LURAY, Va., Jan. 29, 2016 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTC Pink: BRBS), parent company of Blue Ridge Bank, announced today its unaudited financial results for the fourth quarter and year ended December 31, 2015. The Company reported net income of $2.5 million for 2015, or $1.79 per common share, compared to 2014 net income of $2.0 million, or $2.11 per common share, for the same period. In addition, the Company was pleased to declare a dividend of $0.115 during the fourth quarter of 2015, which is an increase of 4.5% compared to the 2014 fourth quarter dividend of $0.11. The dividend yield is 2.70% based on the January 28, 2016 share price.
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The Company experienced asset growth of 12.4% during the year, which was largely fueled by growth in the Company's held-for-investment loan portfolio of $20.2 million, or 10.9%. The Company's asset quality continues to be strong, as reflected in its nonperforming and nonaccrual loans. Additionally, the Company's deposit portfolio grew $12.6 million, or 6.9% during the year, which included year-to-year growth of $8.3 million, or 29.7% in noninterest DDA.
Financial Highlights (Unaudited) Three Months Ended Year Ended
12/31/2015 12/31/2014 12/31/2015 12/31/2014
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(Dollars in thousands, except per share data)
Net income $618 470 $2,498 2,029
Net income available to common stockholders $607 459 $2,453 1,984
Earnings per Common Share $0.43 0.49 $1.79 2.11
Dividend per Common Share $0.115 0.110 $0.115 0.110
Key Ratios
Total stockholders' equity to assets 8.96% 10.36% 8.96% 10.36%
Common stockholders' equity to assets 8.96% 8.48% 8.96% 8.48%
Net Interest Margin (bank level) 3.55% 3.73% 3.80% 3.85%
Return on Average Assets (annualized) 0.97% 0.83% 0.98% 0.89%
Return on Average Equity (annualized) 10.11% 8.54% 10.22% 9.22%
Balance At
12/31/2015 12/31/2014
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Total assets $268,910 239,354
Net loans $204,937 184724
Deposits $196,492 183,899
Total stockholders' equity $24,101 24,786
Common stockholders' equity $24,101 20,286
Book value per common share $17.20 15.97
Number of common stock shares outstanding 1,401,511 1,270,555
"We are incredibly proud to have enjoyed our 7(th) consecutive year of record earnings for the Company in 2015," stated President and Chief Executive Officer Brian K. Plum. "The efforts of the Blue Ridge Bank team continue to propel the company forward, growing market share as well as long-term sustainable value," Plum added. "We remain steadfast in our commitment to deliver quality banking services to our customers while seeking new opportunities for growth and collaboration that will enhance shareholder value and contribute to the vibrancy of the communities we serve."
About Blue Ridge Bankshares, Inc.
Blue Ridge Bankshares, Inc. is a 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 123 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.
Contact
Amanda G. Story, Chief Financial Officer
540-843-5208
astory@mybrb.com
BLUE RIDGE BANKSHARES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited) (Audited)
December 31, December 31,
ASSETS 2015 2014
---- ----
Cash and due from banks $7,265,264 $7,941,884
Federal funds sold 582,000 542,000
Investment securities 37,957,139 37,056,056
Loans held for sale 9,314,638 -
Loans held for investment 207,284,260 186,844,767
Allowance for loan losses (2,347,720) (2,121,118)
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Net Loans Held for Investment 204,936,540 184,723,649
Bank premises and equipment, net 2,039,816 2,206,817
Bank owned life insurance 2,414,246 2,349,745
Goodwill 366,300 366,300
Other assets 4,034,209 4,167,145
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Total Assets $268,910,152 $239,353,596
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LIABILITIES
Deposits $196,491,845 $183,898,642
Other borrowed funds 37,959,419 29,893,599
Subordinated debt, net of issuance costs 9,664,908 -
Other liabilities 693,156 774,867
Total liabilities 244,809,328 214,567,108
STOCKHOLDERS' EQUITY
Preferred stock - 225,000
Common stock 6,572,463 4,706,408
Contributed equity 42,887 4,275,000
Retained earnings 17,686,430 15,844,755
Accumulated other comprehensive income (200,956) (264,675)
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Total Stockholders' Equity 24,100,824 24,786,488
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Total Liabilities and Stockholders' Equity $268,910,152 $239,353,596
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BLUE RIDGE BANKSHARES, INC.
CONSOLIDATED INCOME STATEMENTS
(Unaudited) (Audited)
Year Year
Ended Ended
December 31, 2015 December 31, 2014
----------------- -----------------
Interest Income $10,669,234 $9,290,481
Interest Expense 2,044,509 1,684,111
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Net Interest Income 8,624,725 7,606,370
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Provision For Loan Losses 320,000 70,000
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Net Interest Income after Provision for Loan Losses 8,304,725 7,536,370
Other Income 1,145,318 982,635
Other Expenses 5,903,811 5,698,591
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Income Before Income Taxes 3,546,232 2,820,414
Income Tax Expense 1,048,127 791,352
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Net Income 2,498,105 2,029,062
Dividends to Preferred Stockholders (45,000) (45,000)
------- -------
Net Income Available to Common Stockholders $2,453,105 $1,984,062
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Earnings per Share $1.79 $2.11
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Weighted Average Shares Outstanding 1,370,656 938,286
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SOURCE Blue Ridge Bankshares, Inc.
