POTOMAC BANCSHARES REPORTS 30% INCREASE IN 2025 FIRST QUARTER EARNINGS OVER PRIOR YEAR
Potomac Bancshares (OTCPK: PTBS) reported strong Q1 2025 financial results with net income of $2.2 million, marking a 30% increase from Q1 2024. The company achieved earnings per share of $0.53, up from $0.40 year-over-year.
Key performance metrics showed improvement with return on assets at 1.01% and return on equity at 11.88%. The net interest margin expanded to 3.51%, while loan balances grew 7% and deposits increased 10% on an annualized basis. The bank's asset quality remained stable with nonperforming assets at 0.25% of total assets.
Notable developments include the relocation of a loan production office to Ashburn, Virginia, providing additional growth capacity. The bank maintained strong capital ratios with a total capital ratio of 13.61% and declared a quarterly cash dividend of $0.12 per share, representing a 20% increase from Q1 2024.
Potomac Bancshares (OTCPK: PTBS) ha riportato risultati finanziari solidi nel primo trimestre 2025 con un utile netto di 2,2 milioni di dollari, segnando un aumento del 30% rispetto al primo trimestre 2024. L’utile per azione è stato di 0,53 dollari, in crescita rispetto a 0,40 dollari anno su anno.
I principali indicatori di performance hanno mostrato miglioramenti con un ritorno sugli attivi dell’1,01% e un ritorno sul capitale dell’11,88%. Il margine di interesse netto si è ampliato al 3,51%, mentre i prestiti sono cresciuti del 7% e i depositi del 10% su base annua. La qualità degli attivi della banca è rimasta stabile con attività non performanti pari allo 0,25% del totale attivi.
Tra gli sviluppi rilevanti si segnala il trasferimento di un ufficio di produzione prestiti ad Ashburn, Virginia, che offre una maggiore capacità di crescita. La banca ha mantenuto solidi coefficienti patrimoniali con un coefficiente patrimoniale totale del 13,61% e ha dichiarato un dividendo trimestrale in contanti di 0,12 dollari per azione, rappresentando un aumento del 20% rispetto al primo trimestre 2024.
Potomac Bancshares (OTCPK: PTBS) reportó sólidos resultados financieros en el primer trimestre de 2025 con un ingreso neto de 2,2 millones de dólares, lo que representa un aumento del 30% respecto al primer trimestre de 2024. La compañía logró ganancias por acción de 0,53 dólares, frente a 0,40 dólares en el mismo periodo del año anterior.
Los principales indicadores de desempeño mostraron mejoras con un retorno sobre activos del 1,01% y un retorno sobre el capital del 11,88%. El margen de interés neto se amplió al 3,51%, mientras que los saldos de préstamos crecieron un 7% y los depósitos aumentaron un 10% en términos anualizados. La calidad de los activos del banco se mantuvo estable con activos no productivos en 0,25% del total de activos.
Entre los desarrollos destacados se incluye la reubicación de una oficina de producción de préstamos a Ashburn, Virginia, que proporciona mayor capacidad de crecimiento. El banco mantuvo sólidos índices de capital con una ratio de capital total del 13,61% y declaró un dividendo trimestral en efectivo de 0,12 dólares por acción, lo que representa un aumento del 20% respecto al primer trimestre de 2024.
Potomac Bancshares (OTCPK: PTBS)는 2025년 1분기 강력한 재무 실적을 보고했으며, 순이익은 220만 달러로 2024년 1분기 대비 30% 증가했습니다. 주당순이익은 0.53달러로 전년 동기 0.40달러에서 상승했습니다.
주요 성과 지표는 자산수익률 1.01%, 자기자본이익률 11.88%로 개선되었습니다. 순이자마진은 3.51%로 확대되었고, 대출 잔액은 7%, 예금은 연환산 기준 10% 증가했습니다. 은행의 자산 건전성은 총자산 대비 부실자산 비율이 0.25%로 안정적으로 유지되었습니다.
