CHARLOTTESVILLE, Va.,
July 30, 2020 /PRNewswire/
-- Blue Ridge Bankshares, Inc. (the "Company") (NYSE American:
BRBS) announced today its second quarter 2020 net income of
$6,218,000, or $1.10 earnings per share, compared to
$841,000, or $0.15 earnings per share, for the quarterly
period ended March 31, 2020, and
$1,536,000, or $0.35 earnings per share, for the quarterly
period ended June 30, 2019. The
growth in quarterly earnings is primarily attributable to a
significant increase in mortgage volume and the recognition of
Paycheck Protection Program loan processing fees over the expected
loan lives. The positive impact of these items was partially
offset by additional provisioning for loan losses driven by current
economic uncertainty.
"The fierce, passionate commitment of our team was never more on
display than what I have seen this year," said Brian K. Plum, President and Chief Executive
Officer. "Our team fully embraced the potential of the
Paycheck Protection Program to help thousands of borrowers and lift
communities. Meanwhile our mortgage team made incredible
strides improving processes and systems while facilitating record
volumes to help families purchase new homes and refinance existing
ones. I could not be prouder of our team for its efforts on
behalf of so many people during these uncertain times."
"We also recognize and accept that there are challenging times
ahead," Plum continued. "The economic uncertainties created
by the COVID-19 pandemic will resonate for years, and in the
short-term will likely create more business closures and asset
quality issues. Hopefully, we continue to see monetary and
fiscal policies support small businesses and borrowers as we
recover, which will help mitigate, though not entirely eliminate,
the economic consequences of the pandemic. Our team stands
ready to embrace the challenge of navigating the landscape to
create the best outcomes possible for our customers and
communities."
Paycheck Protection Program ("PPP")
The Company funded over 2,400 PPP loans totaling approximately
$350,000,000, as of June 30, 2020. Estimated PPP processing
fees earned by the Company for these loans is approximately
$11 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
ratios.
COVID-19 Response
The Company has resumed normalized branch operations, following
appropriate hygienic and distancing guidelines, following the
temporary redirection of branch traffic to drive-thru and digital
channels in mid-March 2020. 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
$6,172,000 at June 30, 2020, an increase of $1,051,000, or 20.5%, from March 31, 2020. The Company's provision for
loan losses amounted to $3,500,000
for the second quarter of 2020, compared to $575,000 in the first quarter of 2020. The
increased provisioning in the second quarter is related to the
continued uncertainty surrounding COVID-19 deferred loans and
borrower ability to repay once the deferral period ends.
The Company approved 545 loan deferrals for a total of
$104,750,000, or 15.4% of the
held-for-investment loan portfolio excluding PPP loans, as of
July 28, 2020. Of these
deferrals, 309 loans with a balance of $40,262,000 either continued making regular
payments or have resumed regular payments as of July 28, 2020. Deferrals were granted for
periods up to six months depending on the industry in which the
borrower operates and the borrower's specific needs. The
Company stays in continuous contact with deferred borrowers and
will reevaluate the risk rating, nonaccrual, and potential
impairment status of these loans consistently during the deferral
period.
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 July 28,
2020:
Industry by NAICS
Code
|
Number
of
Borrowers
|
|
Total Loan
Balance
|
Hotels and
Motels
|
17
|
|
$28,537,315
|
Bed and
Breakfasts
|
6
|
|
2,925,578
|
All Other
Traveler Accommodations
|
7
|
|
4,429,624
|
Full-Service
Restaurants
|
18
|
|
3,710,002
|
Limited-Service
Restaurants
|
13
|
|
4,845,102
|
Food Service
Contractor
|
1
|
|
1,454,672
|
Religious
Organizations
|
37
|
|
7,945,973
|
TOTAL
|
99
|
|
$53,848,266
|
Balance Sheet
The Company had total assets of $1,595,446,000 at June 30,
2020, an increase of $634,635,000, or 66.05%, from December 31, 2019 and $567,841,000, or 55.3% from March 31, 2020. The increase in total
assets year-to-date and for the quarter ended June 30, 2020 was primarily driven by PPP.
