Blue Ridge Bankshares, Inc. Releases 2017 2nd Quarter Results
Friday, July 28, 2017 7:26:00 PM ET
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, 2017. The Company reported net income of $1,902,860 for the first six months of 2017, or $1.04 per common share, compared to 2016 net income of $835,817, or $0.60 per common share, for the same period. The Company declared a dividend of $0.12 during the second quarter of 2017, which is an increase of 2.13% compared to the 2016 second quarter dividend of $0.1175. The dividend yield is 2.23% based on the July 28, 2017 share price.
The Company experienced net income growth of 127.6% and asset growth 40.7% since the second quarter of 2016, of which approximately $114 million was due to the acquisition of River Bancorp, Inc. The Company also experienced meaningful growth in total deposits, increasing 48.8% since the first quarter of 2016, of which approximately $97 million was related to the acquisition.
Financial Highlights (Unaudited) Three Months Ended Six Months Ended
6/30/2017 6/30/2016 6/30/2017 6/30/2016
(Dollars in thousands, except per share data)
Net income $ 1,270 311 $ 1,903 836
Net income available to common stockholders $ 1,270 311 $ 1,903 836
Earnings per Common Share $ 0.69 0.23 $ 1.04 0.60
Earnings per Common Share $ 0.69 0.43 $ 1.04 0.80
(Less One-Time Merger Expenses)
Dividend per Common Share $ 0.1200 0.1175 $ 0.1200 0.1175
Total stockholders equity to assets 8.77% 8.76% 8.77% 8.76%
Common stockholders equity to assets 8.77% 8.76% 8.77% 8.76%
Net Interest Margin (bank level) 3.82% 3.69% 4.02% 3.71%
Return on Average Assets (annualized) 1.48% 0.47% 1.11% 0.63%
Return on Average Equity (annualized) 16.85% 4.75% 12.63% 6.39%
Total assets $ 402,243 285,350
Net loans held for investment $ 300,222 207,844
Deposits $ 331,830 223,063
Total stockholders equity $ 35,295 24,990
Common stockholders equity $ 35,295 24,990
Book value per common share $ 19.34 17.83
Tangible book value per common share $ 17.80 17.57
Number of common stock shares outstanding 1,824,757 1,401,511
"We are pleased to report a strong second quarter as we continue to build on the success of the integration of River Bancorp, Inc. The hard work of everyone on the Blue Ridge team in both the commercial and mortgage banking divisions helped drive us to an annualized ROA of 1.48% for the quarter," stated President and Chief Executive Officer Brian K. Plum. "We did experience an uptick in our nonperforming assets and over 90-day past due loans in the 2nd quarter, which was almost entirely attributable to two unrelated loans that are well-collateralized and are being actively managed. We do not anticipate significant losses from these two relationships and are confident their resolutions will occur within the next several quarters."
Plum continued, "Given the solid performance of our Company and our confidence in future growth, the Board of Directors approved a 3-for-2 common stock share split for shareholders of record as of August 4, 2017 and payable as of August 11, 2017. We recognize the importance of working hard to improve value and liquidity for our shareholders, and we are appreciative of the confidence our shareholders place in us. This share split is reflective of that appreciation."
The Companys shareholders will be receiving more information from Computershare, the Companys transfer agent, once the share split occurs.
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
June 30, June 30,
ASSETS 2017 2016
Cash and due from banks $ 18,067,240 $ 9,440,187
Federal funds sold 1,921,000 1,575,000
Investment securities 40,508,410 37,640,097
Loans held for sale 24,587,718 17,314,624
Loans held for investment 302,534,451 210,272,072
Allowance for loan losses (2,312,776) (2,427,924)
Net Loans Held for Investment 300,221,675 207,844,148
Bank premises and equipment, net 2,368,251 2,102,263
Bank owned life insurance 4,573,119 4,457,229
Goodwill 1,707,284 366,300
Other assets 8,287,851 4,609,871
Total Assets $ 402,242,548 $ 285,349,719
Deposits $ 331,830,495 $ 223,063,305
Other borrowed funds 24,118,756 26,701,819
Subordinated debt, net of issuance costs 9,715,730 9,681,849
Other liabilities 1,282,880 912,565
Total liabilities 366,947,861 260,359,538
Common stock and surplus 16,171,958 6,756,464
Retained earnings 19,131,634 18,192,891
Accumulated other comprehensive income (8,905) 40,826
Total Stockholders Equity 35,294,687 24,990,181
Total Liabilities and Stockholders Equity $ 402,242,548 $ 285,349,719
BLUE RIDGE BANKSHARES, INC.
CONSOLIDATED INCOME STATEMENTS
Six Months Six Months
June 30, 2017 June 30, 2016
Interest Income $ 9,053,782 $ 5,881,688
Interest Expense 1,905,490 1,414,984
Net Interest Income 7,148,292 4,466,704
Provision For Loan Losses 355,000 200,000
Net Interest Income after Provision for Loan Losses 6,793,292 4,266,704
Other Income 3,912,452 517,310
Other Expenses 7,928,565 3,628,705
Income Before Income Taxes 2,777,179 1,155,309
Income Tax Expense 874,319 319,492
Net Income 1,902,860 835,817
Net Income Available to Common Stockholders $ 1,902,860 $ 835,817
Earnings per Share $ 1.04 $ 0.60
Weighted Average Shares Outstanding 1,824,757 1,401,511
View original content:http://www.prnewswire.com/news-releases/blue-ridge-bankshares-inc-releases-2017-2nd-quarter-results-
SOURCE Blue Ridge Bankshares, Inc.