Blue Ridge Bankshares, Inc. Releases 2019 3rd Quarter Results

LURAY, Va., Oct. 31, 2019 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTC Pink: BRBS), parent company of Blue Ridge Bank, N.A., announced today its unaudited financial results for the third quarter ended September 30, 2019.  The Company reported net income of $4,070,745 for the first nine months of 2019, or $1.01 per common share, compared to net income of $3,587,096, or $1.29 per common share for the first nine months of 2018.  Included in year to date earnings is the recognition of life insurance proceeds of approximately $700 thousand and merger related expenses of approximately $865 thousand.  Earnings for the third quarter ending September 30, 2019 were $1,253,139, or $0.29 per common share, and included merger related expenses of $331 thousand.  The Company declared a dividend of $0.1425 during the third quarter of 2019, an increase of 1.79% compared to the 2018 third quarter dividend of $0.1400.  The dividend yield is 2.75% based on the closing October 31, 2019 share price of $20.75.

Asset growth since the third quarter of 2018 has been considerable for the Company, with total assets increasing $242.9 million, or 49.2%.  This growth was primarily driven by an increasing loan portfolio with loans held for investment growing $84.8 million, or 22.6%, and loans held for sale growing $51.9 million, or 183.4% compared to September 30, 2018.  The investment portfolio also increased significantly as noted in our prior release, growing $86.7 million, or 154.7%.  Deposit growth since the third quarter of 2018 amounted to $127.3 million, or 32.4%, which included growth of $2.7 million, or 3.12% in noninterest demand deposits.  Asset growth during third quarter of 2019 was $14.5 million, or 2.0%, including growth of $8.6 million, or 1.9% in held for investment loans, and $18.3 million, or 29.5% in loans held for sale.  Deposit growth during the third quarter of 2019 amounted to $21.3 million, or 4.3%, including growth of $3.5 million, or 4.0% in noninterest demand deposits. 

"We ended the third quarter of 2019 with record earnings while also managing a merger process," stated President and Chief Executive Officer Brian K. Plum.  "With the recent announcement that we have obtained all required regulatory approvals for the acquisition of Virginia Community Bankshares, Inc., we are excited to move into the final stages of the merger before the new year.  Through the effort and support of our stakeholders, we are seeing incredible opportunities in our existing and surrounding markets and look forward to welcoming Virginia Community Bank into our footprint.   Meanwhile, our continued focus on execution and a client-based banking experience has opened the door for expanded opportunities across Virginia and our Carolina State Bank footprint in North Carolina, including more cross-selling opportunities for our ancillary product offerings comprised of  payroll, insurance, and 1031 exchange services.  We continue to focus on  enhancing the client experience and offering a one stop solution for the financial needs of our customers, which becomes more attainable as we continue to experience meaningful growth and create value for our shareholders."

About Blue Ridge Bankshares, Inc.Blue Ridge Bankshares, Inc. is a multi-state bank holding company with total assets of approximately $736 million. Headquartered in Luray, Va., Blue Ridge is the parent company of Blue Ridge Bank, N.A., a client-centered financial services company offering commercial banking services throughout Virginia and North Carolina.  The bank offers mortgage services across the Mid-Atlantic and Southeast.  The bank also offers small business payroll services through Moneywise Payroll Solutions, qualified intermediary services through Exchangers, Ltd., and insurance services through Hammond Insurance.  Visit www.mybrb.com for more information.

Forward-Looking StatementsThis 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.

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SOURCE Blue Ridge Bankshares, Inc.