- Current report filing (8-K)
08 Agosto 2012 - 4:25PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, DC 20549
_______________________
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of
earliest event reported)
August 8,
2012
Potomac Bancshares,
Inc.
(Exact Name of Registrant
as Specified in Charter)
West
Virginia
(State of Other
Jurisdiction of Incorporation)
0-24958
(Commission
File Number)
55-0732247
(IRS
Employer Identification No.)
111 E. Washington St., PO
Box 906, Charles Town WV 25414-0906
(Address of Principal Executive Offices) (Zip Code)
304-725-8431
Registrants telephone number, including area code
N/A
(Former Name or Former Address, if Changed Since
Last Report)
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:
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Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
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Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR
240.13e-4(c))
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Section 2 Financial Information
Item 2.02. Results of Operations and
Financial Condition.
For the quarter ended June 30, 2012,
Potomac Bancshares, Inc. earned $346 thousand or 10 cents per share compared to
$173 thousand or 5 cents a share for the quarter ended June 30, 2011. For the
six months ended June 30, 2012, Potomac Bancshares, Inc. earned $666 thousand or
19 cents per share as compared to $430 thousand and 13 cents per share for the
six months ended June 30, 2011.
The economy may be improving in our local
market. For the first time in a number of years, we experienced loan growth
during the second quarter. Loans were at $209 million at June 30, 2012 compared
to $203 million at December 31, 2011, an annualized increase of nearly six
percent. There are a number of reasons for the increase including good mortgage
volume and some growth in our commercial loan portfolio. During the first six
months of this year, we hired a fully dedicated mortgage loan officer for
Berkeley County, West Virginia and a commercial lender for the
Hagerstown/Washington County, Maryland market. Both of these folks are beginning
to generate good quality loans in their respective areas which should help with
profitability down the road. Local realtors also tell us that existing real
estate listings in the panhandle continue to decline which may bode well for a
resumption of housing construction in the near future. Only time will tell if
there remains a permanent uptick in the economy but we are more optimistic than
we have been in a number of years.
I often discuss the regulatory burden on
small publicly traded companies like Potomac Bancshares and its detrimental
impact to profitability. In April, the President signed into law the Jobs Act
which permits publicly traded companies of less than 1,200 shareholders to
deregister with the Securities and Exchange Commission. As I announced at the
annual shareholders meeting, this is the most significant regulatory relief for
small publicly traded companies in years and could result in substantial savings
to Potomac in direct costs and man hours over the long term. Accordingly, in
early June we filed our application to deregister with the SEC and we expect
final approval in August. We will continue to release our results on a quarterly
basis but will not be mailing a quarterly report. You may view results through
our website (mybct.com) by clicking on the Investor Relations page. Should you
want a paper copy of our quarterly results, contact Chief Financial Officer Dean
Cognetti directly at (304)728-2434 and well put you on our mailing list. Your
stock will continue to trade on the OTC market and we will file an independently
audited annual report at year end as we have in the past.
In closing, we are increasingly optimistic
about the future but are choosing not to pay a dividend this quarter until a
sustained economic recovery is evident. Please call me at any time at (304)
728-2431 if you have any questions or issues that you would like to discuss and
thanks for your support!
Sincerely,
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Robert F. Baronner, Jr.
