Blue Ridge Bankshares, Inc. Releases 2017 1st Quarter Results
LURAY, Va., April 28, 2017 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTC Pink: BRBS), parent company of Blue Ridge Bank, N.A., announced today its unaudited financial results for the first quarter ended March 31, 2017. The Company reported net income of $632,769 for the first quarter of 2017, or $0.35 per common share, compared to 2016 net income of $524,354, or $0.37 per common share, for the same period. In addition, the Company was pleased to declare a dividend of $0.12 during the first quarter of 2017, which is an increase of 2.13% compared to the 2016 first quarter dividend of $0.1175. The dividend yield is 2.23% based on the April 28, 2017 share price.
The first quarter of 2017 represented the first full quarter of activity since the acquisition of River Bancorp, Inc. and its wholly-owned subsidiary River Community Bank, N.A. was completed. In addition to net income growth of 20.7%, the Company experienced asset growth 47.6% since the first quarter of 2016, of which approximately $114 million was due to the merger. Outside of the merger, the Company's total asset growth is largely fueled by growth in the Company's held-for-investment loan portfolio, which continues to reflect a portfolio of strong asset quality. The Company has also experienced meaningful growth in total deposits, increasing 58.4% since the first quarter of 2016, of which approximately $97 million was related to the merger. Strong deposit growth continues to be a significant focus for the Company and we see great opportunity in our current footprint to accomplish this goal.
| Financial Highlights (Unaudited) |
Three Months Ended |
||||
| 3/31/17 |
3/31/16 |
||||
| (Dollars in thousands, except per share data) |
|||||
| Net income |
$ |
633 |
524 |
||
| Net income available to common stockholders |
$ |
633 |
524 |
||
| Earnings per Common Share |
$ |
0.35 |
0.37 |
||
| Dividend per Common Share |
$ |
0.1200 |
0.1175 |
||
| Key Ratios |
|||||
| Total stockholders' equity to assets |
8.47% |
9.05% |
|||
| Common stockholders' equity to assets |
8.47% |
9.05% |
|||
| Net Interest Margin (bank level) |
4.01% |
3.79% |
|||
| Return on Average Assets (annualized) |
0.75% |
0.81% |
|||
| Return on Average Equity (annualized) |
8.63% |
8.11% |
|||
| Balance At |
|||||
| 3/31/17 |
3/31/16 |
||||
| Total assets |
$ |
401,653 |
272,214 |
||
| Net loans held for investment |
$ |
306,827 |
205,321 |
||
| Deposits |
$ |
332,312 |
209,733 |
||
| Total stockholders' equity |
$ |
34,037 |
24,645 |
||
| Common stockholders' equity |
$ |
34,037 |
24,645 |
||
| Book value per common share |
$ |
18.65 |
17.58 |
||
| Number of common stock shares outstanding |
1,824,757 |
1,401,511 |
|||
"I am very confident about our current performance and where we are headed as a Company. We remain committed to taking care of our existing customers and building new customer relationships," stated Chief Executive Officer Brian K. Plum. "Since the bank-level merger didn't close until December 2016, we only started to realize synergies in the 1st quarter of 2017 as we ensured a smooth transition for customers and operations into the combined company. We expect to show more benefit from those synergies in the 2nd quarter of 2017 and moving forward. Additionally, we expect to see a rebound in the mortgage business contribute to additional earnings over the balance of the year, which, combined with growth in our commercial bank footprint, creates what we think will be a good profile for the Company to provide an attractive earnings profile and shareholder return."
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, N.A. has additional branches in Charlottesville, Drakes Branch, Harrisonburg, Martinsville, McGaheysville, Shenandoah, Stanleytown, and Stuart. The Bank also has mortgage operations in Virginia and North Carolina. Celebrating 124 years as a locally owned, independent community bank, Blue Ridge Bank, N.A. 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 |
2017 |
2016 |
|||
| Cash and due from banks |
$ |
18,682,470 |
$ |
6,263,504 |
|
| Federal funds sold |
1,399,000 |
1,095,000 |
|||
| Investment securities |
41,070,840 |
37,387,761 |
|||
| Loans held for sale |
17,114,323 |
12,238,707 |
|||
| Loans held for investment |
308,977,075 |
207,722,491 |
|||
| Allowance for loan losses |
(2,150,074) |
(2,401,418) |
|||
| Net Loans Held for Investment |
306,827,001 |
205,321,073 |
|||
| Bank premises and equipment, net |
2,488,428 |
2,052,463 |
|||
| Bank owned life insurance |
4,544,717 |
3,429,966 |
|||
| Goodwill |
1,707,284 |
366,300 |
|||
| Other assets |
7,818,641 |
4,058,826 |
|||
| Total Assets |
$ |
401,652,704 |
$ |
272,213,600 |
|
| LIABILITIES |
|||||
| Deposits |
$ |
332,312,254 |
$ |
209,732,943 |
|
| Other borrowed funds |
24,142,306 |
26,778,461 |
|||
| Subordinated debt, net of issuance costs |
9,707,260 |
9,673,378 |
|||
| Other liabilities |
1,454,359 |
1,383,989 |
|||
| Total liabilities |
367,616,179 |
247,568,771 |
|||
| STOCKHOLDERS' EQUITY |
|||||
| Common stock and surplus |
16,103,415 |
6,572,463 |
|||
| Retained earnings |
18,080,514 |
18,088,992 |
|||
| Accumulated other comprehensive income |
(147,404) |
(16,626) |
|||
| Total Stockholders' Equity |
34,036,525 |
24,644,829 |
|||
| Total Liabilities and Stockholders' Equity |
$ |
401,652,704 |
$ |
272,213,600 |
|
| BLUE RIDGE BANKSHARES, INC. |
|||||
| CONSOLIDATED INCOME STATEMENTS |
|||||
| (Unaudited) |
(Unaudited) |
||||
| Three Months |
Three Months |
||||
| Ended |
Ended |
||||
| March 31, 2017 |
March 31, 2016 |
||||
| Interest Income |
$ |
4,486,342 |
$ |
2,888,200 |
|
| Interest Expense |
953,490 |
699,219 |
|||
| Net Interest Income |
3,532,852 |
2,188,981 |
|||
| Provision For Loan Losses |
185,000 |
90,000 |
|||
| Net Interest Income after Provision for Loan Losses |
3,347,852 |
2,098,981 |
|||
| Other Income |
1,587,227 |
216,284 |
|||
| Other Expenses |
4,033,398 |
1,577,514 |
|||
| Income Before Income Taxes |
901,681 |
737,751 |
|||
| Income Tax Expense |
268,912 |
213,397 |
|||
| Net Income |
632,769 |
524,354 |
|||
| Net Income Available to Common Stockholders |
$ |
632,769 |
$ |
524,354 |
|
| Earnings per Share |
$ |
0.35 |
$ |
0.37 |
|
| Weighted Average Shares Outstanding |
1,824,757 |
1,401,511 |
|||
SOURCE Blue Ridge Bankshares, Inc.
Share this article