- Potomac Bancshares press release ( OTCPK:PTBS ): Q3 GAAP EPS of $0.50.
- Revenue of $7.95M (+16.9% Y/Y).
- Total assets were $771.3 million as of September 30, 2022, compared to $700.5 million as of September 30, 2021, an increase of $70.8 million or 10.1%.
- Pre-tax pre-provision net income excluding Paycheck Protection Program loan ( PPP ) fees and interest income was $6.668 million for the nine months ending September 30, 2022, compared to $5.319 million for the nine months ending September 30, 2021, or a 25.4% increase.
- Loans were $598.4 million as of September 30, 2022, up $85.6 million over the $512.8 million as of September 30, 2021, a 16.7% increase. Excluding PPP loans, loan growth was $110.5 million or 22.7% since September 30, 2021. Loan growth excluding PPP loans in the first nine months of 2022 was $95.7 million or 19.1% growth since December 31, 2021.
- Credit quality remains excellent with non-performing assets at 0.01% of total assets.
- Total deposits grew to $694.1 million as of September 30, 2022, an increase of $71.6 million or 11.5% over the September 30, 2021, total of $622.5 million. Growth in deposits since December 31, 2021, was $65.0 million, or 10.3%.
- The Tier 1 leverage capital ratio for BCT was 9.98% as of September 30, 2022, compared to 10.15% as of September 30, 2021. Tangible equity/ tangible assets ratio (non-regulatory measure) for the Company was 7.47% as of September 30, 2022, and 8.40% as of September 30, 2021.
- Net interest income was $17.5 million, up 15% for the nine months ending September 30, 2022, compared to $15.2 million in 2021. Net interest income, excluding PPP income, increased $3.2 million, or 23.4% for the nine months ending September 30, 2022, compared to 2021.
- Net interest margin was 3.29% for the nine months ending September 30, 2022, compared to 3.13% for the same period in 2021. On a linked quarter basis, net interest margin improved to 3.49% in the current quarter compared to 3.33% for the linked quarter.
- Return on Assets (ROA) for the nine months ending September 30, 2022, was 0.98% compared to 1.13% for the same period in 2021. On a linked quarter basis ROA improved to 1.10% from 0.89%.
- Return on Equity (ROE) for the nine months ending September 30, 2022, was 12.04% compared to 13.26% for the nine months ending September 30, 2021.
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Potomac Bancshares GAAP EPS of $0.50, revenue of $7.95M