Blue Ridge Bankshares, Inc. Releases 2014 2nd Quarter Results

Company reports strong growth

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Jul 30, 2014, 11:43 ET

LURAY, Va., July 30, 2014 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTCQB: BRBS), parent company of Blue Ridge Bank, announced today its unaudited financial results for the second quarter ended June 30, 2014. The Company reported net income of $994,650 for the first six months of 2014, or $1.04 per common share, compared to $973,085 of net income for the same period in 2013, or $0.98 per common share. The increase in earnings per common share represented growth of 6.1%. In addition, the Company was pleased to declare a dividend of $0.11 during the second quarter of 2014, which is an increase of 37.5% compared to the 2013 second quarter dividend of $0.08.

The Company experienced asset growth of 4.8% during the first six months of the year, a majority of which is attributable to growth in the Company's held-for-investment loan portfolio of approximately $9,100,000. The Company's asset quality continues to be strong with no significant write-offs during the past six months, and no additional provision to the loan loss reserve being necessary. "The continued growth of the loan portfolio with high-performing loans is not only a testament to our quality underwriting standards, but also to the communities in which the Bank serves and the continuous referrals from our existing customer base," stated Monte L. Layman, President and Chief Executive Officer of the Company.

The second quarter also brought a new opportunity for the Company with the opening of a new branch in Harrisonburg, VA on April 21, 2014. "We are excited to be a part of the Harrisonburg market. We have served individuals and businesses in this community for years and are excited to have increased our efforts with a physical presence," stated Mr. Layman. "Our Harrisonburg branch builds on the deep personal and professional connections the Bank has with the Harrisonburg and Rockingham market, and supports the Bank's plan to grow in a prudent and meaningful fashion by providing competitive loan and deposit products in all of our markets while maintaining our track record of favorable asset quality."

About Blue Ridge Bankshares, Inc.
Blue Ridge Bankshares, Inc. is 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 121 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.

Blue Ridge Bank 2014 Q2: Balance Sheet

		June 30, 2014		December 31, 2013
ASSETS		June 30, 2014		December 31, 2013
Cash and due from banks	$	7,367,607	$	4,561,708
Federal funds sold		300,000		545,000
Investment securities
Securities available for sale (at fair value)		28,493,441		30,406,638
Securities held to maturity		15,123,854		15,411,778
Restricted investments		1,989,400		1,894,000
Total Investment Securities		45,606,695		47,712,416
Loans held for sale		-		-
Loans held for investment		164,909,089		155,858,186
Allowance for loan losses		(2,061,883)		(2,071,307)
Net Loans Held for Investment		162,847,206		153,786,879
Bank premises and equipment, net		2,127,921		1,830,643
Bank owned life insurance		2,316,463		2,283,800
Goodwill		366,300		366,300
Other assets		4,141,760		3,637,261
Total Assets	$	225,073,952	$	214,724,007

LIABILITIES
Deposits
Demand deposits
Noninterest bearing	$	25,106,647	$	23,450,958
Interest bearing		44,416,227		42,726,208
Savings deposits		10,614,287		10,501,484
Time deposits		92,836,761		91,666,678
Total Deposits		172,973,922		168,345,328
Federal funds purchased		-		-
Other borrowed funds		31,341,230		26,388,861
Other liabilities		587,539		760,275
Total liabilities		204,902,691		195,494,464

STOCKHOLDERS' EQUITY
Preferred stock		225,000		225,000
Common stock (939,139 at 6/30/14 and 934,539 at 12/31/13)		924,804		859,944
Contributed equity		4,275,000		4,275,000
Retained earnings		15,039,672		14,273,627
Accumulated other comprehensive income		(293,215)		(404,028)
Total Stockholders' Equity		20,171,261		19,229,543
Total Liabilities and Stockholders' Equity	$	225,073,952	$	214,724,007

Blue Ridge Bank 2014 Q2: Income Statement

		Six Months Ended June 30, 2014		Year Ended December 31, 2013
INTEREST INCOME
Interest and fees on loans held for investment	$	3,845,471	$	6,931,126
Interest and fees on loans held for sale		-		181,802
Interest on federal funds sold		2,239		2,557
Interest and dividends on taxable investment securities		434,226		842,515
Interest and dividends on nontaxable investment securities		154,274		308,676
Total Interest Income		4,436,210		8,266,676
INTEREST EXPENSE
Interest on savings and interest bearing demand deposits		89,784		166,218
Interest on time deposits		530,517		1,029,832
Interest on borrowed funds		193,684		375,709
Total Interest Expense		813,985		1,571,759
Net Interest Income		3,622,225		6,694,917
PROVISION FOR LOAN LOSSES		-		310,000
Net Interest Income after Provision for Loan Losses		3,622,225		6,384,917
OTHER INCOME
Service charges on deposit accounts		131,457		298,984
Earnings on investment in life insurance		32,663		68,500
Securities gains		1,385		66,562
Gain (loss) on disposal of assets		-		110,419
Other noninterest income		240,288		451,299
Total Other Income		405,793		995,764
OTHER EXPENSES
Salaries and employee benefits		1,245,913		2,265,760
Occupancy and equipment expenses		270,933		466,495
Data processing		210,623		366,104
Audits and examinations		40,116		136,944
Advertising expense		137,314		266,659
Directors fees		60,750		103,750
Debit card expenses		65,593		127,829
Deposit assessments		180,400		320,376
Other noninterest expense		434,703		772,468
Total Other Expenses		2,646,345		4,826,385
Income before Income Taxes		1,381,673		2,554,296
INCOME TAX EXPENSE		387,023		709,692
Net Income		994,650		1,844,604
Dividends to Preferred Stockholders		(22,500)		(207,255)
Net Income Available to Common Stockholders	$	972,150	$	1,637,349
Earnings per Share	$	1.04	$	1.75
Weighted Average Shares Outstanding		934,793		936,535