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Overview of Potomac Bancshares Inc
Potomac Bancshares Inc (PTBS) is a bank holding company that operates through its longstanding banking subsidiary, Bank of Charles Town (BCT). With a rich heritage dating back to the 19th century, the company has established a strong regional presence by serving communities in West Virginia, Maryland, and Virginia. As a community bank, it focuses on delivering personalized, localized financial services while maintaining disciplined risk management and a diversified portfolio of lending activities.
Core Business and Operational Model
The company offers a broad range of financial products and services designed to meet the needs of individuals, small to mid-sized businesses, and local governments. Its primary business segments include:
- Commercial Lending: Providing tailored solutions for commercial enterprises, including term loans, construction loans, and real estate financing.
- Residential Lending: Offering a suite of mortgage products such as portfolio and secondary market mortgage loans, construction-to-permanent loans, and home equity lending options.
- Wealth Management: Delivering comprehensive financial planning, trust services, and investment management through BCT Wealth Advisors, which has grown into a trusted resource for personal financial management and estate planning.
- Deposit and Treasury Services: Facilitating secure and convenient access to banking through checkable deposits, online platforms, and a broad network of ATMs.
Market Position and Competitive Landscape
Positioned strategically within its operational regions, Potomac Bancshares Inc leverages its deep community ties and robust local knowledge to differentiate itself from larger, more impersonal financial institutions. Its commitment to personalized service is evident in its approach to client relationships and risk management practices. The bank's strategic branch renovations and planned office relocations are a testament to its ongoing efforts to maintain a modern, community-focused banking environment.
Diversification and Financial Expertise
The company employs a diversified approach to revenue generation that includes interest income from its wide-ranging loan portfolio and fee-based income from its wealth management services. This dual focus allows Potomac Bancshares Inc to cater to various segments of the market while mitigating risks associated with economic fluctuations. Innovative pricing strategies in loan and deposit products further highlight the firm's dedication to maintaining financial integrity and operational efficiency.
Operational Initiatives and Client Focus
Recent operational initiatives, such as branch renovations and the enhancement of its lending offices, underline the company’s commitment to improving client experiences and expanding its market presence. Its community-first approach not only reinforces trust but also supports sustainable local growth. By continuously adapting its services and embracing modern financial technologies, the company ensures that its offerings remain relevant and efficient in a constantly evolving banking landscape.
Risk Management and Quality Controls
Risk management is a critical component of Potomac Bancshares Inc's operational philosophy. The firm maintains rigorous credit standards and employs a conservative approach to managing its loan portfolio and asset quality. A proactive stance on market changes and a commitment to qualitative risk assessment have helped the company sustain its performance amid dynamic economic environments, ensuring robust asset quality through disciplined pricing and credit loss management.
Community Impact and Regional Integration
As a community bank, Potomac Bancshares Inc plays an integral role in the financial ecosystem of the regions it serves. Its emphasis on local decision-making, personalized service, and community reinvestment highlights how the bank integrates itself into the fabric of local economies. The strategic initiatives undertaken by the company further echo its long-term commitment to providing accessible, responsive, and efficient banking services to its customers.
Summary
In summary, Potomac Bancshares Inc is a dynamic bank holding company that marries traditional community banking values with modern financial expertise. Its diversified product and service offerings, spanning commercial and residential lending to comprehensive wealth management, position it as an essential financial partner within its community. With an unwavering focus on client service, risk management, and operational excellence, the company continues to strengthen its reputation as a trusted financial institution in the regional banking landscape.
BCT-Bank of Charles Town (OTC:PTBS) has appointed Sandy Hamilton to its Advisory Board for the Eastern Panhandle of West Virginia. With extensive experience as the former Executive Director of the Berkeley County Development Authority, Hamilton will provide strategic insights to expand BCT's market share in Berkeley County and beyond. Her recognitions include the 2022 Citizen of the Year by the Martinsburg-Berkeley County Chamber of Commerce. BCT continues to grow, with approximately $756 million in assets as of December 31, 2022, and aims to enhance community banking services through local expertise.
