POTOMAC BANCSHARES REPORTS INCREASE IN 2025 SECOND QUARTER EARNINGS OVER PRIOR YEAR
Potomac Bancshares (OTCID: PTBS) reported strong Q2 2025 financial results, with net income of $2.1 million and earnings per share of $0.50, marking significant increases from $1.4 million and $0.34 in Q2 2024. The bank demonstrated robust performance with 11% annualized loan growth and 12% annualized deposit growth.
Key metrics showed improvement with net interest income increasing to $7.6 million, a net interest margin of 3.48%, and excellent asset quality with NPAs at 0.24% of total assets. The company increased its quarterly dividend by 8% to $0.13 per share, while maintaining strong capital ratios with a total capital ratio of 13.50%.
Total assets reached $920.3 million, representing an 11% annualized increase, while the allowance for credit losses on loans stood at $7.4 million, or 1.00% of total loans.
Potomac Bancshares (OTCID: PTBS) ha riportato solidi risultati finanziari nel secondo trimestre 2025, con un utile netto di 2,1 milioni di dollari e un utile per azione di 0,50 dollari, segnando aumenti significativi rispetto a 1,4 milioni di dollari e 0,34 dollari nel secondo trimestre del 2024. La banca ha mostrato una performance robusta con una crescita annualizzata dei prestiti dell'11% e una crescita annualizzata dei depositi del 12%.
I principali indicatori hanno mostrato miglioramenti, con il reddito netto da interessi salito a 7,6 milioni di dollari, un margine di interesse netto del 3,48% e un'eccellente qualità degli attivi con crediti deteriorati pari allo 0,24% del totale degli attivi. La società ha incrementato il dividendo trimestrale dell'8% a 0,13 dollari per azione, mantenendo solidi coefficienti patrimoniali con un indice patrimoniale totale del 13,50%.
Il totale degli attivi ha raggiunto 920,3 milioni di dollari, rappresentando un aumento annualizzato dell'11%, mentre le rettifiche per perdite su crediti sui prestiti ammontavano a 7,4 milioni di dollari, ovvero l'1,00% del totale prestiti.
Potomac Bancshares (OTCID: PTBS) reportó sólidos resultados financieros en el segundo trimestre de 2025, con un ingreso neto de 2,1 millones de dólares y ganancias por acción de 0,50 dólares, marcando aumentos significativos desde 1,4 millones y 0,34 dólares en el segundo trimestre de 2024. El banco mostró un desempeño robusto con un crecimiento anualizado de préstamos del 11% y un crecimiento anualizado de depósitos del 12%.
Las métricas clave mostraron mejoras con ingresos netos por intereses que aumentaron a 7,6 millones de dólares, un margen neto de interés del 3,48% y excelente calidad de activos con activos no productivos (NPAs) en 0,24% del total de activos. La compañía incrementó su dividendo trimestral en un 8% a 0,13 dólares por acción, manteniendo sólidos índices de capital con un índice de capital total del 13,50%.
Los activos totales alcanzaron 920,3 millones de dólares, representando un aumento anualizado del 11%, mientras que la provisión para pérdidas crediticias sobre préstamos se situó en 7,4 millones de dólares, o el 1,00% del total de préstamos.
Potomac Bancshares (OTCID: PTBS)는 2025년 2분기에 강력한 재무 실적을 보고했으며, 순이익은 210만 달러, 주당순이익은 0.50 달러로 2024년 2분기의 140만 달러와 0.34 달러에서 크게 증가했습니다. 은행은 연환산 대출 성장률 11%과 연환산 예금 성장률 12%로 견고한 실적을 보였습니다.
주요 지표들은 순이자수익이 760만 달러로 증가하고, 순이자마진은 3.48%, 부실자산 비율은 총자산의 0.24%로 우수한 자산 건전성을 나타냈습니다. 회사는 분기 배당금을 8% 인상하여 주당 0.13달러로 지급했으며, 총자본비율 13.50%로 강한 자본 상태를 유지했습니다.
