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Potomac Bancshares, Inc. Releases 2016 Fourth Quarter And Full Year Results

Mittwoch, 15.02.2017 22:55 von

PR Newswire

CHARLES TOWN, W. Va., Feb. 15, 2017 /PRNewswire/ -- Potomac Bancshares, Inc. (OTC-QB: PTBS), the one bank holding company for Bank of Charles Town (BCT), for the quarter ended December 31, 2016 earned $587 thousand or 18 cents per share compared to $752 thousand or 22 cents per share for the quarter ended December 31, 2015. Overall, earnings for the year were $2.218 million or 66 cents per share compared to earnings in 2015 of $2.580 million or 76 cents per share. Total loans increased $52.5 million from December 31, 2015 to December 31, 2016, an increase of 19%.  Deposits and cash management accounts increased $31.3 million or 10% over the same period.  

The net income for the quarter bounced back from the third quarter of 2016, which was impacted by the sale of an old parcel of foreclosed property and the additional valuation write-down of a non-performing loan.  The net income for the fourth quarter of 2016 is below the fourth quarter of 2015, as 2015 was positively impacted by the payment on a non-performing loan.  In addition, the loan loss provision in the fourth quarter of 2016 compared to the same period in 2015 was up $400 thousand.  The increase in loan volume has required an increase in the provision for loan losses.  We continue to expect to collect on the principal balance of loans that had been charged off several years ago.  As noted in our prior quarter earnings release, these collection efforts continue; however, the timing is less predictable.  Credit quality ratios compare favorably to the year ago period.

At the January Board meeting, based on the bank's performance and good capital position, a dividend of 6.5 cents per share was approved to all shareholders of record on January 24, 2017. This cash dividend was paid on February 1, 2017.

On January 22, 2017, we were saddened by the passing of our long time President and CEO, Robert F. Baronner, Jr., at age 58, after a long battle with cancer.  Mr. Baronner served as President, CEO, and a member of the Board of Directors of Potomac Bancshares, Inc. and BCT since January 2001.  He was devoted to the Bank, its customers, shareholders, and employees.  We will continue to honor his legacy by upholding our Core Values, our Monster Service Principles in the way we conduct business with our customers and giving back to the local communities we serve.

Should you need information on PTBS, feel free to contact Acting President, Arch A. Moore III at 304-728-2497.  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 convenient offices serving the Eastern Panhandle of West Virginia, Washington County, Maryland and Middleburg, Virginia.  For more information, visit our website at www.mybct.com or speak to our staff by calling 304-725-8431.

 

FINANCIAL HIGHLIGHTS


POTOMAC BANCSHARES, INC.































Three Months Ended


Twelve Months Ended

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









December 31, 2016


December 31, 2015


December 31, 2016


December 31, 2015

Earnings Performance









     Interest and Dividend Income


$3,748


$3,313


$14,334


$12,812

     Interest Expense


461


419


1,763


1,511

     Net Interest Income


3,287


2,894


12,571


11,301

     Provision For (Recovery Of) Loan Losses


363


(37)


928


60

     Non-Interest Income


1,135


1,283


4,388


4,507

     Non-Interest Expense


3,169


3,050


12,645


11,821

          Income  Before Income Tax Expense


890


1,164


3,386


3,927

     Income Tax Expense


303


412


1,168


1,347

          Net Income 


$587


$752


$2,218


$2,580










     Annualized Return  On Average Equity


7.02%


9.45%


6.77%


8.32%

     Annualized Return  On Average Assets


0.61%


0.86%


0.60%


0.78%
















December 31, 2016


December 31, 2015










Balance Sheet Highlights









     Total Assets






$383,464


$351,757

     Investment Securities






23,411


34,369

     Loans Held For Sale






0


294

    Loans, Net of allowance of $3,202 in 2016 and $2,548 in 2015




329,397


277,563

     Deposits And Cash Management Accounts





339,983


308,674

     Shareholders' Equity






$33,183


$31,833












Three Months Ended


Twelve Months Ended












December 31, 2016


December 31, 2015


December 31, 2016


December 31, 2015










Shareholders' Value (per share)









     Earnings  Per Share, Basic


$0.18


$0.22


$0.66


$0.76

     Earnings  Per Share, Diluted


0.18


0.22


0.66


0.76

     Cash Dividends Declared (per share)


0.0650


0.0525


0.25


0.21

     Book Value At Period End (per share)


$9.92


$9.52


$9.92


$9.52

    End of period number of shares outstanding

3,345,001


3,345,001


3,345,001


3,345,001
















December 31, 2016


December 31, 2015










Safety and Soundness









     Tier 1 Capital Ratio (Leverage Ratio)*






8.98%


9.48%

     Non-Performing Assets As A Percentage Of 







          Total Assets Including OREO






0.49%


0.70%

     Allowance For Loan Losses As A Percentage Of







          Period End Loans






0.96%


0.91%

     Ratio Of Net Charge-Offs Annualized During The Period To







          Average Loans Outstanding During The Period




0.09%


0.07%



















* The capital ratios presented are for Bank of Charles Town. 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.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/potomac-bancshares-inc-releases-2016-fourth-quarter-and-full-year-results-300408307.html

SOURCE Potomac Bancshares, Inc.