Loans held for investment increased $384,279,000, or 59.4% from December 31, 2019, and $360,178,000, or 53.7%, from March 31, 2020. Included in this increase
is approximately $350,091,000 of PPP
loans originated throughout the second quarter. These loans
were fully funded by the Federal Reserve's PPPLF program, resulting
in a corresponding increase in other borrowed funds on the balance
sheet. Additionally, cash and due from banks increased
$181,110,000, or 301.7% from
December 31, 2019, and $173,978,000, or 259.1% from March 31, 2020. Included in this increase
are funds retained from new customers as a result of PPP as well as
additional liquidity obtained during the uncertainty surrounding
COVID-19, some of which will begin to roll off in the third quarter
of 2020. Total deposits increased $243,826,000, or 33.8%, from December 31, 2019, and $196,697,000, or 25.6% from March 31, 2020. Noninterest DDA increased
$107,412,000, or 60.4% year-to-date
and $106,750,000, or 59.8% for the
quarter. These increases are also attributable to funds
retained from PPP customers as well as the build-up of liquidity in
response to COVID-19.
On May 28, 2020, the Company
entered into a subordinated note purchase agreement under which the
Company issued a subordinated note with a principal amount of
$15,000,000. The note initially
bears interest at 6.000% per year, beginning December 1, 2020 to but excluding June 1, 2025, payable semi-annually in arrears.
From and including June 1, 2025
through June 1, 2030, or up to an
earlier redemption date, the interest rate will reset quarterly to
an interest rate per year equal to the then current three-month
SOFR plus 587 basis points, payable quarterly in arrears. Beginning
on June 1, 2025 through maturity, the
note may be redeemed, at the Company's option, on any scheduled
interest payment date. The note will mature on June 1, 2030.
The Company experienced held-for-sale loan growth of
$72,150,000, or 129.7%, year-to-date,
and $37,777,000, or 42.0% in the
second 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 $10,645,000 for the quarter ended June 30, 2020, compared to $8,023,000 for the first quarter of 2020, and
$5,203,000 for the quarter ended
June 30, 2019. Included in
second quarter net interest income was approximately $2,400,000 in net PPP related loan income.
The Company continues to experience improved deposit pricing since
putting significant focus into realigning the balance sheet at the
end of the first quarter as a result of the significant downward
rate movements that occurred. The cost of deposits decreased from
0.95% in the first quarter to 0.65% at the end of the second
quarter. Net interest margin was down slightly in the second
quarter compared to the first quarter, decreasing from 3.71% to
3.19%. This decrease is attributable to the margin pressure
created by the PPP loans and related funding costs, which resulted
in the Company recognizing a 0.65% net interest margin on these
loans. The future recognition of PPP income as we enter the
forgiveness phase of the program in August
2020 will greatly impact the Company's net interest margin
going forward.
Other Income
Other income for the second quarter ended June 30, 2020 was $16,524,000 compared to $4,998,000 for the quarter ended March 31, 2020. This increase is
attributable to increased mortgage volume in the second quarter due
to the current rate environment along with the addition of the
LenderSelect Mortgage Group on December 31,
2019, and the expansion of the Company's retail mortgage
division. Year-to-date mortgage volume for 2020 was over
$400 million at June 30, 2020, which surpassed the volume
the division closed in all of 2019.
Other Expense
Other expenses for the second quarter ended June 30, 2020 were $15,807,000 compared to $11,338,000 in the first quarter of 2020.
The majority of this increase relates to salaries and
benefits. Increased volume at the mortgage division resulted
in increased commission expense being recognized.
Additionally, increased staffing in the mortgage division has been
necessary to keep up with the volume levels. The mortgage
division added approximately 40 net employees in various sales and
support roles since the end of the first quarter.
Mortgage Division
The Company's mortgage division, which consists of its retail
and wholesale mortgage efforts, recorded net income of $5,082,000 for the second quarter and
$4,378,000 year-to-date. The
primary driver of these record earnings for the mortgage division
was increased volume, expansion of the retail business line and the
addition of the wholesale business line with the acquisition of
LenderSelect Mortgage Group in late 2019.