총자산은 9억 2,030만 달러에 달하며 연환산 11% 증가했고, 대출에 대한 대손충당금은 740만 달러로 총대출의 1.00%에 해당합니다.
Potomac Bancshares (OTCID: PTBS) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec un bénéfice net de 2,1 millions de dollars et un bénéfice par action de 0,50 dollar, marquant des augmentations significatives par rapport à 1,4 million et 0,34 dollar au deuxième trimestre 2024. La banque a démontré une performance robuste avec une croissance annualisée des prêts de 11% et une croissance annualisée des dépôts de 12%.
Les indicateurs clés ont montré une amélioration avec un revenu net d'intérêts en hausse à 7,6 millions de dollars, une marge nette d'intérêts de 3,48%, et une excellente qualité des actifs avec des actifs non performants (ANP) à 0,24% du total des actifs. La société a augmenté son dividende trimestriel de 8% à 0,13 dollar par action, tout en maintenant des ratios de capital solides avec un ratio de capital total de 13,50%.
Le total des actifs a atteint 920,3 millions de dollars, représentant une augmentation annualisée de 11%, tandis que la provision pour pertes sur prêts s'élevait à 7,4 millions de dollars, soit 1,00% du total des prêts.
Potomac Bancshares (OTCID: PTBS) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Nettogewinn von 2,1 Millionen US-Dollar und einem Ergebnis je Aktie von 0,50 US-Dollar, was erhebliche Steigerungen gegenüber 1,4 Millionen US-Dollar und 0,34 US-Dollar im zweiten Quartal 2024 darstellt. Die Bank zeigte eine robuste Performance mit einem annualisierten Kreditwachstum von 11% und einem annualisierten Einlagenwachstum von 12%.
Wichtige Kennzahlen verbesserten sich, wobei das Nettozinseinkommen auf 7,6 Millionen US-Dollar anstieg, die Nettozinsmarge 3,48% betrug und die Vermögensqualität mit notleidenden Krediten (NPAs) bei 0,24% der Gesamtvermögenswerte ausgezeichnet war. Das Unternehmen erhöhte seine Quartalsdividende um 8% auf 0,13 US-Dollar pro Aktie und hielt dabei starke Kapitalquoten mit einer Gesamtkapitalquote von 13,50% aufrecht.
Die Gesamtaktiva erreichten 920,3 Millionen US-Dollar, was einem annualisierten Anstieg von 11% entspricht, während die Rückstellung für Kreditausfälle bei Darlehen 7,4 Millionen US-Dollar betrug, was 1,00% der Gesamtdarlehen entspricht.
- Net income increased by $654 thousand to $2.1 million in Q2 2025 vs Q2 2024
- Strong loan growth of 11% annualized in Q2 2025
- Deposit growth of 12% annualized in Q2 2025
- Quarterly dividend increased 8% to $0.13 per share
- Excellent asset quality with NPAs at only 0.24% of total assets
- Net interest income increased by $280 thousand to $7.6 million quarter-over-quarter
- Net interest margin decreased by 3 basis points to 3.48%
- Noninterest expense increased by $298 thousand or 5% quarter-over-quarter
- Net unrealized losses on securities portfolio increased by $126 thousand from previous quarter
Net income was
Three Months Ended | |||
June 30, 2025 | March 31, 2025 | June 30, 2024 | |
Net income | |||
Basic and diluted earnings per share | |||
Return on average assets | 0.91 % | 1.01 % | 0.68 % |
Return on average equity | 10.83 % | 11.88 % | 8.40 % |
Non-GAAP Measures: | |||
Adjusted net income | |||
Adjusted basic and diluted earnings per share | |||
Adjusted return on average assets | 0.94 % | 1.01 % | 0.82 % |
Adjusted return on average equity | 11.18 % | 11.88 % | 10.20 % |
Adjusted pre-provision, pre-tax earnings | |||
Adjusted pre-provision, pre-tax return on average | 1.31 % | 1.37 % | 1.12 % |
Net interest margin | 3.48 % | 3.51 % | 3.25 % |
Efficiency ratio | 68.19 % | 67.47 % | 71.80 % |
Note: see "Non-GAAP Financial Measures" and "Non-GAAP Reconciliations" for additional information and detailed calculations of adjustments.
