Blue Ridge Bankshares, Inc. Releases 2016 2nd Quarter Results

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Jul 29, 2016, 11:21 ET

LURAY, Va., July 29, 2016 /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, 2016. The Company reported net income of $836,000 for the first six months of 2016, or $0.60 per common share, compared to 2015 net income of $1,129,000, or $0.83 per common share, for the same period. The decline in net income and earnings per common share was an expected result directly related to the subordinated debt issuance late last year and the additional interest expense incurred as a result of that debt, as well as one-time merger expenses associated with the upcoming acquisition of River Bancorp, Inc. For the six months ended June 30, 2016, merger related expenses totaled approximately $440,000. The Company was pleased to declare a dividend of $0.1175 during the second quarter of 2016, which is an increase of 2.2% compared to the 2015 second quarter dividend of $0.1150. The dividend yield is 2.50% based on the July 28, 2016 share price.

The Company experienced asset growth of 14.9% since the second quarter of 2015, which was largely fueled by growth in the Company's held-for-investment loan portfolio of $12.7 million, or 6.4%, and growth in the available-for-sale loans of $17.3 million, or 100%. The Company's asset quality continues to be strong, as reflected in its nonperforming and nonaccrual loans. Additionally, the Company's deposit portfolio grew $30.7 million, or 16.0% since the second quarter of 2015, which included growth of $4.6 million, or 14.1% in noninterest DDA.


Financial Highlights (Unaudited)		Three Months Ended			Six Months Ended
		6/30/2016	6/30/2015		6/30/2016	6/30/2015
*(Dollars in thousands, except per share data)*
Net income	$	311	574	$	836	1,129
Net income available to common stockholders	$	311	563	$	836	1,106
Earnings per Common Share	$	0.23	0.40	$	0.60	0.83
Earnings per Common Share	$	0.43	N/A	$	0.80	N/A
(Less One-Time Merger Expenses)
Dividend per Common Share	$	0.1175	0.1150	$	0.1175	0.1150

Key Ratios
Total stockholders' equity to assets		8.76%	11.02%		8.76%	11.02%
Common stockholders' equity to assets		8.76%	9.21%		8.76%	9.21%
Net Interest Margin (bank level)		3.69%	3.68%		3.71%	3.78%
Return on Average Assets (annualized)		0.47%	0.97%		0.63%	0.95%
Return on Average Equity (annualized)		4.75%	9.66%		6.39%	9.50%

		Balance At
		6/30/2016	6/30/2015
Total assets	$	285,350	248,233
Net loans held for investment	$	207,844	195,385
Deposits	$	223,063	192,364
Total stockholders' equity	$	24,990	27,356
Common stockholders' equity	$	24,990	22,856

Book value per common share	$	17.83	16.31
Number of common stock shares outstanding		1,401,511	1,401,511

"The first six months of 2016 have been an exciting time for the Company," stated President and Chief Executive Officer Brian K. Plum. "We are pleased with the continued growth in our loan and deposit portfolios. Our team continues to execute well and we expect momentum to increase with the upcoming acquisition of River Bancorp, Inc. We remain committed to deepening our existing customer relationships and cultivating new relationships throughout the remainder of 2016."

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 123 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]

BLUE RIDGE BANKSHARES, INC.
CONSOLIDATED BALANCE SHEETS

		(Unaudited)		(Unaudited)
		June 30,		June 30,
ASSETS		2016		2015

Cash and due from banks	$	9,440,187	$	5,315,418

Federal funds sold		1,575,000		194,000

Investment securities		37,640,097		38,317,201

Loans held for sale		17,314,624		-

Loans held for investment		210,272,072		197,546,794
Allowance for loan losses		(2,427,924)		(2,162,005)

Net Loans Held for Investment		207,844,148		195,384,789

Bank premises and equipment, net		2,102,263		2,009,394
Bank owned life insurance		4,457,229		2,381,567
Goodwill		366,300		366,300
Other assets		4,609,871		4,264,594

Total Assets	$	285,349,719	$	248,233,263

LIABILITIES

Deposits	$	223,063,305	$	192,363,510
Other borrowed funds		26,701,819		27,845,968
Subordinated debt, net of issuance costs		9,681,849		-
Other liabilities		912,565		667,412

Total liabilities		260,359,538		220,876,890

STOCKHOLDERS' EQUITY

Preferred stock		-		225,000
Common stock		6,672,493		6,480,669
Contributed equity		83,971		4,275,000
Retained earnings		18,192,891		16,643,837
Accumulated other comprehensive income		40,826		(268,133)

Total Stockholders' Equity		24,990,181		27,356,373

Total Liabilities and Stockholders' Equity	$	285,349,719	$	248,233,263

BLUE RIDGE BANKSHARES, INC.
CONSOLIDATED INCOME STATEMENTS

		(Unaudited)		(Unaudited)
		Six Months		Six Months
		Ended		Ended
		June 30, 2016		June 30, 2015

Interest Income	$	5,881,688	$	5,115,448
Interest Expense		1,414,984		952,997

Net Interest Income		4,466,704		4,162,451

Provision For Loan Losses		200,000		80,000

Net Interest Income after Provision for Loan Losses		4,266,704		4,082,451

Other Income		517,310		462,932
Other Expenses		3,628,705		2,953,293
Income Before Income Taxes		1,155,309		1,592,090

Income Tax Expense		319,492		463,219

Net Income		835,817		1,128,871

Dividends to Preferred Stockholders		-		(22,500)

Net Income Available to Common Stockholders	$	835,817	$	1,106,371

Earnings per Share	$	0.60	$	0.83

Weighted Average Shares Outstanding		1,401,511		1,339,289