Blue Ridge Bankshares, Inc. Releases 2018 2nd Quarter Results
LURAY, Va., July 30, 2018 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTC Pink: BRBS), parent company of Blue Ridge Bank, N.A., announced today its unaudited financial results for the second quarter ended June 30, 2018. The Company reported net income of $2,317,437 for the first six months of 2018, or $0.84 per common share, compared to 2017 net income of $1,902,860, or $0.70 per common share. The Company declared a dividend of $0.14 during the second quarter of 2018, which is an increase of 75% compared to the 2017 second quarter dividend of $0.08. The dividend yield is 2.77% based on the closing July 27, 2018 share price.
The Company experienced significant asset growth of $58.8 million, or 14.6%, since the second quarter of 2017, which was largely attributable to growth in the held-for-investment loan portfolio of $53.8 million, or 17.8%. Additionally, the Company's deposit portfolio grew $30.9 million or 9.3%, since the second quarter of 2017, which included growth of $6.6 million, or 10.9%, in noninterest demand deposits. Asset growth during the second quarter of 2018 was $18.6 million, or 4.2%, which included growth in the held-for-investment loan portfolio of $14.5 million, or 4.2%. Deposit growth during the second quarter of 2018 amounted to $5.1 million, or 1.4%, of which $2.2 million, or 3.3% was attributable to growth in noninterest demand deposits.
| Financial Highlights (Unaudited) |
Three Months Ended |
Six Months Ended |
||||||
| 6/30/2018 |
6/30/2017 |
6/30/2018 |
6/30/2017 |
|||||
| (Dollars in thousands, except per share data) |
||||||||
| Net income |
$ |
1,129 |
1,270 |
$ |
2,317 |
1,903 |
||
| Net income available to common stockholders |
$ |
1,135 |
1,270 |
$ |
2,311 |
1,903 |
||
| Earnings per Common Share |
$ |
0.41 |
0.45 |
$ |
0.84 |
0.70 |
||
| Dividend per Common Share |
$ |
0.14 |
0.08 |
$ |
0.26 |
0.16 |
||
| Key Ratios |
||||||||
| Total stockholders' equity to assets |
8.23% |
8.77% |
8.23% |
8.77% |
||||
| Common stockholders' equity to assets |
8.19% |
8.77% |
8.19% |
8.77% |
||||
| Net Interest Margin (bank level) |
3.88% |
3.82% |
4.08% |
4.02% |
||||
| Return on Average Assets (annualized) |
1.05% |
1.48% |
1.07% |
1.11% |
||||
| Return on Average Equity (annualized) |
12.33% |
16.85% |
12.66% |
12.63% |
||||
| Balance At |
||||||||
| 6/30/2018 |
6/30/2017 |
|||||||
| Total assets |
$ |
460,918 |
402,243 |
|||||
| Net loans held for investment |
$ |
353,242 |
300,222 |
|||||
| Deposits |
$ |
362,778 |
331,830 |
|||||
| Total stockholders' equity |
$ |
37,936 |
35,295 |
|||||
| Common stockholders' equity |
$ |
37,730 |
35,295 |
|||||
| Book value per common share |
$ |
13.66 |
12.89 |
|||||
| Tangible book value per common share |
$ |
12.41 |
11.73 |
|||||
| Number of common stock shares outstanding |
2,761,135 |
2,737,136 |
||||||
| Number of weighted average common shares Outstanding |
2,763,837 |
2,737,136 |
||||||
"The Company is enjoying a busy and exciting time," stated President and Chief Executive Officer Brian K. Plum. "We experienced over $36.7 million, or 8.7%, of asset growth in the first half of 2018, driven by strong, healthy, and sustained loan demand. Meanwhile, we continue contributing to the loan allowance at a meaningful level, provisioning an amount equal to 1.62% of held-for-investment net loan growth in the first half the year, despite a reduction in nonperforming loans. We also made important strategic strides in the first half of 2018. Our efforts in the North Carolina Triad continue gaining momentum and are poised to add significant exposure to an attractive market. Also, the Mortgage Division broadened its reach with the addition of teams with exposure to strong, purchase-based markets that will augment and support the Company's growth. We are very excited about how multiple elements are coming together to poise the Company for prudent, meaningful balance sheet growth that drives value for years to come."