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President and Chief Executive
Officer
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POTOMAC BANCSHARES, INC. AND
SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
($
in thousands, except share data)
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(unaudited)
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June 30,
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December 31,
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2012
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2011
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Assets:
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Cash and due from
banks
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$
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1 800
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$
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1 485
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Interest-bearing
deposits in other financial institutions
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7 299
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11 445
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Federal funds
sold
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- -
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794
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Securities
available for sale, at fair value
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42 192
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42 331
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Loans held for
sale
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136
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198
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Loans, net of
allowance for loan losses of $4,452 and
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$4,484,
respectively
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209 244
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202 761
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Premises and
equipment, net
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7 760
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7 923
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Other real estate
owned, net of valuation allowance of
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$1,922
and $2,197, respectively
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5 860
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6 393
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Accrued interest
receivable
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820
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832
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Bank owned life
insurance
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7 049
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6 932
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Federal Home Loan
Bank of Pittsburgh stock
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757
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808
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Other
assets
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5
083
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5
491
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Total
Assets
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$
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288 000
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$
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287 393
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Liabilities and Stockholders
Equity:
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Liabilities:
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Deposits
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Noninterest-bearing
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$
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39 945
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$
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37 050
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Interest-bearing
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214
662
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216
067
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Total
Deposits
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254 607
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253 117
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Securities sold
under agreements to repurchase
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4 277
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3 415
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Federal Home Loan
Bank advances
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917
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1 523
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Accrued interest
payable
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163
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204
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Other
liabilities
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1 777
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3 669
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Total
Liabilities
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$
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261 741
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$
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261 928
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Stockholders Equity:
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Common stock, $1
per share par value; 5,000,000 shares
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authorized;
3,671,691 shares issued and outstanding
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$
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3 672
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$
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3 672
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Surplus
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3 944
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3 943
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Undivided
profits
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23 314
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22 648
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Accumulated other
comprehensive (loss), net
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(1
805
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)
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(1
932
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)
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$
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29 125
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$
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28 331
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Less
cost of shares acquired for the treasury, 281,513 shares
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2
866
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2
866
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Total
Stockholders Equity
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$
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26
259
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$
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25
465
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Total
Liabilities and Stockholders Equity
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$
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288
000
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$
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287
393
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POTOMAC BANCSHARES, INC. AND
SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands, except per share data)
(Unaudited)
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For the Three
Months
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For the Six
Months
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Ended June 30
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Ended June 30
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2012
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2011
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2012
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2011
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Interest and Dividend
Income:
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Interest and
fees on loans
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$
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2 739
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$
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2 880
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$
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5 491
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$
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5 873
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Interest on
securities available for sale - taxable
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111
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192
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229
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360
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Interest on
securities available for sale nontaxable
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60
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55
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120
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109
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Interest on
federal funds sold
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- -
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- -
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- -
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1
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Other interest
and dividends
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14
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11
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26
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19
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Total
Interest and Dividend Income
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2 924
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3 138
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5 866
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6 362
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Interest
Expense:
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Interest on
deposits
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401
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757
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851
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1 652
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Interest on
securities sold under agreements to repurchase
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4
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16
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7
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35
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Federal Home
Loan Bank advances
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5
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11
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11
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22
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Total
Interest Expense
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410
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784
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869
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1 709
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Net
Interest Income
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2 514
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2 354
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4 997
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4 653
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Provision for Loan
Losses
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470
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175
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779
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599
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Net
Interest Income after
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Provision
for Loan Losses
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2 044
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2 179
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4 218
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4 054
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Noninterest
Income:
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Trust and
financial services
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229
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230
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475
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451
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Service charges
on deposit accounts
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423
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480
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841
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909
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Secondary
market fee income
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53
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18
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77
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44
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Visa/MC
Fees
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204
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195
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401
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369
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Cash surrender
value of life insurance
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58
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59
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117
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116
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Other operating
income
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80
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89
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175
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157
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Total
Noninterest Income
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1
047
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1
071
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2
086
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2
046
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Noninterest
Expenses:
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Salaries and
employee benefits
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1 213
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1 247
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2 432
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2 483
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Net occupancy
expense of premises
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146
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151
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303
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322
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Furniture and
equipment expenses
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252
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210
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494
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410
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Loss on sale of
other real estate
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10
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42
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64
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70
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Accounting,
audit and compliance
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42
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40
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84
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80
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Computer
services and online banking
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101
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78
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206
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147
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FDIC
assessment
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96
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106
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194
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259
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Director and
committee fees
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33
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47
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67
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81
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Other
professional fees
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42
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64
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87
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94
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Printing,
stationery and supplies
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41
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58
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83
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99
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Communications
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47
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46
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100
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93
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ATM and check
card expenses
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97
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82
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190
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153
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Foreclosed
property expense
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79
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265
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213
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381
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Write down of
other real estate
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58
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284
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200
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284
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Other operating
expenses
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352
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351
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656
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666
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Total
Noninterest Expenses
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2 609
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3 071
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5 373
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5
622
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Income
before Income Tax Expense
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482
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179
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931
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478
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Income
Tax Expense
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136
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6
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265
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48
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Net
Income
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$
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346
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$
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173
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$
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666
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$
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430
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Earnings Per Share, basic
and diluted
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$
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.10
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$
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.05
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$
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.19
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$
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.13
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Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
POTOMAC BANCSHARES, INC.
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/s/ Robert F.
Baronner, Jr.
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Robert F. Baronner, Jr., President and
CEO
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August 8, 2012
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Potomac Bancshares (PK) (USOTC:PTBS)
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