Blue Ridge Bankshares, Inc. Releases 2018 3rd Quarter Results

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Oct 26, 2018, 15:40 ET

LURAY, Va., Oct. 26, 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 third quarter ended September 30, 2018. The Company reported net income of $3,587,096 for the first nine months of 2018, or $1.29 per common share, compared to 2017 net income of $3,064,560, or $1.12 per common share. The Company declared a dividend of $0.14 during the third quarter of 2018, which is an increase of 75% compared to the 2017 third quarter dividend of $0.08. The dividend yield is 2.87% based on the closing October 25, 2018 share price.

Asset growth has been substantial since the third quarter of 2017, increasing by $86.1 million, or 21.1%, which is largely attributable to organic growth in the held-for-investment loan portfolio of $70.0 million, or 22.8%. Additionally, the Company has experienced significant organic deposit growth since the third quarter of 2017, increasing by $57.7 million, or 17.2%, which included growth of $30.3 million, or 51.5% in noninterest demand deposits. Asset growth during the third quarter of 2018 was $32.4 million, or 7.0%. Deposit growth during the third quarter of 2018 amounted to $30.2 million, or 8.3%, of which $21.7 million, or 32.2% was attributable to growth in noninterest demand deposits.


Financial Highlights (Unaudited)		Three Months Ended			Nine Months Ended
		9/30/2018	9/30/2017		9/30/2018	9/30/2017
*(Dollars in thousands, except per share data)*
Net income	$	1,270	1,162	$	3,587	3,065
Net income available to common stockholders	$	1,269	1,162	$	3,579	3,065
Earnings per Common Share	$	0.46	0.42	$	1.29	1.12
Dividend per Common Share	$	0.14	0.08	$	0.40	0.24

Key Ratios
Total stockholders' equity to assets		7.87%	8.92%		7.87%	8.92%
Common stockholders' equity to assets		7.82%	8.92%		7.82%	8.92%
Net Interest Margin (bank level)		3.71%	3.75%		3.98%	3.89%
Return on Average Assets (annualized)		1.13%	1.32%		1.06%	1.16%
Return on Average Equity (annualized)		13.52%	15.13%		12.73%	13.30%

		Balance At
		9/30/2018	9/30/2017
Total assets	$	493,344	407,289
Net loans held for investment	$	372,847	303,613
Deposits	$	392,973	335,220
Total stockholders' equity	$	38,808	36,348
Common stockholders' equity	$	38,601	36,348

Book value per common share	$	13.81	13.14
Tangible book value per common share	$	12.41	12.17
Number of common stock shares outstanding		2,795,135	2,765,635
Number of weighted average common shares Outstanding		2,774,441	2,737,136

"The organic growth experienced in both loans and deposits over the last year is indicative of the great markets we are in and the continued opportunity we are seeing in our footprint," stated President and Chief Executive Officer Brian K. Plum. "We increased our total assets by $69.2 million, or 16.3%, in the first nine months of 2018, which is driven by strong, high-quality loan demand. We also made significant headway in our continued efforts to increase noninterest demand deposits, which have grown $27.7 million, or 45.1%, during the first nine months of 2018. Additionally, we continue to be pleased with the steady decline of our nonperforming loans. There is more work to be done in driving noninterest deposit growth, and we remain incredibly focused on that. We are also working hard to improve productivity across the mortgage platform. Even with macro trends creating mortgage industry headwinds we believe with our attractive market exposures and focus on purchase mortgages we have meaningful upside to our current volume levels. Lastly, we have made several key new hires in 2018 to help expand our team and better position ourselves to seize opportunities in our markets, and we are excited about the value this will create for the Company."

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, Maryland, 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)
		September 30,		September 30,
ASSETS		2018		2017

Cash and due from banks	$	13,459,779	$	9,797,471
Federal funds sold		226,000		492,000
Investment securities		56,023,128		50,377,001
Loans held for sale		28,321,519		23,661,031
Loans held for investment		376,068,371		306,008,161
Allowance for loan losses		(3,221,867)		(2,395,177)
Net Loans Held for Investment		372,846,504		303,612,984
Bank premises and equipment, net		2,614,173		2,298,459
Bank owned life insurance		7,802,646		7,604,485
Goodwill		2,694,164		1,707,284
Other assets		9,355,642		7,738,580

Total Assets	$	493,343,555	$	407,289,295

LIABILITIES

Deposits	$	392,972,773	$	335,219,695
Other borrowed funds		49,350,653		24,072,637
Subordinated debt, net of issuance costs		9,758,082		9,724,201
Other liabilities		2,453,552		1,924,903

Total liabilities		454,535,060		370,941,436

STOCKHOLDERS' EQUITY

Common stock and surplus		16,660,627		16,266,771
Retained earnings		22,659,560		20,072,084
Accumulated other comprehensive income		(718,908)		9,004
Total Stockholders' Equity		38,601,279		36,347,859
Noncontrolling interest		207,216		-
Total Equity		38,808,495		36,347,859
Total Liabilities and Equity	$	493,343,555	$	407,289,295

BLUE RIDGE BANKSHARES, INC.
CONSOLIDATED INCOME STATEMENTS

		(Unaudited)		(Unaudited)
		Nine Months		Nine Months
		Ended		Ended
		September 30, 2018		September 30, 2017

Interest Income	$	16,063,013	$	13,654,500
Interest Expense		3,563,844		2,902,464

Net Interest Income		12,499,169		10,752,036

Provision For Loan Losses		640,000		505,000

Net Interest Income after Provision for Loan Losses		11,859,169		10,247,036

Other Income		7,008,653		6,055,586
Other Expenses		14,336,980		11,827,557
Income Before Income Taxes		4,530,842		4,475,065

Income Tax Expense		943,746		1,410,505

Net Income		3,587,096		3,064,560
Net Income attributable to noncontrolling interest		(7,612)		-
Net Income attributable to Blue Ridge Bankshares, Inc.	$	3,579,484	$	3,064,560
Net Income Available to Common Stockholders	$	3,579,484	$	3,064,560
Earnings per Share	$	1.29	$	1.12
Weighted Average Shares Outstanding		2,774,441		2,737,136