During the second quarter, the Company began retaining mortgage
servicing rights ("MSRs"), resulting in a mortgage servicing asset
of $1,596,000 at June 30, 2020. The Company expects the
retention of servicing rights will support the LenderSelect
Mortgage Group's wholesale mortgage efforts by clients' members and
customers being subjected to reduced cross-selling by other
financial institutions. The retention of servicing rights in
retail is based on current market valuations for these
rights. The Company believes the retention of these rights in
the current environment will create meaningful economic returns in
the future as markets normalize.
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 contains forward-looking statements regarding the
Company. Forward-looking statements are typically identified by
words such as "believe," "expect", "anticipate", "intend",
"target", "estimate", "continue", "positions", "prospects",
"potential", "would", "should", "could", "will" or "may". These
statements include, without limitation, the Company's expectations
regarding its future financial performance. These forward-looking
statements are subject to numerous assumptions, risks and
uncertainties, which change over time, and these statements may not
be realized. The following factors, among others, could cause
actual results to differ materially from forward-looking statements
or historical performance: (1) the impact of the ongoing COVID-19
pandemic; (2) the businesses of the Company and/or VCB may not be
integrated successfully or such integration may be more difficult,
time-consuming or costly than expected; (3) expected revenue
synergies and cost savings from the VCB merger may not be fully
realized or realized within the expected timeframe;
(4) revenues following the VCB merger may be lower than
expected; (5) customer and employee relationships and business
operations may be disrupted by the VCB merger; (6) changes in
interest rates, general economic conditions, legislation and
regulation, and monetary and fiscal policies of the U.S.
government, including policies of the U.S. Treasury, Office of the
Comptroller of the Currency and the Board of Governors of the
Federal Reserve System; (7) the quality and composition of the
loan and securities portfolios, demand for loan products, deposit
flows, competition, and demand for financial services in the
Company's market areas; (8) the implementation of new
technologies, and the ability to develop and maintain secure and
reliable electronic systems; (9) accounting principles,
policies, and guidelines; and (10) other risk factors detailed
from time to time in filings made by the Company with the
Securities and Exchange Commission ("SEC") and available on the
SEC's website at www.sec.gov. The Company undertakes no obligation
to update or clarify these forward-looking statements, whether as a
result of new information, future events or otherwise.
Blue Ridge
Bankshares, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Five Quarter
Summary of Selected Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
June
30,
2020
|
|
March
31,
2020
|
|
December
31,
2019
|
|
September
30,
2019
|
|
June
30,
2019
|
(Dollars and
shares in thousands, except per share data)
|
|
|
|
|
|
Income Statement
Data:
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
Interest and Dividend
Income
|
|
$
|
13,167
|
|
$
|
10,423
|
|
$
|
8,457
|
|
$
|
8,118
|
|
$
|
7,641
|
Interest
Expense
|
|
|
2,522
|
|
|
2,400
|
|
|
2,577
|
|
|
2,682
|
|
|
2,438
|
Net Interest
Income
|
|
|
10,645
|
|
|
8,023
|
|
|
5,880
|
|
|
5,436
|
|
|
5,203
|
Provision for Loan
Losses
|
|
|
3,500
|
|
|
575
|
|
|
277
|
|
|
570
|
|
|
600
|
Net Interest Income
After Provision for Loan Losses
|
|
|
7,145
|
|
|
7,448
|
|
|
5,603
|
|
|
4,866
|
|
|
4,603
|
Noninterest
Income
|
|
|
16,524
|
|
|
4,998
|
|
|
4,541
|
|
|
4,973
|
|
|
5,383
|
Noninterest
Expenses
|
|
|
15,807
|
|
|
11,338
|
|
|
9,628
|
|
|
8,206
|
|
|
8,162
|
Income before income
taxes
|
|
|
7,862
|
|
|
1,108
|
|
|
516
|
|
|
1,633
|
|
|
1,824
|
Income tax expense
(benefit)
|
|
|
1,644
|
|
|
267
|
|
|
(17)
|
|
|
380
|
|
|
288
|
Net income
|
|
|
6,218
|
|
|
841
|
|
|
533
|
|
|
1,253
|
|
|
1,536
|
Net income
attributable to noncontrolling interest
|
|
|
4
|
|
|
(9)
|
|
|
(3)
|
|
|
(3)
|
|
|
(5)
|
Net income
attributable to Blue Ridge Bankshares, Inc.
