CHARLOTTESVILLE, Va.,
Oct. 28, 2020 /PRNewswire/
-- Blue Ridge Bankshares, Inc. (the "Company") (NYSE American:
BRBS) announced today its third quarter 2020 net income of
$5.1 million, or $0.88 earnings per share, compared to
$6.2 million, or $1.10 earnings per share, for the quarterly
period ended June 30, 2020, and
$1.3 million, or $0.29 earnings per share, for the quarterly
period ended September 30,
2019. Earnings for the third quarter of 2020 include
approximately $1.1 million in
one-time expenses related to the proposed merger with Bay Banks of
Virginia, Inc. ("Bay Banks")
(OTCQB: BAYK). The Company continues to experience record
quarterly earnings, largely attributable to its mortgage division
and the increased loan volumes. The Company also continued to
recognize Paycheck Protection Program ("PPP") loan processing fees
over the expected loan lives throughout the third quarter, which
was largely offset by increased loan loss provisioning due to the
uncertainty surrounding COVID-19 and its long-term economic
impact. Additionally, the Company was pleased to declare a
third quarter 2020 dividend of $0.1425 per share, payable on October 30, 2020 to shareholders of record as of
the close of business on October 22,
2020.
"Our team continues to proactively serve our clients and
communities with unparalleled dedication," said Brian K. Plum, President and Chief Executive
Officer. "The ongoing combination of Paycheck Protection
Program fee accretion and a historically strong mortgage market has
enabled us to achieve record earnings while funding our loan loss
provision at meaningful levels."
"We remain vigilantly engaged on the loan portfolio and maintain
an open line of communication with borrowers as we work through the
fallout of COVID-19 together," Plum added. "While the overall
economic recovery this year has been strong and deferrals have
significantly fallen, we recognize that many borrowers continue to
struggle and will do so for the foreseeable future in an uncertain
environment. We anticipate these conditions will contribute
to a deterioration of asset quality in coming quarters."
Proposed Merger
On August 13, 2020, the Company
announced the signing of a definitive merger agreement with Bay
Banks, pursuant to which the companies will combine in an all-stock
merger with the Company as the surviving company. At or
immediately following consummation of the merger, Virginia
Commonwealth Bank, the wholly-owned commercial banking subsidiary
of Bay Banks, will be merged with and into Blue Ridge Bank,
National Association (the "Bank"), the wholly-owned commercial
banking subsidiary of Blue Ridge,
with the Bank as the surviving bank.
Paycheck Protection Program
The Company funded over 2,400 PPP loans totaling approximately
$361 million, as of September 30, 2020. Estimated PPP
processing fees earned by the Company for these loans is
approximately $11.5 million.
The Company funded these loans, which have a statutory loan
interest rate of 1.00%, using the Federal Reserve Paycheck
Protection Program Liquidity Facility ("PPPLF"), which provides
100% funding at a cost of 0.35%. PPP loans do not count
toward bank regulatory capital ratios. The Company is
currently working with PPP borrowers through the forgiveness phase
of the program. As of October 28,
2020, $48.7 million in PPP
loans have been submitted and are awaiting full
forgiveness.
COVID-19 Response
The Company resumed normalized branch operations early in the
third quarter and continues to follow appropriate hygienic and
distancing guidelines. While branch traffic has steadily
improved, the Company believes digital use adoption following
COVID-19 will have a meaningful impact on future customer behaviors
and business investment decisions.
Asset Quality
Nonperforming loans and loans 90 days or more past due totaled
$4.5 million at September 30, 2020, a decrease of $1.7 million, or 27.1%, from June 30, 2020. The Company's provision for
loan losses amounted to $4.0 million
for the third quarter of 2020, compared to $3.5 million in the second quarter of 2020.
The increased provisioning in the second and third quarters is
related to the continued uncertainty surrounding COVID-19 and its
impact on the Company's borrowers.
In response to COVID-19, the Company approved 553 loan deferrals
for a total of $110.6 million, or
16.3% of the held-for-investment loan portfolio excluding PPP
loans, as of October 20, 2020.
Approximately $104.1 million, or
94.1%, of these deferred loan balances are now past the deferment
period and are back on normal payment schedules. At the time
of this release, the Company was aware of five borrowers with loan
balances totaling $6.5 million that
were either still in deferral or in the process of requesting a
second deferral for a period of three months. The Company is
closely monitoring the past due loan portfolio, and proactively
staying in touch with borrowers, especially as it relates to
high-risk industries as outlined below.
