CHARLOTTESVILLE, Va.,
Jan. 29, 2021 /PRNewswire/
-- Blue Ridge Bankshares, Inc. (the "Company") (NYSE American:
BRBS) announced today its unaudited fourth quarter 2020 net income
of $5.5 million, or $0.98 earnings per share, compared to
$5.1 million, or $0.88 earnings per share, for the quarterly
period ended September 30, 2020, and
$0.5 million, or $0.11 earnings per share, for the quarterly
period ended December 31, 2019.
Earnings for the fourth quarter of 2020 include approximately
$0.7 million in one-time expenses
related to the upcoming merger with Bay Banks of Virginia, Inc. ("Bay Banks")(OTC: BAYK), and
earnings for the year ended 2020 include approximately $1.9 million in one-time expenses related to the
upcoming merger with Bay Banks and $0.5
million in one-time expenses related to the merger with
Virginia Community Bankshares, Inc., which closed in December 2019.
The Company continues to experience record quarterly earnings,
largely attributable to its mortgage division and its increased
loan volumes. The Company also continued to recognize
Paycheck Protection Program loan processing fees over the expected
loan lives throughout the fourth quarter, which was offset by
increased loan loss provisioning due to the uncertainty surrounding
COVID-19 and its long-term economic impact. Additionally, in
January 2021, the Company was pleased
to declare a dividend of $0.1425 per
share, payable on January 29, 2021 to
shareholders of record as of the close of business on January 19, 2021.
"One year ago we had no idea what 2020 had in store for us,"
said Brian K. Plum, President and
Chief Executive Officer. "We experienced a series of events
many of us could not have imagined. Our team ran to the roar
with a tenacious commitment to our clients and communities.
The incredible effort displayed by our team in 2020 is emblematic
of the priority we place on service to others, and I have never
been prouder to be part of something as I am to be part of this
group."
"We recognize there is still much hard work ahead as we navigate
the COVID-19 landscape," Plum added. "We will continue to do
everything we can to assist our employees, borrowers, and
communities as we work through present challenges, and we expect
the effects of COVID-19 may lead to asset quality deterioration in
the coming quarters."
"We also look forward to finalizing the merger with Bay Banks
and welcoming new team members, customers, and communities,"
continued Plum. "The efforts of everyone in 2020 toward a
successful merger integration and robust business development allow
us to approach the future together with a strong combined energy
and the wind at our backs."
Paycheck Protection Program ("PPP")
In 2020, the Company funded over 2,400 PPP loans reaching a peak
of approximately $363 million.
Estimated net PPP processing fees earned by the Company for these
loans is approximately $11.5 million,
of which $7.9 million in net fees
were recognized in 2020. 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 ratios. The
Company is currently working with PPP borrowers through the
forgiveness phase of the program. As of January 28, 2021, $183.4
million in PPP loans have been submitted to the U.S. Small
Business Administration ("SBA") for forgiveness and are either
awaiting full forgiveness or have been forgiven.
A new round of PPP began in January
2021 and as of January 28,
2021, the SBA had approved approximately $144.3 million, or 1,407 loans to be funded by
the Company. The Company estimates fee revenue of
approximately $7.1 million to be
recognized over the life of these loans.
Fintech Division
The Company's efforts to partner with fintech providers started
gaining critical mass in 2020. The fintech division ended the
year with four active partnerships, including Upgrade, Meritize,
Flexible Finance, and Kashable, and six emerging partnerships for
2021 including Jaris, BNK.DEV/Ratchet, Aeldra, Grow Credit,
MentorWorks, and Unit. Fintech relationships have resulted in
approximately $47.0 million in
related deposits on the balance sheet.
COVID-19 Response
The Company closed branch lobbies in December 2020 due to heightened concern
surrounding the spread of COVID-19. The use of drive-thru and
digital alternatives, including online banking and remote deposit
anywhere, have ensured minimal disruption to our customers and the
normal operations of the Company.
Asset Quality
Nonaccrual loans and loans 90 days or more past due totaled
$6.6 million at December 31, 2020, an increase of $2.1 million, or 46.7%, from September 30, 2020. The Company's provision
for loan losses amounted to $2.4
million for the fourth quarter of 2020, compared to
$4.0 million in the third quarter of
2020. The increased provisioning in 2020 is related to the
continued uncertainty surrounding COVID-19 and its impact on the
Company's borrowers.