주요 발전 사항으로는 버지니아주 애시번으로 대출 생산 사무소를 이전하여 추가 성장 역량을 확보한 점이 있습니다. 은행은 총자본비율 13.61%로 견고한 자본 비율을 유지했으며, 주당 0.12달러의 분기 현금 배당금을 선언해 2024년 1분기 대비 20% 증가를 나타냈습니다.
Potomac Bancshares (OTCPK : PTBS) a publié de solides résultats financiers pour le premier trimestre 2025 avec un bénéfice net de 2,2 millions de dollars, soit une augmentation de 30 % par rapport au premier trimestre 2024. Le bénéfice par action s’est élevé à 0,53 dollar, contre 0,40 dollar un an plus tôt.
Les principaux indicateurs de performance ont montré une amélioration avec un rendement des actifs de 1,01 % et un rendement des capitaux propres de 11,88 %. La marge d’intérêt nette s’est élargie à 3,51 %, tandis que les soldes de prêts ont augmenté de 7 % et les dépôts de 10 % sur une base annualisée. La qualité des actifs de la banque est restée stable avec des actifs non performants représentant 0,25 % du total des actifs.
Parmi les développements notables, on compte le transfert d’un bureau de production de prêts à Ashburn, en Virginie, offrant une capacité de croissance supplémentaire. La banque a maintenu des ratios de capital solides avec un ratio de capital total de 13,61 % et a déclaré un dividende trimestriel en espèces de 0,12 dollar par action, soit une augmentation de 20 % par rapport au premier trimestre 2024.
Potomac Bancshares (OTCPK: PTBS) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 2,2 Millionen US-Dollar, was einer Steigerung von 30 % gegenüber dem ersten Quartal 2024 entspricht. Das Ergebnis je Aktie lag bei 0,53 US-Dollar, gegenüber 0,40 US-Dollar im Vorjahreszeitraum.
Wichtige Leistungskennzahlen verbesserten sich mit einer Eigenkapitalrendite von 11,88 % und einer Gesamtkapitalrendite von 1,01 %. Die Nettozinsmarge stieg auf 3,51 %, während die Kreditbestände um 7 % und die Einlagen auf Jahresbasis um 10 % zunahmen. Die Vermögensqualität der Bank blieb stabil, mit notleidenden Krediten in Höhe von 0,25 % der Gesamtaktiva.
Zu den bemerkenswerten Entwicklungen gehört die Verlegung eines Kreditproduktionsbüros nach Ashburn, Virginia, was zusätzliche Wachstumskapazitäten bietet. Die Bank hielt starke Kapitalquoten mit einer Gesamtkapitalquote von 13,61 % und erklärte eine vierteljährliche Bardividende von 0,12 US-Dollar je Aktie, was einer Steigerung von 20 % gegenüber dem ersten Quartal 2024 entspricht.
- Net income increased 30% year-over-year to $2.2 million
- EPS grew to $0.53 from $0.40 year-over-year
- Net interest margin improved to 3.51%
- Loan balances grew 7% annualized
- Deposit balances increased 10% annualized
- Quarterly dividend increased 20% year-over-year
- Strong asset quality with minimal charge-offs
- Noninterest income decreased 12% excluding securities losses
- Secondary market mortgage income declined due to lower demand
- Wealth and investment income decreased from lower estate fee income
Three Months Ended | |||
March 31, | December 31, | March 31, | |
Net income | |||
Basic and diluted earnings per share | |||
Return on average assets | 1.01 % | 0.89 % | 0.81 % |
Return on average equity | 11.88 % | 10.81 % | 10.00 % |
Non-GAAP Measures: | |||
Adjusted net income | |||
Adjusted basic and diluted earnings per share | |||
Adjusted return on average assets | 1.01 % | 1.04 % | 0.81 % |
Adjusted return on average equity | 11.88 % | 12.53 % | 10.00 % |
Adjusted pre-provision, pre-tax earnings | |||
Adjusted pre-provision, pre-tax return on average | 1.37 % | 1.34 % | 1.13 % |
Net interest margin | 3.51 % | 3.37 % | 3.20 % |
Efficiency ratio | 67.47 % | 67.98 % | 70.67 % |
Note: see "Non-GAAP Financial Measures" and "Non-GAAP Reconciliations" for additional information and detailed calculations of adjustments.
