Welcome!

News Feed Item

Blue Ridge Bankshares, Inc. Releases 2014 2nd Quarter Results

Company reports strong growth

LURAY, Va., July 30, 2014 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTCQB: BRBS), parent company of Blue Ridge Bank, announced today its unaudited financial results for the second quarter ended June 30, 2014.  The Company reported net income of $994,650 for the first six months of 2014, or $1.04 per common share, compared to $973,085 of net income for the same period in 2013, or $0.98 per common share.  The increase in earnings per common share represented growth of 6.1%.  In addition, the Company was pleased to declare a dividend of $0.11 during the second quarter of 2014, which is an increase of 37.5% compared to the 2013 second quarter dividend of $0.08.         

The Company experienced asset growth of 4.8% during the first six months of the year, a majority of which is attributable to growth in the Company's held-for-investment loan portfolio of approximately $9,100,000.  The Company's asset quality continues to be strong with no significant write-offs during the past six months, and no additional provision to the loan loss reserve being necessary. "The continued growth of the loan portfolio with high-performing loans is not only a testament to our quality underwriting standards, but also to the communities in which the Bank serves and the continuous referrals from our existing customer base," stated Monte L. Layman, President and Chief Executive Officer of the Company.

The second quarter also brought a new opportunity for the Company with the opening of a new branch in Harrisonburg, VA on April 21, 2014.  "We are excited to be a part of the Harrisonburg market. We have served individuals and businesses in this community for years and are excited to have increased our efforts with a physical presence," stated Mr. Layman.  "Our Harrisonburg branch builds on the deep personal and professional connections the Bank has with the Harrisonburg and Rockingham market, and supports the Bank's plan to grow in a prudent and meaningful fashion by providing competitive loan and deposit products in all of our markets while maintaining our track record of favorable asset quality."

About Blue Ridge Bankshares, Inc. 
Blue Ridge Bankshares, Inc. is single-bank holding company headquartered in Luray, VA. Chartered in 1893 as the Page Valley Bank of Virginia, today Blue Ridge Bank has additional branches in Shenandoah, McGaheysville, Charlottesville, and Harrisonburg. Celebrating 121 years as a locally owned, independent community bank, Blue Ridge Bank 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 Bank 2014 Q2: Balance Sheet




June 30,
2014



December
31, 2013

ASSETS




Cash and due from banks

$

7,367,607


$

4,561,708

Federal funds sold


300,000



545,000

Investment securities






Securities available for sale (at fair value)


28,493,441



30,406,638

Securities held to maturity


15,123,854



15,411,778

Restricted investments


1,989,400



1,894,000

Total Investment Securities


45,606,695



47,712,416

Loans held for sale


-



-

Loans held for investment


164,909,089



155,858,186

Allowance for loan losses


(2,061,883)



(2,071,307)

Net Loans Held for Investment


162,847,206



153,786,879

Bank premises and equipment, net


2,127,921



1,830,643

Bank owned life insurance


2,316,463



2,283,800

Goodwill


366,300



366,300

Other assets


4,141,760



3,637,261

Total Assets

$

225,073,952


$

214,724,007







LIABILITIES






Deposits






Demand deposits






Noninterest bearing

$

25,106,647


$

23,450,958

Interest bearing


44,416,227



42,726,208

Savings deposits


10,614,287



10,501,484

Time deposits


92,836,761



91,666,678

Total Deposits


172,973,922



168,345,328

Federal funds purchased


-



-

Other borrowed funds


31,341,230



26,388,861

Other liabilities


587,539



760,275

Total liabilities


204,902,691



195,494,464







STOCKHOLDERS' EQUITY






Preferred stock


225,000



225,000

Common stock (939,139 at 6/30/14 and 934,539 at
12/31/13)


924,804



859,944

Contributed equity


4,275,000



4,275,000

Retained earnings


15,039,672



14,273,627

Accumulated other comprehensive income


(293,215)



(404,028)

Total Stockholders' Equity


20,171,261



19,229,543

Total Liabilities and Stockholders' Equity

$

225,073,952


$

214,724,007

 

 

Blue Ridge Bank 2014 Q2: Income Statement




Six Months
Ended June
30, 2014



Year Ended
December
31, 2013

INTEREST INCOME






Interest and fees on loans held for investment

$

3,845,471


$

6,931,126

Interest and fees on loans held for sale


-



181,802

Interest on federal funds sold


2,239



2,557

Interest and dividends on taxable investment securities


434,226



842,515

Interest and dividends on nontaxable investment
securities


154,274



308,676

Total Interest Income


4,436,210



8,266,676

INTEREST EXPENSE






Interest on savings and interest bearing demand deposits


89,784



166,218

Interest on time deposits


530,517



1,029,832

Interest on borrowed funds


193,684



375,709

Total Interest Expense


813,985



1,571,759

Net Interest Income


3,622,225



6,694,917

PROVISION FOR LOAN LOSSES


-



310,000

Net Interest Income after Provision for Loan Losses


3,622,225



6,384,917

OTHER INCOME






Service charges on deposit accounts


131,457



298,984

Earnings on investment in life insurance


32,663



68,500

Securities gains


1,385



66,562

Gain (loss) on disposal of assets


-



110,419

Other noninterest income


240,288



451,299

Total Other Income


405,793



995,764

OTHER EXPENSES






Salaries and employee benefits


1,245,913



2,265,760

Occupancy and equipment expenses


270,933



466,495

Data processing


210,623



366,104

Audits and examinations


40,116



136,944

Advertising expense


137,314



266,659

Directors fees


60,750



103,750

Debit card expenses


65,593



127,829

Deposit assessments


180,400



320,376

Other noninterest expense


434,703



772,468

Total Other Expenses


2,646,345



4,826,385

Income before Income Taxes


1,381,673



2,554,296

INCOME TAX EXPENSE


387,023



709,692

Net Income


994,650



1,844,604

Dividends to Preferred Stockholders


(22,500)



(207,255)

Net Income Available to Common Stockholders

$

972,150


$

1,637,349

Earnings per Share

$

1.04


$

1.75

Weighted Average Shares Outstanding


934,793



936,535

 

Contact
Amanda G. Story, Chief Financial Officer
540-843-5208
[email protected]

SOURCE Blue Ridge Bankshares, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, sha...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
CloudJumper, a Workspace as a Service (WaaS) platform innovator for agile business IT, has been recognized with the Customer Value Leadership Award for its nWorkSpace platform by Frost & Sullivan. The company was also featured in a new report(1) by the industry research firm titled, “Desktop-as-a-Service Buyer’s Guide, 2016,” which provides a comprehensive comparison of DaaS providers, including CloudJumper, Amazon, VMware, and Microsoft.
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, attendees learned about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how ...
Application transformation and DevOps practices are two sides of the same coin. Enterprises that want to capture value faster, need to deliver value faster – time value of money principle. To do that enterprises need to build cloud-native apps as microservices by empowering teams to build, ship, and run in production. In his session at @DevOpsSummit at 19th Cloud Expo, Neil Gehani, senior product manager at HPE, discussed what every business should plan for how to structure their teams to delive...
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are a modern development application platform and we have a suite of products that allow you to application release automation, we do version control, and we do application life cycle management," explained Flint Brenton, CEO of CollabNet, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band-aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It does...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web ...