"We're proud of our strong second quarter performance, with
Frazier continued, "Despite a sluggish economy, we're optimistic about the year ahead and remain focused on delivering shareholder value—evident in our balance sheet growth, increased dividend, and
SECOND QUARTER HIGHLIGHTS
Key highlights of the three-month period ending June 30, 2025, are as follows. Comparisons are to the three-month period ending March 31, 2025, unless otherwise stated:
- Adjusted return on assets of
0.94% - Adjusted return on equity of
11.18% - Loan balances increased
11% , annualized - Deposit balances increased
12% , annualized - Total revenue growth of
9% , annualized - Asset quality metrics were excellent with NPAs at
0.24% of total assets - Tangible book value per share (1) increased
8% , annualized, to$18.70 - Quarterly cash dividend on common stock increased
8% to$0.13
NET INTEREST INCOME
Net interest income increased
Total interest and dividend income increased
Total interest expense increased
NONINTEREST INCOME
Noninterest income totaled
NONINTEREST EXPENSE
Noninterest expense totaled
ASSET QUALITY
Overview
Asset quality remained excellent during the second 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:
(dollars in thousands) | Three Months Ended | ||
June 30, 2025 | March 31, 2025 | June 30, 2024 | |
Allowance for credit losses on loans, beginning of | |||
Net charge-offs | (46) | (1) | (47) |
Provision for credit losses on loans | 225 | 204 | 96 |
Allowance for credit losses on loans, end of period | |||
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:
For the Period Ended | |||
June 30, 2025 | March 31, 2025 | June 30, 2024 | |
Total capital ratio (2) | 13.50 % | 13.61 % | 13.96 % |
Tier 1 capital ratio (2) | 12.43 % | 12.55 % | 12.87 % |
Common equity Tier 1 capital ratio (2) | 12.43 % | 12.55 % | 12.87 % |
Leverage ratio (2) | 9.91 % | 10.06 % | 9.99 % |
Tangible common equity to tangible assets (1)(3) | 8.42 % | 8.49 % | 8.32 % |
During the second quarter of 2025, the Company paid a quarterly cash dividend 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. (OTCID: PTBS) is the bank holding company of Bank of
The Company's shares are quoted on the OTCID marketplace under the symbol "PTBS." Individuals may purchase shares under the symbol "PTBS" by contacting one's personal broker. 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 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 Three Months Ended | For the Six Months Ended | ||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | |||||
2025 | 2025 | 2024 | 2025 | 2024 | |||||
Income Statement | |||||||||
Interest and dividend income: | |||||||||
Interest and fees on loans | $ 9,682 | $ 9,501 | $ 8,361 | $ 19,183 | $ 16,586 | ||||
Taxable interest on securities | 710 | 715 | 695 | 1,425 | 1,330 | ||||
Tax-exempt interest on securities | 28 | 29 | 29 | 57 | 57 | ||||
Other interest and dividends | 989 | 674 | 1,003 | 1,663 | 1,862 | ||||