In response to COVID-19 during 2020, the Company approved over
550 loan deferrals for a total of $110.6
million. A majority of these loans are now past the
deferment period and are back on normal payment schedules with the
exception of $6.3 million which are
either currently deferred or are expected to be deferred
soon. The Company expects additional deferrals and/or
modifications to assist customers during these uncertain times as
COVID-19 and its various strains continue to impact
borrowers. Stimulus relief and the COVID-19 vaccine will
hopefully lessen the continued hardships that consumers and
businesses have faced up until now. A lot of uncertainty
still remains on the pandemic's impact to be absorbed by the
Company. The Company is closely monitoring the past due
loan portfolio, and proactively staying in touch with borrowers,
especially as it relates to certain 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 January 28,
2021:
Industry by NAICS
Code
|
Number
of
Borrowers
|
|
Total Loan
Balance
|
Hotels and
Motels
|
15
|
|
$34,515,501
|
Bed and
Breakfasts
|
5
|
|
2,731,444
|
All Other
Traveler
Accommodations
|
5
|
|
4,335,986
|
Full-Service
Restaurants
|
16
|
|
4,774,918
|
Limited-Service
Restaurants
|
14
|
|
4,901,169
|
Religious
Organizations
|
36
|
|
6,944,304
|
TOTAL
|
91
|
|
$58,203,322
|
Balance Sheet
The Company had total assets of $1.49
billion at December 31, 2020,
an increase of $537.4 million, or
55.9%, from December 31, 2019 and a
decrease of $25.0 million, or 1.6%
from September 30, 2020. The
increase in total assets for the year was primarily driven by
PPP. Loans held for investment increased $344.1 million, or 53.2% from December 31, 2019, and decreased $48.2 million, or 4.6%, from September 30, 2020. Included in the annual
increase is approximately $292.1
million in PPP loans originated in 2020. The decrease
in loans held for investment since the quarter ended September 30, 2020 is largely due to PPP loans
forgiven during the fourth quarter. A majority of PPP
loans are fully funded by the Federal Reserve's PPPLF program,
resulting in a corresponding change in other borrowed funds on the
balance sheet. The decline in total assets for the fourth quarter
is largely due to the forgiveness of PPP loans originated earlier
in 2020. Additionally, loans held for sale declined
$14.5 million in the fourth quarter
due to the mortgage division beginning the process of pooling loans
and selling to agencies. Total deposits increased
$223.1 million, or 30.9%, from
December 31, 2019, and increased
$29.8 million, or 3.3% from
September 30, 2020. Noninterest
DDA increased $155.2 million, or
87.3% year-to-date and increased $54.5
million, or 19.6% for the fourth quarter. The increase
in deposits year-to-date and for the fourth quarter was
attributable to funds retained from PPP customers as well as the
build-up of liquidity in response to COVID-19. Additionally,
the Company's expanding relationship with key Fintech partners has
resulted in additional meaningful deposit growth.
Income Statement
Net Interest Income
Net interest income was approximately $44.5 million for 2020 compared to $21.4 million in 2019, and $14.0 million for the quarter ended December 31, 2020, compared to $11.8 million for the third quarter of
2020. Included in net interest income for the year and fourth
quarter of 2020 was approximately $7.9 million and $3.1 million in net PPP fee revenue,
respectively. Additionally, the Company recognized Main
Street Lending Program fee revenue of approximately $1.5 million in the fourth quarter of 2020.
The Company continues to experience a decline in interest expense
as higher priced deposits mature or roll off. Interest
expense for the fourth quarter was $2.4
million compared to $2.6
million in the third quarter of 2020.
Other Income
Other income for the fourth quarter 2020 remained steady at
$17.5 million compared to
$17.7 million for the quarter ended
September 30, 2020. Residential
mortgage banking income is the main driver of other income and
represented 93.3% of other income for the fourth quarter.
Additionally, the Company recognized $101
thousand in gains on sale of government guaranteed loans in
the fourth quarter. The Company is excited to have added a
government guaranteed lending team in the fourth quarter to expand
upon this key area of lending going into 2021.
