POTOMAC BANCSHARES, INC. REPORTS FOURTH QUARTER AND FULL YEAR RESULTS
Potomac Bancshares (OTCPK: PTBS) reported strong Q4 2024 results with unaudited consolidated net income of $2.0 million and earnings per share of $0.48. The company's adjusted net income was $2.3 million with adjusted EPS of $0.55. For the full year 2024, net income reached $6.8 million with EPS of $1.65.
Key Q4 highlights include improved net interest margin of 3.37% (up 13 basis points), 10% annualized loan balance growth, 110% increase in secondary market mortgage revenue, and 13% growth in wealth management revenue. The Bank's asset quality remained stable with nonperforming assets at 0.31% of total assets.
Total assets reached $877.3 million, up 6% year-over-year, with loans totaling $704.1 million (8% increase). The company maintained strong capital ratios with a total capital ratio of 13.57% and declared a quarterly cash dividend of $0.12 per share.
Potomac Bancshares (OTCPK: PTBS) ha registrato risultati solidi per il quarto trimestre 2024, con un reddito netto consolidato non verificato di 2,0 milioni di dollari e un utile per azione di 0,48 dollari. L'utile netto rettificato dell'azienda è stato di 2,3 milioni di dollari con un EPS rettificato di 0,55 dollari. Per l'intero anno 2024, il reddito netto ha raggiunto 6,8 milioni di dollari con un EPS di 1,65 dollari.
I punti salienti Q4 includono un margine d'interesse netto migliorato del 3,37% (in aumento di 13 punti base), una crescita annualizzata del saldo dei prestiti del 10%, un aumento del 110% delle entrate dal mercato secondario dei mutui e una crescita del 13% delle entrate dalla gestione patrimoniale. La qualità degli attivi della Banca è rimasta stabile, con attivi non produttivi pari allo 0,31% del totale degli attivi.
Gli attivi totali hanno raggiunto 877,3 milioni di dollari, in aumento del 6% rispetto all'anno precedente, con prestiti complessivi per 704,1 milioni di dollari (aumento dell'8%). L'azienda ha mantenuto solidi parametri di capitale, con un rapporto di capitale totale del 13,57% e ha dichiarato un dividendo in contante trimestrale di 0,12 dollari per azione.
Potomac Bancshares (OTCPK: PTBS) informó resultados sólidos en el cuarto trimestre de 2024 con un ingreso neto consolidado no auditado de 2,0 millones de dólares y ganancias por acción de 0,48 dólares. El ingreso neto ajustado de la compañía fue de 2,3 millones de dólares con un EPS ajustado de 0,55 dólares. Para todo el año 2024, el ingreso neto alcanzó los 6,8 millones de dólares con un EPS de 1,65 dólares.
Los puntos destacados del Q4 incluyen un margen de interés neto mejorado del 3,37% (un aumento de 13 puntos básicos), un crecimiento del saldo de préstamos anualizado del 10%, un aumento del 110% en los ingresos del mercado secundario de hipotecas, y un crecimiento del 13% en los ingresos de gestión de patrimonio. La calidad de los activos del Banco se mantuvo estable, con activos no productivos en el 0,31% de los activos totales.
Los activos totales alcanzaron 877,3 millones de dólares, un aumento del 6% interanual, con préstamos totales de 704,1 millones de dólares (un aumento del 8%). La compañía mantuvo ratios de capital sólidos con un ratio de capital total del 13,57% y declaró un dividendo en efectivo trimestral de 0,12 dólares por acción.
포토맥 뱅크셰어즈 (OTCPK: PTBS)는 2024년 4분기 강력한 실적을 보고했으며, 감사되지 않은 연결 순이익은 200만 달러, 주당 순이익은 0.48달러입니다. 회사의 조정된 순이익은 230만 달러로 조정된 주당 순이익은 0.55달러였습니다. 2024년 전체 연도 동안 순이익은 680만 달러에 도달하고 주당 순이익은 1.65달러에 이릅니다.
4분기의 핵심 내용에는 3.37%로 개선된 순이자 마진(13bp 증가), 연간 대출 잔액 성장률 10%, 2차 시장 모기지 수익 110% 증가, 그리고 자산 관리 수익 13% 증가가 포함됩니다. 은행의 자산 품질은 안정적으로 유지되어 있으며, 부실 자산 비율은 총 자산의 0.31%입니다.
총 자산은 8억 7,730만 달러에 달하며, 전년 대비 6% 증가하였고, 대출 총액은 7억 4,410만 달러(8% 증가)입니다. 회사는 13.57%의 총 자본 비율로 강력한 자본 비율을 유지하였으며, 주당 0.12달러의 분기 현금 배당금을 선언했습니다.