|
|
$
|
6,222
|
|
$
|
832
|
|
$
|
530
|
|
$
|
1,250
|
|
$
|
1,531
|
Per Common Share
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income-basic
|
|
$
|
1.10
|
|
$
|
0.15
|
|
$
|
0.10
|
|
$
|
0.28
|
|
$
|
0.35
|
Net
income-diluted
|
|
|
1.10
|
|
|
0.15
|
|
|
0.10
|
|
|
0.28
|
|
|
0.35
|
Dividends
declared
|
|
|
0.1425
|
|
|
0.1425
|
|
|
0.1425
|
|
|
0.1425
|
|
|
0.1425
|
Book value per common
share
|
|
|
16.83
|
|
|
15.95
|
|
|
16.32
|
|
|
15.09
|
|
|
14.82
|
Tangible book value
per common share
|
|
|
12.72
|
|
|
11.80
|
|
|
12.14
|
|
|
14.00
|
|
|
13.71
|
Balance Sheet
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
$
|
1,595,446
|
|
$
|
1,027,605
|
|
$
|
960,811
|
|
$
|
736,238
|
|
$
|
721,784
|
Loans held for
investment
|
|
|
1,031,113
|
|
|
670,935
|
|
|
646,834
|
|
|
460,878
|
|
|
452,229
|
Loans held for
sale
|
|
|
127,796
|
|
|
90,019
|
|
|
55,646
|
|
|
80,255
|
|
|
61,976
|
Securities
|
|
|
114,003
|
|
|
120,254
|
|
|
128,897
|
|
|
142,712
|
|
|
153,764
|
Deposits
|
|
|
965,857
|
|
|
769,160
|
|
|
722,030
|
|
|
520,280
|
|
|
498,982
|
Subordinated Debt,
net
|
|
|
24,472
|
|
|
9,809
|
|
|
9,800
|
|
|
9,792
|
|
|
9,783
|
Other borrowed
funds
|
|
|
478,412
|
|
|
140,900
|
|
|
124,800
|
|
|
129,600
|
|
|
138,200
|
Total
equity
|
|
|
95,159
|
|
|
90,274
|
|
|
92,338
|
|
|
65,597
|
|
|
64,134
|
Average common shares
outstanding - basic
|
|
|
5,659
|
|
|
5,664
|
|
|
4,588
|
|
|
4,347
|
|
|
4,329
|
Average common shares
outstanding - diluted
|
|
|
5,659
|
|
|
5,664
|
|
|
4,588
|
|
|
4,347
|
|
|
4,329
|
Financial
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
1.90%
|
|
|
0.34%
|
|
|
0.25%
|
|
|
0.69%
|
|
|
0.95%
|
Return on average
equity
|
|
|
26.83%
|
|
|
3.68%
|
|
|
2.70%
|
|
|
7.73%
|
|
|
9.69%
|
Total loan to deposit
ratio
|
|
|
119.99%
|
|
|
98.93%
|
|
|
97.29%
|
|
|
104.01%
|
|
|
103.05%
|
Held for investment
loan to deposit ratio
|
|
|
106.76%
|
|
|
87.23%
|
|
|
89.59%
|
|
|
88.58%
|
|
|
90.63%
|
Net interest
margin
|
|
|
3.19%
|
|
|
3.71%
|
|
|
3.46%
|
|
|
3.16%
|
|
|
3.35%
|
Cost of
deposits
|
|
|
0.65%
|
|
|
0.95%
|
|
|
1.29%
|
|
|
1.35%
|
|
|
1.35%
|
Efficiency
ratio
|
|
|
66.78%
|
|
|
91.10%
|
|
|
94.91%
|
|
|
83.40%
|
|
|
81.73%
|
Capital and Credit
Quality Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Equity to
Average Assets
|
|
|
7.07%
|
|
|
9.18%
|
|