Other Expense
Other expenses for the fourth quarter ended December 31, 2020 were $22.4 million compared to $18.8 million in the third quarter of 2020.
The majority of this increase relates to the aforementioned
one-time merger expenses of $0.7
million. Additionally, salaries and benefits increased
$3.4 million for the fourth quarter
of 2020 due mainly 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
$11.9 million in 2020 compared to
$0.4 million in 2019. 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. Year-to-date mortgage volume for 2020 was over
$1.2 billion, record breaking for the
Company. Income related to MSRs increased from
$3.2 million through September 30, 2020 to $7.1
million through December 31,
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. 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 SBA, (xxi) the businesses of the Company and Bay Banks
may not be integrated successfully or such integration may be more
difficult, time-consuming or costly than expected; (xxii) expected
revenue synergies and cost savings from the Bay Banks merger may
not be fully realized or realized within the expected timeframe;
(xxiii) revenues following the Bay Banks merger may be lower than
expected; (xxiv) customer and employee relationships and business
operations may be disrupted by the Bay Banks merger; and (xxv)
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
|
|
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
(Dollars and
shares in thousands, except per share data)
|
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
Income Statement
Data:
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
Interest and Dividend
Income
|
|
$
|
16,426
|
|
$
|
14,444
|
|
$
|
13,167
|
|
$
|
10,423
|
|
$
|
8,457
|
Interest
Expense
|
|
|
2,412
|
|
|
2,615
|
|
|
2,522
|
|
|
2,400
|
|
|
2,577
|
Net Interest
Income
|
|
|
14,014
|
|
|
11,829
|
|
|
10,645
|
|
|
8,023
|
|
|
5,880
|
Provision for Loan
Losses
|
|
|
2,375
|
|
|
4,000
|
|
|
3,500
|
|
|
575
|
|
|
277
|
Net Interest Income
After Provision for Loan Losses
|
|
|
11,639
|
|
|
7,829
|
|
|
7,145
|
|
|
7,448
|
|
|
5,603
|
Noninterest
Income
|
|
|
17,554
|
|
|
17,748
|
|
|
16,524
|
|
|
4,998
|
|
|
4,541
|
Noninterest
Expenses
|
|
|
22,430
|
|
|
18,812
|
|
|
15,807
|
|
|
11,338
|
|
|
9,628
|
Income before income
taxes
|
|
|
6,763
|
|
|
6,765
|
|
|
7,862
|
|
|
1,108
|
|
|
516
|
Income tax expense
(benefit)
|
|
|
1,182
|
|
|
1,707
|
|
|
1,644
|
|
|
267
|
|
|
(17)
|
Net income
|
|
|
5,581
|
|
|
5,058
|
|
|
6,218
|
|
|
841
|
|
|
533
|
Net income
attributable to noncontrolling interest
|
|
|
-
|
|
|
4
|
|
|
4
|
|
|
(9)
|
|
|
(3)
|
Net income
attributable to Blue Ridge Bankshares, Inc.
|
|
$
|
5,581
|
|
$
|
5,062
|
|
$
|
6,222
|
|
$
|
832
|
|
$
|
530
|
Per Common Share
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income-basic
|
|
$
|
0.98
|
|
$
|
0.88
|
|
$
|
1.10
|
|
$
|
0.15
|
|
$
|
0.10
|
Net
income-diluted
|
|
|
0.98
|
|
|
0.88
|
|
|
1.10
|
|
|
0.15
|
|
|
0.10
|
Dividends declared
(Q4 2020 Dividend declared in January 2021)
|
|
|
-
|
|
|
0.1425
|
|
|
0.1425
|
|
|
0.1425
|
|
|
0.1425
|
Book value per common
share
|
|
|
18.85
|
|
|
17.47
|
|
|
16.83
|
|
|
15.95
|
|
|
16.32
|
Tangible book value
per common share