The economic fallout from COVID-19 is materially impacting all
parts of the economy, and especially certain industries. The
information below provides the Company's exposure to these
industries, utilizing the Company's NAICS coding on its loan
accounting system as of October 20,
2020:
Industry by NAICS
Code
|
Number of
Borrowers
|
|
Total Loan
Balance
|
Hotels and
Motels
|
13
|
|
$28,436,530
|
Bed and
Breakfasts
|
5
|
|
2,748,650
|
All Other
Traveler
Accommodations
|
7
|
|
4,409,971
|
Full-Service
Restaurants
|
17
|
|
4,091,938
|
Limited-Service
Restaurants
|
11
|
|
4,707,694
|
Religious
Organizations
|
36
|
|
7,245,171
|
TOTAL
|
89
|
|
$51,639,954
|
Balance Sheet
The Company had total assets of $1.5
billion at September 30, 2020,
an increase of $562.5 million, or
58.6%, from December 31, 2019 and a
decrease of $62.5 million, or 3.9%
from June 30, 2020. The
increase in total assets year-to-date was primarily driven by
PPP. Loans held for investment increased $392.3 million, or 60.7% from December 31, 2019, and $17.7 million, or 1.7%, from June 30, 2020. Included in this increase is
approximately $361.8 million in PPP
loans originated year-to-date, and $11.8
million in PPP loans originated in the third quarter.
A majority of these loans are fully funded by the Federal Reserve's
PPPLF program, resulting in a corresponding increase in other
borrowed funds on the balance sheet. The decline in total assets
for the third quarter is largely due to the maturity of additional
funding obtained in the first half of the year, included in cash
and due from banks, in response to the insecurity surrounding
COVID-19. The Company continues to test liquidity sources to
ensure proper funding is available as the uncertainty around
COVID-19 remains at the forefront. Total deposits
increased $193.2 million, or 26.8%,
from December 31, 2019, and decreased
$50.6 million, or 5.2% from
June 30, 2020. Noninterest
demand deposit accounts increased $100.8
million, or 56.7% year-to-date and decreased $6.6 million, or 2.3% for the third
quarter. The increase in deposits year-to-date was
attributable to funds retained from PPP customers as well as the
build-up of liquidity in response to COVID-19. The decrease
in the third quarter is largely due to the maturity of some of
those additional liquidity reserves.
The Company experienced held-for-sale loan growth of
$137.5 million, or 247.1%,
year-to-date, and $65.3 million, or
51.1% in the third quarter. The growth in available-for-sale loans
was due to an uptick in volume created by market conditions and the
continued expansion of our retail and wholesale mortgage
operations.
Income Statement
Net Interest Income
Net interest income was approximately $11.8 million for the quarter ended September 30, 2020, compared to $10.6 million for the second quarter of 2020, and
$5.4 million for the quarter ended
September 30, 2019. Included in
third quarter net interest income was approximately $3.8 million in net PPP related loan
income. The Company's cost of deposits remained steady in the
third quarter, decreasing slightly to 0.64% from 0.65% for the
second quarter of 2020. Net interest margin increased to
3.26% in the third quarter from 3.19% in the second quarter of
2020, due to slight yield improvement in certain loan
categories. The Company continues to experience margin
pressure, including the net interest margin on its large PPP loan
portfolio, which is 0.65%.
Other Income
Other income for the third quarter ended September 30, 2020 was $17.7 million compared to $16.5 million for the quarter ended June 30, 2020. This increase is
attributable to increased mortgage revenue of $739 thousand in the third quarter in addition to
the gains on the sale of government guaranteed loans, which
amounted to $272 thousand in third
quarter. Year-to-date mortgage volume for 2020 was over
$900 million through September 30, 2020, a record for the
Company.
Other Expense
Other expenses for the third quarter ended September 30, 2020 were $18.8 million compared to $15.8 million in the second quarter of
2020. The majority of this increase relates to the
aforementioned one-time merger expenses of $1.1 million. Additionally, salaries and
benefits increased $960 thousand for
the third quarter of 2020 due to bonuses and commissions for the
mortgage division in relation to increased volume.
Mortgage Division
The Company's mortgage operations, which consists of its retail
division operating as Monarch Mortgage and its wholesale division
operating as LenderSelect Mortgage Group, recorded net income of
$4.3 million for the third quarter
compared to $5.1 million in the
second quarter of 2020. The primary driver of these record
earnings for the mortgage division was increased volume, largely
due to the low rate environment, expansion of the retail business
line, the addition of the wholesale business line in late 2019, and
retaining mortgage servicing rights ("MSRs") beginning in the
second quarter of 2020. Income related to MSRs increased from
$1.6 million through June 30, 2020 to $3.2
million year-to-date through September 30, 2020.
