8-K
Blue Ridge Bankshares, Inc. (BRBS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENTREPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 30, 2020
BLUE RIDGE BANKSHARES, INC.
(Exact name of registrant as specified in its charter)
| Virginia | 001-39165 | 54-1470908 |
|---|---|---|
| (State or other jurisdiction<br><br><br>of incorporation) | (Commission File Number) | (I.R.S. Employer<br><br><br>Identification No.) |
| 1807 Seminole Trail<br><br><br>Charlottesville, Virginia | 22901 | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (540)743-6521
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br> |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br> |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR<br>240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR<br>240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on whichregistered |
|---|---|---|
| Common stock, no par value | BRBS | NYSE American |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
| Emerging | growth company ☒ |
|---|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition. |
|---|
On April 30, 2020, Blue Ridge Bankshares, Inc. (the “Company”) issued a press release reporting its financial results for the quarterly period ended March 31, 2020. A copy of the press release is being furnished as Exhibit 99.1 to this report and is incorporated by reference into this Item 2.02.
| Item 9.01. | Financial Statements and Exhibits. |
|---|---|
| (d) | Exhibits. The following exhibit is being furnished pursuant to Item 2.02 above. |
| --- | --- |
| Exhibit No. | Description |
| --- | --- |
| 99.1 | Press release dated April 30, 2020. |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BLUE RIDGE BANKSHARES, INC.<br><br><br>(Registrant) | ||
|---|---|---|
| Date: May 1, 2020 | By: | /s/ Amanda G. Story |
| Amanda G. Story | ||
| Chief Financial Officer |
2
EX-99.1
Exhibit 99.1
Blue Ridge Bankshares, Inc. Announces First Quarter Earnings and Paycheck Protection Program Results
Charlottesville, Va., April 30, 2020 – Blue Ridge Bankshares, Inc. (the “Company”) (NYSE American: BRBS) announced today its first quarter 2020 net income of $841,000, or $0.15 earnings per share, compared to $1,282,000, or $0.38 per share, for the quarterly period ended March 31, 2019. The decline in quarterly earnings are primarily attributable to fair value adjustments in the mortgage division, the addition of personnel in retail mortgage, the integration of the LenderSelect Mortgage Group in January 2020, and the spillover of costs into 2020 for the acquisition of Virginia Community Bankshares, Inc. (“VCB”), which closed in December 2019 but was operationally integrated at the bank level on January 24, 2020.
“We entered 2020 looking forward to the full integration of the VCB acquisition and strong growth across all of our business lines, and particularly our noninterest income lines,” said Brian K. Plum, President and Chief Executive Officer. “The arrival of COVID-19 quickly changed many of those plans. We rotated focus and energy to the management of the current balance sheet and the mitigation of increased credit losses that are inevitable with an economic crisis of this magnitude. Our team proactively launched efforts to engage significant borrowers very early in the process, including a focus on tangential effects of any supply chain impacts in China. Energies originally designed for balance sheet growth were reallocated to intense borrower engagement and assistance.”
Plum continued “The emergence of the Paycheck Protection Program created an opportunity for us to provide significant and meaningful assistance to many of our borrowers and other relationships, and our team fully invested its energy into the success of this effort. We also leveraged the program and our team’s proactive and engaged approach to win numerous key relationships across our footprint.”
“We recognize that 2020 and 2021 will likely be difficult years in the financial services industry,” Plum added, “and we are committed to making the decisions required for us to be both successful today and in the future. We believe our focus in recent years on growing our noninterest income revenues will be particularly beneficial as the industry enters what is forecasted to be another prolonged period of historically low long-term interest rates. Ultimately all disruption creates significant opportunity, and we are absolutely committed to realizing the opportunities tomorrow brings by making the right decisions today.”
