Blue Ridge Bankshares, Inc. Releases 2017 2nd Quarter Results

LURAY, Va., July 28, 2017 /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, 2017.  The Company reported net income of $1,902,860 for the first six months of 2017, or $1.04 per common share, compared to 2016 net income of $835,817, or $0.60 per common share, for the same period.  The Company declared a dividend of $0.12 during the second quarter of 2017, which is an increase of 2.13% compared to the 2016 second quarter dividend of $0.1175.  The dividend yield is 2.23% based on the July 28, 2017 share price.

The Company experienced net income growth of 127.6% and asset growth 40.7% since the second quarter of 2016, of which approximately $114 million was due to the acquisition of River Bancorp, Inc.  The Company also experienced meaningful growth in total deposits, increasing 48.8% since the first quarter of 2016, of which approximately $97 million was related to the acquisition.

"We are pleased to report a strong second quarter as we continue to build on the success of the integration of River Bancorp, Inc.  The hard work of everyone on the Blue Ridge team in both the commercial and mortgage banking divisions helped drive us to an annualized ROA of 1.48% for the quarter," stated President and Chief Executive Officer Brian K. Plum. "We did experience an uptick in our nonperforming assets and over 90-day past due loans in the 2^nd quarter, which was almost entirely attributable to two unrelated loans that are well-collateralized and are being actively managed.  We do not anticipate significant losses from these two relationships and are confident their resolutions will occur within the next several quarters." 

Plum continued, "Given the solid performance of our Company and our confidence in future growth, the Board of Directors approved a 3-for-2 common stock share split for shareholders of record as of August 4, 2017 and payable as of August 11, 2017.  We recognize the importance of working hard to improve value and liquidity for our shareholders, and we are appreciative of the confidence our shareholders place in us.  This share split is reflective of that appreciation." 

The Company's shareholders will be receiving more information from Computershare, the Company's transfer agent, once the share split occurs.

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, Stanleytown, and Stuart. The Bank also has mortgage operations in Virginia and North Carolina. Celebrating 124 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.

SOURCE Blue Ridge Bankshares, Inc.