Total interest and dividend income | $ 11,409 | $ 10,919 | $ 10,088 | $ 22,328 | $ 19,835 | ||||
Interest expense: | |||||||||
Interest on deposits | $ 3,324 | $ 3,105 | $ 3,308 | $ 6,429 | $ 6,450 | ||||
Interest on short term borrowings | 2 | 6 | 7 | 8 | 13 | ||||
Interest on long term borrowings | 309 | 313 | 67 | 622 | 134 | ||||
Interest on subordinated debt | 140 | 141 | 140 | 281 | 280 | ||||
Total interest expense | $ 3,775 | $ 3,565 | $ 3,522 | $ 7,340 | $ 6,877 | ||||
Net interest income | $ 7,634 | $ 7,354 | $ 6,566 | $ 14,988 | $ 12,958 | ||||
Provision for credit losses | 225 | 250 | 129 | 475 | 309 | ||||
Net interest income after provision for credit | $ 7,409 | $ 7,104 | $ 6,437 | $ 14,513 | $ 12,649 | ||||
Noninterest Income: | |||||||||
Wealth and investments | $ 498 | $ 505 | $ 431 | $ 1,003 | $ 850 | ||||
Service charges on deposit accounts | 225 | 260 | 265 | 485 | 511 | ||||
Gains / fees on sale of mortgage loans | 351 | 247 | 274 | 598 | 470 | ||||
ATM and check card fees | 518 | 475 | 521 | 993 | 1,014 | ||||
Income from bank owned life insurance | 100 | 97 | 97 | 197 | 213 | ||||
Net losses on sale of securities | - | - | (386) | - | (386) | ||||
Net loss on disposal of premises & equipment | - | (2) | - | (2) | - | ||||
Other operating income | 74 | 247 | 157 | 321 | 301 | ||||
Total noninterest income | $ 1,766 | $ 1,829 | $ 1,359 | $ 3,595 | $ 2,973 | ||||
Noninterest expenses: | |||||||||
Salaries and employee benefits | $ 3,760 | $ 3,368 | $ 3,228 | $ 7,128 | $ 6,243 | ||||
Occupancy | 310 | 344 | 266 | 654 | 542 | ||||
Equipment | 344 | 376 | 367 | 720 | 735 | ||||
Accounting, audit, and compliance | 70 | 69 | 44 | 139 | 109 | ||||
Advertising and public relations | 112 | 118 | 116 | 230 | 184 | ||||
Data processing | 453 | 452 | 459 | 905 | 923 | ||||
FDIC assessment | 104 | 99 | 94 | 203 | 188 | ||||
Other professional fees | 140 | 132 | 146 | 272 | 256 | ||||
Trust professional fees | 144 | 171 | 123 | 315 | 231 | ||||
Director and committee fees | 68 | 97 | 88 | 165 | 181 | ||||
Legal fees | 23 | 33 | 117 | 56 | 182 | ||||
Supplies | 66 | 79 | 62 | 145 | 138 | ||||
Communications | 112 | 112 | 99 | 224 | 201 | ||||
ATM and check card expense | 264 | 240 | 263 | 504 | 512 | ||||
Other operating expenses | 529 | 511 | 500 | 1,040 | 1,009 | ||||
Total noninterest expenses | $ 6,499 | $ 6,201 | $ 5,972 | $ 12,700 | $ 11,634 | ||||
Income before income tax expense | $ 2,676 | $ 2,732 | $ 1,824 | $ 5,408 | $ 3,988 | ||||
Income tax expense | 602 | 544 | 404 | 1,146 | 892 | ||||
Net income | $ 2,074 | $ 2,188 | $ 1,420 | $ 4,262 | $ 3,096 | ||||
POTOMAC BANCSHARES, INC. | |||||||||
Performance Summary | |||||||||
(in thousands, except share and per share data) | |||||||||
(unaudited) | |||||||||
As of or For the Three Months Ended | As of or For the Six Months Ended | ||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | |||||
2025 | 2025 | 2024 | 2025 | 2024 | |||||
