Potomac Bancshares Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
January 29, 2013 at 10:48 am EST
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Potomac Bancshares Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported interest income of $2,890,000 compared to $3,047,000 a year ago. Net interest income was $2,537,000 compared to $2,490,000 a year ago. Income before income tax expense was $800,000 compared to $482,000 a year ago. Net income was $502,000 or $0.15 per basic and diluted share compared to $362,000 or $0.11 per basic and diluted share a year ago.
For the year, the company reported interest income of $11,702,000 compared to $12,571,000 a year ago. Net interest income was $10,099,000 compared to $9,671,000 a year ago. Income before income tax expense was $2,404,000 compared to loss before income tax benefit of $2,260,000 a year ago. Net income was $1,639,000 or $0.48 per basic and diluted share compared to net loss of $1,010,000 or $0.30 per basic and diluted share a year ago. Annualized return on average equity was 6.18%. Annualized return on average assets was 0.56%. Book value per share as on December 31, 2012 was $7.94 compared to $7.51 as of December 31, 2011.
Potomac Bancshares, Inc. is the one bank holding company of Bank of Charles Town (BCT), also known as The Community's Bank. BCT is a locally owned community bank with nine full-service offices and one loan production office serving the Eastern Panhandle of West Virginia, Washington County, Maryland and Loudoun County, Virginia. Its personal banking services include personal checking; savings, Certificates of Deposit (CD) and Individual Retirement Accounts (IRA); Centsables financial education; online and mobile banking; Convenience services; home equity lending; personal loans; consumer credit cards; account opening service, and others. The Companyâs business banking services include specialties, commercial loans, small business administration (SBA) lending, business checking solutions, management, Autobooks, online and mobile banking, business credit cards and others. It offers fixed and adjustable-rate mortgages, construction loans, and VA, FHA, and USDA options.