LURAY, Va., Feb. 2, 2015 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTCQB: BRBS), parent company of Blue Ridge Bank, announced today its unaudited financial results for the fourth quarter and year ended December 31, 2014. The Company reported net income of $2,029,062 for 2014, or $2.11 per common share, compared to 2013 net income of $1,844,604, or $1.75 per common share. The increase in earnings per common share represented growth of 20.9%. In addition, the Company declared a dividend of $0.11 during the fourth quarter of 2014, which is an increase of 10.0% compared to the 2013 fourth quarter dividend of $0.10. Total common stock dividends per share for 2014 were $.44 per share, an increase of 29.4% from calendar year 2013's $.34 per share. The dividend yield is 2.75% based on the January 30, 2015 share price.
The Company experienced asset growth of 11.5% during the year, fueled by growth in the Company's held-for-investment loan portfolio of approximately $30,987,000, or 19.9%. Additionally, the Company's deposit portfolio grew approximately $15,553,000 during this period, which included year-to-year growth of 18.9% in noninterest DDA.
President and Chief Executive Officer Brian K. Plum noted, "The growth in our balance sheet in 2014 is reflective of the incredible efforts of our lending and retail deposit teams in establishing and growing quality relationships. The significant loan growth continues to be executed in a manner that retains a top priority on maintaining the pristine nature of our loan portfolio. We are very grateful for the efforts of everyone on the Blue Ridge Bank team in generating new business, and to so many of our customers who have sent friends, family, and business associates our way to improve their banking experience."
Plum also pointed out that growth in the bank's balance sheet, particularly its loan portfolio, had allowed the Company to continue improving earnings. "In 2014 we delivered our 6th consecutive year of record earnings, despite opening a new office in Harrisonburg in the spring. We were able to absorb those additional costs while growing profitability, largely through continued expansion of our net interest income, which increased by approximately $900,000, or 13.6% for the year."
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.
Contact
Amanda G. Story, Chief Financial Officer
540-843-5208
astory@mybrb.com
Balance Sheet |
|
ASSETS |
| 2014 |
|
| 2013 |
|
|
|
|
|
|
Cash and due from banks | $ | 7,941,884 |
| $ | 4,561,708 |
Federal funds sold |
| 542,000 |
|
| 545,000 |
Investment securities |
|
|
|
|
|
Securities available for sale (at fair value) |
| 19,937,946 |
|
| 30,406,638 |
Securities held to maturity (fair value of $15,374,995 |
|
|
|
|
|
in 2014, $15,407,134 in 2013) |
| 14,965,603 |
|
| 15,411,778 |
Restricted investments |
| 2,152,507 |
|
| 1,894,000 |
Total Investment Securities |
| 37,056,056 |
|
| 47,712,416 |
Loans held for investment |
| 186,844,767 |
|
| 155,858,186 |
Allowance for loan losses |
| (2,121,118) |
|
| (2,071,307) |
Net Loans Held for Investment |
| 184,723,649 |
|
| 153,786,879 |
Bank premises and equipment, net |
| 2,206,817 |
|
| 1,830,643 |
Bank owned life insurance |
| 2,349,745 |
|
| 2,283,800 |
Goodwill |
| 366,300 |
|
| 366,300 |
Other assets |
| 4,167,145 |
|
| 3,637,261 |
Total Assets | $ | 239,353,596 |
| $ | 214,724,007 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Deposits |
|
|
|
|
|
Demand deposits |
|
|
|
|
|
Noninterest bearing | $ | 27,877,754 |
| $ | 23,450,958 |
Interest bearing |