Capital and Dividends
The Company continually monitors its capital position and is
particularly focused on the potential impact that the fallout from
COVID-19 will have on its capital position. The Company
remains confident in its ability to maintain capital levels at
amounts required for regulatory purposes and for the payment of its
common stock dividend, but the ability to maintain its dividend
payment remains highly dependent on the depth and breadth of the
economic impact of COVID-19. The Company may, depending on
conditions, find it necessary to suspend common stock
dividends.
Non-GAAP Financial Measures
The accounting and reporting policies of the Company conform to
U.S. generally accepted accounting principles ("GAAP") and
prevailing practices in the banking industry. However,
management uses certain non-GAAP measures to supplement the
evaluation of the Company's performance. Management believes
presentations of these non-GAAP financial measures provide useful
supplemental information that is essential to a proper
understanding of the operating results of the Company's core
businesses. These non-GAAP disclosures should not be viewed
as a substitute for operating results determined in accordance with
GAAP, nor are they necessarily comparable to non-GAAP performance
measures that may be presented by other companies. Reconciliations
of GAAP to non-GAAP measures are included at the end of this
release.
Forward-Looking Statements
This release of Blue Ridge Bankshares, Inc. (the "Company")
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements represent plans, estimates, objectives,
goals, guidelines, expectations, intentions, projections and
statements of the Company's beliefs concerning future events,
business plans, objectives, expected operating results and the
assumptions upon which those statements are based. Forward-looking
statements include, without limitation, any statement that may
predict, forecast, indicate or imply future results, performance or
achievements, and are typically identified with words such as
"may," "could," "should," "will," "would," "believe," "anticipate,"
"estimate," "expect," "aim," "intend," "plan," or words or phases
of similar meaning. The Company cautions that the
forward-looking statements are based largely on its expectations
and are subject to a number of known and unknown risks and
uncertainties that are subject to change based on factors which
are, in many instances, beyond the Company's control. Actual
results, performance or achievements could differ materially from
those contemplated, expressed or implied by the forward-looking
statements.
The following factors, among others, could cause the Company's
financial performance to differ materially from that expressed in
such forward-looking statements: (i) the strength of the United States economy in general and the
strength of the local economies in which the Company conducts
operations; (ii) geopolitical conditions, including acts or threats
of terrorism, or actions taken by the
United States or other governments in response to acts or
threats of terrorism and/or military conflicts, which could impact
business and economic conditions in the
United States and abroad; (iii) the effects of the COVID-19
pandemic, including the adverse impact on the Company's business
and operations and on the Company's customers which may result,
among other things, in increased delinquencies, defaults,
foreclosures and losses on loans; (iv) the occurrence of
significant natural disasters, including severe weather conditions,
floods, health related issues, and other catastrophic events; (v)
the Company's management of risks inherent in its real estate loan
portfolio, and the risk of a prolonged downturn in the real estate
market, which could impair the value of the Company's
collateral and its ability to sell collateral upon any foreclosure;
(vi) changes in consumer spending and savings habits; (vii)
technological and social media changes; (viii) the effects of, and
changes in, trade, monetary and fiscal policies and laws, including
interest rate policies of the Board of Governors of the Federal
Reserve System, inflation, interest rate, market and monetary
fluctuations; (ix) changing bank regulatory conditions, policies or
programs, whether arising as new legislation or regulatory
initiatives, that could lead to restrictions on activities of banks
generally, or the Company's subsidiary bank in particular, more
restrictive regulatory capital requirements, increased costs,
including deposit insurance premiums, regulation or prohibition of
certain income producing activities or changes in the secondary
market for loans and other products; (x) the impact of changes in
financial services policies, laws and regulations, including laws,
regulations and policies concerning taxes, banking, securities and
insurance, and the application thereof by regulatory bodies; (xi)
the impact of changes in laws, regulations and policies affecting
the real estate industry; (xii) the effect of changes in accounting
policies and practices, as may be adopted from time to time by bank
regulatory agencies, the Securities and Exchange Commission (the
"SEC"), the Public Company Accounting Oversight Board, the
Financial Accounting Standards Board or other accounting standards
setting bodies; (xiii) the timely development of competitive new
products and services and the acceptance of these products and
services by new and existing customers; (xiv) the willingness of
users to substitute competitors' products and services for the
Company's products and services; (xv) the effect of acquisitions
the Company may make, including, without limitation, the failure to
achieve the expected revenue growth and/or expense savings from
such acquisitions; (xvi) changes in the level of the Company's
nonperforming assets and charge-offs; (xvii) the Company's
involvement, from time to time, in legal proceedings and
examination and remedial actions by regulators; (xviii) potential
exposure to fraud, negligence, computer theft and cyber-crime;
(xix) the Company's ability to pay dividends; (xx) the Company's
involvement as a participating lender in the PPP as administered
through the U.S. Small Business Administration; (xxi) expenses
related to the Company's proposed merger with Bay Banks, unexpected
delays related to the merger, or the inability to obtain regulatory
and shareholder approvals or satisfy other closing conditions
required to complete the merger; and (xxii) other risks and factors
identified in the "Risk Factors" sections and elsewhere in
documents the Company files from time to time with the SEC.
