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
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
While many government agencies have embraced the idea of employing cloud computing as a tool for increasing the efficiency and flexibility of IT, many still struggle with large scale adoption. The challenge is mainly attributed to the federated structure of these agencies as well as the immaturity of brokerage and governance tools and models. Initiatives like FedRAMP are a great first step toward solving many of these challenges but there are a lot of unknowns that are yet to be tackled. In hi...
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
"Splunk basically takes machine data and we make it usable, valuable and accessible for everyone. The way that plays in DevOps is - we need to make data-driven decisions to delivering applications," explained Andi Mann, Chief Technology Advocate at Splunk and @DevOpsSummit Conference Chair, in this SYS-CON.tv interview at @DevOpsSummit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"Logz.io is a log analytics platform. We offer the ELK stack, which is the most common log analytics platform in the world. We offer it as a cloud service," explained Tomer Levy, co-founder and CEO of Logz.io, in this SYS-CON.tv interview at DevOps Summit, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captur...
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.