|
|
|
14.86
|
|
|
13.47
|
|
|
12.72
|
|
|
11.80
|
|
|
12.14
|
Balance Sheet
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
$
|
1,498,258
|
|
$
|
1,523,299
|
|
$
|
1,585,798
|
|
$
|
1,027,605
|
|
$
|
960,811
|
Loans held for
investment
|
|
|
991,027
|
|
|
1,039,180
|
|
|
1,021,465
|
|
|
670,935
|
|
|
646,834
|
Loans held for
sale
|
|
|
178,598
|
|
|
193,122
|
|
|
127,796
|
|
|
90,019
|
|
|
55,646
|
Securities
|
|
|
119,954
|
|
|
123,329
|
|
|
114,003
|
|
|
120,254
|
|
|
128,897
|
Deposits
|
|
|
945,109
|
|
|
915,266
|
|
|
965,857
|
|
|
769,160
|
|
|
722,030
|
Subordinated Debt,
net
|
|
|
24,506
|
|
|
24,489
|
|
|
24,472
|
|
|
9,809
|
|
|
9,800
|
Other borrowed
funds
|
|
|
396,650
|
|
|
459,611
|
|
|
478,412
|
|
|
140,900
|
|
|
124,800
|
Total
equity
|
|
|
107,775
|
|
|
99,930
|
|
|
95,159
|
|
|
90,274
|
|
|
92,338
|
Average common shares
outstanding - basic
|
|
|
5,719
|
|
|
5,719
|
|
|
5,659
|
|
|
5,664
|
|
|
4,588
|
Average common shares
outstanding - diluted
|
|
|
5,719
|
|
|
5,719
|
|
|
5,659
|
|
|
5,664
|
|
|
4,588
|
Financial
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets *
|
|
|
1.48%
|
|
|
1.30%
|
|
|
1.90%
|
|
|
0.34%
|
|
|
0.25%
|
Return on average
equity *
|
|
|
21.50%
|
|
|
20.74%
|
|
|
26.83%
|
|
|
3.68%
|
|
|
2.70%
|
Total loan to deposit
ratio
|
|
|
123.76%
|
|
|
134.64%
|
|
|
118.99%
|
|
|
98.93%
|
|
|
97.29%
|
Held for investment
loan to deposit ratio
|
|
|
104.86%
|
|
|
113.54%
|
|
|
105.76%
|
|
|
87.23%
|
|
|
89.59%
|
Efficiency
ratio
|
|
|
76.83%
|
|
|
73.55%
|
|
|
66.78%
|
|
|
91.10%
|
|
|
94.91%
|
Capital and Credit
Quality Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Equity to
Average Assets
|
|
|
6.87%
|
|
|
6.27%
|
|
|
7.10%
|
|
|
9.18%
|
|
|
9.31%
|
Allowance for loan
losses to loans held for investment
|
|
|
1.40%
|
|
|
1.17%
|
|
|
0.80%
|
|
|
0.73%
|
|
|
0.71%
|
Nonperforming loans
to total assets
|
|
|
0.44%
|
|
|
0.30%
|
|
|
0.39%
|
|
|
0.50%
|
|
|
0.54%
|
Nonperforming assets
to total assets
|
|
|
0.44%
|
|
|
0.30%
|
|
|
0.39%
|
|
|
0.50%
|
|
|
0.54%
|
Net charge-offs to
total loans held for investment
|
|
|
0.07%
|
|
|
0.01%
|
|
|
0.02%
|
|
|
0.04%
|
|
|
0.02%
|
Net charge-offs to
average loans held for investment (Annualized)
|
|
|
0.26%
|
|
|
0.03%
|
|
|
0.09%
|
|
|
0.15%
|
|
|
0.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Disclosures (Unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity
(GAAP)
|
|
$
|
107,775
|
|
$
|
99,930
|
|
$
|
95,159
|
|
$
|
90,274
|
|
$
|
92,338
|
Less: Goodwill
and amortizable intangibles
|
|
|
(22,815)
|
|
|
(22,914)
|
|
|
(23,264)
|
|
|
(23,456)
|
|
|
(23,633)
|
Tangible common
equity (Non-GAAP)
|
|
$
|
84,960
|
|
$
|
77,016
|
|
$
|
71,895
|
|
$
|
66,818
|
|
$
|
68,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shares
outstanding
|
|
|
5,719
|
|
|
5,719
|
|
|
5,654
|
|
|
5,661
|
|
|
5,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value per Share
(GAAP)
|
|
$
|
18.85
|
|
$
|
17.47
|
|
$
|
16.83
|
|
$
|
15.95
|
|
$
|
16.32
|
Tangible Book Value
per Share (Non-GAAP)
|
|
$
|
14.86
|
|
$
|
13.47
|
|
$
|
12.72
|
|
$
|
11.80
|
|
$
|
12.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Annualized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Ridge
Bankshares, Inc.