Common Share and Per Common Share Data | |||||||||
Earnings per common share, basic | $ 0.50 | $ 0.53 | $ 0.34 | $ 1.03 | $ 0.75 | ||||
Adjusted earnings per common share, basic (1) | $ 0.52 | $ 0.53 | $ 0.42 | $ 1.05 | $ 0.82 | ||||
Weighted average shares, basic | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | ||||
Earnings per common share, diluted | $ 0.50 | $ 0.53 | $ 0.34 | $ 1.03 | $ 0.75 | ||||
Adjusted earnings per common share, diluted (1) | $ 0.52 | $ 0.53 | $ 0.42 | $ 1.05 | $ 0.82 | ||||
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) | $ 18.70 | $ 18.35 | $ 16.72 | $ 18.70 | $ 16.72 | ||||
Cash dividends | $ 0.13 | $ 0.12 | $ 0.12 | $ 0.25 | $ 0.22 | ||||
Key Performance Ratios | |||||||||
Return on average assets | 0.91 % | 1.01 % | 0.68 % | 0.96 % | 0.74 % | ||||
Adjusted return on average assets (1) | 0.94 % | 1.01 % | 0.82 % | 0.97 % | 0.82 % | ||||
Return on average equity | 10.83 % | 11.88 % | 8.40 % | 11.35 % | 9.20 % | ||||
Adjusted return on average equity (1) | 11.18 % | 11.88 % | 10.20 % | 11.52 % | 10.10 % | ||||
Net interest margin (1) | 3.48 % | 3.51 % | 3.25 % | 3.40 % | 3.23 % | ||||
Efficiency ratio (1) | 68.19 % | 67.47 % | 71.80 % | 67.83 % | 71.25 % | ||||
Average Balances | |||||||||
Average assets | $ 912,253 | $ 881,490 | $ 841,627 | $ 896,863 | $ 836,744 | ||||
Average earning assets | 881,485 | # | 850,176 | 812,168 | 888,876 | # | 807,076 | ||
Average shareholders' equity | 76,808 | # | 74,694 | 67,987 | 75,757 | # | 67,684 | ||
Asset Quality | |||||||||
Loan charge-offs | $ 58 | $ 21 | $ 80 | $ 79 | $ 137 | ||||
Loan recoveries | 13 | 20 | 33 | 33 | 69 | ||||
Net charge-offs | 45 | 1 | 47 | 46 | 68 | ||||
Non-accrual loans | 2,244 | 2,245 | 2,963 | 2,245 | 2,963 | ||||
Other real estate owned, net | - | - | - | - | - | ||||
Nonperforming assets (5) | 2,244 | 2,245 | 2,963 | 2,245 | 2,963 | ||||
Loans 30 to 89 days past due, accruing | 726 | 523 | 60 | 726 | 60 | ||||
Loans over 90 days past due, accruing | 151 | - | - | 151 | - | ||||
Special mention loans | 15,711 | 14,055 | 8,192 | 15,711 | 8,192 | ||||
Substandard loans, accruing | 1,150 | 1,463 | 1,631 | 1,150 | 1,631 | ||||
Capital Ratios (2) | |||||||||
Total capital | $ 99,097 | $ 97,302 | $ 92,606 | $ 99,097 | $ 92,606 | ||||
Tier 1 capital | 91,290 | 89,674 | 85,388 | 91,290 | 85,388 | ||||
Common equity tier 1 capital | 91,290 | 89,674 | 85,388 | 91,290 | 85,388 | ||||
Total capital to risk-weighted assets | 13.50 % | 13.61 % | 13.96 % | 13.50 % | 13.96 % | ||||
Tier 1 capital to risk weighted assets | 12.43 % | 12.55 % | 12.87 % | 12.43 % | 12.87 % | ||||
Common equity Tier 1 capital to risk weighed assets | 12.43 % | 12.55 % | 12.87 % | 12.43 % | 12.87 % | ||||
Leverage ratio | 9.91 % | 10.06 % | 9.99 % | 9.91 % | 9.99 % | ||||
POTOMAC BANCSHARES, INC. | |||||||||
Performance Summary | |||||||||
(in thousands, except share and per share data) | |||||||||
