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
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on real world deployments of DDoS mitigation strategies in every layer of the network. He will give an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He will also outline what we have found in our experience managing and running thousands of Linux and Unix managed service platforms and what specifically c...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
The demand for organizations to expand their infrastructure to multiple IT environments like the cloud, on-premise, mobile, bring your own device (BYOD) and the Internet of Things (IoT) continues to grow. As this hybrid infrastructure increases, the challenge to monitor the security of these systems increases in volume and complexity. In his session at 18th Cloud Expo, Stephen Coty, Chief Security Evangelist at Alert Logic, will show how properly configured and managed security architecture can...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
Unless you don’t use the internet, don’t live in California, or haven’t been paying attention to the recent news… you should be aware that self-driving cars are on their way to becoming a reality. I have seen them – they are real. If you believe in the future reality of self-driving cars, then continue reading on. If you don’t believe in the future possibilities, then I am not sure what to do to convince you other than discuss the very real changes that will roll out with the consumer producti...
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at 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. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
As the rapid adoption of containers continues, companies are finding that they lack the operational tools to understand the behavior of applications deployed in these containers, and how to identify issues in their application infrastructure. For example, how are multiple containers within an application impacting each other’s performance? If an application’s service is degraded, which container is to blame? In the case of an application outage, what was the root cause of the outage?