Blue Ridge
Bankshares, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Five Quarter
Summary of Selected Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
(Dollars and
shares in thousands, except per share data)
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
Income Statement
Data:
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
Interest and Dividend
Income
|
|
$
|
14,444
|
|
$
|
13,167
|
|
$
|
10,423
|
|
$
|
8,457
|
|
$
|
8,118
|
Interest
Expense
|
|
|
2,615
|
|
|
2,522
|
|
|
2,400
|
|
|
2,577
|
|
|
2,682
|
Net Interest
Income
|
|
|
11,829
|
|
|
10,645
|
|
|
8,023
|
|
|
5,880
|
|
|
5,436
|
Provision for Loan
Losses
|
|
|
4,000
|
|
|
3,500
|
|
|
575
|
|
|
277
|
|
|
570
|
Net Interest Income
After Provision for Loan Losses
|
|
|
7,829
|
|
|
7,145
|
|
|
7,448
|
|
|
5,603
|
|
|
4,866
|
Noninterest
Income
|
|
|
17,748
|
|
|
16,524
|
|
|
4,998
|
|
|
4,541
|
|
|
4,973
|
Noninterest
Expenses
|
|
|
18,812
|
|
|
15,807
|
|
|
11,338
|
|
|
9,628
|
|
|
8,206
|
Income before income
taxes
|
|
|
6,765
|
|
|
7,862
|
|
|
1,108
|
|
|
516
|
|
|
1,633
|
Income tax expense
(benefit)
|
|
|
1,707
|
|
|
1,644
|
|
|
267
|
|
|
(17)
|
|
|
380
|
Net income
|
|
|
5,058
|
|
|
6,218
|
|
|
841
|
|
|
533
|
|
|
1,253
|
Net income
attributable to noncontrolling interest
|
|
|
4
|
|
|
4
|
|
|
(9)
|
|
|
(3)
|
|
|
(3)
|
Net income
attributable to Blue Ridge Bankshares, Inc.
|
|
$
|
5,062
|
|
$
|
6,222
|
|
$
|
832
|
|
$
|
530
|
|
$
|
1,250
|
Per Common Share
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income-basic
|
|
$
|
0.88
|
|
$
|
1.10
|
|
$
|
0.15
|
|
$
|
0.10
|
|
$
|
0.29
|
Net
income-diluted
|
|
|
0.88
|
|
|
1.10
|
|
|
0.15
|
|
|
0.10
|
|
|
0.29
|
Dividends
declared
|
|
|
0.1425
|
|
|
0.1425
|
|
|
0.1425
|
|
|
0.1425
|
|
|
0.1425
|
Book value per common
share
|
|
|
17.47
|
|
|
16.83
|
|
|
15.95
|
|
|
16.32
|
|
|
15.09
|
Tangible book value
per common share
|
|
|
13.47
|
|
|
12.72
|
|
|
11.80
|
|
|
12.14
|
|
|
14.00
|
Balance Sheet
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
$
|
1,523,299
|
|
$
|
1,585,798
|
|
$
|
1,027,605
|
|
$
|
960,811
|
|
$
|
736,238
|
Loans held for
investment
|
|
|
1,039,180
|
|
|
1,021,465
|
|
|
670,935
|
|
|
646,834
|
|
|
460,878
|
Loans held for
sale
|
|
|
193,122
|
|
|
127,796
|
|
|
90,019
|
|
|
55,646
|
|
|
80,255
|
Securities
|
|
|
123,329
|
|
|
114,003
|
|
|
120,254
|
|
|
128,897
|
|
|
142,712
|
Deposits
|
|
|
915,266
|
|
|
965,857
|
|
|
769,160
|
|
|
722,030
|
|
|
520,280
|
Subordinated Debt,
net
|
|
|
24,489
|
|
|
24,472
|
|
|
9,809
|
|
|
9,800
|
|
|
9,792
|
Other borrowed
funds
|
|
|
459,611
|
|
|
478,412
|
|
|
140,900
|
|
|
124,800
|
|
|
129,600
|
Total
