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Potomac Bancshares, Inc. reports developments tied to its role as the bank holding company for Potomac Bank, a community bank serving markets in West Virginia, Maryland and Northern Virginia. Recurring updates cover quarterly earnings, net interest margin trends, loan and deposit activity, common-stock dividends, and branch or market expansion.
Company news also highlights Potomac Bank's commercial banking, treasury management, commercial real estate lending, residential mortgage, trust, wealth and investment services. Leadership appointments, banker hires, community partnerships and the bank's history from Bank of Charles Town to Potomac Bank are recurring parts of its public-company profile.
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BCT-Bank of Charles Town (OTC:PTBS) has expanded its commercial lending operations by appointing a new team dedicated to Small Business Administration (SBA) lending programs. The team, comprised of experienced professionals from Sonabank, includes Michelle R. Douglas, Teri L. Tosti, and Kate Ryan. This initiative aims to enhance BCT's capabilities in serving small businesses across DC, Maryland, Virginia, and West Virginia. The new SBA lending offerings will support various financing solutions including loans up to $5 million.
Potomac Bancshares (OTC: PTBS) reported Q1 2021 earnings of $1.778 million ($0.43/share), up 147.3% from $0.719 million ($0.17/share) in Q1 2020. Total assets grew 22.3% to $661.4 million, with loans increasing by 19.4% to $499.8 million. Deposits rose by 25.2% to $591.5 million. The net interest margin decreased to 3.22% from 3.41% YoY. Non-interest income increased by 24.1% to $1.6 million. The company declared a $0.08/share dividend, an increase of 14.3%. The allowance for loan losses was 1.08%, indicating caution amid ongoing economic challenges.
Potomac Bancshares, Inc. (OTC: PTBS) has declared a quarterly dividend of $0.08 per share, marking a 14.3% increase from the previous $0.07 dividend. This dividend will be available to shareholders recorded on May 4, 2021, and paid on May 11, 2021. The company highlights strong growth in balance sheet and profitability over the past year. With around $621 million in assets as of December 31, 2020, Potomac Bancshares remains committed to serving its customers and communities.
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Potomac Bancshares reported strong financial results for Q4 and the full year 2020. The company achieved net income of $1.142 million ($0.28/share) for Q4 2020, a 33.3% increase over Q4 2019, and $3.785 million ($0.92/share) for the full year, up 17.9% year-over-year. Total assets rose to $620.7 million, a 20.3% increase, while total loans grew to $494 million, a 19.8% rise. Notably, non-performing assets decreased to 0.02%, and the company declared a $0.07 per share dividend. Management indicates they are focused on growth despite the economic challenges posed by the pandemic.
Potomac Bancshares, Inc. (OTC: PTBS) has announced the successful closing of a $10 million private placement of subordinated notes due 2030. President and CEO Alice P. Frazier emphasized the positive response from investors, reinforcing their business strategy. The notes carry a 5.00% interest rate for the first five years and will qualify as Tier 2 capital. Proceeds will be utilized for general corporate purposes, supporting growth in new markets and expanded business lines.
BCT - Bank of Charles Town (OTC:PTBS) has appointed Terry L. Elliott as Senior Vice President, Commercial Lender, targeting Loudoun County, Prince William County, and Northern Virginia. With over 20 years of commercial banking experience, Elliott was recognized as Financial Services Champion of the Year by the SBA. Prior to BCT, she oversaw $100 million in new commercial loan growth at FVCBank, enhancing BCT's expansion strategies. BCT, founded in 1871, operates nine branches and holds approximately $607 million in assets as of June 30, 2020.
On September 2, 2020, BCT-Investments, a division of BCT-Bank of Charles Town (OTC: PTBS), announced the appointment of Joe O'Malley, CFP®, as Vice President and Financial Advisor. With over 23 years of experience in finance, including 16 years in securities, O'Malley aims to provide comprehensive investment solutions across BCT's markets in West Virginia, Virginia, and Maryland. His expertise includes asset allocation and wealth transfer strategies, further strengthening BCT's advisory services.
BCT - Bank of Charles Town has appointed Patrick Flickinger as the new Branch Manager for its Leesburg, Virginia office, bringing over 23 years of banking experience. Previously, he served managerial roles at BB&T and M&T Bank. CEO Alice P. Frazier emphasizes Mr. Flickinger's commitment to community values, aligning with the bank's strategic focus. BCT, with approximately $607 million in assets, aims to enhance customer experiences and expand its presence in Loudoun County.