Potomac Bancshares (OTCPK: PTBS) a annoncé de bons résultats pour le quatrième trimestre 2024, avec un revenu net consolidé non audité de 2,0 millions de dollars et un bénéfice par action de 0,48 dollar. Le revenu net ajusté de l'entreprise s'élevait à 2,3 millions de dollars avec un BPA ajusté de 0,55 dollar. Pour l'année complète 2024, le revenu net a atteint 6,8 millions de dollars avec un BPA de 1,65 dollar.
Les points forts du T4 incluent une amélioration de la marge d'intérêt nette de 3,37% (en hausse de 13 points de base), une croissance annualisée du solde des prêts de 10%, une augmentation de 110% des revenus du marché secondaire des hypothèques et une croissance de 13% des revenus de la gestion de patrimoine. La qualité des actifs de la Banque est restée stable, avec des actifs non performants représentant 0,31% des actifs totaux.
Les actifs totaux ont atteint 877,3 millions de dollars, soit une augmentation de 6% d'une année sur l'autre, avec un total de prêts de 704,1 millions de dollars (augmentation de 8%). L'entreprise a maintenu de solides ratios de capital avec un ratio de capital total de 13,57% et a déclaré un dividende en espèces trimestriel de 0,12 dollar par action.
Potomac Bancshares (OTCPK: PTBS) hat starke Ergebnisse für das vierte Quartal 2024 mit einem ungeprüften konsolidierten Nettogewinn von 2,0 Millionen US-Dollar und einem Gewinn pro Aktie von 0,48 US-Dollar gemeldet. Das bereinigte Nettoergebnis des Unternehmens betrug 2,3 Millionen US-Dollar mit einem bereinigten EPS von 0,55 US-Dollar. Für das gesamte Jahr 2024 belief sich der Nettogewinn auf 6,8 Millionen US-Dollar mit einem EPS von 1,65 US-Dollar.
Wichtige Höhepunkte aus dem Q4 umfassen eine verbesserte Nettozinsmarge von 3,37% (steigend um 13 Basispunkte), ein annualisierter Anstieg des Kreditbestands um 10%, einen Anstieg der Einnahmen aus dem sekundären Hypothekenmarkt um 110% und ein Wachstum der Einnahmen im Wealth Management von 13%. Die Vermögensqualität der Bank blieb stabil, mit nichtperformierenden Vermögenswerten von 0,31% der Gesamtvermögen.
Die Gesamassets beliefen sich auf 877,3 Millionen US-Dollar, was einem Anstieg von 6% im Jahresvergleich entspricht, mit Krediten in Höhe von 704,1 Millionen US-Dollar (8% Anstieg). Das Unternehmen wies starke Kapitalquoten auf, mit einer Gesamtkapitalquote von 13,57% und erklärte eine vierteljährliche Bar-Dividende von 0,12 US-Dollar pro Aktie.
- Net income increased to $2.0 million in Q4 2024, up from $1.7 million in Q4 2023
- Secondary market mortgage revenue grew 110% quarter-over-quarter
- Wealth management revenue increased 13% quarter-over-quarter
- Net interest margin improved to 3.37%, up 13 basis points
- Loan balances grew 10% annualized in Q4
- Total assets increased 6% year-over-year to $877.3 million
- Net unrealized losses on securities portfolio increased to $7.6 million from $5.8 million in Q3
- Allowance for credit losses on loans decreased to 0.99% from 1.03% in Q3
- Total capital ratio declined to 13.57% from 13.97% year-over-year
Net income was
Three Months Ended | |||
December 31, | September 30, | December 31, | |
Net income | |||
Basic and diluted earnings per share | |||
Return on average assets | 0.89 % | 0.79 % | 0.81 % |
Return on average equity | 10.81 % | 9.92 % | 10.66 % |
Non-GAAP Measures: | |||
Adjusted net income | |||
Adjusted basic and diluted earnings per share | |||
Adjusted return on average assets | 1.04 % | 0.79 % | 0.87 % |
Adjusted return on average equity | 12.53 % | 9.92 % | 11.41 % |
Adjusted pre-provision, pre-tax earnings | |||
Adjusted pre-provision, pre-tax return on average assets | 1.34 % | 1.11 % | 1.11 % |
Net interest margin | 3.37 % | 3.24 % | 3.34 % |
Efficiency ratio | 67.98 % | 71.69 % | 72.23 % |
NOTE: See "Non-GAAP Financial Measures" and "Non-GAAP Reconciliations" for additional information and detailed calculations of adjustments.
