BRBS - Blue Ridge Bankshares Inc. Records Strong Growth and Record First Half Earnings
LURAY, Va., Aug. 2, 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 second quarter ended June 30, 2019. The Company reported net income of $2,817,606 for the first six months of 2019, or $0.73 per common share, compared to net income of $2,317,437, or $0.84 per common share for the first six months of 2018. Included in second quarter net income was the recognition of life insurance proceeds of approximately $700 thousand and merger related expenses of $534 thousand. The Company declared a dividend of $0.1425 during the second quarter of 2019, an increase of 1.79% compared to the 2018 second quarter dividend of $0.1400. The dividend yield is 2.90% based on the closing August 2, 2019 share price of $19.62.
The Company experienced substantial asset growth of $260.9 million, or 56.6%, since the second quarter of 2018. The growth was driven by an increase of $95.9 million, or 26.9%, in the held-for-investment loan portfolio, an uptick in mortgage activity and the related held-for-sale loan portfolio of $41.1 million, or 196.6%, and the implementation of a balance sheet strategy that increased the investment portfolio $94.3 million, or 158.7%, following the Company's common stock raise. Deposit growth since the second quarter of 2018 amounted to $136.2 million, or 37.5%, which included growth of $21.0 million, or 31.1%, in noninterest demand deposits.
Asset growth during the second quarter of 2019 was $146.9 million, or 25.6%, which included growth in the held-for-investment loan portfolio of $21.1 million, or 4.9%, and growth in the held-for-sale loan portfolio of $26.4 million, or 74.0%. The Company's investment portfolio increased $95.7 million, or 164.8%. Deposit growth during the second quarter of 2019 amounted to $74.5 million, or 17.5%, of which $4.8 million, or 5.7%, was attributable to noninterest demand deposit growth.
Financial Highlights (Unaudited) |
Three Months Ended |
Six Months Ended |
6/30/2019 |
6/30/2018 |
6/30/2019 |
6/30/2018 |
(Dollars in thousands, except per share data) |
Net income |
$ |
1,536 |
1,129 |
$ |
2,818 |
2,317 |
Net income available to common stockholders |
$ |
1,531 |
1,135 |
$ |
2,799 |
2,311 |
Earnings per Common Share |
$ |
0.35 |
0.41 |
$ |
0.73 |
0.84 |
Dividend per Common Share |
$ |
0.1425 |
0.1400 |
$ |
0.2850 |
0.2600 |
Key Ratios |
Total stockholders' equity to assets |
8.89% |
8.23% |
8.89% |
8.23% |
Common stockholders' equity to assets |
8.86% |
8.19% |
8.86% |
8.19% |
Net Interest Margin (bank level) |
3.42% |
4.02% |
3.61% |
4.05% |
Return on Average Assets (annualized) |
1.04% |
1.05% |
0.95% |
1.07% |
Return on Average Equity (annualized) |
12.04% |
12.33% |
11.04% |
12.66% |
Balance At |
6/30/2019 |
6/30/2018 |
Total assets |
$ |
721,784 |
460,918 |
Net loans held for investment |
$ |
448,176 |
353,242 |
Deposits |
$ |
498,982 |
362,778 |
Total stockholders' equity |
$ |
64,134 |
37,936 |
Common stockholders' equity |
$ |
63,916 |
37,730 |
Book value per common share |
$ |
14.77 |
13.66 |
Tangible book value per common share |
$ |
13.71 |
12.41 |
Number of common stock shares outstanding |
4,328,866 |
2,761,135 |
Number of weighted average common shares Outstanding |
3,821,079 |
2,763,837 |
"The first six months of 2019 were historic for the Company. We closed the largest common stock raise in the Company's history and also announced the planned acquisition of Virginia Community Bankshares, Inc., the second acquisition for the Company in three years," stated President and Chief Executive Officer Brian K. Plum. "Both of these events are key to the Company's strategic direction and focus and reinforce our commitment to the continued creation of shareholder value. Meanwhile, we experienced meaningful growth in loans and deposits in our Carolina State Bank division, and remain excited about the significant upside that exists for us in the Piedmont Triad. The Company is positioned to capitalize on strong market opportunities moving forward, and we continue to see significant upside across our footprint by focusing on execution and a client-based banking experience."