"We are pleased to report an outstanding start to the year with continued growth and improved profitability, resulting in a
FOURTH QUARTER HIGHLIGHTS
Key highlights of the three-month period ending March 31, 2025, are as follows. Comparisons are to the three-month period ending December 31, 2024, unless otherwise stated:
- Return on assets and return on equity of
1.01% and11.88% , respectively - Net interest margin(1) improved 14 basis points to
3.51% - Loan balances increased by
7% , annualized - Deposit balances increased by
10% , annualized - Tangible book value per share(1) increased
14% , annualized, to$18.35 - Loan production office relocated in northern
Virginia with capacity for growth
LOAN PRODUCTION OFFICE RELOCATED WITH CAPACITY FOR GROWTH
In support of the Company's strategic plan, which includes market expansion and continued growth, the Bank celebrated the grand opening of a new lending office in
NET INTEREST INCOME
Net interest income increased
Total interest and dividend income increased
Total interest expense decreased
NONINTEREST INCOME
Noninterest income totaled
Net losses on the sale of securities available for sale totaled
NONINTEREST EXPENSE
Noninterest expenses totaled
ASSET QUALITY
Overview
Asset quality remained stable 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
Provision for credit losses totaled
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 | |||
March 31, | December 31, | March 31, | |
Allowance for credit losses on loans, beginning of | |||
Net (charge-offs) recoveries | (1) | (79) | (21) |
Provision for (recovery of) credit losses on loans | 204 | (41) | 180 |
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
Loans totaled
Securities available for sale totaled
Deposits totaled
Other borrowings totaled
Shareholders' equity totaled
The following table provides capital ratios at the end of the period:
Three Months Ended | |||
March 31, | December 31, | March 31, | |
Total capital ratio(2) | 13.61 % | 13.57 % | 13.97 % |
Tier 1 capital ratio(2) | 12.55 % | 12.52 % | 12.88 % |
Common equity Tier 1 capital ratio(2) | 12.55 % | 12.52 % | 12.88 % |
Leverage ratio(2) | 10.06 % | 9.92 % | 9.98 % |
Tangible common equity to tangible assets(1)(3) | 8.49 % | 8.37 % | 7.92 % |
During the first quarter of 2025, 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) | |||||||||
For the Quarter Ended | |||||||||
March 31, | Dec 31, | Sep 30, | June 30, | March 31, | |||||
2025 | 2024 | 2024 | 2024 | 2024 | |||||
Income Statement | |||||||||
Interest and fees on loans | $ 9,501 | $ 9,287 | $ 8,985 | $ 8,361 | $ 8,225 | ||||
Taxable interest on securities | 715 | 647 | 678 | 695 | 635 | ||||
Tax-exempt interest on securities | 29 | 29 | 29 | 29 | 28 | ||||
Other interest and dividends | 674 | 929 | 1,273 | 1,003 | 859 | ||||