"We are pleased to report a strong finish to the year with all business lines contributing to another successful year. During the fourth quarter, the Company improved our net interest margin thanks to disciplined loan and deposit pricing," stated Alice P. Frazier, President and CEO. "We also benefited from a
Frazier continued, "In keeping with our commitment to expand and continually improve client experiences, we recently renovated our
FOURTH QUARTER HIGHLIGHTS
Key highlights of the three-month period ending December 31, 2024, are as follows. Comparisons are to the three-month period ending September 30, 2024, unless otherwise stated:
- Adjusted ROA and ROE(1) of
1.04% and12.53% , respectively - Net interest margin(1) improved 13 basis points to
3.37% - Loan balances increased by
10% , annualized - Secondary market mortgage revenue increased by
110% - Wealth management revenue increased
13% - Tangible book value per share(1) increased to
$17.71 $16.14 - Loan production office relocating in northern
Virginia with capacity for growth
LOAN PRODUCTION OFFICE RELOCATING WITH CAPACITY FOR GROWTH
In support of the Company's strategic plan, which includes market expansion and continued growth, the Bank will open a new lending office in
NET INTEREST INCOME
Net interest income increased
Total interest and dividend income decreased
Total interest expense decreased
NONINTEREST INCOME
Total noninterest income, excluding net losses on sales of securities, totaled
Net losses on the sale of securities available for sale totaled
NONINTEREST EXPENSE
Total noninterest expenses totaled
ASSET QUALITY
Overview
There was not a meaningful change in asset quality during the fourth quarter. Loans that were past due greater than 30 days and still accruing interest as a percentage of total loans were
Provision for Credit Losses
The Bank did not record a provision for credit losses for the fourth quarter of 2024, compared to
Allowance for Credit Losses on Loans
The allowance for credit losses on loans totaled
The following table provides the changes in the allowance for credit losses on loans for the three-month periods ended (dollars in thousands):
Three Months Ended | |||
December 31, | September 30, | December 31, | |
Allowance for credit losses on loans, beginning of period | |||
Net (charge-offs) recoveries | (79) | 37 | (75) |
Provision for (recovery of) credit losses on loans | (41) | 179 | (20) |
Allowance for credit losses on loans, end of period |
|
|
|
The allowance for credit losses on loans as a percentage of total loans totaled
Allowance for Credit Losses on Unfunded Commitments
The allowance for credit losses on unfunded commitments totaled
BALANCE SHEET
Assets totaled
On December 31, 2024, loans totaled
On December 31, 2024, securities available for sale totaled
On December 31, 2024, total deposits were
On December 31, 2024, and September 30, 2024, other borrowings totaled
The following table provides capital ratios at the period ended:
Three Months Ended | |||
December 31, | September 30, | December 31, | |
Total capital ratio(2) | 13.57 % | 13.79 % | 13.97 % |
Tier 1 capital ratio(2) | 12.52 % | 12.69 % | 12.89 % |
Common equity Tier 1 capital ratio(2) | 12.52 % | 12.69 % | 12.89 % |
Leverage ratio(2) | 9.92 % | 9.67 % | 9.77 % |
Tangible common equity to tangible assets(1)(3) | 8.37 % | 8.32 % | 8.05 % |
During the fourth quarter of 2024, the Company declared and paid cash dividends of
NON-GAAP FINANCIAL MEASURES
In addition to financial statements prepared in accordance with
The Company believes certain non-GAAP financial measures enhance the understanding of its business, performance, and financial position. Non-GAAP financial measures are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure is included at the end of this release.
ABOUT POTOMAC BANCSHARES, INC.
Potomac Bancshares, Inc. (OTCPK: PTBS) is the bank holding company of Bank of
The Company's shares are quoted on the OTC Pink Sheet marketplace under the symbol "PTBS." For more information about Potomac Bancshares, Inc. and the Bank, please visit our website at www.mybct.bank.