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, Stuart, and also does business as Carolina State Bank in Greensboro, N.C. Additionally, the Bank has mortgage operations in Virginia, Maryland, North Carolina, and Florida. Celebrating 126 years as a locally owned, independent community bank, Blue Ridge Bank, N.A. provides a wide range of banking and ancillary services. Visit www.mybrb.com for more information on these comprehensive product and service offerings.
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) |
June 30, |
June 30, |
ASSETS |
2019 |
2018 |
Cash and due from banks |
$ |
21,564,192 |
$ |
6,108,507 |
Federal funds sold |
482,000 |
147,000 |
Investment securities |
153,764,353 |
59,439,546 |
Loans held for sale |
61,975,712 |
20,897,250 |
Loans held for investment |
452,229,287 |
356,360,188 |
Allowance for loan losses |
(4,053,530) |
(3,118,484) |
Net Loans Held for Investment |
448,175,757 |
353,241,704 |
Bank premises and equipment, net |
3,366,836 |
2,389,594 |
Bank owned life insurance |
8,812,005 |
7,752,460 |
Goodwill |
3,306,664 |
2,094,164 |
Other assets |
20,336,021 |
8,847,628 |
Total Assets |
$ |
721,783,540 |
$ |
460,917,853 |
LIABILITIES |
Deposits |
$ |
498,982,226 |
$ |
362,777,587 |
Other borrowed funds |
138,200,000 |
48,738,543 |
Subordinated debt, net of issuance costs |
9,783,492 |
9,749,612 |
Other liabilities |
10,683,724 |
1,715,847 |
Total liabilities |
657,649,442 |
422,981,589 |
STOCKHOLDERS' EQUITY |
Common stock and surplus |
38,941,671 |
16,581,151 |
Retained earnings |
24,885,858 |
21,782,263 |
Accumulated other comprehensive income |
88,349 |
(633,323) |
Total Stockholders' Equity |
63,915,878 |
37,730,091 |
Noncontrolling interest |
218,220 |
206,173 |
Total Equity |
64,134,098 |
37,936,264 |
Total Liabilities and Equity |
$ |
721,783,540 |
$ |
460,917,853 |
BLUE RIDGE BANKSHARES, INC. |
CONSOLIDATED INCOME STATEMENTS |
(Unaudited) |
(Unaudited) |
Six Months |
Six Months |
Ended |
Ended |
June 30, 2019 |
June 30, 2018 |
Interest Income |
$ |
14,312,472 |
$ |
10,292,674 |
Interest Expense |
4,260,972 |
2,229,081 |
Net Interest Income |
10,051,500 |
8,063,593 |
Provision For Loan Losses |
895,000 |
415,000 |
Net Interest Income after Provision for Loan Losses |
9,156,500 |
7,648,593 |
Other Income |
9,282,223 |
3,917,801 |
Other Expenses |
15,011,143 |
8,634,249 |
Income Before Income Taxes |
3,427,580 |
2,932,145 |
Income Tax Expense |
609,974 |
614,708 |
Net Income |
2,817,606 |
2,317,437 |
Net Income attributable to noncontrolling interest |
(18,176) |
(6,569) |
Net Income attributable to Blue Ridge Bankshares, Inc. |
$ |
2,799,430 |
$ |
2,310,868 |
Net Income Available to Common Stockholders |
$ |
2,799,430 |
$ |
2,310,868 |
Earnings per Share |
$ |
0.73 |
$ |
0.84 |
Weighted Average Shares Outstanding |
3,821,079 |
2,763,837 |
SOURCE Blue Ridge Bankshares, Inc.