Blue Ridge Bankshares, Inc. Releases 2018 2nd Quarter Results

LURAY, Va., July 30, 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 second quarter ended June 30, 2018.  The Company reported net income of $2,317,437 for the first six months of 2018, or $0.84 per common share, compared to 2017 net income of $1,902,860, or $0.70 per common share.  The Company declared a dividend of $0.14 during the second quarter of 2018, which is an increase of 75% compared to the 2017 second quarter dividend of $0.08.  The dividend yield is 2.77% based on the closing July 27, 2018 share price.

The Company experienced significant asset growth of $58.8 million, or 14.6%, since the second quarter of 2017, which was largely attributable to growth in the held-for-investment loan portfolio of $53.8 million, or 17.8%.  Additionally, the Company's deposit portfolio grew $30.9 million or 9.3%, since the second quarter of 2017, which included growth of $6.6 million, or 10.9%, in noninterest demand deposits.  Asset growth during the second quarter of 2018 was $18.6 million, or 4.2%, which included growth in the held-for-investment loan portfolio of $14.5 million, or 4.2%.  Deposit growth during the second quarter of 2018 amounted to $5.1 million, or 1.4%, of which $2.2 million, or 3.3% was attributable to growth in noninterest demand deposits. 

"The Company is enjoying a busy and exciting time," stated President and Chief Executive Officer Brian K. Plum.  "We experienced over $36.7 million, or 8.7%, of asset growth in the first half of 2018, driven by strong, healthy, and sustained loan demand.  Meanwhile, we continue contributing to the loan allowance at a meaningful level, provisioning an amount equal to 1.62% of held-for-investment net loan growth in the first half the year, despite a reduction in nonperforming loans.  We also made important strategic strides in the first half of 2018.  Our efforts in the North Carolina Triad continue gaining momentum and are poised to add significant exposure to an attractive market.  Also, the Mortgage Division broadened its reach with the addition of teams with exposure to strong, purchase-based markets that will augment and support the Company's growth.  We are very excited about how multiple elements are coming together to poise the Company for prudent, meaningful balance sheet growth that drives value for years to come."

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, North Carolina, and Florida. 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.