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Blue Ridge Bankshares, Inc. Releases 2019 3rd Quarter Results

LURAY, Va., Oct. 31, 2019 /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, 2019.  The Company reported net income of $4,070,745 for the first nine months of 2019, or $1.01 per common share, compared to net income of $3,587,096, or $1.29 per common share for the first nine months of 2018.  Included in year to date earnings is the recognition of life insurance proceeds of approximately $700 thousand and merger related expenses of approximately $865 thousand.  Earnings for the third quarter ending September 30, 2019 were $1,253,139, or $0.29 per common share, and included merger related expenses of $331 thousand.  The Company declared a dividend of $0.1425 during the third quarter of 2019, an increase of 1.79% compared to the 2018 third quarter dividend of $0.1400.  The dividend yield is 2.75% based on the closing October 31, 2019 share price of $20.75.

BRBS

Asset growth since the third quarter of 2018 has been considerable for the Company, with total assets increasing $242.9 million, or 49.2%.  This growth was primarily driven by an increasing loan portfolio with loans held for investment growing $84.8 million, or 22.6%, and loans held for sale growing $51.9 million, or 183.4% compared to September 30, 2018.  The investment portfolio also increased significantly as noted in our prior release, growing $86.7 million, or 154.7%.  Deposit growth since the third quarter of 2018 amounted to $127.3 million, or 32.4%, which included growth of $2.7 million, or 3.12% in noninterest demand deposits.  Asset growth during third quarter of 2019 was $14.5 million, or 2.0%, including growth of $8.6 million, or 1.9% in held for investment loans, and $18.3 million, or 29.5% in loans held for sale.  Deposit growth during the third quarter of 2019 amounted to $21.3 million, or 4.3%, including growth of $3.5 million, or 4.0% in noninterest demand deposits. 










Financial Highlights (Unaudited)



Three Months Ended



Nine Months Ended




9/30/2019

9/30/2018



9/30/2019

9/30/2018

(Dollars in thousands, except per share data)









Net income


$

1,253

1,270


$

4,071

3,587

Net income available to common stockholders


$

1,250

1,269


$

4,049

3,579

Earnings per Common Share


$

0.29

0.46


$

1.01

1.29

Dividend per Common Share


$

0.1425

0.1400


$

0.4275

0.4000










Key Ratios









Total stockholders' equity to assets



8.91%

7.87%



8.91%

7.87%

Common stockholders' equity to assets



8.88%

7.82%



8.88%

7.82%

Net Interest Margin (bank level)



3.27%

4.08%



3.48%

4.06%

Return on Average Assets (annualized)



0.82%

1.13%



0.88%

1.06%

Return on Average Equity (annualized)



9.60%

13.52%



10.40%

12.73%













Balance At








9/30/2019

9/30/2018





Total assets


$

736,238

493,344





Net loans held for investment


$

456,474

372,847





Deposits


$

520,280

392,973





Total stockholders' equity


$

65,597

38,808





Common stockholders' equity


$

65,375

38,601














Book value per common share


$

15.04

13.81





Tangible book value per common share


$

14.00

12.41





Number of common stock shares outstanding



4,346,866

2,795,135





Number of weighted average common shares

      Outstanding



3,998,267

2,774,441





"We ended the third quarter of 2019 with record earnings while also managing a merger process," stated President and Chief Executive Officer Brian K. Plum.  "With the recent announcement that we have obtained all required regulatory approvals for the acquisition of Virginia Community Bankshares, Inc., we are excited to move into the final stages of the merger before the new year.  Through the effort and support of our stakeholders, we are seeing incredible opportunities in our existing and surrounding markets and look forward to welcoming Virginia Community Bank into our footprint.   Meanwhile, our continued focus on execution and a client-based banking experience has opened the door for expanded opportunities across Virginia and our Carolina State Bank footprint in North Carolina, including more cross-selling opportunities for our ancillary product offerings comprised of  payroll, insurance, and 1031 exchange services.  We continue to focus on  enhancing the client experience and offering a one stop solution for the financial needs of our customers, which becomes more attainable as we continue to experience meaningful growth and create value for our shareholders."

About Blue Ridge Bankshares, Inc.
Blue Ridge Bankshares, Inc. is a multi-state bank holding company with total assets of approximately $736 million. Headquartered in Luray, Va., Blue Ridge is the parent company of Blue Ridge Bank, N.A., a client-centered financial services company offering commercial banking services throughout Virginia and North Carolina.  The bank offers mortgage services across the Mid-Atlantic and Southeast.  The bank also offers small business payroll services through Moneywise Payroll Solutions, qualified intermediary services through Exchangers, Ltd., and insurance services through Hammond Insurance.  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


2019



2018







Cash and due from banks

$

22,317,907


$

13,459,779







Federal funds sold


285,000



226,000







Investment securities


142,712,024



56,023,128







Loans held for sale


80,255,143



28,321,519







Loans held for investment


460,878,329



376,068,371

Allowance for loan losses 


(4,404,593)



(3,221,867)







Net Loans Held for Investment


456,473,736



372,846,504







Bank premises and equipment, net 


3,457,100



2,614,173

Bank owned life insurance


8,870,920



7,802,646

Goodwill


3,306,664



2,694,164

Other assets


18,559,459



9,355,642







Total Assets

$

736,237,953


$

493,343,555







LIABILITIES












Deposits

$

520,280,460


$

392,972,773

Other borrowed funds


129,600,000



49,350,653

Subordinated debt, net of issuance costs


9,791,964



9,758,082

Other liabilities


10,968,831



2,453,552







Total liabilities


670,641,255



454,535,060







STOCKHOLDERS' EQUITY












Common stock and surplus


38,982,883



16,660,627

Retained earnings


25,516,493



22,659,560

Accumulated other comprehensive income


876,027



(718,908)

  Total Stockholders' Equity


65,375,403



38,601,279







Noncontrolling interest


221,295



207,216







  Total Equity


65,596,698



38,808,495







Total Liabilities and Equity

$

736,237,953


$

493,343,555


 

 

BLUE RIDGE BANKSHARES, INC.

CONSOLIDATED INCOME STATEMENTS









(Unaudited)



(Unaudited)



Nine Months



Nine Months



Ended



Ended



September 30, 2019



September 30, 2018







Interest Income

$

22,430,458


$

16,063,013

Interest Expense


6,943,071



3,563,844







Net Interest Income


15,487,387



12,499,169







Provision For Loan Losses


1,465,000



640,000







Net Interest Income after Provision for Loan Losses


14,022,387



11,859,169







Other Income


14,255,116



7,008,653

Other Expenses


23,217,462



14,336,980

Income Before Income Taxes


5,060,041



4,530,842







Income Tax Expense


989,296



943,746







Net Income


4,070,745



3,587,096

Net Income attributable to noncontrolling interest


(21,251)



(7,612)

Net Income attributable to Blue Ridge Bankshares, Inc.

$

4,049,494


$

3,579,484







Net Income Available to Common Stockholders

$

4,049,494


$

3,579,484







Earnings per Share

$

1.01


$

1.29







Weighted Average Shares Outstanding


3,998,267



2,774,441


 

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