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
SYS-CON Events announced today BZ Media LLC has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and Commercial Drone markets.
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
As machines are increasingly connected to the internet, it’s becoming easier to discover the numerous ways Industrial IoT (IIoT) is helping to shape the business world. This is exactly why we have decided to take a closer look at this pervasive movement and to examine the desire to connect more things! Now if you need a refresher on IIoT and how it is changing the world, take a moment and listen to Greg Gorbach with ARC Advisory Group. Gorbach believes, "IIoT will significantly change the worl...
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, will discuss how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He will discuss how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors...
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...
Cloud computing changed data analytics for good. It enabled companies to drastically decrease resources and architecture previously assigned with business intelligence departments. It also enabled laymen to run advanced business analytics. Cloud was also the architecture of choice for storing and processing big data. Data piling is a continuous process, which is going to explode with emerging Internet of Things concept. Answer to this issue developers found in new concept called fog computing. ...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide 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 ...