FORWARD-LOOKING STATEMENTS
Certain statements made in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include projections, predictions, expectations, or beliefs about events or results or otherwise are not statements of historical facts, such as statements about the Company's growth strategy and deployment of capital. Although the Company believes that its expectations with respect to such forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements of the Company will not differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ from those discussed in such forward-looking statements include, but are not limited to, the following: (1) general economic conditions, especially in the communities and markets in which the Company conducts its business; (2) credit risk, including risk that negative credit quality trends may lead to a deterioration of asset quality, risk that our allowance for credit losses may not be sufficient to absorb actual losses in the Company's loan portfolio, and risk from concentrations in the Company's loan portfolio; (3) changes in the real estate market, including the value of collateral 5 securing portions of the Company's loan portfolio; (4) changes in the interest rate environment; (5) operational risk, including cybersecurity risk and risk of fraud, data processing system failures, and network breaches; (6) changes in technology and increased competition, including competition from non-bank financial institutions; (7) changes in consumer preferences, spending and borrowing habits, demand for our products and services, and customers' performance and creditworthiness; (8) difficulty growing loan and deposit balances; (9) the Company's ability to effectively execute its business plan; (10) changes in regulations, laws, taxes, government policies, monetary policies and accounting policies affecting bank holding companies and their subsidiaries, including changes in deposit insurance premiums; (11) deterioration in the financial condition of the
POTOMAC BANCSHARES, INC. | |||||||||
Performance Summary | |||||||||
(in thousands, except share and per share data) | |||||||||
(unaudited) | |||||||||
As of or For the Twelve Months | |||||||||
As of or For the Three Months Ended | Ended | ||||||||
Dec 31, | Sep 30, | Dec 31, | Dec 31, | Dec 31, | |||||
2024 | 2024 | 2023 | 2024 | 2023 | |||||
Income Statement | |||||||||
Interest and dividend income: | |||||||||
Interest and fees on loans | $ 9,287 | $ 8,985 | $ 8,205 | $ 34,858 | $ 31,145 | ||||
Taxable interest on securities | 647 | 678 | 609 | 2,656 | 2,162 | ||||
Tax-exempt interest on securities | 29 | 29 | 29 | 114 | 114 | ||||
Other interest and dividends | 929 | 1,273 | 984 | 4,064 | 2,162 | ||||
Total interest and dividend income | $ 10,892 | $ 10,965 | $ 9,827 | $ 41,692 | $ 35,583 | ||||
Interest expense: | |||||||||
Interest on deposits | $ 3,238 | $ 3,648 | $ 2,819 | $ 13,336 | $ 8,676 | ||||
Interest on short term borrowings | 9 | 7 | 8 | 30 | 84 | ||||
Interest on long term borrowings | 340 | 217 | 68 | 691 | 250 | ||||
Interest on subordinated debt | 141 | 140 | 139 | 560 | 557 | ||||
Total interest expense | $ 3,728 | $ 4,012 | $ 3,034 | $ 14,617 | $ 9,567 | ||||
Net interest income | $ 7,164 | $ 6,953 | $ 6,793 | $ 27,075 | $ 26,016 | ||||
Provision for credit losses | - | 202 | - | 511 | 222 | ||||
Net interest income after provision for credit losses | $ 7,164 | $ 6,751 | $ 6,793 | $ 26,564 | $ 25,794 | ||||
Noninterest Income: | |||||||||
Wealth and investments | $ 584 | $ 515 | $ 471 | $ 1,948 | $ 1,740 | ||||
Service charges on deposit accounts | 273 | 273 | 254 | 1,057 | 1,015 | ||||
