Blue Ridge Bankshares, Inc. Announces Record Earnings for 2018

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Jan 31, 2019, 17:50 ET

LURAY, Va., Jan. 31, 2019 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTC Pink: BRBS), parent company of Blue Ridge Bank, N.A., announced today its unaudited financial results for the fourth quarter ended December 31, 2018. The Company reported net income of $4,572,709 for 2018, or $1.64 per common share, compared to 2017 net income of $3,350,124, or $1.22 per common share. The Company declared a dividend of $0.14 during the fourth quarter of 2018, which is an increase of 75% compared to the 2017 fourth quarter dividend of $0.08. The dividend yield is 3.39% based on the closing January 30, 2019 share price.

The Company experienced considerable asset growth in 2018, increasing by $115.5 million, or 27.2%, which is largely attributable to organic growth in the held-for-investment loan portfolio of $84.1 million, or 25.4%. Additionally, the loans held for sale portfolio increased $12.0 million, or 69.8%. Organic deposit growth was also noteworthy for 2018, increasing by $75.7 million, or 22.3%, which included growth of $26.9 million, or 43.8% in noninterest demand deposits. There was also a notable decline in NPAs to total loans for the year, going from 2.30% at the end of 2017 to 1.73% at the end of 2018.


Financial Highlights (Unaudited)		Three Months Ended			Year Ended
		12/31/2018	12/31/2017		12/31/2018	12/31/2017
*(Dollars in thousands, except per share data)*

Net income	$	986	286	$	4,573	3,350
Net income available to common stockholders	$	980	286	$	4,559	3,350
Earnings per Common Share	$	0.35	0.10	$	1.64	1.22
Dividend per Common Share	$	0.14	0.08	$	0.54	0.32

Key Ratios
Total stockholders' equity to assets		7.34%	8.59%		7.34%	8.59%
Common stockholders' equity to assets		7.30%	8.59%		7.30%	8.55%
Net Interest Margin (bank level)		4.05%	4.05%		4.06%	3.93%
Return on Average Assets (annualized)		0.82%	0.27%		0.95%	0.80%
Return on Average Equity (annualized)		10.37%	3.27%		12.02%	9.56%

		Balance At
		12/31/2018	12/31/2017
Total assets	$	539,590	424,122
Net loans held for investment	$	411,288	328,002
Deposits	$	415,027	339,290
Total stockholders' equity	$	39,620	36,442
Common stockholders' equity	$	39,407	36,242

Book value per common share	$	14.11	13.10
Tangible book value per common share	$	12.67	11.68
Number of common stock shares outstanding		2,792,885	2,765,635
Number of weighted average common shares Outstanding		2,779,090	2,751,503

"The Company posted record earnings in 2018 even as it invested in key strategic initiatives that will generate meaningful future returns," stated President and Chief Executive Officer Brian K. Plum. "We successfully launched grassroots-driven Carolina State Bank, a Division of Blue Ridge Bank, N.A., to serve the Triad community in North Carolina and improve our balance sheet growth and profitability opportunities in the future. We expanded our mortgage division footprint into growing and attractive MSA's for our purchase-focused mortgage business. We also rolled out our 1031 exchange service as an additional strategic tool to supplement an already robust core deposit growth effort." Plum also noted during 2018 "the Company added key management employees in several areas that provide management depth, operational understanding, and a proven track record of success in growing a highly successful and robust community bank."

"Our vision remains the same as it has been," added Plum. "We are focused on serving our customers and communities by providing responsive and comprehensive banking services that fuel quality balance sheet growth and drive noninterest income that both augments current revenues and lengthens the relationship life cycle of our banking customers."

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, N.A. has additional branches in Charlottesville, Drakes Branch, Harrisonburg, Martinsville, McGaheysville, Shenandoah, Stuart, and also does business as Carolina State Bank in Greensboro, N.C. Additionally, the Bank has mortgage operations in Virginia, Maryland, North Carolina, and Florida. Celebrating 126 years as a locally owned, independent community bank, Blue Ridge Bank, N.A. 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.

BLUE RIDGE BANKSHARES, INC.
CONSOLIDATED BALANCE SHEETS

		(Unaudited)		(Audited)
		December 31,		December 31,
ASSETS		2018		2017

Cash and due from banks	$	15,025,651	$	10,319,189

Federal funds sold		546,000		88,000

Investment securities		58,750,128		48,994,839

Loans held for sale		29,233,325		17,219,636

Loans held for investment		414,867,966		330,804,825
Allowance for loan losses		(3,579,716)		(2,802,492)

Net Loans Held for Investment		411,288,250		328,002,333

Bank premises and equipment, net		3,343,030		2,277,269
Bank owned life insurance		8,454,893		7,654,471
Goodwill		2,694,164		2,094,164
Other assets		10,254,083		7,472,489

Total Assets	$	539,589,524	$	424,122,390

LIABILITIES

Deposits	$	415,026,585	$	339,289,742
Other borrowed funds		73,100,000		36,044,626
Subordinated debt, net of issuance costs		9,766,554		9,732,671
Other liabilities		2,076,643		2,613,728

Total liabilities		499,969,782		387,680,767

STOCKHOLDERS' EQUITY

Common stock and surplus		16,703,995		16,375,593
Retained earnings		23,248,341		20,190,047
Accumulated other comprehensive income		(545,638)		(323,621)
Total Stockholders' Equity		39,406,698		36,242,019

Noncontrolling interest		213,044		199,604

Total Equity		39,619,742		36,441,623

Total Liabilities and Equity	$	539,589,524	$	424,122,390

BLUE RIDGE BANKSHARES, INC.
CONSOLIDATED INCOME STATEMENTS

		(Unaudited)		(Audited)
		Year		Year
		Ended		Ended
		December 31, 2018		December 31, 2017

Interest Income	$	22,436,561	$	18,481,157
Interest Expense		5,151,805		3,930,937

Net Interest Income		17,284,756		14,550,220

Provision For Loan Losses		1,225,000		1,095,000

Net Interest Income after Provision for Loan Losses		16,059,756		13,455,220

Other Income		10,122,671		7,798,525
Other Expenses		20,462,573		15,846,516
Income Before Income Taxes		5,719,854		5,407,229

Income Tax Expense		1,147,145		2,057,105

Net Income		4,572,709		3,350,124
Net Income attributable to noncontrolling interest		(13,440)		396
Net Income attributable to Blue Ridge Bankshares, Inc.	$	4,559,269	$	3,350,520

Net Income Available to Common Stockholders	$	4,559,269	$	3,350,520

Earnings per Share	$	1.64	$	1.22

Weighted Average Shares Outstanding		2,779,090		2,751,503