LURAY, Va., July 30, 2014 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTCQB: BRBS), parent company of Blue Ridge Bank, announced today its unaudited financial results for the second quarter ended June 30, 2014. The Company reported net income of $994,650 for the first six months of 2014, or $1.04 per common share, compared to $973,085 of net income for the same period in 2013, or $0.98 per common share. The increase in earnings per common share represented growth of 6.1%. In addition, the Company was pleased to declare a dividend of $0.11 during the second quarter of 2014, which is an increase of 37.5% compared to the 2013 second quarter dividend of $0.08.
The Company experienced asset growth of 4.8% during the first six months of the year, a majority of which is attributable to growth in the Company's held-for-investment loan portfolio of approximately $9,100,000. The Company's asset quality continues to be strong with no significant write-offs during the past six months, and no additional provision to the loan loss reserve being necessary. "The continued growth of the loan portfolio with high-performing loans is not only a testament to our quality underwriting standards, but also to the communities in which the Bank serves and the continuous referrals from our existing customer base," stated Monte L. Layman, President and Chief Executive Officer of the Company.
The second quarter also brought a new opportunity for the Company with the opening of a new branch in Harrisonburg, VA on April 21, 2014. "We are excited to be a part of the Harrisonburg market. We have served individuals and businesses in this community for years and are excited to have increased our efforts with a physical presence," stated Mr. Layman. "Our Harrisonburg branch builds on the deep personal and professional connections the Bank has with the Harrisonburg and Rockingham market, and supports the Bank's plan to grow in a prudent and meaningful fashion by providing competitive loan and deposit products in all of our markets while maintaining our track record of favorable asset quality."
About Blue Ridge Bankshares, Inc.
Blue Ridge Bankshares, Inc. is 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 121 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.
Blue Ridge Bank 2014 Q2: Balance Sheet |
|
|
| June 30,
2014 |
|
| December
31, 2013 |
ASSETS |
|
|
|
Cash and due from banks | $ | 7,367,607 |
| $ | 4,561,708 |
Federal funds sold |
| 300,000 |
|
| 545,000 |
Investment securities |
|
|
|
|
|
Securities available for sale (at fair value) |
| 28,493,441 |
|
| 30,406,638 |
Securities held to maturity |
| 15,123,854 |
|
| 15,411,778 |
Restricted investments |
| 1,989,400 |
|
| 1,894,000 |
Total Investment Securities |
| 45,606,695 |
|
| 47,712,416 |
Loans held for sale |
| - |
|
| - |
Loans held for investment |
| 164,909,089 |
|
| 155,858,186 |
Allowance for loan losses |
| (2,061,883) |
|
| (2,071,307) |
Net Loans Held for Investment |
| 162,847,206 |
|
| 153,786,879 |
Bank premises and equipment, net |
| 2,127,921 |
|
| 1,830,643 |
Bank owned life insurance |
| 2,316,463 |
|
| 2,283,800 |
Goodwill |
| 366,300 |
|
| 366,300 |
Other assets |
| 4,141,760 |
|
| 3,637,261 |
Total Assets | $ | 225,073,952 |
| $ | 214,724,007 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Deposits |
|
|
|
|
|
Demand deposits |
|
|
|
|
|
