Blue Ridge Bankshares, Inc. Releases 2015 2nd Quarter Results

Jul 29, 2015, 17:11 ET from Blue Ridge Bankshares, Inc.

LURAY, Va., July 29, 2015 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTC Pink: BRBS), parent company of Blue Ridge Bank, announced today its unaudited financial results for the second quarter ended June 30, 2015.  The Company reported net income of $1,128,871 for the first six months of 2015, or $0.83 per common share, compared to 2014 net income of $994,650, or $1.04 per common share, for the same period.  In addition, the Company was pleased to declare a dividend of $0.115 during the second quarter of 2015, which is an increase of 4.5% compared to the 2014 second quarter dividend of $0.11.  The dividend yield is 2.71% based on the July 29, 2015 share price.

The Company experienced asset growth of 10.3% since the second quarter of 2014, which was largely fueled by growth in the Company's held-for-investment loan portfolio of $32,637,705, or 19.8%.  The Company's asset quality continues to be strong, as reflected in its nonperforming and nonaccrual loans.   Additionally, the Company's deposit portfolio grew by $19,389,588, or 11.2% since the second quarter of 2014, which included growth of $7,675,453, or 30.6% in noninterest DDA.

Financial Highlights (Unaudited)



Three Months Ended



Six Months Ended




6/30/2015

6/30/2014



6/30/2015

6/30/2014

(Dollars in thousands, except per share data)


















Net income


$

574

483


$

1,129

995










Net income available to common stockholders


$

563

472


$

1,106

972










Earnings per Common Share


$

0.40

0.50


$

0.83

1.04










Dividend per Common Share


$

0.115

0.110


$

0.115

0.110










Key Ratios









Total stockholders' equity to assets



11.02%

8.96%



11.02%

8.96%

Common stockholders' equity to assets



9.21%

6.96%



9.21%

6.96%

Net Interest Margin



3.68%

3.52%



3.78%

3.63%

Return on Average Assets (annualized)



0.97%

0.87%



0.95%

0.90%

Return on Average Equity (annualized)



9.66%

9.94%



9.50%

10.23%













Balance At








6/30/2015

6/30/2014





Total assets


$

248,233

225,074














Net loans


$

195,385

162,847














Deposits


$

192,364

172,974














Total stockholders' equity


$

27,356

20,171














Common stockholders' equity


$

22,856

15,671














Book value per common share


$

16.31

16.69














Number of common stock shares outstanding



1,401,511

939,139





 

"The Company continues to see improvement in its net interest income, net interest margin, and profitability by strengthening the focus on growing quality loan and core deposit relationships," stated President and Chief Executive Officer Brian K. Plum.  "We plan to continue the push to expand our customer base and relationship penetration in our markets, where we see significant opportunities for growth," Plum added.

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 122 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 BANKSHARES, INC.

CONSOLIDATED BALANCE SHEETS









(Unaudited)



(Unaudited)



June 30,



June 30,

ASSETS


2015



2014







Cash and due from banks

$

5,315,418


$

7,367,607







Federal funds sold


194,000



300,000







Investment securities


38,317,201



45,606,695







Loans held for investment


197,546,794



164,909,089

Allowance for loan losses


(2,162,005)



(2,061,883)







Net Loans Held for Investment


195,384,789



162,847,206







Bank premises and equipment, net


2,009,394



2,127,921

Bank owned life insurance


2,381,567



2,316,463

Goodwill


366,300



366,300

Other assets


4,264,594



4,141,760







Total Assets

$

248,233,263


$

225,073,952







LIABILITIES












Deposits

$

192,363,510


$

172,973,922

Other borrowed funds


27,845,968



31,341,230

Other liabilities


667,412



587,539







Total liabilities


220,876,890



204,902,691







STOCKHOLDERS' EQUITY












Preferred stock


225,000



225,000

Common stock


6,480,669



924,804

Contributed equity


4,275,000



4,275,000

Retained earnings


16,643,837



15,039,672

Accumulated other comprehensive income


(268,133)



(293,215)







  Total Stockholders' Equity


27,356,373



20,171,261







Total Liabilities and Stockholders' Equity

$

248,233,263


$

225,073,952

      

BLUE RIDGE BANKSHARES, INC.

CONSOLIDATED INCOME STATEMENTS









(Unaudited)



(Unaudited)



Six Months



Six Months



Ended



Ended



June 30, 2015



June 30, 2014







Interest Income

$

5,115,448


$

4,436,210

Interest Expense


952,997



813,985







Net Interest Income


4,162,451



3,622,225







Provision For Loan Losses


80,000



-







Net Interest Income after Provision for Loan Losses


4,082,451



3,622,225







Other Income


462,932



405,793

Other Expenses


2,953,293



2,646,345

Income Before Income Taxes


1,592,090



1,381,673







Income Tax Expense


463,219



387,023







Net Income


1,128,871



994,650







Dividends to Preferred Stockholders


(22,500)



(22,500)







Net Income Available to Common Stockholders

$

1,106,371


$

972,150







Earnings per Share

$

0.83


$

1.04







Weighted Average Shares Outstanding


1,339,289



934,793

     

For more information, contact: 
Amanda G. Story, Chief Financial Officer
540-843-5208
astory@mybrb.com

SOURCE Blue Ridge Bankshares, Inc.

Logo - http://photos.prnewswire.com/prnh/20130813/NE63024LOGO

SOURCE Blue Ridge Bankshares, Inc.



RELATED LINKS

http://www.mybrb.com