Blue Ridge Bankshares, Inc. Releases 2017 Earnings

LURAY, Va., Feb. 2, 2018 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTC Pink: BRBS), parent company of Blue Ridge Bank, N.A., announced today its unaudited financial results for the year ended December 31, 2017.  The Company reported net income of $3,350,124 for 2017, or $1.22 per common share, compared to 2016 net income of $688,728, or $0.31 per common share.  The Company declared a dividend of $0.08 during the fourth quarter of 2017, which is an increase of 2.17% compared to the 2016 fourth quarter dividend of $0.0783.  The dividend yield is 1.79% based on the February 2, 2018 share price.

The Company reported its highest ever annual net income in 2017 as a result of the acquisition of River Bancorp, Inc., though balance sheet growth fell short of expected growth.  Loan growth in 2017 was weaker than expected, which resulted from a combination of a very competitive loan marketplace and growth efforts being diverted into merger integration activities.  Certain deposits were allowed to roll off as well in conjunction with loan demand experienced during the year.  Notably, loan demand in the fourth quarter picked up and the Company sees a stronger loan pipeline heading into 2018.

One-time events impacted fourth quarter and annual earnings.  The reduction in the corporate income tax rate created a deferred income tax asset write-down of approximately $200,000.  Also, the Company purchased a consumer loan pool in the fourth quarter for which it funded all anticipated losses in the allowance for loan losses of $285,000.  Lastly, the Company had an additional $60,000 in expenses associated with the purchase of a majority stake in a payroll processing company which is expected to enhance noninterest income and net income in 2018 and beyond.

"It was a year of significant change for our Company as we integrated the acquisition of River Bancorp, Inc. from late 2016, which included the addition of a mortgage division as a significant noninterest income enhancement to our earnings model," stated President and Chief Executive Officer Brian K. Plum.   "Our primary focus in 2017 was on our customers and stakeholders to ensure this merger was carried out successfully with minimal interruption to our operations.  I'm proud of the hard work and effort of the Blue Ridge team in making this happen.  We remain steadfast in our commitment to make 2018 an even stronger year as we work to build upon our core deposit base, provide quality loans to our communities, and look for additional ways to enhance noninterest income to better serve our customers and to provide an attractive investment return for our shareholders."  

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, N.A. has additional branches in Charlottesville, Drakes Branch, Harrisonburg, Martinsville, McGaheysville, Shenandoah, and Stuart. The Bank also has mortgage operations in Virginia and North Carolina. Celebrating 125 years as a locally owned, independent community bank, Blue Ridge Bank, N.A. 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.

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SOURCE Blue Ridge Bankshares, Inc.