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27.10.2017 21:55:00
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Blue Ridge Bankshares, Inc. Releases 2017 3rd Quarter Results
LURAY, Va., Oct. 27, 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 third quarter ended September 30, 2017. The Company reported net income of $3,064,560 for the first nine months of 2017, or $1.12 per common share, compared to 2016 net income of $1,094,051, or $0.52 per common share, for the same period. The Company declared a dividend of $0.08 during the third quarter of 2017, which is an increase of 2.13% compared to the 2016 third quarter dividend of $0.0783. The dividend yield is 1.97% based on the October 26, 2017 share price.
The Company experienced net income growth of 180.1% and asset growth of 36.1% since the third quarter of 2016, of which approximately $114 million was due to the acquisition of River Bancorp, Inc. Synergies resulting from the merger as well as the addition of the mortgage division have had a significant impact on earnings year-to-date. Core loan and deposit growth continue to be the main strategic focus of the Company.
Financial Highlights (Unaudited) | Three Months Ended | Nine Months Ended | ||||||
9/30/2017 | 9/30/2016 | 9/30/2017 | 9/30/2016 | |||||
(Dollars in thousands, except per share data) | ||||||||
Net income | $ | 1,162 | 258 | $ | 3,065 | 1,094 | ||
Net income available to common stockholders | $ | 1,162 | 258 | $ | 3,065 | 1,094 | ||
Earnings per Common Share | $ | 0.42 | 0.13 | $ | 1.12 | 0.52 | ||
Dividend per Common Share | $ | 0.0800 | 0.0783 | $ | 0.0800 | 0.0783 | ||
Key Ratios | ||||||||
Total stockholders' equity to assets | 8.92% | 8.39% | 8.92% | 8.39% | ||||
Common stockholders' equity to assets | 8.92% | 8.39% | 8.92% | 8.39% | ||||
Net Interest Margin (bank level) | 3.75% | 3.44% | 3.89% | 3.66% | ||||
Return on Average Assets (annualized) | 1.32% | 0.37% | 1.16% | 0.52% | ||||
Return on Average Equity (annualized) | 15.13% | 3.88% | 13.30% | 5.49% | ||||
Balance At | ||||||||
9/30/2017 | 9/30/2016 | |||||||
Total assets | $ | 407,289 | 299,243 | |||||
Net loans held for investment | $ | 303,613 | 223,802 | |||||
Deposits | $ | 335,220 | 233,761 | |||||
Total stockholders' equity | $ | 36,348 | 25,100 | |||||
Common stockholders' equity | $ | 36,348 | 25,100 | |||||
Book value per common share | $ | 13.14 | 11.94 | |||||
Tangible book value per common share | $ | 12.17 | 11.77 | |||||
Number of common stock shares outstanding | 2,765,635 | 2,102,267 | ||||||
Prior year per share data adjusted for 3-for-2 stock split. | ||||||||
"The Company continues to have a strong year through the third quarter of 2017. As we approach one year since the acquisition of River Bancorp, Inc. and its subsidiary River Community Bank, we are pleased with the opportunities the merger has presented to us as well as with the efforts and hard work of the Blue Ridge team," stated President and Chief Executive Officer Brian K. Plum. "Entering new markets, expanding our team, and adding the mortgage division have all proven to be positive contributions to the sustained success of the Company, and we look forward to the additional opportunities these contributions will bring in the future."
Plum continued "We are persistently working through a few nonperforming assets and over 90-day past due loans that have caused an increase in our NPA metrics, but these loans are well-collateralized and due to being actively managed, we expect satisfactory resolution in the next few quarters."
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 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) | ||||
September 30, | September 30, | ||||
ASSETS | 2017 | 2016 | |||
Cash and due from banks | $ | 9,797,471 | $ | 6,778,664 | |
Federal funds sold | 492,000 | 773,000 | |||
Investment securities | 50,377,001 | 37,031,723 | |||
Loans held for sale | 23,661,031 | 19,012,145 | |||
Loans held for investment | 306,008,161 | 225,782,163 | |||
Allowance for loan losses | (2,395,177) | (1,979,814) | |||
Net Loans Held for Investment | 303,612,984 | 223,802,349 | |||
Bank premises and equipment, net | 2,298,459 | 2,102,247 | |||
Bank owned life insurance | 7,604,485 | 4,486,756 | |||
Goodwill | 1,707,284 | 366,300 | |||
Other assets | 7,738,580 | 4,889,824 | |||
Total Assets | $ | 407,289,295 | $ | 299,243,008 | |
LIABILITIES | |||||
Deposits | $ | 335,219,695 | $ | 233,761,134 | |
Other borrowed funds | 24,072,637 | 29,378,941 | |||
Subordinated debt, net of issuance costs | 9,724,201 | 9,690,319 | |||
Other liabilities | 1,924,903 | 1,312,267 | |||
Total liabilities | 370,941,436 | 274,142,661 | |||
STOCKHOLDERS' EQUITY | |||||
Common stock and surplus | 16,266,771 | 6,812,113 | |||
Retained earnings | 20,072,084 | 18,286,446 | |||
Accumulated other comprehensive income | 9,004 | 1,788 | |||
Total Stockholders' Equity | 36,347,859 | 25,100,347 | |||
Total Liabilities and Stockholders' Equity | $ | 407,289,295 | $ | 299,243,008 | |
BLUE RIDGE BANKSHARES, INC. | |||||
CONSOLIDATED INCOME STATEMENTS | |||||
(Unaudited) | (Unaudited) | ||||
Nine Months | Nine Months | ||||
Ended | Ended | ||||
September 30, 2017 | September 30, 2016 | ||||
Interest Income | $ | 13,654,500 | $ | 8,965,825 | |
Interest Expense | 2,902,464 | 2,153,287 | |||
Net Interest Income | 10,752,036 | 6,812,538 | |||
Provision For Loan Losses | 505,000 | 495,000 | |||
Net Interest Income after Provision for Loan Losses | 10,247,036 | 6,317,538 | |||
Other Income | 6,055,586 | 735,335 | |||
Other Expenses | 11,827,557 | 5,557,322 | |||
Income Before Income Taxes | 4,475,065 | 1,495,551 | |||
Income Tax Expense | 1,410,505 | 401,500 | |||
Net Income | 3,064,560 | 1,094,051 | |||
Net Income Available to Common Stockholders | $ | 3,064,560 | $ | 1,094,051 | |
Earnings per Share | $ | 1.12 | $ | 0.52 | |
Weighted Average Shares Outstanding | 2,746,740 | 2,102,267 | |||
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SOURCE Blue Ridge Bankshares, Inc.
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