Click here to close now.




















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
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.