Total interest and dividend income | $ 10,919 | $ 10,892 | $ 10,965 | $ 10,088 | $ 9,747 | ||||
Interest on deposits | $ 3,105 | $ 3,238 | $ 3,648 | $ 3,308 | $ 3,142 | ||||
Interest on short term borrowings | 6 | 9 | 7 | 7 | 6 | ||||
Interest on long term borrowings | 313 | 340 | 217 | 67 | 67 | ||||
Interest on subordinated debt | 141 | 141 | 140 | 140 | 140 | ||||
Total interest expense | $ 3,565 | $ 3,728 | $ 4,012 | $ 3,522 | $ 3,355 | ||||
Net interest income | $ 7,354 | $ 7,164 | $ 6,953 | $ 6,566 | $ 6,392 | ||||
Provision for credit losses | 250 | - | 202 | 129 | 180 | ||||
Net interest income after provision for | $ 7,104 | $ 7,164 | $ 6,751 | $ 6,437 | $ 6,212 | ||||
Wealth and investments | $ 505 | $ 584 | $ 515 | $ 431 | $ 419 | ||||
Service charges on deposit accounts | 260 | 273 | 273 | 265 | 246 | ||||
Secondary market mortgage income | 247 | 355 | 169 | 274 | 196 | ||||
Interchange fees | 475 | 530 | 522 | 521 | 493 | ||||
Income from bank owned life insurance | 97 | 99 | 98 | 97 | 116 | ||||
Net losses on sale of securities | - | (397) | - | (386) | - | ||||
Other operating income | 245 | 226 | 178 | 157 | 144 | ||||
Total noninterest income | $ 1,829 | $ 1,670 | $ 1,755 | $ 1,359 | $ 1,614 | ||||
Salaries and employee benefits | $ 3,368 | $ 3,427 | $ 3,333 | $ 3,228 | $ 3,015 | ||||
Occupancy | 344 | 308 | 278 | 266 | 276 | ||||
Equipment | 376 | 352 | 353 | 367 | 368 | ||||
Accounting, audit, and compliance | 69 | 70 | 83 | 44 | 65 | ||||
Advertising and public relations | 118 | 104 | 103 | 116 | 68 | ||||
Computer services and online banking | 406 | 385 | 393 | 436 | 426 | ||||
FDIC assessment | 99 | 100 | 99 | 94 | 94 | ||||
Other professional fees | 132 | 185 | 206 | 146 | 110 | ||||
Trust professional fees | 171 | 203 | 119 | 123 | 108 | ||||
Director fees | 97 | 100 | 75 | 88 | 93 | ||||
Legal fees | 33 | 34 | 31 | 117 | 65 | ||||
Printing, stationery, and supplies | 79 | 55 | 57 | 62 | 76 | ||||
Communications | 112 | 114 | 99 | 99 | 102 | ||||
ATM and check card expense | 240 | 238 | 247 | 263 | 249 | ||||
Other operating expenses | 557 | 605 | 772 | 523 | 547 | ||||
Total noninterest expenses | $ 6,201 | $ 6,280 | $ 6,248 | $ 5,972 | $ 5,662 | ||||
Income before income tax expense | $ 2,732 | $ 2,554 | $ 2,258 | $ 1,824 | $ 2,164 | ||||
Income tax expense | 544 | 582 | 497 | 404 | 488 | ||||
Net income | $ 2,188 | $ 1,972 | $ 1,761 | $ 1,420 | $ 1,676 | ||||
POTOMAC BANCSHARES, INC. | |||||||||
Performance Summary | |||||||||
(in thousands, except share and per share data) | |||||||||
(unaudited) | |||||||||
For the Quarter Ended | |||||||||
March 31, | Dec 31, | Sep 30, | June 30, | March 31, | |||||
2025 | 2024 | 2024 | 2024 | 2024 | |||||
Common Share and Per Common Share Data | |||||||||
Earnings per common share, basic | $ 0.53 | $ 0.48 | $ 0.42 | $ 0.34 | $ 0.40 | ||||