Paycheck Protection Program (“PPP”)
The Company received Small Business Administration (“SBA”) approval for over 2,100 loans totaling approximately $341,000,000, as of April 29, 2020. Estimated SBA processing fees earned by the Company for these loans is approximately $9.0 million. The final loans funded amount and SBA processing fees earned may be lower than the above amounts as some borrowers may not complete the loan closing process. The Company is largely funding these loans, which have a statutory loan interest rate of 1.00%, using the Federal Reserve Paycheck Protection Program Liquidity Facility, which provides 100% funding at a cost of 0.35%. The Company will aggressively pursue the loan forgiveness feature for PPP loans among its borrowers, but it does expect an artificially inflated balance sheet will continue over the balance of 2020 and into 2021 as PPP borrowers retain some portion of loan balances that are not forgiven. The PPP loans do not count toward bank regulatory ratios, so there is no capital charge for their inclusion on the balance sheet.
COVID-19 Response
The COVID-19 pandemic is having a swift and seismic impact on the economy. Recognizing this impact, the Company quickly pivoted to an aggressive borrower outreach campaign to discuss immediate and foreseeable effects on businesses in its market areas. The significant uncertainty surrounding the duration of shutdowns and a return to normal consumer and business behavior make the ultimate outcomes difficult to predict, but the Company is managing its efforts around a worst-case scenario. The Company has undertaken substantial efforts to reduce noninterest expense levels, including personnel costs. These efforts include reducing headcount, suspending 2020 incentive plans, salary reductions for highly compensated employees, and employee furloughs. The Company is also performing a deep review of market and division line profitability. The Company has currently identified approximately $1,500,000 in annualized noninterest expense savings, and has plans for additional saving enhancements moving forward.
The Company took advantage of the decline in interest rates triggered by COVID-19 to reduce cost of funds and to restructure and extend liability pricing.
Branch operations were redirected to drive-thru and digital channels across the bank in mid-March. Lending focus shifted from loan originations to portfolio maintenance and protection, which includes working with borrowers on loan deferrals (see Asset Quality below).
The Company is evaluating the possible long-term implications of the response to COVID-19 to its operations, and to the financial services industry as a whole. The Company believes that the sudden then sustained shift in the conduct of banking business away from branch locations will accelerate the move to digital channels by users of financial services. The potential direction of this consumer behavior will likely generate a substantive impact on the Company’s strategic planning, and it is reasonable to expect that the value of bricks and mortar locations will likely decline as preferences shift in a world impacted by social distancing.
Asset Quality
Nonperforming loans and loans 90 days or more past due totaled $5,121,000 at March 31, 2020, a decrease of $38,000, or 0.74%, from December 31, 2019 and $448,000, or 8.04%, from March 31, 2019. The Company’s provision for loan losses amounted to $575 thousand for the first quarter of 2020, compared to $277 thousand in the fourth quarter of 2019 and $295 thousand in the first quarter of 2019.
The Company approved 59 loan deferrals for a total of $13,471,000, or 2.01% of the held-for-investment loan portfolio, as of March 31, 2020. The 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. The hospitality and restaurant industries are being particularly impacted by significant decreases in consumer usage and shutdowns at most hotels and restrictions for dining in all restaurants in the Company’s footprint as a result of social distancing. The information below provides the Company’s exposure to these industries, utilizing the Company’s NAICS coding on its loan accounting system as of April 20, 2020:
| Industry by NAICS Code | Numberof Borrowers | Total LoanBalance | |
|---|---|---|---|
| Hotels and Motels | 15 | $ | 13,403,144 |
| Bed & Breakfasts | 4 | 2,670,167 | |
| All Other Traveler Accommodations | 4 | 3,330,022 | |
| Food Service Contractors | 1 | 1,468,043 | |
| Full-Service Restaurants | 15 | 5,058,068 | |
| Limited-Service Restaurants | 7 | 2,579,146 | |
| TOTAL | 46 | $ | 28,508,590 |
Balance Sheet
The Company had total assets of $1,027,605,000 at March 31, 2020, an increase of $66,794,000, or 6.95%, from December 31, 2019 and $452,804,000, or 78.8% from March 31, 2019. The increase from March 31, 2019 is primarily attributable to the acquisition of VCB in the fourth quarter of 2019.