|
Consolidated
Balance Sheet
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
(Audited)
|
|
|
December
31,
|
|
|
December
31,
|
ASSETS
|
|
2020
|
|
|
2019
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
117,945,014
|
|
$
|
60,026,071
|
Federal funds
sold
|
|
775,000
|
|
|
480,000
|
Investment
securities
|
|
|
|
|
|
Securities available
for sale (at fair value)
|
|
110,097,130
|
|
|
108,571,161
|
Securities held to
maturity
|
|
-
|
|
|
12,192,139
|
Restricted
investments
|
|
9,856,882
|
|
|
8,133,519
|
|
|
|
|
|
|
Total Investment
Securities
|
|
119,954,012
|
|
|
128,896,819
|
|
|
|
|
|
|
Loans held for
sale
|
|
178,598,054
|
|
|
55,646,215
|
Loans held for
investment
|
|
991,027,136
|
|
|
646,833,864
|
Allowance for loan
losses
|
|
(13,826,811)
|
|
|
(4,572,371)
|
|
|
|
|
|
|
Net Loans Held for
Investment
|
|
977,200,325
|
|
|
642,261,493
|
|
|
|
|
|
|
Bank premises and
equipment, net
|
|
14,830,693
|
|
|
13,650,556
|
Bank owned life
insurance
|
|
15,106,381
|
|
|
14,734,261
|
Goodwill
|
|
19,892,331
|
|
|
19,914,942
|
Other intangible
assets
|
|
2,922,237
|
|
|
3,718,319
|
Other
assets
|
|
51,034,038
|
|
|
21,482,629
|
|
|
|
|
|
|
Total
Assets
|
$
|
1,498,258,085
|
|
$
|
960,811,305
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
|
|
|
|
|
Noninterest
bearing
|
$
|
333,051,444
|
|
$
|
177,819,205
|
Interest
bearing
|
|
282,263,053
|
|
|
220,776,065
|
Savings
deposits
|
|
78,351,555
|
|
|
62,479,898
|
Time
deposits
|
|
251,442,990
|
|
|
260,954,991
|
|
|
|
|
|
|
Total
Deposits
|
|
945,109,042
|
|
|
722,030,159
|
|
|
|
|
|
|
Other borrowed
funds
|
|
396,649,713
|
|
|
124,800,000
|
Subordinated debt,
net of issuance costs
|
|
24,506,259
|
|
|
9,800,434
|
Other
liabilities
|
|
24,218,132
|
|
|
11,843,037
|
|
|
|
|
|
|
Total
liabilities
|
|
1,390,483,146
|
|
|
868,473,630
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, no par
value, authorized - 25,000,000 shares;
|
|
|
|
|
|
outstanding -
5,718,621 shares at 12/31/20, 5,658,585 shares
|
|
|
|
|
|
at
12/31/19)
|
|
66,771,394
|
|
|
66,204,739
|
Contributed
equity
|
|
251,543
|
|
|
251,543
|
Retained
earnings
|
|
40,688,159
|
|
|
25,428,056
|
Accumulated other
comprehensive income
|
|
(161,222)
|
|
|
229,051
|
|
|
|
|
|
|
Total Stockholders'
Equity
|
|
107,549,874
|
|
|
92,113,389
|
Noncontrolling
interest
|
|
225,065
|
|
|
224,286
|
Total
Equity
|
|
107,774,939
|
|
|
92,337,675
|
|
|
|
|
|
|
Total Liabilities and
Equity
|
$
|
1,498,258,085
|
|
$
|
960,811,305
|
Blue Ridge
Bankshares, Inc.