Secondary market income | 355 | 169 | 140 | 994 | 678 | ||||
Net losses on sale of securities | (397) | - | (154) | (783) | (428) | ||||
ATM and check card fees | 530 | 522 | 506 | 2,065 | 2,028 | ||||
Income from bank owned life insurance | 99 | 98 | 85 | 410 | 322 | ||||
Other operating income | 226 | 178 | 203 | 706 | 595 | ||||
Total noninterest income | $ 1,670 | $ 1,755 | $ 1,505 | $ 6,397 | $ 5,950 | ||||
Noninterest expenses: | |||||||||
Salaries and employee benefits | $ 3,427 | $ 3,333 | $ 3,350 | $ 13,003 | $ 12,362 | ||||
Occupancy | 308 | 278 | 256 | 1,128 | 1,030 | ||||
Equipment | 352 | 353 | 341 | 1,439 | 1,393 | ||||
Accounting, audit, and compliance | 70 | 83 | 56 | 261 | 254 | ||||
Advertising and public relations | 104 | 103 | 91 | 391 | 396 | ||||
Computer services and online banking | 385 | 393 | 388 | 1,572 | 1,450 | ||||
FDIC assessment | 100 | 99 | 80 | 387 | 361 | ||||
Other professional fees | 185 | 206 | 214 | 648 | 518 | ||||
Trust professional fees | 203 | 119 | 86 | 554 | 359 | ||||
Director and committee fees | 100 | 75 | 90 | 356 | 353 | ||||
Legal fees | 34 | 31 | 55 | 246 | 155 | ||||
Supplies | 55 | 57 | 50 | 249 | 255 | ||||
Communications | 114 | 99 | 97 | 414 | 384 | ||||
ATM and check card expenses | 238 | 247 | 258 | 998 | 1,003 | ||||
Other operating expenses | 605 | 772 | 697 | 2,515 | 2,118 | ||||
Total noninterest expenses | $ 6,280 | $ 6,248 | $ 6,109 | $ 24,161 | $ 22,391 | ||||
Income before income tax expense | $ 2,554 | $ 2,258 | $ 2,189 | $ 8,800 | $ 9,353 | ||||
Income tax expense | 582 | 497 | 479 | 1,971 | 2,089 | ||||
Net income | $ 1,972 | $ 1,761 | $ 1,710 | $ 6,829 | $ 7,264 | ||||
POTOMAC BANCSHARES, INC. | |||||||||
Performance Summary | |||||||||
(in thousands, except share and per share data) | |||||||||
(unaudited) | |||||||||
As of or For the Twelve Months | |||||||||
For the Three Months Ended | Ended | ||||||||
Dec 31, | Sep 30, | Dec 31, | Dec 31, | Dec 31, | |||||
2024 | 2024 | 2023 | 2024 | 2023 | |||||
Common Share and Per Common Share Data | |||||||||
Earnings per common share, basic | $ 0.48 | $ 0.42 | $ 0.41 | $ 1.65 | $ 1.75 | ||||
Adjusted earnings per common share, basic (1) | $ 0.55 | $ 0.42 | $ 0.44 | $ 1.80 | $ 1.83 | ||||
Weighted average shares, basic | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | ||||
Earnings per common share, diluted | $ 0.48 | $ 0.42 | $ 0.41 | $ 1.65 | $ 1.75 | ||||
Adjusted earnings per common share, diluted (1) | $ 0.55 | $ 0.42 | $ 0.44 | $ 1.80 | $ 1.83 | ||||
Weighted average shares, diluted | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | ||||
Shares outstanding at period end | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | ||||
Tangible book value per share at period end (1) | $ 17.71 | $ 17.49 | $ 16.14 | $ 17.71 | $ 16.14 | ||||
Cash Dividends | $ 0.12 | $ 0.12 | $ 0.10 | $ 0.46 | $ 0.38 | ||||
Key Performance Ratios | |||||||||
Return on average assets | 0.89 % | 0.79 % | 0.81 % | 0.80 % | 0.91 % | ||||
Adjusted return on average assets (1) | 1.04 % | 0.79 % | 0.87 % | 0.87 % | 0.95 % | ||||
Return on average equity | 10.81 % | 9.92 % | 10.66 % | 9.80 % | 11.59 % | ||||
Adjusted return on average equity (1) | 12.53 % | 9.92 % | 11.41 % | 10.69 % | 12.13 % | ||||
Net interest margin (1) | 3.37 % | 3.24 % | 3.34 % | 3.27 % | 3.39 % | ||||
Efficiency ratio (1) | 67.98 % | 71.69 % | 72.23 % | 70.48 % | 69.07 % | ||||
Average Balances | |||||||||
Average assets | $ 877,813 | $ 884,167 | $ 835,807 | $ 858,988 | $ 796,673 | ||||
Average earning assets | 847,248 | 853,527 | 807,129 | 829,174 | 768,728 | ||||
Average shareholders' equity | 72,588 | 70,637 | 63,663 | 69,659 | 62,690 | ||||