|
9.31%
|
|
|
8.90%
|
|
|
9.78%
|
Allowance for loan
losses to loans held for investment
|
|
|
0.80%
|
|
|
0.73%
|
|
|
0.71%
|
|
|
0.96%
|
|
|
0.90%
|
Nonperforming loans
to total assets
|
|
|
0.39%
|
|
|
0.50%
|
|
|
0.54%
|
|
|
0.78%
|
|
|
0.74%
|
Nonperforming assets
to total assets
|
|
|
0.39%
|
|
|
0.50%
|
|
|
0.54%
|
|
|
0.78%
|
|
|
0.77%
|
Net charge-offs to
total loans held for investment
|
|
|
0.02%
|
|
|
0.04%
|
|
|
0.02%
|
|
|
0.05%
|
|
|
0.06%
|
Net charge-offs to
average loans held for investment (Annualized)
|
|
|
0.09%
|
|
|
0.15%
|
|
|
0.08%
|
|
|
0.19%
|
|
|
0.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Disclosures (Unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity
(GAAP)
|
|
$
|
95,159
|
|
$
|
90,274
|
|
$
|
92,338
|
|
$
|
65,597
|
|
$
|
64,134
|
Less: Goodwill
and amortizable intangibles
|
|
|
(23,264)
|
|
|
(23,456)
|
|
|
(23,633)
|
|
|
(4,722)
|
|
|
(4,792)
|
Tangible common
equity (Non-GAAP)
|
|
$
|
71,895
|
|
$
|
66,818
|
|
$
|
68,705
|
|
$
|
60,875
|
|
$
|
59,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shares
outstanding
|
|
|
5,654
|
|
|
5,661
|
|
|
5,659
|
|
|
4,347
|
|
|
4,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value per Share
(GAAP)
|
|
$
|
16.83
|
|
$
|
15.95
|
|
$
|
16.32
|
|
$
|
15.09
|
|
$
|
14.82
|
Tangible Book Value
per Share (Non-GAAP)
|
|
$
|
12.72
|
|
$
|
11.80
|
|
$
|
12.14
|
|
$
|
14.00
|
|
$
|
13.71
|
BLUE RIDGE
BANKSHARES, INC.
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
(Audited)
|
|
|
(Unaudited)
|
|
|
June
30,
|
|
|
December
31,
|
|
|
June
30
|
ASSETS
|
|
2020
|
|
|
2019
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
241,136,065
|
|
$
|
60,026,071
|
|
$
|
21,564,192
|
Federal funds
sold
|
|
452,000
|
|
|
480,000
|
|
|
482,000
|
Investment
securities
|
|
|
|
|
|
|
|
|
Securities available
for sale (at fair value)
|
|
104,480,584
|
|
|
108,571,161
|
|
|
130,282,826
|
Securities held to
maturity
|
|
-
|
|
|
12,192,139
|
|
|
15,204,409
|
Restricted
investments
|
|
9,522,244
|
|
|
8,133,519
|
|
|
8,277,118
|
|
|
|
|
|
|
|
|
|
Total Investment
Securities
|
|
114,002,828
|
|
|
128,896,819
|
|
|
153,764,353
|
|
|
|
|
|
|
|
|
|
Loans held for
sale
|
|
127,796,410
|
|
|
55,646,215
|
|
|
61,975,712
|
Loans held for
investment
|
|
1,031,112,962
|
|
|
646,833,864
|
|
|
452,229,287
|
Allowance for loan
