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29.07.2015 23:15
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Blue Ridge Bankshares, Inc. Releases 2015 2nd Quarter Results
Ein Beratungsgespräch bei einer Bank. (Symbolbild)
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PR Newswire
LURAY, Va., July 29, 2015
LURAY, Va., July 29, 2015 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTC Pink: BRBS), parent company of Blue Ridge Bank, announced today its unaudited financial results for the second quarter ended June 30, 2015. The Company reported net income of $1,128,871 for the first six months of 2015, or $0.83 per common share, compared to 2014 net income of $994,650, or $1.04 per common share, for the same period. In addition, the Company was pleased to declare a dividend of $0.115 during the second quarter of 2015, which is an increase of 4.5% compared to the 2014 second quarter dividend of $0.11. The dividend yield is 2.71% based on the July 29, 2015 share price.
The Company experienced asset growth of 10.3% since the second quarter of 2014, which was largely fueled by growth in the Company's held-for-investment loan portfolio of $32,637,705, or 19.8%. The Company's asset quality continues to be strong, as reflected in its nonperforming and nonaccrual loans. Additionally, the Company's deposit portfolio grew by $19,389,588, or 11.2% since the second quarter of 2014, which included growth of $7,675,453, or 30.6% in noninterest DDA.
| Financial Highlights (Unaudited) | | | Three Months Ended | | | Six Months Ended | ||
| | | | 6/30/2015 | 6/30/2014 | | | 6/30/2015 | 6/30/2014 |
| (Dollars in thousands, except per share data) | | | | | | | | |
| | | | | | | | | |
| Net income | | $ | 574 | 483 | | $ | 1,129 | 995 |
| | | | | | | | | |
| Net income available to common stockholders | | $ | 563 | 472 | | $ | 1,106 | 972 |
| | | | | | | | | |
| Earnings per Common Share | | $ | 0.40 | 0.50 | | $ | 0.83 | 1.04 |
| | | | | | | | | |
| Dividend per Common Share | | $ | 0.115 | 0.110 | | $ | 0.115 | 0.110 |
| | | | | | | | | |
| Key Ratios | | | | | | | | |
| Total stockholders' equity to assets | | | 11.02% | 8.96% | | | 11.02% | 8.96% |
| Common stockholders' equity to assets | | | 9.21% | 6.96% | | | 9.21% | 6.96% |
| Net Interest Margin | | | 3.68% | 3.52% | | | 3.78% | 3.63% |
| Return on Average Assets (annualized) | | | 0.97% | 0.87% | | | 0.95% | 0.90% |
| Return on Average Equity (annualized) | | | 9.66% | 9.94% | | | 9.50% | 10.23% |
| | | | | | | | | |
| | | | Balance At | | | | | |
| | | | 6/30/2015 | 6/30/2014 | | | | |
| Total assets | | $ | 248,233 | 225,074 | | | | |
| | | | | | | | | |
| Net loans | | $ | 195,385 | 162,847 | | | | |
| | | | | | | | | |
| Deposits | | $ | 192,364 | 172,974 | | | | |
| | | | | | | | | |
| Total stockholders' equity | | $ | 27,356 | 20,171 | | | | |
| | | | | | | | | |
| Common stockholders' equity | | $ | 22,856 | 15,671 | | | | |
| | | | | | | | | |
| Book value per common share | | $ | 16.31 | 16.69 | | | | |
| | | | | | | | | |
| Number of common stock shares outstanding | | | 1,401,511 | 939,139 | | | | |
"The Company continues to see improvement in its net interest income, net interest margin, and profitability by strengthening the focus on growing quality loan and core deposit relationships," stated President and Chief Executive Officer Brian K. Plum. "We plan to continue the push to expand our customer base and relationship penetration in our markets, where we see significant opportunities for growth," Plum added.
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 has additional branches in Shenandoah, McGaheysville, Charlottesville, and Harrisonburg. Celebrating 122 years as a locally owned, independent community bank, Blue Ridge Bank 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.
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