Asset Quality | |||||||||
Loan charge-offs | $ 101 | $ 22 | $ 114 | $ 260 | $ 265 | ||||
Loan recoveries | 22 | 59 | 39 | 150 | 216 | ||||
Net charge-offs (recoveries) | 79 | (37) | 75 | 110 | 49 | ||||
Non-accrual loans | 2,738 | 2,638 | 2,695 | 2,738 | 2,695 | ||||
Other real estate owned, net | - | - | - | - | - | ||||
Nonperforming assets (5) | 2,738 | 2,638 | 2,695 | 2,738 | 2,695 | ||||
Loans 30 to 89 days past due, accruing | 474 | 299 | 739 | 474 | 739 | ||||
Loans over 90 days past due, accruing | - | 1 | - | - | - | ||||
Special mention loans | 10,627 | 2,267 | 9,964 | 10,627 | 9,964 | ||||
Substandard loans, accruing | 4,238 | 4,391 | 3,571 | 4,238 | 3,571 | ||||
Capital Ratios (2) | |||||||||
Total capital | $ 95,449 | $ 93,943 | $ 90,139 | $ 95,449 | $ 90,139 | ||||
Tier 1 capital | 88,070 | 86,485 | 83,160 | 88,070 | 83,160 | ||||
Common equity tier 1 capital | 88,070 | 86,485 | 83,160 | 88,070 | 83,160 | ||||
Total capital to risk-weighted assets | 13.57 % | 13.79 % | 13.97 % | 13.73 % | 13.97 % | ||||
Tier 1 capital to risk weighted assets | 12.52 % | 12.69 % | 12.89 % | 12.65 % | 12.89 % | ||||
Common equity Tier 1 capital to risk weighed assets | 12.52 % | 12.69 % | 12.89 % | 12.65 % | 12.89 % | ||||
Leverage ratio | 9.92 % | 9.67 % | 9.77 % | 9.91 % | 9.77 % | ||||
POTOMAC BANCSHARES, INC. | ||||||||||
Performance Summary | ||||||||||
(in thousands, except share and per share data) | ||||||||||
(unaudited) | ||||||||||
For the Period Ended | ||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | ||||||
2024 | 2024 | 2024 | 2024 | 2023 | ||||||
Balance Sheet | ||||||||||
Cash and due from banks | $ 5,143 | $ 5,014 | $ 4,061 | $ 3,662 | $ 3,521 | |||||
Interest-bearing deposits in other financial institutions | 59,621 | 67,337 | 51,167 | 82,816 | 65,181 | |||||
Cash and cash equivalents | $ 64,764 | $ 72,351 | $ 55,228 | $ 86,478 | $ 68,702 | |||||
Securities available for sale, at fair value | 77,385 | 82,146 | 83,276 | 84,768 | 83,929 | |||||
Equity securities, at fair value | 241 | 223 | 200 | 205 | 198 | |||||
Loans held for sale | 1,506 | 1,219 | 1,395 | 2,210 | 678 | |||||
Loans, net of allowance for credit losses | 697,132 | 679,558 | 657,188 | 648,804 | 644,687 | |||||
Premises and equipment, net | 8,099 | 7,832 | 7,806 | 5,882 | 5,965 | |||||
Accrued interest receivable | 2,283 | 2,382 | 2,413 | 2,309 | 2,003 | |||||
Bank owned life insurance | 13,977 | 13,878 | 13,780 | 13,683 | 13,566 | |||||
FHLB of | 2,103 | 2,328 | 1,419 | 1,481 | 1,571 | |||||
Other assets | 9,859 | 9,414 | 9,875 | 9,151 | 9,415 | |||||
Total assets | $ 877,349 | $ 871,331 | $ 832,580 | $ 854,971 | $ 830,714 | |||||
Noninterest-bearing demand deposits | $ 171,681 | $ 172,941 | $ 169,262 | $ 170,933 | $ 161,622 | |||||
Savings and interest-bearing demand deposits | 582,677 | 576,809 | 570,834 | 591,994 | 578,058 | |||||
Total deposits | $ 754,358 | $ 749,750 | $ 740,096 | $ 762,927 | $ 739,680 | |||||
Short term borrowings | 5,170 | 5,503 | 5,031 | 5,657 | 2,839 | |||||
Long term borrowings | 29,000 | 29,000 | 4,000 | 4,000 | 6,000 | |||||
Subordinated debt | 9,958 | 9,942 | 9,927 | 9,912 | 9,897 | |||||
Accrued interest payable | 1,266 | 1,041 | 875 | 658 | 763 | |||||
Other liabilities | 4,181 | 3,586 | 3,347 | 4,057 | 4,661 | |||||
Total liabilities | $ 803,933 | $ 798,822 | $ 763,276 | $ 787,211 | $ 763,840 | |||||
Common stock | $ 4,493 | $ 4,493 | $ 4,493 | $ 4,493 | $ 4,493 | |||||
Surplus | 14,547 | 14,547 | 14,547 | 14,547 | 14,547 | |||||
Retained earnings | 63,806 | 62,331 | 61,068 | 60,145 | 58,884 | |||||
Accumulated other comprehensive (loss), net | (5,936) | (5,368) | (7,310) | (7,931) | (7,556) | |||||
