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
[email protected]
| 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 |
|||
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SOURCE Blue Ridge Bankshares, Inc.
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