LURAY, Va., April 29, 2015 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTCQB: BRBS), parent company of Blue Ridge Bank, announced today its unaudited financial results for the first quarter ended March 31, 2015. The Company reported net income of $554,780 for the first three months of 2015, or $0.43 per common share, compared to 2014 net income of $511,508, or $0.54 per common share, for the same period. The decrease in earnings per common share of 20.4% is largely due to the Company's recently completed capital raise in which an additional 466,972 shares were issued. In addition, the Company was pleased to declare a dividend of $0.115 during the first quarter of 2015, which is an increase of 4.5% compared to the 2014 first quarter dividend of $0.11. The dividend yield is 2.75% based on the April 28, 2015 share price.
The Company experienced asset growth of 11.0% since the first quarter of 2014, which was largely fueled by growth in the Company's held-for-investment loan portfolio of approximately $28,446,919, or 18.0%. The Company's asset quality continues to be strong, as reflected in its nonperforming and nonaccrual loans. Additionally, the Company's deposit portfolio grew $20,501,776, or 12.2% since the first quarter of 2014, which included growth of $7,173,790, or 30.9% in noninterest DDA.
Financial Highlights (Unaudited) |
|
| Q1 2015 |
|
| Q1 2014 |
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|
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At Quarter End ($000) |
|
|
|
|
|
|
Total assets |
|
| 244,703 |
|
| 220,493 |
Net loans |
|
| 186,516 |
|
| 158,070 |
Deposits |
|
| 189,073 |
|
| 168,571 |
Total stockholders' equity |
|
| 27,029 |
|
| 19,764 |
Common stockholders' equity |
|
| 22,529 |
|
| 15,264 |
|
|
|
|
|
|
|
Book value per common share |
| $ | 16.07 |
| $ | 16.33 |
Number of common stock shares outstanding |
|
| 1,401,511 |
|
| 934,539 |
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|
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|
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For The Quarter ($000) |
|
|
|
|
|
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Net income |
|
| 555 |
|
| 512 |
Net income available to common stockholders |
|
| 544 |
|
| 500 |
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|
|
|
|
|
|
Earnings per common share |
| $ | 0.43 |
| $ | 0.54 |
Dividend per common share |
|
| 0.115 |
|
| 0.110 |
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Key Ratios |
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Total stockholders' equity to assets |
|
| 11.05% |
|
| 8.96% |
Common stockholders' equity to assets |
|
| 9.21% |
|
| 6.92% |
Net interest margin |
|
| 3.70% |
|
| 3.62% |
Return on average assets (annualized) |
|
| 0.95% |
|
| 0.93% |
Return on average equity (annualized) |
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| 9.49% |
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| 10.65% |
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President and Chief Executive Officer Brian K. Plum noted, "The Company enjoyed year-to-year growth in net interest income of 14.5% as it continued its focus on balance sheet growth through targeting quality relationships. We continue to see significant opportunities within our core markets to cultivate new customers and deepen relationships with current ones."
Plum also discussed the Company's recently consummated common stock capital raise, noting, "The completion of the capital raise gives us the additional equity we need to support planned future growth that we expect from organic opportunities, while better positioning us for strategic opportunities that might arise as well."
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
BLUE RIDGE BANKSHARES, INC. |
CONSOLIDATED BALANCE SHEETS |
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|
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|
|
| (Unaudited) |
|
| (Unaudited) |
|
| March 31, |
|
| March 31, |
ASSETS |
| 2015 |
|
| 2014 |
|
|
|
|
|
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Cash and due from banks | $ | 13,075,206 |
| $ | 3,617,207 |
|
|
|
|
|
|
Federal funds sold |
| 378,000 |
|
| 706,000 |
|
|
|
|
|
|
Investment securities |
| 36,110,432 |
|
| 49,641,165 |
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|
|
|
|
|
Loans held for investment |
| 188,646,347 |
|
| 160,139,738 |
Allowance for loan losses |
| (2,129,815) |
|
| (2,070,125) |
|
|
|
|
|
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Net Loans Held for Investment |
| 186,516,532 |
|
| 158,069,613 |
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Bank premises and equipment, net |
| 2,063,260 |
|
| 1,873,807 |
Bank owned life insurance |
| 2,365,766 |
|
| 2,300,149 |
Goodwill |
| 366,300 |
|
| 366,300 |
Other assets |
| 3,827,882 |
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| 3,918,618 |
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|
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|
|
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Total Assets | $ | 244,703,378 |
| $ | 220,492,859 |
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|
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LIABILITIES |
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Deposits | $ | 189,072,935 |
| $ | 168,571,159 |
Other borrowed funds |
| 27,869,784 |
|
| 31,365,046 |
Other liabilities |
| 731,822 |
|
| 792,809 |
|
|
|
|
|
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Total liabilities |
| 217,674,541 |
|
| 200,729,014 |
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|
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STOCKHOLDERS' EQUITY |
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|
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|
|
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|
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Preferred stock |
| 225,000 |
|
| 225,000 |
Common stock |
| 6,480,669 |
|
| 859,944 |
Contributed equity |
| 4,275,000 |
|
| 4,275,000 |
Retained earnings |
| 16,242,170 |
|
| 14,671,085 |
Accumulated other comprehensive income |
| (194,002) |
|
| (267,184) |
|
|
|
|
|
|
Total Stockholders' Equity |
| 27,028,837 |
|
| 19,763,845 |
|
|
|
|
|
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Total Liabilities and Stockholders' Equity | $ | 244,703,378 |
| $ | 220,492,859 |
|
|
BLUE RIDGE BANKSHARES, INC. |
|
CONSOLIDATED INCOME STATEMENTS |
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|
| (Unaudited) |
|
| (Unaudited) |
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|
| Three Months |
|
| Three Months |
|
|
| Ended |
|
| Ended |
|
|
| March 31, 2015 |
|
| March 31, 2014 |
|
|
|
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Interest Income | $ | 2,505,926 |
| $ | 2,168,256 |
|
Interest Expense |
| 471,903 |
|
| 391,696 |
|
|
|
|
|
|
|
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Net Interest Income |
| 2,034,023 |
|
| 1,776,560 |
|
|
|
|
|
|
|
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Provision For Loan Losses |
| 40,000 |
|
| - |
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|
|
|
|
|
|
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Net Interest Income after Provision for Loan Losses |
| 1,994,023 |
|
| 1,776,560 |
|
|
|
|
|
|
|
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Other Income |
| 242,808 |
|
| 169,237 |
|
Other Expenses |
| 1,454,157 |
|
| 1,234,909 |
|
Income Before Income Taxes |
| 782,674 |
|
| 710,888 |
|
|
|
|
|
|
|
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Income Tax Expense |
| 227,894 |
|
| 199,380 |
|
|
|
|
|
|
|
|
Net Income |
| 554,780 |
|
| 511,508 |
|
|
|
|
|
|
|
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Dividends to Preferred Stockholders |
| (11,250) |
|
| (11,250) |
|
|
|
|
|
|
|
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Net Income Available to Common Stockholders | $ | 543,530 |
| $ | 500,258 |
|
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Earnings per Share | $ | 0.43 |
| $ | 0.54 |
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|
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Weighted Average Shares Outstanding |
| 1,276,375 |
|
| 934,539 |
|
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For more information, contact:
Amanda G. Story | Chief Financial Officer
Email: astory@mybrb.com
Phone: 540.743.6521 ext. 208
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/blue-ridge-bankshares-inc-releases-2015-q1-results-300074486.html
SOURCE Blue Ridge Bankshares, Inc.