|
Consolidated
Income Statement
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
(Audited)
|
|
|
Year
|
|
|
Year
|
|
|
Ended
|
|
|
Ended
|
|
|
December 31,
2020
|
|
|
December 31,
2019
|
INTEREST
INCOME
|
|
|
|
|
|
Interest and fees on
loans held for investment
|
$
|
47,638,222
|
|
$
|
25,150,209
|
Interest and fees on
loans held for sale
|
|
3,921,650
|
|
|
1,940,043
|
Interest on federal
funds sold
|
|
2,013
|
|
|
9,603
|
Interest and
dividends on taxable investment securities
|
|
2,751,588
|
|
|
3,552,018
|
Interest and
dividends on nontaxable investment securities
|
|
146,733
|
|
|
235,849
|
|
|
|
|
|
|
Total Interest
Income
|
|
54,460,206
|
|
|
30,887,722
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
Interest on savings
and interest bearing demand deposits
|
|
1,485,486
|
|
|
1,663,340
|
Interest on time
deposits
|
|
4,760,700
|
|
|
4,546,037
|
Interest on borrowed
funds
|
|
3,703,594
|
|
|
3,310,241
|
|
|
|
|
|
|
Total Interest
Expense
|
|
9,949,780
|
|
|
9,519,618
|
|
|
|
|
|
|
Net Interest
Income
|
|
44,510,426
|
|
|
21,368,104
|
|
|
|
|
|
|
PROVISION FOR LOAN
LOSSES
|
|
10,450,000
|
|
|
1,742,248
|
|
|
|
|
|
|
Net Interest Income
after Provision for Loan Losses
|
|
34,060,426
|
|
|
19,625,856
|
|
|
|
|
|
|
OTHER
INCOME
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
905,276
|
|
|
650,546
|
Earnings on
investment in life insurance
|
|
389,749
|
|
|
935,588
|
Residential mortgage
banking income, net
|
|
51,544,107
|
|
|
14,432,997
|
Gain (loss) on
disposal of assets
|
|
(159,982)
|
|
|
548
|
Gain (loss) on sale
of securities
|
|
210,711
|
|
|
450,961
|
Gain (loss) on sale
of OREO
|
|
-
|
|
|
(42,757)
|
Gain on sale of
guaranteed USDA loans
|
|
879,822
|
|
|
298,288
|
Other noninterest
income
|
|
3,054,263
|
|
|
2,069,788
|
|
|
|
|
|
|
Total Other
Income
|
|
56,823,946
|
|
|
18,795,959
|
|
|
|
|
|
|
OTHER
EXPENSES
|
|
|
|
|
|
Salaries and employee
benefits
|
|
45,417,603
|
|
|
19,328,131
|
Occupancy and
equipment
|
|
3,550,597
|
|
|
2,537,714
|
Data
processing
|
|
2,682,926
|
|
|
1,902,138
|
Legal, issuer, and
regulatory filing fees
|
|
2,687,388
|
|
|
1,777,920
|
Advertising
|
|
776,376
|
|
|
809,747
|
Communications
|
|
721,311
|
|
|
441,023
|
Debit
card
|
|
582,508
|
|
|
363,114
|
Directors
fees
|
|
442,804
|
|
|
230,700
|
Audits and
examinations
|
|
436,361
|
|
|
257,510
|
FDIC
insurance
|
|
749,011
|
|
|
420,733
|
Other contractual
services
|
|
1,408,157
|
|
|
381,583
|
Other taxes and
assessments
|
|
1,013,499
|
|
|
660,721
|
Other
operating
|
|
7,918,121
|
|
|
3,733,599
|
|
|
|
|
|
|
Total Other
Expenses
|
|
68,386,662
|
|
|
32,844,633
|
|
|
|
|
|
|
Income before Income
Taxes
|
|
22,497,710
|
|
|
5,577,182
|
|
|
|
|
|
|
INCOME TAX
EXPENSE
|
|
4,800,544
|
|
|
972,625
|
|
|
|
|
|
|
Net Income
|
|
17,697,166
|
|
|
4,604,557
|
Net Income
attributable to noncontrolling interest
|
|
(778)
|
|
|
(24,242)
|
Net Income
attributable to Blue Ridge Bankshares, Inc.
|
$
|
17,696,388
|
|
$
|
4,580,315
|
|
|
|
|
|
|
Net Income
Available to Common Stockholders
|
$
|
17,696,388
|
|
$
|
4,580,315
|
|
|
|
|
|
|
Earnings per
Share
|
$
|
3.11
|
|
$
|
1.10
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding
|
|
5,690,404
|
|
|
4,146,980
|
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SOURCE Blue Ridge Bankshares, Inc.