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26.10.2018 21:40:00
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Blue Ridge Bankshares, Inc. Releases 2018 3rd Quarter Results
LURAY, Va., Oct. 26, 2018 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTC Pink: BRBS), parent company of Blue Ridge Bank, N.A., announced today its unaudited financial results for the third quarter ended September 30, 2018. The Company reported net income of $3,587,096 for the first nine months of 2018, or $1.29 per common share, compared to 2017 net income of $3,064,560, or $1.12 per common share. The Company declared a dividend of $0.14 during the third quarter of 2018, which is an increase of 75% compared to the 2017 third quarter dividend of $0.08. The dividend yield is 2.87% based on the closing October 25, 2018 share price.
Asset growth has been substantial since the third quarter of 2017, increasing by $86.1 million, or 21.1%, which is largely attributable to organic growth in the held-for-investment loan portfolio of $70.0 million, or 22.8%. Additionally, the Company has experienced significant organic deposit growth since the third quarter of 2017, increasing by $57.7 million, or 17.2%, which included growth of $30.3 million, or 51.5% in noninterest demand deposits. Asset growth during the third quarter of 2018 was $32.4 million, or 7.0%. Deposit growth during the third quarter of 2018 amounted to $30.2 million, or 8.3%, of which $21.7 million, or 32.2% was attributable to growth in noninterest demand deposits.
Financial Highlights (Unaudited) | Three Months Ended | Nine Months Ended | ||||||
9/30/2018 | 9/30/2017 | 9/30/2018 | 9/30/2017 | |||||
(Dollars in thousands, except per share data) | ||||||||
Net income | $ | 1,270 | 1,162 | $ | 3,587 | 3,065 | ||
Net income available to common stockholders | $ | 1,269 | 1,162 | $ | 3,579 | 3,065 | ||
Earnings per Common Share | $ | 0.46 | 0.42 | $ | 1.29 | 1.12 | ||
Dividend per Common Share | $ | 0.14 | 0.08 | $ | 0.40 | 0.24 | ||
Key Ratios | ||||||||
Total stockholders' equity to assets | 7.87% | 8.92% | 7.87% | 8.92% | ||||
Common stockholders' equity to assets | 7.82% | 8.92% | 7.82% | 8.92% | ||||
Net Interest Margin (bank level) | 3.71% | 3.75% | 3.98% | 3.89% | ||||
Return on Average Assets (annualized) | 1.13% | 1.32% | 1.06% | 1.16% | ||||
Return on Average Equity (annualized) | 13.52% | 15.13% | 12.73% | 13.30% | ||||
Balance At | ||||||||
9/30/2018 | 9/30/2017 | |||||||
Total assets | $ | 493,344 | 407,289 | |||||
Net loans held for investment | $ | 372,847 | 303,613 | |||||
Deposits | $ | 392,973 | 335,220 | |||||
Total stockholders' equity | $ | 38,808 | 36,348 | |||||
Common stockholders' equity | $ | 38,601 | 36,348 | |||||
Book value per common share | $ | 13.81 | 13.14 | |||||
Tangible book value per common share | $ | 12.41 | 12.17 | |||||
Number of common stock shares outstanding | 2,795,135 | 2,765,635 | ||||||
Number of weighted average common shares Outstanding | 2,774,441 | 2,737,136 | ||||||
"The organic growth experienced in both loans and deposits over the last year is indicative of the great markets we are in and the continued opportunity we are seeing in our footprint," stated President and Chief Executive Officer Brian K. Plum. "We increased our total assets by $69.2 million, or 16.3%, in the first nine months of 2018, which is driven by strong, high-quality loan demand. We also made significant headway in our continued efforts to increase noninterest demand deposits, which have grown $27.7 million, or 45.1%, during the first nine months of 2018. Additionally, we continue to be pleased with the steady decline of our nonperforming loans. There is more work to be done in driving noninterest deposit growth, and we remain incredibly focused on that. We are also working hard to improve productivity across the mortgage platform. Even with macro trends creating mortgage industry headwinds we believe with our attractive market exposures and focus on purchase mortgages we have meaningful upside to our current volume levels. Lastly, we have made several key new hires in 2018 to help expand our team and better position ourselves to seize opportunities in our markets, and we are excited about the value this will create for the Company."
