Potomac Bancshares Inc. Reports Unaudited Earnings Results for Fourth Quarter and Full Year Ended December 31, 2014
January 29, 2015 at 09:32 pm IST
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Potomac Bancshares Inc. reported unaudited earnings results for fourth quarter and full year ended December 31, 2014. For the quarter ended December 31, 2014, the company earned $608,000 or 18 cents per basic and diluted share compared to $554,000 or 16 cents per basic and diluted share for the quarter ended December 31, 2013, an improvement of 10%. Interest income was $3,083,000 compared to $2,894,000 for the same period a year ago. Net interest income was $2,713,000 compared to $2,593,000 for the same period a year ago. Income before income tax expense was $930,000 compared to $790,000 for the same period a year ago.
For the year ended December 31, 2014, the company earned $2.16 million or 64 cents per basic and diluted share compared to earnings of $2.33 million or 69 cents per basic and diluted share for the year ended December 31, 2013, a decrease of 7.3%. The reasons for the decline in earnings are, there was an increase in the loan loss provision of $1.1 million in 2014 compared to 2013 and the decline, which was anticipated, was due to the incremental expenses incurred with the expansion into the Hagerstown, Maryland market. Interest income was $12,072,000 compared to $11,487,000 for the same period a year ago. Net interest income was $10,797,000 compared to $10,247,000 for the same period a year ago. Income before income tax expense was $3,218,000 compared to $3,416,000 for the same period a year ago. Annualized return on average equity was 7.06% compared to 8.30% for the same period a year ago. Annualized return on average assets was 0.70% compared to 0.79% for the same period a year ago. Book value as at December 31, 2014 was $8.86 compared to $8.78 at the same period a year ago.
Potomac Bancshares, Inc. is the one bank holding company of Bank of Charles Town (BCT), also known as The Community's Bank. BCT is a locally owned community bank with nine full-service offices and one loan production office serving the Eastern Panhandle of West Virginia, Washington County, Maryland and Loudoun County, Virginia. Its personal banking services include personal checking; savings, Certificates of Deposit (CD) and Individual Retirement Accounts (IRA); Centsables financial education; online and mobile banking; Convenience services; home equity lending; personal loans; consumer credit cards; account opening service, and others. The Companyâs business banking services include specialties, commercial loans, small business administration (SBA) lending, business checking solutions, management, Autobooks, online and mobile banking, business credit cards and others. It offers fixed and adjustable-rate mortgages, construction loans, and VA, FHA, and USDA options.