losses
|
|
(8,206,000)
|
|
|
(4,572,371)
|
|
|
(4,053,530)
|
|
|
|
|
|
|
|
|
|
Net Loans Held for
Investment
|
|
1,022,906,962
|
|
|
642,261,493
|
|
|
448,175,757
|
|
|
|
|
|
|
|
|
|
Bank premises and
equipment, net
|
|
15,410,599
|
|
|
13,650,556
|
|
|
3,366,836
|
Bank owned life
insurance
|
|
14,918,966
|
|
|
14,734,261
|
|
|
8,812,005
|
Goodwill
|
|
19,892,331
|
|
|
19,914,942
|
|
|
3,306,664
|
Other intangible
assets
|
|
3,371,749
|
|
|
3,718,319
|
|
|
1,484,976
|
Other
assets
|
|
35,558,284
|
|
|
21,482,629
|
|
|
18,851,045
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
$
|
1,595,446,194
|
|
$
|
960,811,305
|
|
$
|
721,783,540
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits
|
|
|
|
|
|
|
|
|
Noninterest
bearing
|
$
|
285,231,678
|
|
$
|
177,819,205
|
|
$
|
88,342,159
|
Interest
bearing
|
|
337,446,577
|
|
|
220,776,065
|
|
|
147,581,521
|
Savings
deposits
|
|
68,754,038
|
|
|
62,479,898
|
|
|
28,959,770
|
Time
deposits
|
|
274,424,312
|
|
|
260,954,991
|
|
|
234,098,776
|
|
|
|
|
|
|
|
|
|
Total
Deposits
|
|
965,856,605
|
|
|
722,030,159
|
|
|
498,982,226
|
|
|
|
|
|
|
|
|
|
Other borrowed
funds
|
|
478,411,701
|
|
|
124,800,000
|
|
|
138,200,000
|
Subordinated debt,
net of issuance costs
|
|
24,471,884
|
|
|
9,800,434
|
|
|
9,783,492
|
Other
liabilities
|
|
31,546,675
|
|
|
11,843,037
|
|
|
10,683,724
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
1,500,286,865
|
|
|
868,473,630
|
|
|
657,649,442
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, no par
value, authorized - 25,000,000 shares;
|
|
|
|
|
|
|
|
|
outstanding -
5,653,621 shares at 6/30/20, 5,658,585 shares
|
|
|
|
|
|
|
|
|
at 12/31/19,
and 4,328,866 at 6/30/19)
|
|
66,352,576
|
|
|
66,204,739
|
|
|
38,690,128
|
Contributed
equity
|
|
251,543
|
|
|
251,543
|
|
|
251,543
|
Retained
earnings
|
|
31,680,380
|
|
|
25,428,056
|
|
|
24,885,858
|
Accumulated other
comprehensive income
|
|
(3,349,457)
|
|
|
229,051
|
|
|
88,349
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity
|
|
94,935,042
|
|
|
92,113,389
|
|
|
63,915,878
|
Noncontrolling
interest
|
|
224,287
|
|
|
224,286
|
|
|
218,220
|
Total
Equity
|
|
95,159,329
|
|
|
92,337,675
|
|
|
64,134,098
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Equity
|
$
|
1,595,446,194
|
|
$
|
960,811,305
|
|
$
|
721,783,540
|
BLUE RIDGE
BANKSHARES, INC.