BCT-Bank of Charles Town (OTC:PTBS) has appointed Raul "Danny" Vargas to its Loudoun County Advisory Board, effective February 10, 2023. The board, composed of local leaders, aims to provide strategic insights into the Loudoun and Northern Virginia markets. Vargas, founder of VARCom Solutions, brings extensive experience from roles at AOL and France Telecom and a notable background in civic engagement. BCT President Alice Frazier expressed optimism about Vargas's contribution, highlighting his success in cross-cultural initiatives. As of December 31, 2022, BCT reported $756 million in assets and operates multiple branches across Virginia and West Virginia.
Potomac Bancshares (OTC: PTBS) reported a net income of $1.953 million ($0.47 per share) for Q4 2022, up from $1.848 million ($0.45 per share) in Q4 2021, but down from $2.084 million ($0.50 per share) in Q3 2022. The decrease in earnings was influenced by a $367 thousand loss on sales of lower-yielding securities. For the full year 2022, net income was $7.311 million ($1.77 per share), down from $7.570 million ($1.83 per share) in 2021. Total assets rose to $756.1 million, and total loans increased by 20.4% year-over-year. The bank declared a $0.09 per share dividend payable on February 10, 2023.
BCT-Bank of Charles Town, trading under the symbol PTBS, announced that its President and CEO, Alice Frazier, has been appointed to the Board of Directors of the Federal Reserve Bank of Richmond for the term 2023-2025. This prestigious role underscores the significance of community banks in fostering robust communities. Frazier has over 32 years of banking experience and holds various leadership positions across several boards. BCT, established in 1871, has approximately $771 million in assets, operates multiple offices, and offers a wide range of banking products. The Bank received multiple awards in 2022, highlighting its excellence in service.
BCT-Bank of Charles Town (OTC: PTBS) has been recognized as a recipient of the 2022 Best of the Best Readers' Choice Awards in three categories: Bank, Loan Service, and Financial Service/Planning Company. This recognition, based on community votes, highlights the bank's commitment to customer satisfaction and quality service. With approximately $771 million in assets as of September 30, 2022, BCT operates multiple branches across Virginia, Maryland, and West Virginia, offering a wide range of banking and financial services.
Potomac Bancshares, Inc. (OTC: PTBS) reported Q3 2022 net income of $2.084 million, or $0.50 per share, down from $2.212 million, or $0.54 in Q3 2021. Year-to-date net income is $5.358 million, compared to $5.722 million in 2021. Total assets grew 10.1% to $771.3 million, while total loans increased 16.7% to $598.4 million. Despite strong loan growth, net interest margin improved to 3.49%. A $225,000 loan loss provision was recorded this quarter. A dividend of $0.09 per share was declared, payable on November 9, 2022.
The Board of Directors of Potomac Bancshares, Inc. (OTC:PTBS) announced a quarterly dividend of $0.09 per share during its October meeting. This dividend applies to all shareholders of record on November 2, 2022, with the payment scheduled for November 9, 2022. As of June 30, 2022, the company reported approximately $739 million in assets and operates through Bank of Charles Town, serving multiple locations in West Virginia, Maryland, and Virginia.
The BCTCares Foundation has raised $56,000 for local backpack food charities aimed at supporting food-insecure children. The funds were distributed equally among four partner charities, allowing them to provide approximately 5,600 take-home backpacks filled with food for weekend meals. The fundraising period spanned from July 1, 2022 to August 31, 2022. CEO Alice P. Frazier highlighted a 40%-50% increase in food prices and a rise in the number of children in need, emphasizing the community's strong support in these challenging times.
Potomac Bancshares, Inc. (OTC: PTBS) reported Q2 2022 net income of $1.605 million or $0.39 per share, a decrease from $1.732 million or $0.42 in Q2 2021. Total assets rose to $739.4 million, up 10% year-over-year. Loans increased 10.8% to $572.2 million, with non-performing assets at a low 0.01%. Net interest income surged 10.1% to $11.0 million. The company declared a $0.09 dividend payable on August 11, 2022. Despite positive growth metrics, ROA and ROE declined compared to last year, reflecting market challenges.
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