$ 76,910 | $ 76,003 | $ 72,798 | $ 71,254 | $ 70,368 | ||||||
Less cost of shares acquired for the treasury | (3,494) | (3,494) | (3,494) | (3,494) | (3,494) | |||||
Total shareholders' equity | 73,416 | 72,509 | 69,304 | 67,760 | 66,874 | |||||
Total liabilities and shareholders' equity | $ 877,349 | $ 871,331 | $ 832,580 | $ 854,971 | $ 830,714 | |||||
Loan Data | ||||||||||
Construction and land development | $ 39,404 | $ 35,260 | $ 28,936 | $ 27,437 | $ 27,653 | |||||
Secured by farmland | 6,769 | 6,820 | 6,814 | 6,915 | 7,019 | |||||
Secured by 1-4 family resident | 247,299 | 244,125 | 240,053 | 235,861 | 238,298 | |||||
Other real estate loans | 345,904 | 340,027 | 335,888 | 340,289 | 332,029 | |||||
Loans to farmers (except secured by real estate) | 190 | 195 | 198 | 195 | 195 | |||||
Commercial and industrial loans (except those secured by real estate) | 54,205 | 49,972 | 41,431 | 33,791 | 34,548 | |||||
Consumer installment loans | 2,910 | 2,994 | 3,287 | 3,359 | 3,689 | |||||
Deposit overdraft | 518 | 74 | 71 | 132 | 92 | |||||
All other loans | 6,910 | 7,188 | 7,391 | 7,657 | 7,837 | |||||
Total loans | $ 704,109 | $ 686,655 | $ 664,069 | $ 655,636 | $ 651,360 | |||||
Allowance for credit losses | (6,977) | (7,097) | (6,881) | (6,832) | (6,673) | |||||
Loans, net | $ 697,132 | $ 679,558 | $ 657,188 | $ 648,804 | $ 644,687 | |||||
POTOMAC BANCSHARES, INC. | |||||||||
Non-GAAP Reconciliations | |||||||||
(in thousands, except share and per share data) | |||||||||
(unaudited) | |||||||||
As of or For the Twelve Months | |||||||||
As of or For the Three Months Ended | Ended | ||||||||
Dec 31, | Sep 30, | Dec 31, | Dec 31, | Dec 31, | |||||
2024 | 2024 | 2023 | 2024 | 2023 | |||||
Adjusted Net Income | |||||||||
Net income (GAAP) | $ 1,972 | $ 1,761 | $ 1,710 | $ 6,829 | $ 7,264 | ||||
Add: Loss on sale of securities | 397 | - | 154 | 783 | 428 | ||||
Subtract: Tax effect of adjustment (4) | (83) | - | (32) | (164) | (90) | ||||
Adjusted net income (non-GAAP) | $ 2,286 | $ 1,761 | $ 1,832 | $ 7,448 | $ 7,602 | ||||
Adjusted Earnings Per Share, Basic | |||||||||
Weighted average shares, basic | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | ||||
Basic earnings per share (GAAP) | $ 0.48 | $ 0.42 | $ 0.41 | $ 1.65 | $ 1.75 | ||||
Adjusted earnings per share, basic (Non-GAAP) | $ 0.55 | $ 0.42 | $ 0.44 | $ 1.80 | $ 1.83 | ||||
Adjusted Earnings Per Share, Diluted | |||||||||
Weighted average shares, diluted | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | ||||
Diluted earnings per share (GAAP) | $ 0.48 | $ 0.42 | $ 0.41 | $ 1.65 | $ 1.75 | ||||
Adjusted earnings per share, diluted (Non-GAAP) | $ 0.55 | $ 0.42 | $ 0.44 | $ 1.80 | $ 1.83 | ||||
Adjusted Pre-Provision, Pre-tax earnings | |||||||||
Net interest income | $ 7,164 | $ 6,953 | $ 6,793 | $ 27,075 | $ 26,016 | ||||
Total noninterest income | 1,670 | 1,755 | 1,505 | 6,397 | 5,950 | ||||
Net revenue | $ 8,834 | $ 8,708 | $ 8,298 | $ 33,472 | $ 31,966 | ||||
Total noninterest expense | 6,280 | 6,248 | 6,109 | 24,161 | 22,391 | ||||
Pre-provision, pre-tax earnings | $ 2,554 | $ 2,460 | $ 2,189 | $ 9,311 | $ 9,575 | ||||
Add: Loss on sale of securities | 397 | - | 154 | 783 | 428 | ||||
Adjusted pre-provision, pre-tax earnings | $ 2,951 | $ 2,460 | $ 2,343 | $ 10,094 | $ 10,003 | ||||
Adjusted Performance Ratios | |||||||||
Average assets | $ 877,813 | $ 884,167 | $ 835,807 | $ 858,988 | $ 796,673 | ||||
Return on average assets (GAAP) | 0.89 % | 0.79 % | 0.81 % | 0.80 % | 0.91 % | ||||
Adjusted return on average assets (Non-GAAP) | 1.04 % | 0.79 % | 0.87 % | 0.87 % | 0.95 % | ||||
Average shareholders' equity | $ 72,588 | $ 70,637 | $ 63,663 | $ 69,659 | $ 62,690 | ||||
