Potomac Bancshares Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
January 29, 2016
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Potomac Bancshares Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the period, the company earned $752,000 or 22 cents per share compared to $608,000 or 18 cents a share in the quarter ended December 31, 2014. Net Interest Income was $2,894,000 compared to $2,713,000 a year ago. Income before income tax expense was $1,164,000 compared to $930,000 a year ago. Annualized Return on average equity was 9.45% compared to 7.75% a year ago. Annualized return on average assets was 0.86% compared to 0.76% a year ago. Book Value per share was $9.52 compared to $8.86 a year ago.
For the year, the company's earnings were $2.580 million or 76 cents per share compared to earnings in 2014 of 64 cents per share. This is an improvement of about 19% in per share earnings over 2014. Net interest income was $11,301,000 compared to $10,797,000 a year ago. Income before income tax expense was $3,927,000 compared to $3,218,000 a year ago. Annualized Return on average equity was 8.32% compared to 7.06% a year ago. Annualized return on average assets was 0.78% compared to 0.70% 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.