equity
|
|
|
99,930
|
|
|
95,159
|
|
|
90,274
|
|
|
92,338
|
|
|
65,597
|
Average common shares
outstanding - basic
|
|
|
5,719
|
|
|
5,659
|
|
|
5,664
|
|
|
4,588
|
|
|
4,347
|
Average common shares
outstanding - diluted
|
|
|
5,719
|
|
|
5,659
|
|
|
5,664
|
|
|
4,588
|
|
|
4,347
|
Financial
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets *
|
|
|
1.30%
|
|
|
1.90%
|
|
|
0.34%
|
|
|
0.25%
|
|
|
0.69%
|
Return on average
equity *
|
|
|
20.74%
|
|
|
26.83%
|
|
|
3.68%
|
|
|
2.70%
|
|
|
7.73%
|
Total loan to deposit
ratio
|
|
|
134.64%
|
|
|
118.99%
|
|
|
98.93%
|
|
|
97.29%
|
|
|
104.01%
|
Held for investment
loan to deposit ratio
|
|
|
113.54%
|
|
|
105.76%
|
|
|
87.23%
|
|
|
89.59%
|
|
|
88.58%
|
Net interest
margin
|
|
|
3.26%
|
|
|
3.19%
|
|
|
3.71%
|
|
|
3.46%
|
|
|
3.16%
|
Cost of
deposits
|
|
|
0.64%
|
|
|
0.65%
|
|
|
0.95%
|
|
|
1.29%
|
|
|
1.35%
|
Efficiency
ratio
|
|
|
73.55%
|
|
|
66.78%
|
|
|
91.10%
|
|
|
94.91%
|
|
|
83.40%
|
Capital and Credit
Quality Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Equity to
Average Assets
|
|
|
6.27%
|
|
|
7.10%
|
|
|
9.18%
|
|
|
9.31%
|
|
|
8.90%
|
Allowance for loan
losses to loans held for investment
|
|
|
1.17%
|
|
|
0.80%
|
|
|
0.73%
|
|
|
0.71%
|
|
|
0.96%
|
Nonperforming loans
to total assets
|
|
|
0.30%
|
|
|
0.39%
|
|
|
0.50%
|
|
|
0.54%
|
|
|
0.78%
|
Nonperforming assets
to total assets
|
|
|
0.30%
|
|
|
0.39%
|
|
|
0.50%
|
|
|
0.54%
|
|
|
0.78%
|
Net charge-offs to
total loans held for investment
|
|
|
0.01%
|
|
|
0.02%
|
|
|
0.04%
|
|
|
0.02%
|
|
|
0.05%
|
Net charge-offs to
average loans held for investment (Annualized)
|
|
0.03%
|
|
|
0.09%
|
|
|
0.15%
|
|
|
0.08%
|
|
|
0.19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Disclosures (Unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity
(GAAP)
|
|
$
|
99,930
|
|
$
|
95,159
|
|
$
|
90,274
|
|
$
|
92,338
|
|
$
|
65,597
|
Less: Goodwill
and amortizable intangibles
|
|
|
(22,914)
|
|
|
(23,264)
|
|
|
(23,456)
|
|
|
(23,633)
|
|
|
(4,722)
|
Tangible common
equity (Non-GAAP)
|
|
$
|
77,016
|
|
$
|
71,895
|
|
$
|
66,818
|
|
$
|
68,705
|
|
$
|
60,875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shares
outstanding
|
|
|
5,719
|
|
|
5,654
|
|
|
5,661
|
|
|
5,659
|
|
|
4,347
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value per Share
(GAAP)
|
|
$
|
17.47
|
|
$
|
16.83
|
|
$
|
15.95
|
|
$
|
16.32
|
|
$
|
15.09
|
Tangible Book Value
per Share (Non-GAAP)
|
|
$
|
13.47
|
|
$
|
12.72
|
|
$
|
11.80
|
|
$
|
12.14
|
|
$
|
14.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Annualized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Ridge
Bankshares, Inc.