Return on average equity (GAAP) | 10.81 % | 9.92 % | 10.66 % | 9.80 % | 11.59 % | ||||
Adjusted return on average equity (Non-GAAP) | 12.53 % | 9.92 % | 11.41 % | 10.69 % | 12.13 % | ||||
Pre-provision, pre-tax return on average assets | 1.16 % | 1.11 % | 1.04 % | 1.08 % | 1.20 % | ||||
Adjusted pre-provision, pre-tax return on average assets | 1.34 % | 1.11 % | 1.11 % | 1.18 % | 1.26 % | ||||
Net Interest Margin | |||||||||
Tax-equivalent net interest income | $ 7,170 | $ 6,959 | $ 6,799 | $ 27,099 | $ 26,040 | ||||
Average earning assets | 847,248 | 853,527 | 807,129 | 829,174 | 768,728 | ||||
Net interest margin | 3.37 % | 3.24 % | 3.34 % | 3.27 % | 3.39 % | ||||
Efficiency Ratio | |||||||||
Total noninterest expense | $ 6,280 | $ 6,248 | $ 6,109 | $ 24,161 | $ 22,391 | ||||
Tax-equivalent net interest income | $ 7,170 | $ 6,959 | $ 6,799 | $ 27,099 | $ 26,040 | ||||
Total noninterest income | $ 1,670 | $ 1,755 | $ 1,505 | $ 6,397 | $ 5,950 | ||||
Add: Loss on disposal of property and equipment | 1 | 1 | - | 2 | - | ||||
Add: Loss on sale of investment securities, AFS | 397 | - | 154 | 783 | 428 | ||||
Total noninterest income subtotal | 2,068 | 1,756 | 1,659 | 7,182 | 6,378 | ||||
Subtotal | $ 9,238 | $ 8,715 | $ 8,458 | $ 34,281 | $ 32,418 | ||||
Efficiency ratio | 67.98 % | 71.69 % | 72.23 % | 70.48 % | 69.07 % | ||||
Tax-Equivalent Net Interest Income | |||||||||
GAAP measures: | |||||||||
Interest income - loans | $ 9,287 | $ 8,985 | $ 8,205 | $ 34,858 | $ 31,145 | ||||
Interest income - investments taxable | 647 | 678 | 609 | 2,656 | 2,162 | ||||
Interest income - investments tax exempt | 29 | 29 | 29 | 114 | 114 | ||||
Interest income - other | 929 | 1,273 | 984 | 4,064 | 2,162 | ||||
Interest expense - deposits | (3,238) | (3,648) | (2,819) | (13,336) | (8,676) | ||||
Interest expense - short term borrowings | (9) | (7) | (8) | (30) | (84) | ||||
Interest expense - long term borrowings | (340) | (217) | (68) | (691) | (250) | ||||
Interest expense - subordinated debt | (141) | (140) | (139) | (560) | (557) | ||||
Net interest income | $ 7,164 | $ 6,953 | $ 6,793 | $ 27,075 | $ 26,016 | ||||
Non-GAAP measures: | |||||||||
Add: Tax benefit realized on non-taxable interest income - | $ 6 | $ 6 | $ 6 | $ 24 | $ 24 | ||||
Tax benefit realized on non-taxable interest income | $ 6 | $ 6 | $ 6 | $ 24 | $ 24 | ||||
Tax equivalent net interest income | $ 7,170 | $ 6,959 | $ 6,799 | $ 27,099 | $ 26,040 | ||||
Tangible Book Value Per Share | |||||||||
Tangible common equity | $ 73,417 | $ 72,509 | $ 66,874 | $ 73,417 | $ 66,874 | ||||
Common shares outstanding, ending | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | ||||
Tangible book value per share | $ 17.71 | $ 17.49 | $ 16.14 | $ 17.71 | $ 16.14 | ||||
(1) Non-GAAP financial measures. See "Non-GAAP Financial Measures" and "Non-GAAP Reconciliations" for additional information and detailed calculations of adjustments. | |||||||||
(2) Capital ratios are for Bank of | |||||||||
(3) Capital ratios are for Potomac Bancshares, Inc. | |||||||||
(4) The tax rate utilized in calculating the tax benefit is | |||||||||
(5) Nonperforming assets are comprised of nonaccrual loans and other real estate owned. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/potomac-bancshares-inc-reports-fourth-quarter-and-full-year-results-302365231.html
SOURCE Potomac Bancshares, Inc.
FAQ
What was PTBS's net income for Q4 2024?
How much did PTBS's loan portfolio grow in Q4 2024?
What was PTBS's net interest margin in Q4 2024?
How much did PTBS increase its quarterly dividend in Q4 2024?
What was PTBS's asset quality status in Q4 2024?
