Potomac Bancshares, the one bank holding company for Bank of Charles Town (BCT), for the quarter ended June 30, 2022, earned $1.605 million or $0.39 per share compared to $1.732 million or $0.42 for the quarter ended June 30, 2021, and $1.669 million in the first quarter of 2022 or $0.40 per share.
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Net income was $3.274 million for the first six months of 2022 or $0.79 per share compared to $3.510 million or $0.85 per share for the same period in 2021.
Total assets were $739.4 million as of June 30, 2022, compared to $672.0 million as of June 30, 2021, an increase of $67.4 million or 10.0%.
Pre-tax pre-provision net income excluding PPP fees and interest income, was $3.873 million for the six months ending June 30, 2022, compared to $3.383 million for the six months ending June 30, 2021, or a 14.5% increase.
Loans were $572.2 million as of June 30, 2022, up $56.0 million over the $516.2 million as of June 30, 2021, a 10.8% increase. Excluding Paycheck Protection Program loans (PPP), loan growth was $91.4 million or 19.1% since June 30, 2021. Loan growth excluding PPP loans in the first six months of 2022 was $67.6 million or 13.5% growth since December 31, 2021.
Credit quality remains pristine with non-performing assets at 0.01% of total
ssets.
Total deposits grew to $662.9 million as of June 30, 2022, an increase of $65.3 million or 10.9% over the June 30, 2021, total of $597.6 million. Deposits increased $33.8 million, or 5.4% since December 31, 2021.
Net interest income increased $1.0 million, or 10.1%, to $11.0 million for the six months ending June 30, 2022, compared to $10.0 million for the same period in 2021. Excluding PPP income, net interest income increased $1.6 million, or 17.8%, to $10.5 million for the six months ending June 30, 2022, compared to $8.9 for the same period in 2021.
Net interest margin was 3.19% for the six months ending June 30, 2022, compared to 3.17% for the six months ending June 30, 2021. Net interest margin increased to 3.33% for the second quarter 2022 compared to 3.04% for the linked prior quarter.
Return on Assets (ROA) for the six months ending June 30, 2022, was 0.92% compared to 1.08% for the six months ending June 30, 2021.
Return on Equity (ROE) for the six months ending June 30, 2022, was 11.07% compared to 12.62% for the six months ending June 30, 2021. ■