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, and Stuart. The Bank also has mortgage operations in Virginia, Maryland, North Carolina, and Florida. Celebrating 125 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) | ||||
September 30, | September 30, | ||||
ASSETS | 2018 | 2017 | |||
Cash and due from banks | $ | 13,459,779 | $ | 9,797,471 | |
Federal funds sold | 226,000 | 492,000 | |||
Investment securities | 56,023,128 | 50,377,001 | |||
Loans held for sale | 28,321,519 | 23,661,031 | |||
Loans held for investment | 376,068,371 | 306,008,161 | |||
Allowance for loan losses | (3,221,867) | (2,395,177) | |||
Net Loans Held for Investment | 372,846,504 | 303,612,984 | |||
Bank premises and equipment, net | 2,614,173 | 2,298,459 | |||
Bank owned life insurance | 7,802,646 | 7,604,485 | |||
Goodwill | 2,694,164 | 1,707,284 | |||
Other assets | 9,355,642 | 7,738,580 | |||
Total Assets | $ | 493,343,555 | $ | 407,289,295 | |
LIABILITIES | |||||
Deposits | $ | 392,972,773 | $ | 335,219,695 | |
Other borrowed funds | 49,350,653 | 24,072,637 | |||
Subordinated debt, net of issuance costs | 9,758,082 | 9,724,201 | |||
Other liabilities | 2,453,552 | 1,924,903 | |||
Total liabilities | 454,535,060 | 370,941,436 | |||
STOCKHOLDERS' EQUITY | |||||
Common stock and surplus | 16,660,627 | 16,266,771 | |||
Retained earnings | 22,659,560 | 20,072,084 | |||
Accumulated other comprehensive income | (718,908) | 9,004 | |||
Total Stockholders' Equity | 38,601,279 | 36,347,859 | |||
Noncontrolling interest | 207,216 | - | |||
Total Equity | 38,808,495 | 36,347,859 | |||
Total Liabilities and Equity | $ | 493,343,555 | $ | 407,289,295 | |
BLUE RIDGE BANKSHARES, INC. | |||||
CONSOLIDATED INCOME STATEMENTS | |||||
(Unaudited) | (Unaudited) | ||||
Nine Months | Nine Months | ||||
Ended | Ended | ||||
September 30, 2018 | September 30, 2017 | ||||
Interest Income | $ | 16,063,013 | $ | 13,654,500 | |
Interest Expense | 3,563,844 | 2,902,464 | |||
Net Interest Income | 12,499,169 | 10,752,036 | |||
Provision For Loan Losses | 640,000 | 505,000 | |||
Net Interest Income after Provision for Loan Losses | 11,859,169 | 10,247,036 | |||
Other Income | 7,008,653 | 6,055,586 | |||
Other Expenses | 14,336,980 | 11,827,557 | |||
Income Before Income Taxes | 4,530,842 | 4,475,065 | |||
Income Tax Expense | 943,746 | 1,410,505 | |||
Net Income | 3,587,096 | 3,064,560 | |||
Net Income attributable to noncontrolling interest | (7,612) | - | |||
Net Income attributable to Blue Ridge Bankshares, Inc. | $ | 3,579,484 | $ | 3,064,560 | |
Net Income Available to Common Stockholders | $ | 3,579,484 | $ | 3,064,560 | |
Earnings per Share | $ | 1.29 | $ | 1.12 | |
Weighted Average Shares Outstanding | 2,774,441 | 2,737,136 | |||
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SOURCE Blue Ridge Bankshares, Inc.
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