Adjusted earnings per common share, basic (1) | $ 0.53 | $ 0.55 | $ 0.42 | $ 0.42 | $ 0.40 | ||||
Weighted average shares, basic | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | ||||
Earnings per common share, diluted | $ 0.53 | $ 0.48 | $ 0.42 | $ 0.34 | $ 0.40 | ||||
Adjusted earnings per common share, diluted (1) | $ 0.53 | $ 0.55 | $ 0.42 | $ 0.42 | $ 0.40 | ||||
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) | $ 18.35 | $ 17.71 | $ 17.49 | $ 16.72 | $ 16.35 | ||||
Cash dividends | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.10 | ||||
Key Performance Ratios | |||||||||
Return on average assets | 1.01 % | 0.89 % | 0.79 % | 0.68 % | 0.81 % | ||||
Adjusted return on average assets (1) | 1.01 % | 1.04 % | 0.79 % | 0.82 % | 0.81 % | ||||
Return on average equity | 11.88 % | 10.81 % | 9.92 % | 8.41 % | 10.00 % | ||||
Adjusted return on average equity (1) | 11.88 % | 12.53 % | 9.92 % | 10.21 % | 10.00 % | ||||
Net interest margin (1) | 3.51 % | 3.37 % | 3.24 % | 3.25 % | 3.20 % | ||||
Efficiency ratio (1) | 67.47 % | 67.98 % | 71.69 % | 71.80 % | 70.67 % | ||||
Average Balances | |||||||||
Average assets | $ 881,490 | $ 877,813 | $ 884,167 | $ 841,627 | $ 831,861 | ||||
Average earning assets | 850,176 | 847,248 | 853,527 | 812,168 | 803,289 | ||||
Average shareholders' equity | 74,694 | 72,588 | 70,637 | 67,987 | 67,381 | ||||
Asset Quality | |||||||||
Loan charge-offs | $ 21 | $ 101 | $ 22 | $ 81 | $ 56 | ||||
Loan recoveries | 20 | 22 | 59 | 34 | 35 | ||||
Net charge-offs (recoveries) | 1 | 79 | (37) | 47 | 21 | ||||
Non-accrual loans | 2,245 | 2,738 | 2,638 | 2,963 | 2,695 | ||||
Other real estate owned, net | - | - | - | - | - | ||||
Nonperforming assets (5) | 2,245 | 2,738 | 2,638 | 2,963 | 2,695 | ||||
Loans 30 to 89 days past due, accruing | 523 | 474 | 299 | 60 | 75 | ||||
Loans over 90 days past due, accruing | - | - | 1 | - | - | ||||
Special mention loans | 8,192 | 10,627 | 2,267 | 14,055 | 8,132 | ||||
Substandard loans, accruing | 4,594 | 4,238 | 4,391 | 3,708 | 3,729 | ||||
Capital Ratios (2) | |||||||||
Total capital | $ 97,302 | $ 95,449 | $ 93,943 | $ 92,606 | $ 91,554 | ||||
Tier 1 capital | 89,674 | 88,070 | 86,485 | 85,388 | 84,418 | ||||
Common equity tier 1 capital | 89,674 | 88,070 | 86,485 | 85,388 | 84,418 | ||||
Total capital to risk-weighted assets | 13.61 % | 13.57 % | 13.79 % | 13.96 % | 13.97 % | ||||
Tier 1 capital to risk weighted assets | 12.55 % | 12.52 % | 12.69 % | 12.87 % | 12.88 % | ||||
Common equity Tier 1 capital to risk wtd. assets | 12.55 % | 12.52 % | 12.69 % | 12.87 % | 12.88 % | ||||
Leverage ratio | 10.06 % | 9.92 % | 9.67 % | 9.99 % | 9.98 % | ||||
POTOMAC BANCSHARES, INC. | |||||||||
Performance Summary | |||||||||
(in thousands, except share and per share data) | |||||||||
(unaudited) | |||||||||
For the Quarter Ended | |||||||||