The increase in first quarter 2020 assets is also due in part to the Company’s efforts to obtain additional liquidity in March 2020 as COVID-19 began to unfold and significantly increased market volatility and the probability of a systemic liquidity risk event. The excess liquidity was also accumulated to fund planned PPP loans until additional outlets, if any, were provided by the federal government.
The Company experienced held-for-investment loan growth of $24,101,000 , or 3.73%, in the first quarter of 2020. The available-for-sale loan portfolio grew by $34,373,000, or 61.77%, in the same period. The growth in available-for-sale loans was due to an uptick in volume, created both by market conditions and the addition of the LenderSelect Mortgage Group, and market volatility in March 2020 that disrupted the market and mortgage delivery efforts to investors.
Income Statement
Net Interest Income
Net interest income was approximately $8,023,000 for the quarter ended March 31, 2020, compared to $4,849,000 for the same period in 2019. Approximately $2,700,000 of this increase is attributable to the addition of VCB’s portfolio, with the remaining difference related to the legacy bank. In mid-March, the Company put significant focus into realigning the balance sheet to obtain more favorable long-term pricing as a result of the significant downward rate movements that occurred. As a result of these efforts, the Company began to see improved net interest margin, going from 3.46% as of December 31, 2019 to 3.71% as of March 31, 2020. The full impact of these efforts will be more pronounced in the coming quarters and will continue to be evaluated as balances mature and renew.
Other Income
Other income increased approximately $1,099,000 to $4,998,000 for the quarterly period ended March 31, 2020, compared to $3,899,000 for the same period in 2019. This increase is attributable to increased mortgage volume in the first quarter with the addition of the LenderSelect Mortgage Group and the expansion of the Company’s retail mortgage division. Closed mortgage volume in the first quarter of 2020 was approximately $132.7 million compared to approximately $59.0 million for the same period in 2019. The gain on sale of mortgages was less than anticipated given the increased volume due to a hedging loss related to market conditions, as discussed later in this release.
Other Expense
Other expenses increased $4,488,000, or 65.5%, to $11,338,000 for the quarter ended March 31, 2020, compared to $6,850,000 for the same period in 2019. The majority of this increase relates to salaries and benefits. The addition of the LenderSelect Mortgage Group, expansion of the retail mortgage division, and employees retained in the acquisition of VCB account for the significant increase over prior year first quarter. Occupancy expenses increased $255,000, or 42.4%, compared to first quarter 2019. A majority of the expense in this category relates to lease expense for several branch and mortgage office locations. Growth and expansion have resulted in the need for more leased facilities.
Mortgage Division
The Company’s mortgage division, which consists of its retail and wholesale mortgage efforts, recorded a $704,000 loss in the first quarter of 2020. The primary driver of this loss was a significant fair value loss in March created by historic levels of volatility in mortgage markets. The Company recorded a pre-tax loss of $1,706,000 on its hedge accounting in the first quarter. The effects of the market volatility waned in April, and as a result the Company anticipates a recovery of most of this noncash hedge valuation loss.
The integration of the LenderSelect Mortgage Group into the Company was effective January 1, 2020, so an additional earnings drag was created as activity ramped up with the transition. Additionally, the retail mortgage team added teams early in the first quarter whose volume took time to increase.
The Company is generating its highest mortgage volume ever, allowing it to deal directly with federal agency cash windows beginning in April 2020. Transacting with the cash window should allow the Company to consistently capture meaningful additional margin on its loan volume.
Lastly, the Company made the strategic decision to selectively retain servicing rights beginning in April 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.