|
Consolidated
Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
(Audited)
|
|
|
(Unaudited)
|
|
|
September
30,
|
|
|
December
31,
|
|
|
September
30,
|
ASSETS
|
|
2020
|
|
|
2019
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
77,596,236
|
|
$
|
60,026,071
|
|
$
|
22,317,907
|
Federal funds
sold
|
|
-
|
|
|
480,000
|
|
|
285,000
|
Investment
securities
|
|
|
|
|
|
|
|
|
Securities available
for sale (at fair value)
|
|
113,888,827
|
|
|
108,571,161
|
|
|
121,739,785
|
Securities held to
maturity
|
|
-
|
|
|
12,192,139
|
|
|
13,117,160
|
Restricted
investments
|
|
9,440,580
|
|
|
8,133,519
|
|
|
7,855,079
|
|
|
|
|
|
|
|
|
|
Total Investment
Securities
|
|
123,329,407
|
|
|
128,896,819
|
|
|
142,712,024
|
|
|
|
|
|
|
|
|
|
Loans held for
sale
|
|
193,121,852
|
|
|
55,646,215
|
|
|
80,255,143
|
Loans held for
investment
|
|
1,039,180,070
|
|
|
646,833,864
|
|
|
460,878,329
|
Allowance for loan
losses
|
|
(12,123,387)
|
|
|
(4,572,371)
|
|
|
(4,404,593)
|
|
|
|
|
|
|
|
|
|
Net Loans Held for
Investment
|
|
1,027,056,683
|
|
|
642,261,493
|
|
|
456,473,736
|
|
|
|
|
|
|
|
|
|
Bank premises and
equipment, net
|
|
14,946,576
|
|
|
13,650,556
|
|
|
3,457,100
|
Bank owned life
insurance
|
|
15,012,705
|
|
|
14,734,261
|
|
|
8,870,920
|
Goodwill
|
|
19,892,331
|
|
|
19,914,942
|
|
|
3,306,664
|
Other intangible
assets
|
|
3,022,085
|
|
|
3,718,319
|
|
|
1,415,123
|
Other
assets
|
|
49,321,294
|
|
|
21,482,629
|
|
|
17,144,336
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
$
|
1,523,299,169
|
|
$
|
960,811,305
|
|
$
|
736,237,953
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
|
|
|
|
|
|
|
|
Noninterest
bearing
|
$
|
278,583,746
|
|
$
|
177,819,205
|
|
$
|
91,840,165
|
Interest
bearing
|
|
303,051,674
|
|
|
220,776,065
|
|
|
160,302,009
|
Savings
deposits
|
|
73,273,954
|
|
|
62,479,898
|
|
|
31,352,186
|
Time
deposits
|
|
260,356,861
|
|
|
260,954,991
|
|
|
236,786,100
|
|
|
|
|
|
|
|
|
|
Total
Deposits
|
|
915,266,235
|
|
|
722,030,159
|
|
|
520,280,460
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased
|
|
135,000
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Other borrowed
funds
|
|
459,475,705
|
|
|
124,800,000
|
|
|
129,600,000
|
Subordinated debt,
net of issuance costs
|
|
24,489,071
|
|
|
9,800,434
|
|
|
9,791,964
|
Other
liabilities
|
|
24,003,294
|
|
|
11,843,037
|
|
|
10,968,831
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
1,423,369,305
|
|
|
868,473,630
|
|
|
670,641,255
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, no par
value, authorized - 25,000,000 shares;
|
|
|
|
|
|
|
|
|
outstanding -
5,718,621 shares at 9/30/20, 5,658,585 shares
|
|
|
|
|
|
|
|
|
at 12/31/19,
and 4,346,866 at 9/30/19)
|
|
66,555,535
|
|
|
66,204,739
|
|
|
38,731,340
|
Contributed
equity
|
|
251,543
|
|
|
251,543
|
|
|
251,543
|
Retained
earnings
|
|
35,107,023
|
|
|
25,428,056
|
|
|
25,516,493
|
Accumulated other
comprehensive income
|
|
(2,210,138)
|
|
|
229,051
|
|
|
876,027
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity
|
|
99,703,963
|
|
|
92,113,389
|
|
|
65,375,403
|
Noncontrolling
interest
|
|
225,901
|
|
|
224,286
|
|
|
221,295
|
Total
Equity
|
|
99,929,864
|
|
|
92,337,675
|
|
|
65,596,698
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Equity
|
$
|
1,523,299,169
|
|
$
|
960,811,305
|
|
$
|
736,237,953
|
Blue Ridge
Bankshares, Inc.