March 31, | Dec 31, | Sep 30, | June 30, | March 31, | |||||
2025 | 2024 | 2024 | 2024 | 2024 | |||||
Balance Sheet | |||||||||
Cash and due from banks | $ 4,673 | $ 5,143 | $ 5,014 | $ 4,061 | $ 3,662 | ||||
Interest-bearing deposits in other financial | 66,844 | 59,621 | 67,337 | 51,167 | 82,816 | ||||
Cash and cash equivalents | $ 71,517 | $ 64,764 | $ 72,351 | $ 55,228 | $ 86,478 | ||||
Securities available for sale, at fair value | 76,763 | 77,385 | 82,146 | 83,276 | 84,768 | ||||
Equity securities, at fair value | 243 | 241 | 223 | 200 | 205 | ||||
Loans held for sale | 2,234 | 1,506 | 1,219 | 1,395 | 2,210 | ||||
Loans, net of allowance for credit losses | 709,160 | 697,132 | 679,558 | 657,188 | 648,804 | ||||
Premises and equipment, net | 8,240 | 8,099 | 7,832 | 7,806 | 5,882 | ||||
Accrued interest receivable | 2,478 | 2,283 | 2,382 | 2,413 | 2,309 | ||||
Bank owned life insurance | 14,074 | 13,977 | 13,878 | 13,780 | 13,683 | ||||
FHLB of | 2,023 | 2,103 | 2,328 | 1,419 | 1,481 | ||||
Other assets | 8,851 | 9,859 | 9,414 | 9,875 | 9,151 | ||||
Total assets | $ 895,583 | $ 877,349 | $ 871,331 | $ 832,580 | $ 854,971 | ||||
Noninterest-bearing demand deposits | $ 186,182 | $ 171,681 | $ 172,941 | $ 169,262 | $ 170,933 | ||||
Savings and interest-bearing demand deposits | 586,200 | 582,677 | 576,809 | 570,834 | 591,994 | ||||
Total deposits | $ 772,382 | $ 754,358 | $ 749,750 | $ 740,096 | $ 762,927 | ||||
Short term borrowings | 3,052 | 3,170 | 3,503 | 3,031 | 3,657 | ||||
Long term borrowings | 29,000 | 31,000 | 31,000 | 6,000 | 6,000 | ||||
Subordinated debt | 9,973 | 9,958 | 9,942 | 9,927 | 9,912 | ||||
Accrued interest payable | 987 | 1,266 | 1,041 | 875 | 658 | ||||
Other liabilities | 4,140 | 4,181 | 3,586 | 3,347 | 4,057 | ||||
Total liabilities | $ 819,534 | $ 803,933 | $ 798,822 | $ 763,276 | $ 787,211 | ||||
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 | 65,497 | 63,806 | 62,331 | 61,068 | 60,145 | ||||
Accumulated other comprehensive (loss), net | (4,994) | (5,936) | (5,368) | (7,310) | (7,931) | ||||
$ 79,543 | $ 76,910 | $ 76,003 | $ 72,798 | $ 71,254 | |||||
Less cost of shares acquired for the treasury | (3,494) | (3,494) | (3,494) | (3,494) | (3,494) | ||||
Total shareholders' equity | $ 76,049 | $ 73,416 | $ 72,509 | $ 69,304 | $ 67,760 | ||||
Total liabilities and shareholders' equity | $ 895,583 | $ 877,349 | $ 871,331 | $ 832,580 | $ 854,971 | ||||
Loan Data | |||||||||
Construction and land development | $ 42,954 | $ 39,404 | $ 35,260 | $ 28,936 | $ 27,437 | ||||
Secured by farmland | 6,707 | 6,769 | 6,820 | 6,814 | 6,915 | ||||
Secured by 1-4 family resident | 250,436 | 247,299 | 244,125 | 240,053 | 235,861 | ||||
Other real estate loans | 344,953 | 345,904 | 340,027 | 335,888 | 340,289 | ||||
Loans to farmers (except secured by real estate) | 237 | 190 | 195 | 198 | 195 | ||||