| 43,447,388 |
|
| 42,726,208 |
Savings deposits |
| 12,239,581 |
|
| 10,501,484 |
Time deposits |
| 100,333,919 |
|
| 91,666,678 |
Total Deposits |
| 183,898,642 |
|
| 168,345,328 |
|
|
|
|
|
|
Federal funds purchased |
| - |
|
| - |
Other borrowed funds |
| 29,893,599 |
|
| 26,388,861 |
Other liabilities |
| 774,867 |
|
| 760,275 |
Total liabilities |
| 214,567,108 |
|
| 195,494,464 |
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
Preferred stock, $50 par value, authorized - 250,000 shares; |
|
|
|
|
|
outstanding - 4,500 shares |
| 225,000 |
|
| 225,000 |
Common stock, no par value, authorized - 5,000,000 shares; |
|
|
|
|
|
outstanding - 1,270,555 and 934,539, respectively |
| 4,706,408 |
|
| 859,944 |
Contributed equity |
| 4,275,000 |
|
| 4,275,000 |
Retained earnings |
| 15,844,755 |
|
| 14,273,627 |
Accumulated other comprehensive income |
| (264,675) |
|
| (404,028) |
Total Stockholders' Equity |
| 24,786,488 |
|
| 19,229,543 |
Total Liabilities and Stockholders' Equity | $ | 239,353,596 |
| $ | 214,724,007 |
|
|
|
|
|
|
Income Statement |
|
|
| 2014 |
|
| 2013 |
INTEREST INCOME |
|
|
|
|
|
Interest and fees on loans held for investment | $ | 8,168,968 |
| $ | 6,931,126 |
Interest and fees on loans held for sale |
| - |
|
| 181,802 |
Interest on federal funds sold |
| 3,269 |
|
| 2,557 |
Interest and dividends on taxable investment securities |
| 817,229 |
|
| 842,515 |
Interest and dividends on nontaxable investment securities |
| 301,015 |
|
| 308,676 |
Total Interest Income |
| 9,290,481 |
|
| 8,266,676 |
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
Interest on savings and interest bearing demand deposits |
| 185,265 |
|
| 166,218 |
Interest on time deposits |
| 1,086,901 |
|
| 1,029,832 |
Interest on borrowed funds |
| 411,945 |
|
| 375,709 |
Total Interest Expense |
| 1,684,111 |
|
| 1,571,759 |
Net Interest Income |
| 7,606,370 |
|
| 6,694,917 |
|
|
|
|
|
|
PROVISION FOR LOAN LOSSES |
| 70,000 |
|
| 310,000 |
|
|
|
|
|
|
Net Interest Income after Provision for Loan Losses |
| 7,536,370 |
|
| 6,384,917 |
|
|
|
|
|
|
OTHER INCOME |
|
|
|
|
|
Service charges on deposit accounts |
| 279,807 |
|
| 298,984 |
Earnings on investment in life insurance |
| 65,945 |
|
| 68,500 |
Securities gains |
| 16,456 |
|
| 66,562 |
Gain on disposal of assets |
| - |
|
| 110,419 |
Other noninterest income |
| 620,427 |
|
| 451,299 |
Total Other Income |
| 982,635 |
|
| 995,764 |
|
|
|
|
|
|
OTHER EXPENSES |
|
|
|
|
|
Salaries and employee benefits |
| 2,689,071 |
|
| 2,265,760 |
Occupancy and equipment expenses |
| 553,514 |
|
| 466,495 |
Data processing |
| 430,958 |
|
| 366,104 |
Audits and examinations |
| 59,220 |
|
| 136,944 |
Advertising expense |
| 324,043 |
|
| 266,659 |
Directors fees |
| 131,500 |
|
| 103,750 |
Debit card expenses |
| 134,197 |
|
| 127,829 |
Other taxes and assessments |
| 419,367 |
|
| 320,376 |
Other noninterest expense |
| 956,721 |
|
| 772,468 |
Total Other Expenses |
| 5,698,591 |
|
| 4,826,385 |
Income before Income Taxes |
| 2,820,414 |
|
| 2,554,296 |
|
|
|
|
|
|
INCOME TAX EXPENSE |
| 791,352 |
|
| 709,692 |
Net Income |
| 2,029,062 |
|
| 1,844,604 |
Dividends to Preferred Stockholders |
| (45,000) |
|
| (207,255) |
|
|
|
|
|
|
Net Income Available to Common Stockholders | $ | 1,984,062 |
| $ | 1,637,349 |
|
|
|
|
|
|
Earnings per Share | $ | 2.11 |
| $ | 1.75 |
|
|
|
|
|
|
Weighted Average Shares Outstanding |
| 938,286 |
|
| 936,535 |
|
|
|
|
|
|
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SOURCE Blue Ridge Bankshares, Inc.