LURAY, Va., Oct. 20, 2015 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTC Pink: BRBS), parent company of Blue Ridge Bank, announced today its unaudited financial results for the third quarter ended September 30, 2015. The Company reported net income of $1,880,318 for the first nine months of 2015, or $1.36 per common share, compared to 2014 net income of $1,558,965, or $1.63 per common share, for the same period. In addition, the Company was pleased to declare a dividend of $0.115 during the third quarter of 2015, which is an increase of 4.5% compared to the 2014 third quarter dividend of $0.11. The dividend yield is 3.12% based on the October 19, 2015 share price.
The Company experienced asset growth of 12.6% since the third quarter of 2014, which was largely fueled by growth in the Company's held-for-investment loan portfolio of $22,584,377, or 12.7%. The Company's asset quality continues to be strong, as reflected in its nonperforming and nonaccrual loans. Additionally, the Company's deposit portfolio grew $17,732,105, or 9.94% since the third quarter of 2014, which included growth of $5,154,702, or 18.3% in noninterest DDA.
| Financial Highlights (Unaudited) |
Three Months Ended |
Nine Months Ended |
||||||
| 9/30/2015 |
9/30/2014 |
9/30/2015 |
9/30/2014 |
|||||
| (Dollars in thousands, except per share data) |
||||||||
| Net income |
$ |
751 |
564 |
$ |
1,880 |
1,559 |
||
| Net income available to common stockholders |
$ |
740 |
553 |
$ |
1,847 |
1,525 |
||
| Earnings per Common Share |
$ |
0.53 |
0.59 |
$ |
1.36 |
1.63 |
||
| Dividend per Common Share |
$ |
0.115 |
0.110 |
$ |
0.115 |
0.110 |
||
| Key Ratios |
||||||||
| Total stockholders' equity to assets |
10.88% |
9.00% |
10.88% |
9.00% |
||||
| Common stockholders' equity to assets |
9.14% |
7.04% |
9.14% |
7.04% |
||||
| Net Interest Margin |
3.72% |
3.65% |
3.66% |
3.66% |
||||
| Return on Average Assets (annualized) |
1.23% |
1.02% |
1.03% |
0.94% |
||||
| Return on Average Equity (annualized) |
12.34% |
11.40% |
10.30% |
10.51% |
||||
| Balance At |
||||||||
| 9/30/2015 |
9/30/2014 |
|||||||
| Total assets |
$ |
257,907 |
228,990 |
|||||
| Net loans |
$ |
208,222 |
176,140 |
|||||
| Deposits |
$ |
196,133 |
178,401 |
|||||
| Total stockholders' equity |
$ |
28,067 |
20,617 |
|||||
| Common stockholders' equity |
$ |
23,567 |
16,117 |
|||||
| Book value per common share |
$ |
16.82 |
17.14 |
|||||
| Number of common stock shares outstanding |
1,401,511 |
940,139 |
||||||
"We are very happy with the progress we are making on strategic and financial targets," stated President and Chief Executive Officer Brian K. Plum. "The Company's results show the impact of the work the Blue Ridge Bank team is applying toward relationship cultivation and expansion," Plum added. "We see significant opportunity for growth in our current markets and beyond by maintaining the same focused and disciplined approach that has allowed us to enjoy significant growth while maintaining excellent asset quality."
About Blue Ridge Bankshares, Inc.
Blue Ridge Bankshares, Inc. is a single-bank holding company headquartered in Luray, VA. Chartered in 1893 as the Page Valley Bank of Virginia, today Blue Ridge Bank has additional branches in Shenandoah, McGaheysville, Charlottesville, and Harrisonburg. Celebrating 122 years as a locally owned, independent community bank, Blue Ridge Bank provides a wide range of financial services. Visit www.mybrb.com for more information.
Forward-Looking Statements
This press release may contain "forward-looking statements" as defined by federal securities laws, which may involve significant risks and uncertainties. These statements address issues that involve risks, uncertainties, estimates and assumptions made by management, and actual results could differ materially from the results contemplated by these forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects include, but are not limited to, changes in interest rates, general economic conditions and legislative and regulatory policies. Readers should consider these risks and uncertainties in evaluating forward-looking statements and should not place undue reliance on such statements. We undertake no obligation to update these statements following the date of this news release.