|
CONSOLIDATED
INCOME STATEMENTS
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
Six
Months
|
|
|
Six
Months
|
|
|
Ended
|
|
|
Ended
|
|
|
June 30,
2020
|
|
|
June 30,
2019
|
INTEREST
INCOME
|
|
|
|
|
|
Interest and fees on
loans held for investment
|
$
|
20,678,754
|
|
$
|
11,943,348
|
Interest and fees on
loans held for sale
|
|
1,307,639
|
|
|
770,394
|
Interest on federal
funds sold
|
|
1,656
|
|
|
3,989
|
Interest and
dividends on taxable investment securities
|
|
1,512,840
|
|
|
1,467,994
|
Interest and
dividends on nontaxable investment securities
|
|
89,078
|
|
|
126,747
|
|
|
|
|
|
|
Total Interest
Income
|
|
23,589,967
|
|
|
14,312,472
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
Interest on savings
and interest bearing demand deposits
|
|
866,592
|
|
|
737,023
|
Interest on time
deposits
|
|
2,507,912
|
|
|
1,990,799
|
Interest on borrowed
funds
|
|
1,547,529
|
|
|
1,533,150
|
|
|
|
|
|
|
Total Interest
Expense
|
|
4,922,033
|
|
|
4,260,972
|
|
|
|
|
|
|
Net Interest
Income
|
|
18,667,934
|
|
|
10,051,500
|
|
|
|
|
|
|
PROVISION FOR LOAN
LOSSES
|
|
4,075,000
|
|
|
895,000
|
|
|
|
|
|
|
Net Interest Income
after Provision for Loan Losses
|
|
14,592,934
|
|
|
9,156,500
|
|
|
|
|
|
|
OTHER
INCOME
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
454,275
|
|
|
287,573
|
Earnings on
investment in life insurance
|
|
184,706
|
|
|
815,422
|
Mortgage brokerage
income
|
|
5,030,003
|
|
|
1,863,000
|
Gain on sale of
mortgages
|
|
12,539,090
|
|
|
5,160,888
|
Mortgage servicing
income
|
|
1,596,331
|
|
|
-
|
Gain (loss) on
disposal of assets
|
|
(3,554)
|
|
|
2,474
|
Gain (loss) on sale
of OREO
|
|
-
|
|
|
(33,492)
|
Gain on sale of
guaranteed USDA loans
|
|
262,928
|
|
|
46,520
|
Other noninterest
income
|
|
1,458,284
|
|
|
1,139,838
|
|
|
|
|
|
|
Total Other
Income
|
|
21,522,063
|
|
|
9,282,223
|
|
|
|
|
|
|
OTHER
EXPENSES
|
|
|
|
|
|
Salaries and employee
benefits
|
|
18,260,642
|
|
|
9,070,111
|
Occupancy and
equipment expenses
|
|
1,731,647
|
|
|
1,240,532
|
Data
processing
|
|
1,124,746
|
|
|
656,063
|
Legal and other
professional fees
|
|
536,744
|
|
|
634,664
|
Advertising
expense
|
|
352,811
|
|
|
415,406
|
Communications
|
|
322,011
|
|
|
211,669
|
Debit card
expenses
|
|
328,366
|
|
|
160,287
|
Directors
fees
|
|
115,400
|
|
|
122,300
|
Audits and
examinations
|
|
191,843
|
|
|
88,141
|
FDIC insurance
expense
|
|
380,776
|
|
|
170,000
|
Other contractual
services
|
|
354,437
|
|
|
180,334
|
Other taxes and
assessments
|
|
468,788
|
|
|
319,305
|
Other noninterest
expense
|
|
2,976,441
|
|
|
1,742,331
|
|
|
|
|
|
|
Total Other
Expenses
|
|
27,144,652
|
|
|
15,011,143
|
|
|
|
|
|
|
Income before Income
Taxes
|
|
8,970,345
|
|
|
3,427,580
|
|
|
|
|
|
|
INCOME TAX
EXPENSE
|
|
1,911,544
|
|
|
609,974
|
|
|
|
|
|
|
Net Income
|
|
7,058,801
|
|
|
2,817,606
|
Net Income
attributable to noncontrolling interest
|
|
(5,559)
|
|
|
(18,176)
|
Net Income
attributable to Blue Ridge Bankshares, Inc.
|
$
|
7,053,242
|
|
$
|
2,799,430
|
|
|
|
|
|
|
Net Income
Available to Common Stockholders
|
$
|
7,053,242
|
|
$
|
2,799,430
|
|
|
|
|
|
|
Earnings per
Share
|
$
|
1.25
|
|
$
|
0.73
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding
|
|
5,661,877
|
|
|
3,821,079
|
BLUE RIDGE
BANKSHARES, INC.
