Jr., at 304-728-2431. As always, thank you for your support.
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 | |
(Unaudited- dollars in thousands, except share and per share data) | | ||
| | March 31, 2016 | March 31, 2015 |
Earnings Performance | | | |
Interest Income | | $3,387 | $3,101 |
Interest Expense | | 424 | 371 |
Net Interest Income | | 2,963 | 2,730 |
Provision For Loan Losses | | 100 | 32 |
Non-Interest Income | | 1,032 | 1,049 |
Non-Interest Expense | | 3,151 | 2,886 |
Income Before Income Tax Expense | | 744 | 861 |
Income Tax Expense | | 256 | 302 |
Net Income | | $488 | $559 |
| | | |
Annualized Return On Average Equity | | 6.10% | 7.45% |
Annualized Return On Average Assets | | 0.56% | 0.70% |
| | | |
| | March 31, 2016 | March 31, 2015 |
| | | |
Balance Sheet Highlights | | | |
Total Assets | | $357,219 | $325,825 |
Investment Securities | | 29,992 | 37,832 |
Loans, Net of allowance of $2,577 in 2016 and $2,691 in 2015 | 293,157 | 259,373 | |
Deposits And Cash Management Accounts | 313,773 | 283,747 | |
Shareholders' Equity | | $32,212 | $30,522 |
| | | |
| | Three Months Ended | |
| | | |
| | March 31, 2016 | March 31, 2015 |
| | | |
Shareholders' Value (per share) | | | |
Earnings Per Share, Basic | | $0.15 | $0.16 |
Earnings Per Share, Diluted | | 0.15 | 0.16 |
Cash Dividends Declared (per share) | | 0.0600 | 0.0525 |
Book Value At Period End (per share) | | $9.63 | $9.00 |
End of period number of shares outstanding | 3,345,001 | 3,390,178 | |
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| | March 31, 2016 | March 31, 2015 |
| | | |
Safety and Soundness | | | |
Tier 1 Capital Ratio (Leverage Ratio)* | | 9.66% | 9.99% |
Non-Performing Assets As A Percentage Of | | | |
Total Assets Including OREO | | 0.61% | 1.98% |
Allowance For Loan Losses As A Percentage Of | | | |
Period End Loans | | 0.87% | 1.03% Werbung Mehr Nachrichten zur Potomac Bancshares Aktie kostenlos abonnieren
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