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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.
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.
Potomac Bancshares, Inc. (OTC:PTBS) announced a quarterly dividend of $0.09 per share during its July Board meeting. This dividend will be available to all shareholders on record as of August 4, 2022, and is set to be paid on August 11, 2022. The company, which operates the Bank of Charles Town, reported approximately $719 million in assets as of March 31, 2022, and continues to provide a range of financial services across various locations.