|
CONSOLIDATED
INCOME STATEMENTS
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
Three
Months
|
|
|
Three
Months
|
|
|
Ended
|
|
|
Ended
|
|
|
June 30,
2020
|
|
|
June 30,
2019
|
INTEREST
INCOME
|
|
|
|
|
|
Interest and fees on
loans held for investment
|
$
|
11,573,596
|
|
$
|
6,110,892
|
Interest and fees on
loans held for sale
|
|
868,913
|
|
|
488,109
|
Interest on federal
funds sold
|
|
47
|
|
|
2,851
|
Interest and
dividends on taxable investment securities
|
|
683,539
|
|
|
977,147
|
Interest and
dividends on nontaxable investment securities
|
|
40,994
|
|
|
62,409
|
|
|
|
|
|
|
Total Interest
Income
|
|
13,167,089
|
|
|
7,641,408
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
Interest on savings
and interest bearing demand deposits
|
|
376,670
|
|
|
387,212
|
Interest on time
deposits
|
|
1,272,676
|
|
|
1,154,964
|
Interest on borrowed
funds
|
|
872,853
|
|
|
896,298
|
|
|
|
|
|
|
Total Interest
Expense
|
|
2,522,199
|
|
|
2,438,474
|
|
|
|
|
|
|
Net Interest
Income
|
|
10,644,890
|
|
|
5,202,934
|
|
|
|
|
|
|
PROVISION FOR LOAN
LOSSES
|
|
3,500,000
|
|
|
600,000
|
|
|
|
|
|
|
Net Interest Income
after Provision for Loan Losses
|
|
7,144,890
|
|
|
4,602,934
|
|
|
|
|
|
|
OTHER
INCOME
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
182,759
|
|
|
153,458
|
Earnings on
investment in life insurance
|
|
91,999
|
|
|
760,006
|
Mortgage brokerage
income
|
|
4,210,108
|
|
|
738,346
|
Gain on sale of
mortgages
|
|
9,498,468
|
|
|
3,194,134
|
Mortgage servicing
income
|
|
1,596,331
|
|
|
-
|
Gain (loss) on sale
of OREO
|
|
-
|
|
|
(3,756)
|
Gain on sale of
guaranteed USDA loans
|
|
242,699
|
|
|
46,520
|
Other noninterest
income
|
|
702,604
|
|
|
494,044
|
|
|
|
|
|
|
Total Other
Income
|
|
16,524,968
|
|
|
5,382,752
|
|
|
|
|
|
|
OTHER
EXPENSES
|
|
|
|
|
|
Salaries and employee
benefits
|
|
10,919,901
|
|
|
4,824,247
|
Occupancy and
equipment expenses
|
|
875,226
|
|
|
638,908
|
Data
processing
|
|
658,370
|
|
|
306,273
|
Legal and other
professional fees
|
|
338,757
|
|
|
634,664
|
Advertising
expense
|
|
128,669
|
|
|
220,166
|
Communications
|
|
187,118
|
|
|
101,447
|
Debit card
expenses
|
|
170,609
|
|
|
78,303
|
Directors
fees
|
|
49,100
|
|
|
69,150
|
Audits and
examinations
|
|
149,170
|
|
|
51,756
|
FDIC insurance
expense
|
|
230,388
|
|
|
170,000
|
Other contractual
services
|
|
179,187
|
|
|
105,148
|
Other taxes and
assessments
|
|
245,070
|
|
|
258,242
|
Other noninterest
expense
|
|
1,675,426
|
|
|
703,299
|
|
|
|
|
|
|
Total Other
Expenses
|
|
15,806,991
|
|
|
8,161,603
|
|
|
|
|
|
|
Income before Income
Taxes
|
|
7,862,867
|
|
|
1,824,083
|
|
|
|
|
|
|
INCOME TAX
EXPENSE
|
|
1,644,316
|
|
|
288,147
|
|
|
|
|
|
|
Net Income
|
|
6,218,551
|
|
|
1,535,936
|
Net Income
attributable to noncontrolling interest
|
|
3,947
|
|
|
(5,068)
|
Net Income
attributable to Blue Ridge Bankshares, Inc.
|
|
6,222,498
|
|
|
1,530,868
|
|
|
|
|
|
|
Net Income
Available to Common Stockholders
|
$
|
6,222,498
|
|
|
1,530,868
|
|
|
|
|
|
|
Earnings per
Share
|
$
|
1.10
|
|
|
0.35
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding
|
|
5,659,047
|
|
|
4,329,113
|
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SOURCE Blue Ridge Bankshares, Inc.