Contact
Amanda G. Story, Chief Financial Officer
540-843-5208
[email protected]
| BLUE RIDGE BANKSHARES, INC. |
|||||
| CONSOLIDATED BALANCE SHEETS |
|||||
| (Unaudited) |
(Unaudited) |
||||
| September 30, |
September 30, |
||||
| ASSETS |
2015 |
2014 |
|||
| Cash and due from banks |
$ |
4,020,182 |
$ |
4,024,340 |
|
| Federal funds sold |
25,000 |
1,232,000 |
|||
| Investment securities |
36,819,616 |
38,767,845 |
|||
| Loans held for sale |
9,705,060 |
- |
|||
| Loans held for investment |
200,793,322 |
178,208,945 |
|||
| Allowance for loan losses |
(2,276,143) |
(2,069,289) |
|||
| Net Loans Held for Investment |
198,517,179 |
176,139,656 |
|||
| Bank premises and equipment, net |
1,960,912 |
2,113,284 |
|||
| Bank owned life insurance |
2,397,888 |
2,333,081 |
|||
| Goodwill |
366,300 |
366,300 |
|||
| Other assets |
4,094,894 |
4,013,831 |
|||
| Total Assets |
$ |
257,907,031 |
$ |
228,990,337 |
|
| LIABILITIES |
|||||
| Deposits |
$ |
196,132,711 |
$ |
178,400,606 |
|
| Other borrowed funds |
32,940,378 |
29,317,415 |
|||
| Other liabilities |
766,497 |
655,734 |
|||
| Total liabilities |
229,839,586 |
208,373,755 |
|||
| STOCKHOLDERS' EQUITY |
|||||
| Preferred stock |
225,000 |
225,000 |
|||
| Common stock |
6,562,444 |
938,904 |
|||
| Contributed equity |
4,275,000 |
4,275,000 |
|||
| Retained earnings |
17,222,860 |
15,489,322 |
|||
| Accumulated other comprehensive income |
(217,859) |
(311,644) |
|||
| Total Stockholders' Equity |
28,067,445 |
20,616,582 |
|||
| Total Liabilities and Stockholders' Equity |
$ |
257,907,031 |
$ |
228,990,337 |
|
| BLUE RIDGE BANKSHARES, INC. |
|||||
| CONSOLIDATED INCOME STATEMENTS |
|||||
| (Unaudited) |
(Unaudited) |
||||
| Nine Months |
Nine Months |
||||
| Ended |
Ended |
||||
| September 30, 2015 |
September 30, 2014 |
||||
| Interest Income |
$ |
7,859,794 |
$ |
6,795,455 |
|
| Interest Expense |
1,443,617 |
1,230,980 |
|||
| Net Interest Income |
6,416,177 |
5,564,475 |
|||
| Provision For Loan Losses |
230,000 |
10,000 |
|||
| Net Interest Income after Provision for Loan Losses |
6,186,177 |
5,554,475 |
|||
| Other Income |
819,531 |
716,561 |
|||
| Other Expenses |
4,338,873 |
4,094,743 |
|||
| Income Before Income Taxes |
2,666,835 |
2,176,293 |
|||
| Income Tax Expense |
786,517 |
617,328 |
|||
| Net Income |
1,880,318 |
1,558,965 |
|||
| Dividends to Preferred Stockholders |
(33,750) |
(33,750) |
|||
| Net Income Available to Common Stockholders |
$ |
1,846,568 |
$ |
1,525,215 |
|
| Earnings per Share |
$ |
1.36 |
$ |
1.63 |
|
| Weighted Average Shares Outstanding |
1,360,257 |
936,452 |
|||
Logo - http://photos.prnewswire.com/prnh/20130813/NE63024LOGO
SOURCE Blue Ridge Bankshares, Inc.
Share this article