Blue Ridge Bankshares, Inc. Records Another Record Year

Jan 29, 2016, 13:56 ET from Blue Ridge Bankshares, Inc.

LURAY, Va., Jan. 29, 2016 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTC Pink: BRBS), parent company of Blue Ridge Bank, announced today its unaudited financial results for the fourth quarter and year ended December 31, 2015. The Company reported net income of $2.5 million for 2015, or $1.79 per common share, compared to 2014 net income of $2.0 million, or $2.11 per common share, for the same period. In addition, the Company was pleased to declare a dividend of $0.115 during the fourth quarter of 2015, which is an increase of 4.5% compared to the 2014 fourth quarter dividend of $0.11. The dividend yield is 2.70% based on the January 28, 2016 share price.

The Company experienced asset growth of 12.4% during the year, which was largely fueled by growth in the Company's held-for-investment loan portfolio of $20.2 million, or 10.9%. The Company's asset quality continues to be strong, as reflected in its nonperforming and nonaccrual loans. Additionally, the Company's deposit portfolio grew $12.6 million, or 6.9% during the year, which included year-to-year growth of $8.3 million, or 29.7% in noninterest DDA.










Financial Highlights (Unaudited)



Three Months Ended



Year Ended




12/31/2015

12/31/2014



12/31/2015

12/31/2014

(Dollars in thousands, except per share data)









Net income


$

618

470


$

2,498

2,029

Net income available to common stockholders


$

607

459


$

2,453

1,984

Earnings per Common Share


$

0.43

0.49


$

1.79

2.11

Dividend per Common Share


$

0.115

0.110


$

0.115

0.110










Key Ratios









Total stockholders' equity to assets



8.96%

10.36%



8.96%

10.36%

Common stockholders' equity to assets



8.96%

8.48%



8.96%

8.48%

Net Interest Margin (bank level)



3.55%

3.73%



3.80%

3.85%

Return on Average Assets (annualized)



0.97%

0.83%



0.98%

0.89%

Return on Average Equity (annualized)



10.11%

8.54%



10.22%

9.22%













Balance At








12/31/2015

12/31/2014





Total assets


$

268,910

239,354





Net loans


$

204,937

184724





Deposits


$

196,492

183,899





Total stockholders' equity


$

24,101

24,786





Common stockholders' equity


$

24,101

20,286














Book value per common share


$

17.20

15.97





Number of common stock shares outstanding



1,401,511

1,270,555





 

"We are incredibly proud to have enjoyed our 7th consecutive year of record earnings for the Company in 2015," stated President and Chief Executive Officer Brian K. Plum. "The efforts of the Blue Ridge Bank team continue to propel the company forward, growing market share as well as long-term sustainable value," Plum added. "We remain steadfast in our commitment to deliver quality banking services to our customers while seeking new opportunities for growth and collaboration that will enhance shareholder value and contribute to the vibrancy of the communities we serve."

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 123 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
astory@mybrb.com

 

BLUE RIDGE BANKSHARES, INC.

CONSOLIDATED BALANCE SHEETS









(Unaudited)



(Audited)



December 31,



December 31,

ASSETS


2015



2014







Cash and due from banks

$

7,265,264


$

7,941,884







Federal funds sold


582,000



542,000







Investment securities


37,957,139



37,056,056







Loans held for sale


9,314,638



-







Loans held for investment


207,284,260



186,844,767

Allowance for loan losses


(2,347,720)



(2,121,118)







Net Loans Held for Investment


204,936,540



184,723,649







Bank premises and equipment, net


2,039,816



2,206,817

Bank owned life insurance


2,414,246



2,349,745

Goodwill


366,300



366,300

Other assets


4,034,209



4,167,145







Total Assets

$

268,910,152


$

239,353,596







LIABILITIES












Deposits

$

196,491,845


$

183,898,642

Other borrowed funds


37,959,419



29,893,599

Subordinated debt, net of issuance costs


9,664,908



-

Other liabilities


693,156



774,867







Total liabilities


244,809,328



214,567,108







STOCKHOLDERS' EQUITY












Preferred stock


-



225,000

Common stock


6,572,463



4,706,408

Contributed equity


42,887



4,275,000

Retained earnings


17,686,430



15,844,755

Accumulated other comprehensive income


(200,956)



(264,675)







  Total Stockholders' Equity


24,100,824



24,786,488







Total Liabilities and Stockholders' Equity

$

268,910,152


$

239,353,596

 

BLUE RIDGE BANKSHARES, INC.

CONSOLIDATED INCOME STATEMENTS









(Unaudited)



(Audited)



Year



Year



Ended



Ended



December 31, 2015



December 31, 2014







Interest Income

$

10,669,234


$

9,290,481

Interest Expense


2,044,509



1,684,111







Net Interest Income


8,624,725



7,606,370







Provision For Loan Losses


320,000



70,000







Net Interest Income after Provision for Loan Losses


8,304,725



7,536,370







Other Income


1,145,318



982,635

Other Expenses


5,903,811



5,698,591

Income Before Income Taxes


3,546,232



2,820,414







Income Tax Expense


1,048,127



791,352







Net Income


2,498,105



2,029,062







Dividends to Preferred Stockholders


(45,000)



(45,000)







Net Income Available to Common Stockholders

$

2,453,105


$

1,984,062







Earnings per Share

$

1.79


$

2.11







Weighted Average Shares Outstanding


1,370,656



938,286

 

Logo - http://photos.prnewswire.com/prnh/20130813/NE63024LOGO

SOURCE Blue Ridge Bankshares, Inc.



RELATED LINKS

http://www.mybrb.com