Blue Ridge Bankshares, Inc. Releases 2015 Q1 Results

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Apr 29, 2015, 02:12 ET

LURAY, Va., April 29, 2015 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTCQB: BRBS), parent company of Blue Ridge Bank, announced today its unaudited financial results for the first quarter ended March 31, 2015. The Company reported net income of $554,780 for the first three months of 2015, or $0.43 per common share, compared to 2014 net income of $511,508, or $0.54 per common share, for the same period. The decrease in earnings per common share of 20.4% is largely due to the Company's recently completed capital raise in which an additional 466,972 shares were issued. In addition, the Company was pleased to declare a dividend of $0.115 during the first quarter of 2015, which is an increase of 4.5% compared to the 2014 first quarter dividend of $0.11. The dividend yield is 2.75% based on the April 28, 2015 share price.

The Company experienced asset growth of 11.0% since the first quarter of 2014, which was largely fueled by growth in the Company's held-for-investment loan portfolio of approximately $28,446,919, or 18.0%. The Company's asset quality continues to be strong, as reflected in its nonperforming and nonaccrual loans. Additionally, the Company's deposit portfolio grew $20,501,776, or 12.2% since the first quarter of 2014, which included growth of $7,173,790, or 30.9% in noninterest DDA.

Financial Highlights (Unaudited)		Q1 2015		Q1 2014

At Quarter End ($000)
Total assets		244,703		220,493
Net loans		186,516		158,070
Deposits		189,073		168,571
Total stockholders' equity		27,029		19,764
Common stockholders' equity		22,529		15,264

Book value per common share	$	16.07	$	16.33
Number of common stock shares outstanding		1,401,511		934,539

For The Quarter ($000)
Net income		555		512
Net income available to common stockholders		544		500

Earnings per common share	$	0.43	$	0.54
Dividend per common share		0.115		0.110

Key Ratios
Total stockholders' equity to assets		11.05%		8.96%
Common stockholders' equity to assets		9.21%		6.92%
Net interest margin		3.70%		3.62%
Return on average assets (annualized)		0.95%		0.93%
Return on average equity (annualized)		9.49%		10.65%

President and Chief Executive Officer Brian K. Plum noted, "The Company enjoyed year-to-year growth in net interest income of 14.5% as it continued its focus on balance sheet growth through targeting quality relationships. We continue to see significant opportunities within our core markets to cultivate new customers and deepen relationships with current ones."

Plum also discussed the Company's recently consummated common stock capital raise, noting, "The completion of the capital raise gives us the additional equity we need to support planned future growth that we expect from organic opportunities, while better positioning us for strategic opportunities that might arise as well."

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)
		March 31,		March 31,
ASSETS		2015		2014

Cash and due from banks	$	13,075,206	$	3,617,207

Federal funds sold		378,000		706,000

Investment securities		36,110,432		49,641,165

Loans held for investment		188,646,347		160,139,738
Allowance for loan losses		(2,129,815)		(2,070,125)

Net Loans Held for Investment		186,516,532		158,069,613

Bank premises and equipment, net		2,063,260		1,873,807
Bank owned life insurance		2,365,766		2,300,149
Goodwill		366,300		366,300
Other assets		3,827,882		3,918,618

Total Assets	$	244,703,378	$	220,492,859

LIABILITIES

Deposits	$	189,072,935	$	168,571,159
Other borrowed funds		27,869,784		31,365,046
Other liabilities		731,822		792,809

Total liabilities		217,674,541		200,729,014

STOCKHOLDERS' EQUITY

Preferred stock		225,000		225,000
Common stock		6,480,669		859,944
Contributed equity		4,275,000		4,275,000
Retained earnings		16,242,170		14,671,085
Accumulated other comprehensive income		(194,002)		(267,184)

Total Stockholders' Equity		27,028,837		19,763,845

Total Liabilities and Stockholders' Equity	$	244,703,378	$	220,492,859


BLUE RIDGE BANKSHARES, INC.
CONSOLIDATED INCOME STATEMENTS

		(Unaudited)		(Unaudited)
		Three Months		Three Months
		Ended		Ended
		March 31, 2015		March 31, 2014

Interest Income	$	2,505,926	$	2,168,256
Interest Expense		471,903		391,696

Net Interest Income		2,034,023		1,776,560

Provision For Loan Losses		40,000		-

Net Interest Income after Provision for Loan Losses		1,994,023		1,776,560

Other Income		242,808		169,237
Other Expenses		1,454,157		1,234,909
Income Before Income Taxes		782,674		710,888

Income Tax Expense		227,894		199,380

Net Income		554,780		511,508

Dividends to Preferred Stockholders		(11,250)		(11,250)

Net Income Available to Common Stockholders	$	543,530	$	500,258

Earnings per Share	$	0.43	$	0.54

Weighted Average Shares Outstanding		1,276,375		934,539