Blue Ridge Bankshares, Inc. Releases 2014 Q4 Results

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Feb 02, 2015, 10:27 ET

LURAY, Va., Feb. 2, 2015 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTCQB: BRBS), parent company of Blue Ridge Bank, announced today its unaudited financial results for the fourth quarter and year ended December 31, 2014. The Company reported net income of $2,029,062 for 2014, or $2.11 per common share, compared to 2013 net income of $1,844,604, or $1.75 per common share. The increase in earnings per common share represented growth of 20.9%. In addition, the Company declared a dividend of $0.11 during the fourth quarter of 2014, which is an increase of 10.0% compared to the 2013 fourth quarter dividend of $0.10. Total common stock dividends per share for 2014 were $.44 per share, an increase of 29.4% from calendar year 2013's $.34 per share. The dividend yield is 2.75% based on the January 30, 2015 share price.

The Company experienced asset growth of 11.5% during the year, fueled by growth in the Company's held-for-investment loan portfolio of approximately $30,987,000, or 19.9%. Additionally, the Company's deposit portfolio grew approximately $15,553,000 during this period, which included year-to-year growth of 18.9% in noninterest DDA.

President and Chief Executive Officer Brian K. Plum noted, "The growth in our balance sheet in 2014 is reflective of the incredible efforts of our lending and retail deposit teams in establishing and growing quality relationships. The significant loan growth continues to be executed in a manner that retains a top priority on maintaining the pristine nature of our loan portfolio. We are very grateful for the efforts of everyone on the Blue Ridge Bank team in generating new business, and to so many of our customers who have sent friends, family, and business associates our way to improve their banking experience."

Plum also pointed out that growth in the bank's balance sheet, particularly its loan portfolio, had allowed the Company to continue improving earnings. "In 2014 we delivered our 6^th consecutive year of record earnings, despite opening a new office in Harrisonburg in the spring. We were able to absorb those additional costs while growing profitability, largely through continued expansion of our net interest income, which increased by approximately $900,000, or 13.6% for the year."

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

ASSETS		2014		2013

Cash and due from banks	$	7,941,884	$	4,561,708
Federal funds sold		542,000		545,000
Investment securities
Securities available for sale (at fair value)		19,937,946		30,406,638
Securities held to maturity (fair value of $15,374,995
in 2014, $15,407,134 in 2013)		14,965,603		15,411,778
Restricted investments		2,152,507		1,894,000
Total Investment Securities		37,056,056		47,712,416
Loans held for investment		186,844,767		155,858,186
Allowance for loan losses		(2,121,118)		(2,071,307)
Net Loans Held for Investment		184,723,649		153,786,879
Bank premises and equipment, net		2,206,817		1,830,643
Bank owned life insurance		2,349,745		2,283,800
Goodwill		366,300		366,300
Other assets		4,167,145		3,637,261
Total Assets	$	239,353,596	$	214,724,007

LIABILITIES
Deposits
Demand deposits
Noninterest bearing	$	27,877,754	$	23,450,958
Interest bearing		43,447,388		42,726,208
Savings deposits		12,239,581		10,501,484
Time deposits		100,333,919		91,666,678
Total Deposits		183,898,642		168,345,328

Federal funds purchased		-		-
Other borrowed funds		29,893,599		26,388,861
Other liabilities		774,867		760,275
Total liabilities		214,567,108		195,494,464

STOCKHOLDERS' EQUITY
Preferred stock, $50 par value, authorized - 250,000 shares;
outstanding - 4,500 shares		225,000		225,000
Common stock, no par value, authorized - 5,000,000 shares;
outstanding - 1,270,555 and 934,539, respectively		4,706,408		859,944
Contributed equity		4,275,000		4,275,000
Retained earnings		15,844,755		14,273,627
Accumulated other comprehensive income		(264,675)		(404,028)
Total Stockholders' Equity		24,786,488		19,229,543
Total Liabilities and Stockholders' Equity	$	239,353,596	$	214,724,007

Income Statement

		2014		2013
INTEREST INCOME
Interest and fees on loans held for investment	$	8,168,968	$	6,931,126
Interest and fees on loans held for sale		-		181,802
Interest on federal funds sold		3,269		2,557
Interest and dividends on taxable investment securities		817,229		842,515
Interest and dividends on nontaxable investment securities		301,015		308,676
Total Interest Income		9,290,481		8,266,676

INTEREST EXPENSE
Interest on savings and interest bearing demand deposits		185,265		166,218
Interest on time deposits		1,086,901		1,029,832
Interest on borrowed funds		411,945		375,709
Total Interest Expense		1,684,111		1,571,759
Net Interest Income		7,606,370		6,694,917

PROVISION FOR LOAN LOSSES		70,000		310,000

Net Interest Income after Provision for Loan Losses		7,536,370		6,384,917

OTHER INCOME
Service charges on deposit accounts		279,807		298,984
Earnings on investment in life insurance		65,945		68,500
Securities gains		16,456		66,562
Gain on disposal of assets		-		110,419
Other noninterest income		620,427		451,299
Total Other Income		982,635		995,764

OTHER EXPENSES
Salaries and employee benefits		2,689,071		2,265,760
Occupancy and equipment expenses		553,514		466,495
Data processing		430,958		366,104
Audits and examinations		59,220		136,944
Advertising expense		324,043		266,659
Directors fees		131,500		103,750
Debit card expenses		134,197		127,829
Other taxes and assessments		419,367		320,376
Other noninterest expense		956,721		772,468
Total Other Expenses		5,698,591		4,826,385
Income before Income Taxes		2,820,414		2,554,296

INCOME TAX EXPENSE		791,352		709,692
Net Income		2,029,062		1,844,604
Dividends to Preferred Stockholders		(45,000)		(207,255)

Net Income Available to Common Stockholders	$	1,984,062	$	1,637,349

Earnings per Share	$	2.11	$	1.75

Weighted Average Shares Outstanding		938,286		936,535