Blue Ridge Bankshares, Inc. Releases 2014 3rd Quarter Results

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Oct 20, 2014, 01:00 ET

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		September 30, 2014		December 31, 2013

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