LURAY, Va., Oct. 20, 2014 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTCQB: BRBS), parent company of Blue Ridge Bank, announced today its unaudited financial results for the third quarter ended September 30, 2014. The Company reported net income of $1,525,215 for the first nine months of 2014, or $1.63 per common share, compared to $1,252,535 of net income for the same period in 2013, or $1.34 per common share. The increase in earnings per common share represented growth of 21.6%. In addition, the Company was pleased to declare a dividend of $0.11 during the third quarter of 2014, which is an increase of 37.5% compared to the 2013 third quarter dividend of $0.08. The dividend yield is 2.55% based on the October 16, 2014 share price.
The Company experienced asset growth of 8.0% during the prior twelve-month period, fueled by growth in the Company's held-for-investment loan portfolio of approximately $28,000,000, or 18.6%. Additionally, the Company's deposit portfolio grew approximately $14,740,000 during this period. Noteworthy among the deposit growth was an increase in noninterest DDA of $4,750,000, or 19.1%, as the Company placed a strong and continuing emphasis on expanding its core deposit franchise.
Brian K. Plum, Executive Vice-President and Chief Administrative Office said, "The significant growth in our loan portfolio is indicative of the strong opportunities that exist in our footprint to expand our customer base and capitalize on our competitive product selection and outstanding client service. The same forces are driving core deposit growth. We have the right people with the right products and the right attitude to continue profitably growing the bank and serving our customers and communities."
Plum also noted the Company's pristine asset quality. "Our asset quality remains among the cleanest of Virginia-based banks due to our prudent underwriting and vigilant monitoring of the loan portfolio."
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.
Contact
Amanda G. Story, Chief Financial Officer
540-843-5208
[email protected]
Balance Sheet
September 30, 2014 |
December 31, 2013 |
||||
ASSETS |
|||||
Cash and due from banks |
$ |
4,024,340 |
$ |
4,561,708 |
|
Federal funds sold |
1,232,000 |
545,000 |
|||
Investment securities |
|||||
Securities available for sale (at fair value) |
21,812,354 |
30,406,638 |
|||
Securities held to maturity |
14,994,991 |
15,411,778 |
|||
Restricted investments |
1,960,500 |
1,894,000 |
|||
Total Investment Securities |
38,767,845 |
47,712,416 |
|||
Loans held for sale |
- |
- |
|||
Loans held for investment |
178,208,945 |
155,858,186 |
|||
Allowance for loan losses |
(2,069,289) |
(2,071,307) |
|||
Net Loans Held for Investment |
176,139,656 |
153,786,879 |
|||
Bank premises and equipment, net |
2,113,284 |
1,830,643 |
|||
Bank owned life insurance |
2,333,081 |
2,283,800 |
|||
Goodwill |
366,300 |
366,300 |
|||
Other assets |
4,013,831 |
3,637,261 |
|||
Total Assets |
$ |
228,990,337 |
$ |
214,724,007 |
|
LIABILITIES |
|||||
Deposits |
|||||
Demand deposits |
|||||
Noninterest bearing |
$ |
28,202,691 |
$ |
23,450,958 |
|
Interest bearing |
43,502,861 |
42,726,208 |
|||
Savings deposits |
11,459,753 |
10,501,484 |
|||
Time deposits |
95,235,301 |
91,666,678 |
|||
Total Deposits |
178,400,606 |
- |
168,345,328 |
||
Federal funds purchased |
- |
- |
|||
Other borrowed funds |
29,317,415 |
26,388,861 |
|||
Other liabilities |
655,734 |
760,275 |
|||
Total liabilities |
208,373,755 |
- |
195,494,464 |
||
STOCKHOLDERS' EQUITY |
|||||
Preferred stock |
225,000 |
225,000 |
|||
Common stock (940,139 at 9/30/14 and 934,539 at 12/31/13) |
938,904 |
859,944 |
|||
Contributed equity |
4,275,000 |
4,275,000 |
|||
Retained earnings |
15,489,322 |
14,273,627 |
|||
Accumulated other comprehensive income |
(311,644) |
(404,028) |
|||
Total Stockholders' Equity |
20,616,582 |
19,229,543 |
|||
Total Liabilities and Stockholders' Equity |
$ |
228,990,337 |
$ |
214,724,007 |
|
Income Statement
Nine Months Ended September 30, 2014 |
Year Ended December 31, 2013 |
||||
INTEREST INCOME |
|||||
Interest and fees on loans held for investment |
$ |
5,927,525 |
$ |
6,931,126 |
|
Interest and fees on loans held for sale |
- |
181,802 |
|||
Interest on federal funds sold |
2,778 |
2,557 |
|||
Interest and dividends on taxable investment securities |
637,273 |
842,515 |
|||
Interest and dividends on nontaxable investment securities |
227,879 |
308,676 |
|||
Total Interest Income |
6,795,455 |
8,266,676 |
|||
INTEREST EXPENSE |
|||||
Interest on savings and interest bearing demand deposits |
137,095 |
166,218 |
|||
Interest on time deposits |
800,318 |
1,029,832 |
|||
Interest on borrowed funds |
293,567 |
375,709 |
|||
Total Interest Expense |
1,230,980 |
1,571,759 |
|||
Net Interest Income |
5,564,475 |
6,694,917 |
|||
PROVISION FOR LOAN LOSSES |
10,000 |
310,000 |
|||
Net Interest Income after Provision for Loan Losses |
5,554,475 |
6,384,917 |
|||
OTHER INCOME |
|||||
Service charges on deposit accounts |
203,999 |
298,984 |
|||
Earnings on investment in life insurance |
49,281 |
68,500 |
|||
Securities gains |
9,584 |
66,562 |
|||
Gain (loss) on disposal of assets |
- |
110,419 |
|||
Other noninterest income |
453,697 |
451,299 |
|||
Total Other Income |
716,561 |
995,764 |
|||
OTHER EXPENSES |
|||||
Salaries and employee benefits |
1,902,219 |
2,265,760 |
|||
Occupancy and equipment expenses |
410,238 |
466,495 |
|||
Data processing |
316,468 |
366,104 |
|||
Audits and examinations |
57,554 |
136,944 |
|||
Advertising expense |
228,619 |
266,659 |
|||
Directors fees |
97,600 |
103,750 |
|||
Debit card expenses |
102,543 |
127,829 |
|||
Deposit assessments |
268,978 |
320,376 |
|||
Other noninterest expense |
710,524 |
772,468 |
|||
Total Other Expenses |
4,094,743 |
4,826,385 |
|||
Income before Income Taxes |
2,176,293 |
2,554,296 |
|||
INCOME TAX EXPENSE |
617,328 |
709,692 |
|||
Net Income |
1,558,965 |
1,844,604 |
|||
Dividends to Preferred Stockholders |
(33,750) |
(207,255) |
|||
Net Income Available to Common Stockholders |
$ |
1,525,215 |
$ |
1,637,349 |
|
Earnings per Share |
$ |
1.63 |
$ |
1.75 |
|
Weighted Average Shares Outstanding |
936,452 |
936,535 |
|||
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SOURCE Blue Ridge Bankshares, Inc.
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