(unaudited) | |||||||||
For the Period Ended | |||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||
2025 | 2025 | 2024 | 2024 | 2024 | |||||
Balance Sheet | |||||||||
Cash and due from banks | $ 4,638 | $ 4,673 | $ 5,143 | $ 5,014 | $ 4,061 | ||||
Interest-bearing deposits in other financial institutions | 67,636 | 66,844 | 59,621 | 67,337 | 51,167 | ||||
Cash and cash equivalents | $ 72,274 | $ 71,517 | $ 64,764 | $ 72,351 | $ 55,228 | ||||
Securities available for sale, at fair value | 76,787 | 76,763 | 77,385 | 82,146 | 83,276 | ||||
Equity securities, at fair value | 246 | 243 | 241 | 223 | 200 | ||||
Restricted securities | 2,037 | 2,023 | 2,103 | 2,328 | 1,419 | ||||
Loans held for sale | 5,682 | 2,234 | 1,506 | 1,219 | 1,395 | ||||
Loans, net of allowance for credit losses | 729,065 | 709,160 | 697,132 | 679,558 | 657,188 | ||||
Premises and equipment, net | 8,107 | 8,240 | 8,099 | 7,832 | 7,806 | ||||
Accrued interest receivable | 2,439 | 2,478 | 2,283 | 2,382 | 2,413 | ||||
Bank owned life insurance | 14,174 | 14,074 | 13,977 | 13,878 | 13,780 | ||||
Other assets | 9,528 | 8,851 | 9,859 | 9,414 | 9,875 | ||||
Total assets | $ 920,339 | $ 895,583 | $ 877,349 | $ 871,331 | $ 832,580 | ||||
Noninterest-bearing demand deposits | $ 176,708 | $ 186,182 | $ 171,681 | $ 172,941 | $ 169,262 | ||||
Savings and interest-bearing demand deposits | 618,155 | 586,200 | 582,677 | 576,809 | 570,834 | ||||
Total deposits | $ 794,863 | $ 772,382 | $ 754,358 | $ 749,750 | $ 740,096 | ||||
Short term borrowings | 2,793 | 3,052 | 3,170 | 3,503 | 3,031 | ||||
Long term borrowings | 29,000 | 29,000 | 31,000 | 31,000 | 6,000 | ||||
Subordinated debt | 9,989 | 9,973 | 9,958 | 9,942 | 9,927 | ||||
Accrued interest payable | 1,148 | 987 | 1,266 | 1,041 | 875 | ||||
Other liabilities | 5,056 | 4,140 | 4,181 | 3,586 | 3,347 | ||||
Total liabilities | $ 842,849 | $ 819,534 | $ 803,933 | $ 798,822 | $ 763,276 | ||||
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 | 67,032 | 65,497 | 63,806 | 62,331 | 61,068 | ||||
Accumulated other comprehensive (loss), net | (5,088) | (4,994) | (5,936) | (5,368) | (7,310) | ||||
$ 80,984 | $ 79,543 | $ 76,910 | $ 76,003 | $ 72,798 | |||||
Less cost of shares acquired for the treasury | (3,494) | (3,494) | (3,494) | (3,494) | (3,494) | ||||
Total shareholders' equity | $ 77,490 | $ 76,049 | $ 73,416 | $ 72,509 | $ 69,304 | ||||
Total liabilities and shareholders' equity | $ 920,339 | $ 895,583 | $ 877,349 | $ 871,331 | $ 832,580 | ||||
Loan Data | |||||||||
Construction and land development | $ 46,882 | $ 42,954 | $ 39,404 | $ 35,260 | $ 28,936 | ||||
Secured by farmland | 6,732 | 6,707 | 6,769 | 6,820 | 6,814 | ||||
Secured by 1-4 family residential loans | 253,798 | 250,436 | 247,299 | 244,125 | 240,053 | ||||
Other real estate loans | 355,690 | 344,953 | 345,904 | 340,027 | 335,888 | ||||
Loans to farmers (except secured by real estate) | 118 | 237 | 190 | 195 | 198 | ||||