|
Consolidated
Statements of Income
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
Nine
Months
|
|
|
Nine
Months
|
|
|
Ended
|
|
|
Ended
|
|
|
September 30,
2020
|
|
|
September 30,
2019
|
INTEREST
INCOME
|
|
|
|
|
|
Interest and fees on
loans held for investment
|
$
|
33,346,074
|
|
$
|
18,307,079
|
Interest and fees on
loans held for sale
|
|
2,420,270
|
|
|
1,333,271
|
Interest on federal
funds sold
|
|
1,948
|
|
|
5,995
|
Interest and
dividends on taxable investment securities
|
|
2,146,553
|
|
|
2,601,462
|
Interest and
dividends on nontaxable investment securities
|
|
119,481
|
|
|
182,651
|
|
|
|
|
|
|
Total Interest
Income
|
|
38,034,326
|
|
|
22,430,458
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
Interest on savings
and interest bearing demand deposits
|
|
1,191,818
|
|
|
1,194,254
|
Interest on time
deposits
|
|
3,697,433
|
|
|
3,296,668
|
Interest on borrowed
funds
|
|
2,648,245
|
|
|
2,452,149
|
|
|
|
|
|
|
Total Interest
Expense
|
|
7,537,496
|
|
|
6,943,071
|
|
|
|
|
|
|
Net Interest
Income
|
|
30,496,830
|
|
|
15,487,387
|
|
|
|
|
|
|
PROVISION FOR LOAN
LOSSES
|
|
8,075,000
|
|
|
1,465,000
|
|
|
|
|
|
|
Net Interest Income
after Provision for Loan Losses
|
|
22,421,830
|
|
|
14,022,387
|
|
|
|
|
|
|
OTHER
INCOME
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
668,804
|
|
|
458,724
|
Earnings on
investment in life insurance
|
|
278,444
|
|
|
874,337
|
Gain on sale of
mortgages and brokerage income
|
|
31,968,720
|
|
|
10,966,532
|
Mortgage servicing
income
|
|
3,241,070
|
|
|
-
|
Gain (loss) on
disposal of assets
|
|
(115,620)
|
|
|
2,080
|
Gain (loss) on sale
of securities
|
|
208,836
|
|
|
85,666
|
Gain (loss) on sale
of OREO
|
|
-
|
|
|
(33,399)
|
Gain on sale of
guaranteed USDA loans
|
|
778,559
|
|
|
298,288
|
Other noninterest
income
|
|
2,241,377
|
|
|
1,602,888
|
|
|
|
|
|
|
Total Other
Income
|
|
39,270,190
|
|
|
14,255,116
|
|
|
|
|
|
|
OTHER
EXPENSES
|
|
|
|
|
|
Salaries and employee
benefits
|
|
30,140,768
|
|
|
14,148,864
|
Occupancy and
equipment
|
|
2,653,339
|
|
|
1,867,813
|
Data
processing
|
|
1,799,268
|
|
|
1,068,695
|
Legal, issuer,
merger, and regulatory filing fees
|
|
2,072,806
|
|
|
929,851
|
Advertising
|
|
517,638
|
|
|
606,854
|
Communications
|
|
536,447
|
|
|
334,450
|
Debit
card
|
|
465,365
|
|
|
241,914
|
Directors
fees
|
|
335,104
|
|
|
174,050
|
Audits and
examinations
|
|
290,737
|
|
|
175,026
|
FDIC
insurance
|
|
567,926
|
|
|
256,000
|
Other contractual
services
|
|
870,432
|
|
|
269,626
|
Other taxes and
assessments
|
|
748,405
|
|
|
746,361
|
Other
operating
|
|
4,958,570
|
|
|
2,397,958
|
|
|
|
|
|
|
Total Other
Expenses
|
|
45,956,805
|
|
|
23,217,462
|
|
|
|
|
|
|
Income before Income
Taxes
|
|
15,735,215
|
|
|
5,060,041
|
|
|
|
|
|
|
INCOME TAX
EXPENSE
|
|
3,618,349
|
|
|
989,296
|
|
|
|
|
|
|
Net Income
|
|
12,116,866
|
|
|
4,070,745
|
Net Income
attributable to noncontrolling interest
|
|
(1,614)
|
|
|
(21,251)
|
Net Income
attributable to Blue Ridge Bankshares, Inc.
|
$
|
12,115,252
|
|
$
|
4,049,494
|
|
|
|
|
|
|
Net Income
Available to Common Stockholders
|
$
|
12,115,252
|
|
$
|
4,049,494
|
|
|
|
|
|
|
Earnings per
Share
|
$
|
2.13
|
|
$
|
1.01
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding
|
|
5,680,930
|
|
|
3,998,267
|
Blue Ridge
Bankshares, Inc.
