LURAY, Va., Jan. 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 fourth quarter ended December 31, 2018. The Company reported net income of $4,572,709 for 2018, or $1.64 per common share, compared to 2017 net income of $3,350,124, or $1.22 per common share. The Company declared a dividend of $0.14 during the fourth quarter of 2018, which is an increase of 75% compared to the 2017 fourth quarter dividend of $0.08. The dividend yield is 3.39% based on the closing January 30, 2019 share price.
The Company experienced considerable asset growth in 2018, increasing by $115.5 million, or 27.2%, which is largely attributable to organic growth in the held-for-investment loan portfolio of $84.1 million, or 25.4%. Additionally, the loans held for sale portfolio increased $12.0 million, or 69.8%. Organic deposit growth was also noteworthy for 2018, increasing by $75.7 million, or 22.3%, which included growth of $26.9 million, or 43.8% in noninterest demand deposits. There was also a notable decline in NPAs to total loans for the year, going from 2.30% at the end of 2017 to 1.73% at the end of 2018.
Financial Highlights (Unaudited) | Three Months Ended | Year Ended | ||||||
12/31/2018 | 12/31/2017 | 12/31/2018 | 12/31/2017 | |||||
(Dollars in thousands, except per share data) | ||||||||
Net income | $ | 986 | 286 | $ | 4,573 | 3,350 | ||
Net income available to common stockholders | $ | 980 | 286 | $ | 4,559 | 3,350 | ||
Earnings per Common Share | $ | 0.35 | 0.10 | $ | 1.64 | 1.22 | ||
Dividend per Common Share | $ | 0.14 | 0.08 | $ | 0.54 | 0.32 | ||
Key Ratios | ||||||||
Total stockholders' equity to assets | 7.34% | 8.59% | 7.34% | 8.59% | ||||
Common stockholders' equity to assets | 7.30% | 8.59% | 7.30% | 8.55% | ||||
Net Interest Margin (bank level) | 4.05% | 4.05% | 4.06% | 3.93% | ||||
Return on Average Assets (annualized) | 0.82% | 0.27% | 0.95% | 0.80% | ||||
Return on Average Equity (annualized) | 10.37% | 3.27% | 12.02% | 9.56% | ||||
Balance At | ||||||||
12/31/2018 | 12/31/2017 | |||||||
Total assets | $ | 539,590 | 424,122 | |||||
Net loans held for investment | $ | 411,288 | 328,002 | |||||
Deposits | $ | 415,027 | 339,290 | |||||
Total stockholders' equity | $ | 39,620 | 36,442 | |||||
Common stockholders' equity | $ | 39,407 | 36,242 | |||||
Book value per common share | $ | 14.11 | 13.10 | |||||
Tangible book value per common share | $ | 12.67 | 11.68 | |||||
Number of common stock shares outstanding | 2,792,885 | 2,765,635 | ||||||
Number of weighted average common shares Outstanding | 2,779,090 | 2,751,503 | ||||||
"The Company posted record earnings in 2018 even as it invested in key strategic initiatives that will generate meaningful future returns," stated President and Chief Executive Officer Brian K. Plum. "We successfully launched grassroots-driven Carolina State Bank, a Division of Blue Ridge Bank, N.A., to serve the Triad community in North Carolina and improve our balance sheet growth and profitability opportunities in the future. We expanded our mortgage division footprint into growing and attractive MSA's for our purchase-focused mortgage business. We also rolled out our 1031 exchange service as an additional strategic tool to supplement an already robust core deposit growth effort." Plum also noted during 2018 "the Company added key management employees in several areas that provide management depth, operational understanding, and a proven track record of success in growing a highly successful and robust community bank."
"Our vision remains the same as it has been," added Plum. "We are focused on serving our customers and communities by providing responsive and comprehensive banking services that fuel quality balance sheet growth and drive noninterest income that both augments current revenues and lengthens the relationship life cycle of our banking customers."
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) | (Audited) | ||||
December 31, | December 31, | ||||
ASSETS | 2018 | 2017 | |||
Cash and due from banks | $ | 15,025,651 | $ | 10,319,189 | |
Federal funds sold | 546,000 | 88,000 | |||
Investment securities | 58,750,128 | 48,994,839 | |||
Loans held for sale | 29,233,325 | 17,219,636 | |||
Loans held for investment | 414,867,966 | 330,804,825 | |||
Allowance for loan losses | (3,579,716) | (2,802,492) | |||
Net Loans Held for Investment | 411,288,250 | 328,002,333 | |||
Bank premises and equipment, net | 3,343,030 | 2,277,269 | |||
Bank owned life insurance | 8,454,893 | 7,654,471 | |||
Goodwill | 2,694,164 | 2,094,164 | |||
Other assets | 10,254,083 | 7,472,489 | |||
Total Assets | $ | 539,589,524 | $ | 424,122,390 | |
LIABILITIES | |||||
Deposits | $ | 415,026,585 | $ | 339,289,742 | |
Other borrowed funds | 73,100,000 | 36,044,626 | |||
Subordinated debt, net of issuance costs | 9,766,554 | 9,732,671 | |||
Other liabilities | 2,076,643 | 2,613,728 | |||
Total liabilities | 499,969,782 | 387,680,767 | |||
STOCKHOLDERS' EQUITY | |||||
Common stock and surplus | 16,703,995 | 16,375,593 | |||
Retained earnings | 23,248,341 | 20,190,047 | |||
Accumulated other comprehensive income | (545,638) | (323,621) | |||
Total Stockholders' Equity | 39,406,698 | 36,242,019 | |||
Noncontrolling interest | 213,044 | 199,604 | |||
Total Equity | 39,619,742 | 36,441,623 | |||
Total Liabilities and Equity | $ | 539,589,524 | $ | 424,122,390 | |
BLUE RIDGE BANKSHARES, INC. | |||||
CONSOLIDATED INCOME STATEMENTS | |||||
(Unaudited) | (Audited) | ||||
Year | Year | ||||
Ended | Ended | ||||
December 31, 2018 | December 31, 2017 | ||||
Interest Income | $ | 22,436,561 | $ | 18,481,157 | |
Interest Expense | 5,151,805 | 3,930,937 | |||
Net Interest Income | 17,284,756 | 14,550,220 | |||
Provision For Loan Losses | 1,225,000 | 1,095,000 | |||
Net Interest Income after Provision for Loan Losses | 16,059,756 | 13,455,220 | |||
Other Income | 10,122,671 | 7,798,525 | |||
Other Expenses | 20,462,573 | 15,846,516 | |||
Income Before Income Taxes | 5,719,854 | 5,407,229 | |||
Income Tax Expense | 1,147,145 | 2,057,105 | |||
Net Income | 4,572,709 | 3,350,124 | |||
Net Income attributable to noncontrolling interest | (13,440) | 396 | |||
Net Income attributable to Blue Ridge Bankshares, Inc. | $ | 4,559,269 | $ | 3,350,520 | |
Net Income Available to Common Stockholders | $ | 4,559,269 | $ | 3,350,520 | |
Earnings per Share | $ | 1.64 | $ | 1.22 | |
Weighted Average Shares Outstanding | 2,779,090 | 2,751,503 | |||
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SOURCE Blue Ridge Bankshares, Inc.