Commercial and industrial loans (except those secured by | 63,763 | 61,348 | 54,205 | 49,972 | 41,431 | ||||
Consumer installment loans | 2,860 | 2,910 | 2,910 | 2,994 | 3,287 | ||||
Deposit overdraft | 103 | 85 | 518 | 74 | 71 | ||||
All other loans | 6,478 | 6,710 | 6,910 | 7,188 | 7,391 | ||||
Total loans | $ 736,424 | $ 716,340 | $ 704,109 | $ 686,655 | $ 664,069 | ||||
Allowance for credit losses | (7,359) | (7,180) | (6,977) | (7,097) | (6,881) | ||||
Loans, net | $ 729,065 | $ 709,160 | $ 697,132 | $ 679,558 | $ 657,188 | ||||
POTOMAC BANCSHARES, INC. | |||||||||
Non-GAAP Reconciliations | |||||||||
(in thousands, except share and per share data) | |||||||||
(unaudited) | |||||||||
As of or for the Three Months Ended | As of or for the Six Months Ended | ||||||||
June 30, | March 31, | June 30, | June 30, | # | June 30, | ||||
2025 | 2025 | 2024 | 2025 | # | 2024 | ||||
Adjusted Net Income | |||||||||
Net income (GAAP) | $ 2,074 | $ 2,188 | $ 1,420 | $ 4,262 | $ 3,096 | ||||
Add: Loss on sale of securities | $ - | $ - | $ 386 | $ - | $ 386 | ||||
Add: Core system conversion expense | 85 | - | - | 85 | - | ||||
Total adjustments | $ 85 | $ - | $ 386 | $ 85 | $ 386 | ||||
Subtract: Tax effect of adjustment (4) | (18) | - | (81) | (18) | (81) | ||||
Adjusted net income (non-GAAP) | $ 2,141 | $ 2,188 | $ 1,725 | $ 4,329 | $ 3,401 | ||||
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) | $ 0.50 | $ 0.53 | $ 0.34 | $ 1.03 | $ 0.75 | ||||
Adjusted earnings per share, basic (Non-GAAP) | $ 0.52 | $ 0.53 | $ 0.42 | $ 1.05 | $ 0.82 | ||||
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) | $ 0.50 | $ 0.53 | $ 0.34 | $ 1.03 | $ 0.75 | ||||
Adjusted earnings per share, diluted (Non-GAAP) | $ 0.52 | $ 0.53 | $ 0.42 | $ 1.05 | $ 0.82 | ||||
Adjusted Pre-Provision, Pre-tax earnings | |||||||||
Net interest income | $ 7,634 | $ 7,354 | $ 6,566 | $ 14,988 | $ 12,958 | ||||
Total noninterest income | 1,766 | 1,829 | 1,359 | 3,595 | 2,973 | ||||
Net revenue | $ 9,400 | $ 9,183 | $ 7,925 | $ 18,583 | $ 15,931 | ||||
Total noninterest expense | 6,499 | 6,201 | 5,972 | 12,700 | 11,634 | ||||
Pre-provision, pre-tax earnings | $ 2,901 | $ 2,982 | $ 1,953 | $ 5,883 | $ 4,297 | ||||
Add: Loss on sale of securities | - | - | 386 | - | 386 | ||||
Add: Core system conversion expense | 85 | - | - | 85 | - | ||||
Adjusted pre-provision, pre-tax earnings | $ 2,986 | $ 2,982 | $ 2,339 | $ 5,968 | $ 4,683 | ||||
Adjusted Performance Ratios | |||||||||
Average assets | $ 912,253 | $ 881,490 | $ 841,627 | $ 896,863 | $ 836,744 | ||||
Return on average assets (GAAP) | 0.91 % | 1.01 % | 0.68 % | 0.96 % | 0.74 % | ||||
Adjusted return on average assets (Non-GAAP) | 0.94 % | 1.01 % | 0.82 % | 0.97 % | 0.82 % | ||||
Average shareholders' equity | $ 76,808 | $ 74,694 | $ 67,987 | $ 75,757 | $ 67,684 | ||||
Return on average equity (GAAP) | 10.83 % | 11.88 % | 8.40 % | 11.35 % | 9.20 % | ||||
