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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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Potomac Bancshares reported first-quarter results for 2023, achieving $2.042 million in earnings, or $0.49 per share, up from $1.669 million or $0.40 in Q1 2022. Total assets grew to $792.3 million, a 10.0% increase year-over-year. Total loans rose by 19.7% to $627.0 million, while deposits increased 10.9% to $704.7 million. The bank remains well-capitalized with a Tier 1 leverage capital ratio of 10.25%. However, the net interest margin declined slightly to 3.57%. CEO Alice P. Frazier highlighted a cautious approach in loan growth amid industry volatility. The Board declared a dividend of $0.09 per share payable on May 10, 2023.
Potomac Bancshares, Inc. (OTC:PTBS) has announced a quarterly dividend of $0.09 per share, declared during the April Board meeting. This dividend will benefit all shareholders on record by May 3, 2023, with a payment date set for May 10, 2023. Founded in 1871, the Bank of Charles Town, a subsidiary of Potomac Bancshares, holds approximately $756 million in assets as of December 31, 2022. With multiple branches and a comprehensive range of banking services, including access to over 55,000 ATMs and various loan products, BCT has been recognized for its service excellence, winning multiple awards in recent years. This dividend declaration reflects the Company’s commitment to providing income to its shareholders while maintaining a strong financial position.