Blue Ridge Bankshares, Inc. Releases 2017 1st Quarter Results

Freitag, 28.04.2017 22:20 von PR Newswire

PR Newswire

LURAY, Va., April 28, 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 first quarter ended March 31, 2017.  The Company reported net income of $632,769 for the first quarter of 2017, or $0.35 per common share, compared to 2016 net income of $524,354, or $0.37 per common share, for the same period.  In addition, the Company was pleased to declare a dividend of $0.12 during the first quarter of 2017, which is an increase of 2.13% compared to the 2016 first quarter dividend of $0.1175.  The dividend yield is 2.23% based on the April 28, 2017 share price.

The first quarter of 2017 represented the first full quarter of activity since the acquisition of River Bancorp, Inc. and its wholly-owned subsidiary River Community Bank, N.A. was completed. In addition to net income growth of 20.7%, the Company experienced asset growth 47.6% since the first quarter of 2016, of which approximately $114 million was due to the merger.  Outside of the merger, the Company's total asset growth is largely fueled by growth in the Company's held-for-investment loan portfolio, which continues to reflect a portfolio of strong asset quality. The Company has also experienced meaningful growth in total deposits, increasing 58.4% since the first quarter of 2016, of which approximately $97 million was related to the merger. Strong deposit growth continues to be a significant focus for the Company and we see great opportunity in our current footprint to accomplish this goal.

 

Financial Highlights (Unaudited)



Three Months Ended





3/31/17

3/31/16


(Dollars in thousands, except per share data)






Net income


$

633

524


Net income available to common stockholders


$

633

524


Earnings per Common Share


$

0.35

0.37


Dividend per Common Share


$

0.1200

0.1175








Key Ratios






Total stockholders' equity to assets



8.47%

9.05%


Common stockholders' equity to assets



8.47%

9.05%


Net Interest Margin (bank level)



4.01%

3.79%


Return on Average Assets (annualized)



0.75%

0.81%


Return on Average Equity (annualized)



8.63%

8.11%











Balance At





3/31/17

3/31/16


Total assets


$

401,653

272,214


Net loans held for investment


$

306,827

205,321


Deposits


$

332,312

209,733


Total stockholders' equity


$

34,037

24,645


Common stockholders' equity


$

34,037

24,645








Book value per common share


$

18.65

17.58


Number of common stock shares outstanding



1,824,757

1,401,511


 

"I am very confident about our current performance and where we are headed as a Company. We remain committed to taking care of our existing customers and building new customer relationships," stated Chief Executive Officer Brian K. Plum. "Since the bank-level merger didn't close until December 2016, we only started to realize synergies in the 1st quarter of 2017 as we ensured a smooth transition for customers and operations into the combined company. We expect to show more benefit from those synergies in the 2nd quarter of 2017 and moving forward.  Additionally, we expect to see a rebound in the mortgage business contribute to additional earnings over the balance of the year, which, combined with growth in our commercial bank footprint, creates what we think will be a good profile for the Company to provide an attractive earnings profile and shareholder return."

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









(Unaudited)



(Unaudited)



March 31,



March 31,

ASSETS


2017



2016







Cash and due from banks

$

18,682,470


$

6,263,504







Federal funds sold


1,399,000



1,095,000







Investment securities


41,070,840



37,387,761







Loans held for sale


17,114,323



12,238,707







Loans held for investment


308,977,075



207,722,491

Allowance for loan losses 


(2,150,074)



(2,401,418)







Net Loans Held for Investment


306,827,001



205,321,073







Bank premises and equipment, net 


2,488,428



2,052,463

Bank owned life insurance


4,544,717



3,429,966

Goodwill


1,707,284



366,300

Other assets


7,818,641



4,058,826







Total Assets

$

401,652,704


$

272,213,600







LIABILITIES












Deposits

$

332,312,254


$

209,732,943

Other borrowed funds


24,142,306



26,778,461

Subordinated debt, net of issuance costs


9,707,260



9,673,378

Other liabilities


1,454,359



1,383,989







Total liabilities


367,616,179



247,568,771







STOCKHOLDERS' EQUITY












Common stock and surplus


16,103,415



6,572,463

Retained earnings


18,080,514



18,088,992

Accumulated other comprehensive income


(147,404)



(16,626)







  Total Stockholders' Equity


34,036,525



24,644,829







Total Liabilities and Stockholders' Equity

$

401,652,704


$

272,213,600

 

 

 

BLUE RIDGE BANKSHARES, INC.

CONSOLIDATED INCOME STATEMENTS









(Unaudited)



(Unaudited)



Three Months



Three Months



Ended



Ended



March 31, 2017



March 31, 2016







Interest Income

$

4,486,342


$

2,888,200

Interest Expense


953,490



699,219







Net Interest Income


3,532,852



2,188,981







Provision For Loan Losses


185,000



90,000







Net Interest Income after Provision for Loan Losses


3,347,852



2,098,981







Other Income


1,587,227



216,284

Other Expenses


4,033,398



1,577,514

Income Before Income Taxes


901,681



737,751







Income Tax Expense


268,912



213,397







Net Income


632,769



524,354







Net Income Available to Common Stockholders

$

632,769


$

524,354







Earnings per Share

$

0.35


$

0.37







Weighted Average Shares Outstanding


1,824,757



1,401,511

 

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SOURCE Blue Ridge Bankshares, Inc.