Noninterest bearing | $ | 25,106,647 |
| $ | 23,450,958 |
Interest bearing |
| 44,416,227 |
|
| 42,726,208 |
Savings deposits |
| 10,614,287 |
|
| 10,501,484 |
Time deposits |
| 92,836,761 |
|
| 91,666,678 |
Total Deposits |
| 172,973,922 |
|
| 168,345,328 |
Federal funds purchased |
| - |
|
| - |
Other borrowed funds |
| 31,341,230 |
|
| 26,388,861 |
Other liabilities |
| 587,539 |
|
| 760,275 |
Total liabilities |
| 204,902,691 |
|
| 195,494,464 |
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
Preferred stock |
| 225,000 |
|
| 225,000 |
Common stock (939,139 at 6/30/14 and 934,539 at
12/31/13) |
| 924,804 |
|
| 859,944 |
Contributed equity |
| 4,275,000 |
|
| 4,275,000 |
Retained earnings |
| 15,039,672 |
|
| 14,273,627 |
Accumulated other comprehensive income |
| (293,215) |
|
| (404,028) |
Total Stockholders' Equity |
| 20,171,261 |
|
| 19,229,543 |
Total Liabilities and Stockholders' Equity | $ | 225,073,952 |
| $ | 214,724,007 |
Blue Ridge Bank 2014 Q2: Income Statement |
|
|
| Six Months
Ended June
30, 2014 |
|
| Year Ended
December
31, 2013 |
INTEREST INCOME |
|
|
|
|
|
Interest and fees on loans held for investment | $ | 3,845,471 |
| $ | 6,931,126 |
Interest and fees on loans held for sale |
| - |
|
| 181,802 |
Interest on federal funds sold |
| 2,239 |
|
| 2,557 |
Interest and dividends on taxable investment securities |
| 434,226 |
|
| 842,515 |
Interest and dividends on nontaxable investment
securities |
| 154,274 |
|
| 308,676 |
Total Interest Income |
| 4,436,210 |
|
| 8,266,676 |
INTEREST EXPENSE |
|
|
|
|
|
Interest on savings and interest bearing demand deposits |
| 89,784 |
|
| 166,218 |
Interest on time deposits |
| 530,517 |
|
| 1,029,832 |
Interest on borrowed funds |
| 193,684 |
|
| 375,709 |
Total Interest Expense |
| 813,985 |
|
| 1,571,759 |
Net Interest Income |
| 3,622,225 |
|
| 6,694,917 |
PROVISION FOR LOAN LOSSES |
| - |
|
| 310,000 |
Net Interest Income after Provision for Loan Losses |
| 3,622,225 |
|
| 6,384,917 |
OTHER INCOME |
|
|
|
|
|
Service charges on deposit accounts |
| 131,457 |
|
| 298,984 |
Earnings on investment in life insurance |
| 32,663 |
|
| 68,500 |
Securities gains |
| 1,385 |
|
| 66,562 |
Gain (loss) on disposal of assets |
| - |
|
| 110,419 |
Other noninterest income |
| 240,288 |
|
| 451,299 |
Total Other Income |
| 405,793 |
|
| 995,764 |
OTHER EXPENSES |
|
|
|
|
|
Salaries and employee benefits |
| 1,245,913 |
|
| 2,265,760 |
Occupancy and equipment expenses |
| 270,933 |
|
| 466,495 |
Data processing |
| 210,623 |
|
| 366,104 |
Audits and examinations |
| 40,116 |
|
| 136,944 |
Advertising expense |
| 137,314 |
|
| 266,659 |
Directors fees |
| 60,750 |
|
| 103,750 |
Debit card expenses |
| 65,593 |
|
| 127,829 |
Deposit assessments |
| 180,400 |
|
| 320,376 |
Other noninterest expense |
| 434,703 |
|
| 772,468 |
Total Other Expenses |
| 2,646,345 |
|
| 4,826,385 |
Income before Income Taxes |
| 1,381,673 |
|
| 2,554,296 |
INCOME TAX EXPENSE |
| 387,023 |
|
| 709,692 |
Net Income |
| 994,650 |
|
| 1,844,604 |
Dividends to Preferred Stockholders |
| (22,500) |
|
| (207,255) |
Net Income Available to Common Stockholders | $ | 972,150 |
| $ | 1,637,349 |
Earnings per Share | $ | 1.04 |
| $ | 1.75 |
Weighted Average Shares Outstanding |
| 934,793 |
|
| 936,535 |
Contact
Amanda G. Story, Chief Financial Officer
540-843-5208
astory@mybrb.com
SOURCE Blue Ridge Bankshares, Inc.