PR Newswire
LURAY, Va., Feb. 2, 2018
LURAY, Va., Feb. 2, 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 year ended December 31, 2017. The Company reported net income of $3,350,124 for 2017, or $1.22 per common share, compared to 2016 net income of $688,728, or $0.31 per common share. The Company declared a dividend of $0.08 during the fourth quarter of 2017, which is an increase of 2.17% compared to the 2016 fourth quarter dividend of $0.0783. The dividend yield is 1.79% based on the February 2, 2018 share price.
The Company reported its highest ever annual net income in 2017 as a result of the acquisition of River Bancorp, Inc., though balance sheet growth fell short of expected growth. Loan growth in 2017 was weaker than expected, which resulted from a combination of a very competitive loan marketplace and growth efforts being diverted into merger integration activities. Certain deposits were allowed to roll off as well in conjunction with loan demand experienced during the year. Notably, loan demand in the fourth quarter picked up and the Company sees a stronger loan pipeline heading into 2018.
One-time events impacted fourth quarter and annual earnings. The reduction in the corporate income tax rate created a deferred income tax asset write-down of approximately $200,000. Also, the Company purchased a consumer loan pool in the fourth quarter for which it funded all anticipated losses in the allowance for loan losses of $285,000. Lastly, the Company had an additional $60,000 in expenses associated with the purchase of a majority stake in a payroll processing company which is expected to enhance noninterest income and net income in 2018 and beyond.
| | | | | | | | |
Financial Highlights (Unaudited) | | | Three Months Ended | | | Year Ended | ||
| | | 12/31/2017 | 12/31/2016 | | | 12/31/17 | 12/31/16 |
(Dollars in thousands, except per share data) | | | | | | | | |
Net income | | $ | 286 | (405) | | $ | 3,350 | 689 |
Net income available to common stockholders | | $ | 286 | (405) | | $ | 3,350 | 689 |
Earnings per Common Share | | $ | 0.10 | (0.18) | | $ | 1.22 | 0.31 |
Dividend per Common Share | | $ | 0.0800 | 0.0783 | | $ | 0.320 | 0.313 |
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Key Ratios | | | | | | | | |
Total stockholders' equity to assets | | | 8.59% | 8.04% | | | 8.59% | 8.04% |
Common stockholders' equity to assets | | | 8.59% | 8.04% | | | 8.59% | 8.04% |
Net Interest Margin (bank level) | | | 3.88% | 3.62% | | | 4.13% | 4.04% |
Return on Average Assets (annualized) | | | 0.27% | (0.47%) | | | 0.80% | 0.20% |
Return on Average Equity (annualized) | | | 3.27% | (5.61%) | | | 9.56% | 2.39% |
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| | | Balance At | | | | | |
| | | 12/31/2017 | 12/31/2016 | | | | |
Total assets | | $ | 424,121 | 418,124 | | | | |
Net loans held for investment | | $ | 328,002 | 317,614 | | | | |
Deposits | | $ | 339,290 | 340,874 | | | | |
Total stockholders' equity | | $ | 36,442 | 33,627 | | | | |
Common stockholders' equity | | $ | 36,442 | 33,627 | | | | |
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Book value per common share | | $ | 13.18 | 12.29 | | | | |
Tangible book value per common share | | $ | 11.76 | 11.25 | | | | |
Number of common stock shares outstanding Werbung Mehr Nachrichten zur Blue Ridge Bankshare Aktie kostenlos abonnieren
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