Adjusted return on average equity (Non-GAAP) | 11.18 % | 11.88 % | 10.20 % | 11.52 % | 10.10 % | ||||
Pre-provision, pre-tax return on average assets | 1.28 % | 1.37 % | 0.93 % | 1.32 % | 1.03 % | ||||
Adjusted pre-provision, pre-tax return on average assets | 1.31 % | 1.37 % | 1.12 % | 1.34 % | 1.13 % | ||||
Net Interest Margin | |||||||||
Tax-equivalent net interest income | $ 7,640 | $ 7,360 | $ 6,572 | $ 15,000 | $ 12,970 | ||||
Average earning assets | 881,485 | 850,176 | 812,168 | 888,876 | 807,076 | ||||
Net interest margin | 3.48 % | 3.51 % | 3.25 % | 3.40 % | 3.23 % | ||||
Efficiency Ratio | |||||||||
Total noninterest expense | $ 6,499 | $ 6,201 | $ 5,972 | $ 12,700 | $ 11,634 | ||||
Subtract: Core sytstem conversion expense | (85) | - | - | (85) | - | ||||
Total noninterest expense subtotal | $ 6,414 | $ 6,201 | $ 5,972 | $ 12,615 | $ 11,634 | ||||
Tax-equivalent net interest income | $ 7,640 | $ 7,360 | $ 6,572 | $ 15,000 | $ 12,970 | ||||
Total noninterest income | $ 1,766 | $ 1,829 | $ 1,359 | $ 3,595 | $ 2,973 | ||||
Add: Net losses on disposal of premises & equipment | - | 2 | - | 2 | - | ||||
Add: Net losses on sale of investment securities, AFS | - | - | 386 | - | 386 | ||||
Total noninterest income subtotal | 1,766 | 1,831 | 1,745 | 3,597 | 3,359 | ||||
Subtotal | $ 9,406 | $ 9,191 | $ 8,317 | $ 18,597 | $ 16,329 | ||||
Efficiency ratio | 68.19 % | 67.47 % | 71.80 % | 67.83 % | 71.25 % | ||||
Tax-Equivalent Net Interest Income | |||||||||
GAAP measures: | |||||||||
Interest income - loans | $ 9,682 | $ 9,501 | $ 8,361 | $ 19,183 | $ 16,586 | ||||
Interest income - investments taxable | 710 | 715 | 695 | 1,425 | 1,330 | ||||
Interest income - investments tax exempt | 28 | 29 | 29 | 57 | 57 | ||||
Interest income - other | 989 | 674 | 1,003 | 1,663 | 1,862 | ||||
Interest expense - deposits | (3,324) | (3,105) | (3,308) | (6,429) | (6,450) | ||||
Interest expense - short term borrowings | (2) | (6) | (7) | (8) | (13) | ||||
Interest expense - long term borrowings | (309) | (313) | (67) | (622) | (134) | ||||
Interest expense - subordinated debt | (140) | (141) | (140) | (281) | (280) | ||||
Net interest income | $ 7,634 | $ 7,354 | $ 6,566 | $ 14,988 | $ 12,958 | ||||
Non-GAAP measures: | |||||||||
Add: Tax benefit realized on non-taxable interest income - | $ 6 | $ 6 | $ 6 | $ 12 | $ 12 | ||||
Tax benefit realized on non-taxable interest income | $ 6 | $ 6 | $ 6 | $ 12 | $ 12 | ||||
Tax equivalent net interest income | $ 7,640 | $ 7,360 | $ 6,572 | $ 15,000 | $ 12,970 | ||||
Tangible Book Value Per Share | |||||||||
Tangible common equity | $ 77,490 | $ 76,049 | $ 69,305 | $ 77,490 | $ 69,305 | ||||
Common shares outstanding, ending | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | 4,144,561 | ||||
Tangible book value per share | $ 18.70 | $ 18.35 | $ 16.72 | $ 18.70 | $ 16.72 | ||||
(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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