Potomac Bancshares Inc.
CHARLES TOWN, W.Va. — Robert F. Baronner Jr., president and chief executive officer of Potomac Bancshares Inc., the one-bank holding company for Bank of Charles Town, announced its quarterly results for the period ending March 31.
The Charles Town-based company earned $566,000 or $0.17 per share, compared to net income of $320,000 or $0.09 per share for the quarter ended March 31, 2012. The improvement in earnings is largely the result of declining credit costs to include a reduction in the loan-loss provision compared to a year ago.
Loans, net of reserve for the quarter ended March 31, 2013, were $217.4 million, compared to $211.4 million at Dec. 31, 2012, an improvement of 11 percent on an annualized basis. This is the first significant loan growth in a number of years.
Based on the improvement in the bank’s performance and the overall economic outlook in the bank’s trade area, the board of directors of Potomac Bancshares at its April meeting declared a $0.04 per share dividend for all shareholders of record on April 15. The cash dividend was payable May 1.
• The bank also announced the opening of a new loan production office in Middleburg, Va., under the trade name of BCT Mortgage and Commercial Loan Co.
In addition to the Middleburg loan production office, Bank of Charles Town has locations in Charles Town, Harpers Ferry, Kearneysville, Martinsburg and Hedgesville in West Virginia.
The Manitowoc Co. Inc.
MANITOWOC, Wis. — The Manitowoc Co. Inc., which has a plant in Shady Grove, Pa., on April 30 reported sales of $898 million for the first quarter of 2013, an increase of 5.4 percent compared to sales of $851.9 million in the first quarter of 2012.
The sales increase was driven by a 7.8 percent increase in crane segment sales.
On a Generally Accepted Accounting Principles, or GAAP, basis, the company reported net earnings of $10.4 million, or $0.08 per diluted share, in the first quarter versus a net loss of $0.3 million, or $0 per diluted share, in the first quarter of 2012. Both periods included special items.
Excluding special items in both quarters, the adjusted earnings from continuing operations were $12.6 million, or $0.09 per diluted share, in the first quarter of 2013, versus adjusted earnings of $0.6 million, or $0 per diluted share, in the first quarter of 2012.
Hagerstown-Washington County Chamber of Commerce
The Hagerstown-Washington County Chamber of Commerce recently welcomed the following new members:
• Bob Evans Restaurant No. 509, 190 Railway Lane, Hagerstown
• Cafe Rio Mexican Restaurant, 17301 Valley Mall Road, Hagerstown
• Drawing Board, 101 E. 9th St., Waynesboro, Pa.
• Glenn Shepard Seminars, 6953 Charlotte Pike, Suite 303, Nashville, Tenn.
• Guernsey Office Products, 151 N. Washington St., Greencastle, Pa.
Business briefs - May 19
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