Commercial and industrial loans (except those | 61,348 | 54,205 | 49,972 | 41,431 | 33,791 | ||||
Consumer installment loans | 2,910 | 2,910 | 2,994 | 3,287 | 3,359 | ||||
Deposit overdraft | 85 | 518 | 74 | 71 | 132 | ||||
All other loans | 6,710 | 6,910 | 7,188 | 7,391 | 7,657 | ||||
Total loans | $ 716,340 | $ 704,109 | $ 686,655 | $ 664,069 | $ 655,636 | ||||
Allowance for credit losses | (7,180) | (6,977) | (7,097) | (6,881) | (6,832) | ||||
Loans, net | $ 709,160 | $ 697,132 | $ 679,558 | $ 657,188 | $ 648,804 | ||||
POTOMAC BANCSHARES, INC. | |||||||||
Non-GAAP Reconciliations | |||||||||
(in thousands, except share and per share data) | |||||||||
(unaudited) | |||||||||
For the Quarter Ended | |||||||||
March 31, | Dec 31, | Sep 30, | June 30, | March 31, | |||||
2025 | 2024 | 2024 | 2024 | 2024 | |||||
Adjusted Net Income | |||||||||
Net income (GAAP) | $ 2,188 | $ 1,972 | $ 1,761 | $ 1,421 | $ 1,675 | ||||
Add: Loss on sale of securities | - | 397 | - | 386 | - | ||||
Subtract: Tax effect of adjustment (4) | - | (83) | - | (81) | - | ||||
Adjusted net income (non-GAAP) | $ 2,188 | $ 2,286 | $ 1,761 | $ 1,726 | $ 1,675 | ||||
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) | $ 0.53 | $ 0.48 | $ 0.42 | $ 0.34 | $ 0.40 | ||||
Adjusted earnings per share, basic (Non- | $ 0.53 | $ 0.55 | $ 0.42 | $ 0.42 | $ 0.40 | ||||
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) | $ 0.53 | $ 0.48 | $ 0.42 | $ 0.34 | $ 0.40 | ||||
Adjusted earnings per share, diluted (Non- | $ 0.53 | $ 0.55 | $ 0.42 | $ 0.42 | $ 0.40 | ||||
Adjusted Pre-Provision, Pre-tax earnings | |||||||||
Net interest income | $ 7,354 | $ 7,164 | $ 6,953 | $ 6,566 | $ 6,392 | ||||
Total noninterest income | 1,829 | 1,670 | 1,755 | 1,359 | 1,614 | ||||
Net revenue | $ 9,183 | $ 8,834 | $ 8,708 | $ 7,925 | $ 8,006 | ||||
Total noninterest expense | 6,201 | 6,280 | 6,248 | 5,972 | 5,662 | ||||
Pre-provision, pre-tax earnings | $ 2,982 | $ 2,554 | $ 2,460 | $ 1,953 | $ 2,344 | ||||
Add: Loss on sale of securities | - | 397 | - | 386 | - | ||||
Adjusted pre-provision, pre-tax earnings | $ 2,982 | $ 2,951 | $ 2,460 | $ 2,339 | $ 2,344 | ||||
Adjusted Performance Ratios | |||||||||
Average assets | $ 881,490 | $ 877,813 | $ 884,167 | $ 841,627 | $ 831,861 | ||||
Return on average assets (GAAP) | 1.01 % | 0.89 % | 0.79 % | 0.68 % | 0.81 % | ||||
Adjusted return on average assets (Non- | 1.01 % | 1.04 % | 0.79 % | 0.82 % | 0.81 % | ||||
Average shareholders' equity | $ 74,694 | $ 72,588 | $ 70,637 | $ 67,987 | $ 67,381 | ||||
Return on average equity (GAAP) | 11.88 % | 10.81 % | 9.92 % | 8.41 % | 10.00 % | ||||
Adjusted return on average equity (Non-GAAP) | 11.88 % | 12.53 % | 9.92 % | 10.21 % | 10.00 % | ||||
Pre-provision, pre-tax return on average assets | 1.37 % | 1.16 % | 1.11 % | 0.93 % | 1.13 % | ||||
