BRBS - Blue Ridge Bankshares Inc. Releases 2019 1st Quarter Results
LURAY, Va., May 1, 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 first quarter ended March 31, 2019. The Company reported net income of $1,281,670 for the first quarter of 2019, or $0.38 per common share, compared to 2018 first quarter net income of $1,188,546, or $0.43 per common share. The Company declared a dividend of $0.1425 during the first quarter of 2019, which is an increase of 18.8% compared to the 2018 first quarter dividend of $0.1200. The dividend yield is 2.89% based on the April 30, 2019 closing share price of $19.75.
The Company experienced record asset growth of $132.4 million, or 29.9%, since the first quarter of 2018, which is largely attributable to organic growth in the held-for-investment loan portfolio of $89.2 million, or 26.1%. Additionally, the loans held for sale portfolio increased $24.1 million, or 210.6%. The Company's deposit portfolio grew $66.8 million, or 18.7%, which included growth of $18.4 million, or 28.2% in noninterest demand deposits. Asset growth during the first quarter of 2019 was $35.2 million, or 6.5%, which included growth in the held-for-investment loan portfolio of $16.2 million, or 3.9%, and growth in the loans held for sale portfolio of $6.4 million, or 21.8%. Deposit growth during the first quarter of 2019 amounted to $9.5 million, or 2.3%.
Financial Highlights (Unaudited) |
Three Months Ended |
3/31/19 |
3/31/18 |
(Dollars in thousands, except per share data) |
Net income |
$ |
1,282 |
1,189 |
Net income available to common stockholders |
$ |
1,269 |
1,176 |
Earnings per Common Share |
$ |
0.38 |
0.43 |
Dividend per Common Share |
$ |
0.1425 |
0.1200 |
Key Ratios |
Total stockholders' equity to assets |
10.90% |
8.39% |
Common stockholders' equity to assets |
10.86% |
8.35% |
Net Interest Margin (bank level) |
3.99% |
4.09% |
Return on Average Assets (annualized) |
1.01% |
1.13% |
Return on Average Equity (annualized) |
10.28% |
13.37% |
Balance At |
3/31/19 |
3/31/18 |
Total assets |
$ |
574,801 |
442,356 |
Net loans held for investment |
$ |
427,343 |
338,950 |
Deposits |
$ |
424,523 |
357,686 |
Total stockholders' equity |
$ |
62,667 |
37,127 |
Common stockholders' equity |
$ |
62,446 |
36,915 |
Book value per common share |
$ |
14.42 |
13.35 |
Tangible book value per common share |
$ |
13.34 |
12.06 |
Number of common stock shares outstanding |
4,329,616 |
2,764,135 |
Number of weighted average common shares Outstanding |
3,307,400 |
2,764,535 |
"The Company's growth over the past year is noteworthy as it represents core organic growth that is fundamental to our success," stated President and Chief Executive Officer Brian K. Plum. "This growth demonstrates the continued opportunity available in our existing markets, and when combined with our new division in North Carolina, Carolina State Bank, we are well positioned to take advantage of these prospects."
"The first quarter of 2019 was essential in setting the groundwork for our success this year, and significant focus went into the successful completion of a private placement common stock offering where the Company received aggregate gross proceeds of $23.4 million in additional capital. This capital is crucial in carrying out the Company's vision and will support continued meaningful growth and key strategic initiatives."
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 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) |
March 31, |
March 31, |
ASSETS |
2019 |
2018 |
Cash and due from banks |
$ |
16,518,062 |
$ |
12,460,192 |
Federal funds sold |
3,239,000 |
208,000 |
Investment securities |
58,070,040 |
59,629,378 |
Loans held for sale |
35,610,217 |
11,463,612 |
Loans held for investment |
431,087,054 |
341,900,140 |
Allowance for loan losses |
(3,744,177) |
(2,950,481) |
Net Loans Held for Investment |
427,342,877 |
338,949,659 |
Bank premises and equipment, net |
3,383,427 |
2,326,437 |
Bank owned life insurance |
9,110,310 |
7,703,178 |
Goodwill |
3,306,664 |
2,094,164 |
Other assets |
18,220,352 |
7,521,533 |
Total Assets |
$ |
574,800,949 |
$ |
442,356,153 |
LIABILITIES |
Deposits |
$ |
424,522,762 |
$ |
357,685,651 |
Other borrowed funds |
67,800,000 |
34,490,046 |
Subordinated debt, net of issuance costs |
9,775,024 |
9,741,141 |
Other liabilities |
10,036,153 |
3,311,952 |
Total liabilities |
512,133,939 |
405,228,790 |
STOCKHOLDERS' EQUITY |
Common stock and surplus |
38,899,071 |
16,499,700 |
Retained earnings |
23,899,933 |
21,034,213 |
Accumulated other comprehensive income |
(353,147) |
(618,442) |
Total Stockholders' Equity |
62,445,857 |
36,915,471 |
Noncontrolling interest |
221,153 |
211,892 |
Total Equity |
62,667,010 |
37,127,363 |
Total Liabilities and Equity |
$ |
574,800,949 |
$ |
442,356,153 |
BLUE RIDGE BANKSHARES, INC. |
CONSOLIDATED INCOME STATEMENTS |
(Unaudited) |
(Unaudited) |
Three Months |
Three Months |
Ended |
Ended |
March 31, 2019 |
March 31, 2018 |
Interest Income |
$ |
6,671,064 |
$ |
4,998,969 |
Interest Expense |
1,822,498 |
1,046,600 |
Net Interest Income |
4,848,566 |
3,952,369 |
Provision For Loan Losses |
295,000 |
185,000 |
Net Interest Income after Provision for Loan Losses |
4,553,566 |
3,767,369 |
Other Income |
3,899,471 |
1,874,266 |
Other Expenses |
6,849,540 |
4,151,271 |
Income Before Income Taxes |
1,603,497 |
1,490,364 |
Income Tax Expense |
321,827 |
301,818 |
Net Income |
1,281,670 |
1,188,546 |
Net Income attributable to noncontrolling interest |
(13,108) |
(12,288) |
Net Income attributable to Blue Ridge Bankshares, Inc. |
$ |
1,268,562 |
$ |
1,176,258 |
Net Income Available to Common Stockholders |
$ |
1,268,562 |
$ |
1,176,258 |
Earnings per Share |
$ |
0.38 |
$ |
0.43 |
Weighted Average Shares Outstanding |
3,307,400 |
2,764,535 |
SOURCE Blue Ridge Bankshares, Inc.