|
Consolidated
Statements of Income
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
Three
Months
|
|
|
Three
Months
|
|
|
Ended
|
|
|
Ended
|
|
|
September 30,
2020
|
|
|
September 30,
2019
|
INTEREST
INCOME
|
|
|
|
|
|
Interest and fees on
loans held for investment
|
$
|
12,667,320
|
|
$
|
6,363,731
|
Interest and fees on
loans held for sale
|
|
1,112,631
|
|
|
562,877
|
Interest on federal
funds sold
|
|
292
|
|
|
2,006
|
Interest and
dividends on taxable investment securities
|
|
633,713
|
|
|
1,133,468
|
Interest and
dividends on nontaxable investment securities
|
|
30,403
|
|
|
55,904
|
|
|
|
|
|
|
Total Interest
Income
|
|
14,444,359
|
|
|
8,117,986
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
Interest on savings
and interest bearing demand deposits
|
|
325,226
|
|
|
457,231
|
Interest on time
deposits
|
|
1,189,521
|
|
|
1,305,869
|
Interest on borrowed
funds
|
|
1,100,716
|
|
|
918,999
|
|
|
|
|
|
|
Total Interest
Expense
|
|
2,615,463
|
|
|
2,682,099
|
|
|
|
|
|
|
Net Interest
Income
|
|
11,828,896
|
|
|
5,435,887
|
|
|
|
|
|
|
PROVISION FOR LOAN
LOSSES
|
|
4,000,000
|
|
|
570,000
|
|
|
|
|
|
|
Net Interest Income
after Provision for Loan Losses
|
|
7,828,896
|
|
|
4,865,887
|
|
|
|
|
|
|
OTHER
INCOME
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
214,529
|
|
|
171,151
|
Earnings on
investment in life insurance
|
|
93,738
|
|
|
58,915
|
Gain on sale of
mortgages and brokerage income
|
|
14,399,627
|
|
|
3,942,644
|
Mortgage servicing
income
|
|
1,644,739
|
|
|
-
|
Gain (loss) on
disposal of assets
|
|
(112,066)
|
|
|
-
|
Gain (loss) on sale
of securities
|
|
208,836
|
|
|
85,666
|
Gain on sale of
guaranteed USDA loans
|
|
515,631
|
|
|
251,768
|
Other noninterest
income
|
|
784,086
|
|
|
462,749
|
|
|
|
|
|
|
Total Other
Income
|
|
17,749,120
|
|
|
4,972,893
|
|
|
|
|
|
|
OTHER
EXPENSES
|
|
|
|
|
|
Salaries and employee
benefits
|
|
11,880,126
|
|
|
5,078,753
|
Occupancy and
equipment expenses
|
|
921,692
|
|
|
627,281
|
Data
processing
|
|
674,522
|
|
|
412,632
|
Legal, issuer,
merger, and regulatory filing fees
|
|
1,536,062
|
|
|
295,187
|
Advertising
expense
|
|
164,827
|
|
|
191,448
|
Communications
|
|
214,436
|
|
|
122,781
|
Debit card
expenses
|
|
136,999
|
|
|
81,627
|
Directors
fees
|
|
219,704
|
|
|
51,750
|
Audits and
examinations
|
|
98,894
|
|
|
86,885
|
FDIC insurance
expense
|
|
187,150
|
|
|
86,000
|
Other contractual
services
|
|
515,995
|
|
|
89,292
|
Other taxes and
assessments
|
|
279,617
|
|
|
257,056
|
Other noninterest
expense
|
|
1,982,129
|
|
|
825,627
|
|
|
|
|
|
|
Total Other
Expenses
|
|
18,812,153
|
|
|
8,206,319
|
|
|
|
|
|
|
Income before Income
Taxes
|
|
6,765,863
|
|
|
1,632,461
|
|
|
|
|
|
|
INCOME TAX
EXPENSE
|
|
1,706,805
|
|
|
379,322
|
|
|
|
|
|
|
Net Income
|
|
5,059,058
|
|
|
1,253,139
|
Net Income
attributable to noncontrolling interest
|
|
3,945
|
|
|
(3,075)
|
Net Income
attributable to Blue Ridge Bankshares, Inc.
|
$
|
5,063,003
|
|
|
1,250,064
|
|
|
|
|
|
|
Net Income
Available to Common Stockholders
|
$
|
5,063,003
|
|
$
|
1,250,064
|
|
|
|
|
|
|
Earnings per
Share
|
$
|
0.88
|
|
$
|
0.29
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding
|
|
5,718,621
|
|
|
4,346,866
|
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SOURCE Blue Ridge Bankshares, Inc.