Adjusted pre-provision, pre-tax return on | 1.37 % | 1.34 % | 1.11 % | 1.12 % | 1.13 % | ||||
POTOMAC BANCSHARES, INC. | |||||||||
Non-GAAP Reconciliations | |||||||||
(in thousands, except share and per share data) | |||||||||
(unaudited) | |||||||||
For the Quarter Ended | |||||||||
March 31, | Dec 31, | Sep 30, | June 30, | March 31, | |||||
2025 | 2024 | 2024 | 2024 | 2024 | |||||
Net Interest Margin | |||||||||
Tax-equivalent net interest income | $ 7,360 | $ 7,170 | $ 6,959 | $ 6,572 | $ 6,398 | ||||
Average earning assets | 850,176 | 847,248 | 853,527 | 812,168 | 803,289 | ||||
Net interest margin | 3.51 % | 3.37 % | 3.24 % | 3.25 % | 3.20 % | ||||
Efficiency Ratio | |||||||||
Total noninterest expense | $ 6,201 | $ 6,280 | $ 6,248 | $ 5,972 | $ 5,662 | ||||
Tax-equivalent net interest income | $ 7,360 | $ 7,170 | $ 6,959 | $ 6,572 | $ 6,398 | ||||
Total noninterest income | $ 1,829 | $ 1,670 | $ 1,755 | $ 1,359 | $ 1,614 | ||||
Add: Loss on disposal of property and | 2 | 1 | 1 | - | - | ||||
Add: Loss on sale of securities | - | 397 | - | 386 | - | ||||
Total noninterest income subtotal | 1,831 | 2,068 | 1,756 | 1,745 | 1,614 | ||||
Subtotal | $ 9,191 | $ 9,238 | $ 8,715 | $ 8,317 | $ 8,012 | ||||
Efficiency ratio | 67.47 % | 67.98 % | 71.69 % | 71.80 % | 70.67 % | ||||
Tax-Equivalent Net Interest Income | |||||||||
GAAP measures: | |||||||||
Interest income - loans | $ 9,501 | $ 9,287 | $ 8,985 | $ 8,361 | $ 8,225 | ||||
Interest income - investments taxable | 715 | 647 | 678 | 695 | 635 | ||||
Interest income - investments tax exempt | 29 | 29 | 29 | 29 | 28 | ||||
Interest income - other | 674 | 929 | 1,273 | 1,003 | 859 | ||||
Interest expense - deposits | (3,105) | (3,238) | (3,648) | (3,308) | (3,142) | ||||
Interest expense - short term borrowings | (6) | (9) | (7) | (7) | (6) | ||||
Interest expense - long term borrowings | (313) | (340) | (217) | (67) | (67) | ||||
Interest expense - subordinated debt | (141) | (141) | (140) | (140) | (140) | ||||
Net interest income | $ 7,354 | $ 7,164 | $ 6,953 | $ 6,566 | $ 6,392 | ||||
Non-GAAP measures: | |||||||||
Add: Tax benefit realized on non-taxable | $ 6 | $ 6 | $ 6 | $ 6 | $ 6 | ||||
Tax benefit realized on non-taxable interest | $ 6 | $ 6 | $ 6 | $ 6 | $ 6 | ||||
Tax equivalent net interest income | $ 7,360 | $ 7,170 | $ 6,959 | $ 6,572 | $ 6,398 | ||||
Tangible Book Value Per Share | |||||||||
Tangible common equity | $ 76,049 | $ 73,417 | $ 72,509 | $ 69,305 | $ 67,760 | ||||
Common shares outstanding, ending | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | ||||
Tangible book value per share | $ 18.35 | $ 17.71 | $ 17.49 | $ 16.72 | $ 16.35 | ||||
(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. |
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SOURCE Potomac Bancshares, Inc.
FAQ
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