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, and Stuart. The Bank also has mortgage operations in Virginia, North Carolina, and Florida. Celebrating 125 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) |
||||
| June 30, |
June 30, |
||||
| ASSETS |
2018 |
2017 |
|||
| Cash and due from banks |
$ |
6,108,507 |
$ |
18,067,240 |
|
| Federal funds sold |
147,000 |
1,921,000 |
|||
| Investment securities |
59,439,546 |
40,508,410 |
|||
| Loans held for sale |
20,897,250 |
24,587,718 |
|||
| Loans held for investment |
356,360,188 |
302,534,451 |
|||
| Allowance for loan losses |
(3,118,484) |
(2,312,776) |
|||
| Net Loans Held for Investment |
353,241,704 |
300,221,675 |
|||
| Bank premises and equipment, net |
2,389,594 |
2,368,251 |
|||
| Bank owned life insurance |
7,752,460 |
4,573,119 |
|||
| Goodwill |
2,094,164 |
2,094,164 |
|||
| Other assets |
8,847,628 |
7,900,971 |
|||
| Total Assets |
$ |
460,917,853 |
$ |
402,242,548 |
|
| LIABILITIES |
|||||
| Deposits |
$ |
362,777,587 |
$ |
331,830,495 |
|
| Other borrowed funds |
48,738,543 |
24,118,756 |
|||
| Subordinated debt, net of issuance costs |
9,749,612 |
9,715,730 |
|||
| Other liabilities |
1,715,847 |
1,282,880 |
|||
| Total liabilities |
422,981,589 |
366,947,861 |
|||
| STOCKHOLDERS' EQUITY |
|||||
| Common stock and surplus |
16,581,151 |
16,171,958 |
|||
| Retained earnings |
21,782,263 |
19,131,634 |
|||
| Accumulated other comprehensive income |
(633,323) |
(8,905) |
|||
| Total Stockholders' Equity |
37,730,091 |
35,294,687 |
|||
| Noncontrolling interest |
206,173 |
- |
|||
| Total Equity |
37,936,264 |
35,294,687 |
|||
| Total Liabilities and Equity |
$ |
460,917,853 |
$ |
402,242,548 |
|
| BLUE RIDGE BANKSHARES, INC. |
|||||
| CONSOLIDATED INCOME STATEMENTS |
|||||
| (Unaudited) |
(Unaudited) |
||||
| Six Months |
Six Months |
||||
| Ended |
Ended |
||||
| June 30, 2018 |
June 30, 2017 |
||||
| Interest Income |
$ |
10,292,674 |
$ |
9,053,782 |
|
| Interest Expense |
2,229,081 |
1,905,490 |
|||
| Net Interest Income |
8,063,593 |
7,148,292 |
|||
| Provision For Loan Losses |
415,000 |
355,000 |
|||
| Net Interest Income after Provision for Loan Losses |
7,648,593 |
6,793,292 |
|||
| Other Income |
3,917,801 |
3,912,452 |
|||
| Other Expenses |
8,634,249 |
7,928,565 |
|||
| Income Before Income Taxes |
2,932,145 |
2,777,179 |
|||
| Income Tax Expense |
614,708 |
874,319 |
|||
| Net Income |
2,317,437 |
1,902,860 |
|||
| Net Income attributable to noncontrolling interest |
(6,569) |
- |
|||
| Net Income attributable to Blue Ridge Bankshares, Inc. |
$ |
2,310,868 |
$ |
1,902,860 |
|
| Net Income Available to Common Stockholders |
$ |
2,310,868 |
$ |
1,902,860 |
|
| Earnings per Share |
$ |
0.84 |
$ |
0.70 |
|
| Weighted Average Shares Outstanding |
2,763,837 |
2,737,136 |
|||
SOURCE Blue Ridge Bankshares, Inc.
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