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

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Jul 29, 2015, 05:11 ET

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