Consolidated Balance Sheets
| (Audited) | (Unaudited) | |||||||
|---|---|---|---|---|---|---|---|---|
| December 31, | March 31, | |||||||
| 2019 | 2019 | |||||||
| ASSETS | ||||||||
| Cash and due from banks | 67,158,018 | $ | 60,026,071 | $ | 16,518,062 | |||
| Federal funds sold | 164,000 | 480,000 | 3,239,000 | |||||
| Investment securities | ||||||||
| Securities available for sale (at fair value) | 98,931,747 | 108,571,161 | 37,418,813 | |||||
| Securities held to maturity | 11,218,518 | 12,192,139 | 15,533,016 | |||||
| Restricted investments | 10,103,984 | 8,133,519 | 5,118,211 | |||||
| Total Investment Securities | 120,254,249 | 128,896,819 | 58,070,040 | |||||
| Loans held for sale | 90,019,366 | 55,646,215 | 35,610,217 | |||||
| Loans held for investment | 670,935,158 | 646,833,864 | 431,087,054 | |||||
| Allowance for loan losses | (4,896,956 | ) | (4,572,371 | ) | (3,744,177 | ) | ||
| Net Loans Held for Investment | 666,038,202 | 642,261,493 | 427,342,877 | |||||
| Bank premises and equipment, net | 14,262,805 | 13,650,556 | 3,383,427 | |||||
| Bank owned life insurance | 14,826,967 | 14,734,261 | 9,110,310 | |||||
| Goodwill | 19,892,331 | 19,914,942 | 3,306,664 | |||||
| Other intangible assets | — | — | — | |||||
| Other assets | 34,988,872 | 25,200,948 | 18,220,352 | |||||
| Total Assets | 1,027,604,810 | $ | 960,811,305 | $ | 574,800,949 | |||
| LIABILITIES | ||||||||
| Demand deposits | ||||||||
| Noninterest bearing | 178,481,693 | $ | 177,819,205 | $ | 83,543,392 | |||
| Interest bearing | 262,721,061 | 220,776,065 | 129,801,274 | |||||
| Savings deposits | 65,230,117 | 62,479,898 | 28,744,545 | |||||
| Time deposits | 262,726,987 | 260,954,991 | 182,433,551 | |||||
| Total Deposits | 769,159,858 | 722,030,159 | 424,522,762 | |||||
| Other borrowed funds | 140,900,000 | 124,800,000 | 67,800,000 | |||||
| Subordinated debt, net of issuance costs | 9,808,904 | 9,800,434 | 9,775,024 | |||||
| Other liabilities | 17,461,929 | 11,843,037 | 10,036,153 | |||||
| Total liabilities | 937,330,691 | 868,473,630 | 512,133,939 | |||||
| STOCKHOLDERS’ EQUITY | ||||||||
| Common stock, no par value, authorized—10,000,000 shares;outstanding—5,660,985<br>shares at 3/31/20, 5,658,585 sharesat 12/31/19, and 4,329,616 at 3/31/19) | 66,283,217 | 66,204,739 | 38,647,528 | |||||
| Contributed equity | 251,543 | 251,543 | 251,543 | |||||
| Retained earnings | 26,259,793 | 25,428,056 | 23,983,867 | |||||
| Accumulated other comprehensive income | (2,754,227 | ) | 229,051 | (437,081 | ) | |||
| Total Stockholders’ Equity | 90,040,326 | 92,113,389 | 62,445,857 | |||||
| Noncontrolling interest | 233,793 | 224,286 | 221,153 | |||||
| Total Equity | 90,274,119 | 92,337,675 | 62,667,010 | |||||
| Total Liabilities and Equity | 1,027,604,810 | $ | 960,811,305 | $ | 574,800,949 |
All values are in US Dollars.
Blue Ridge Bankshares, Inc.
Consolidated Statements of Income
| (Unaudited) | |||||
|---|---|---|---|---|---|
| Three Months | |||||
| Ended March 31, 2019 | |||||
| INTEREST INCOME | |||||
| Interest and fees on loans held for investment | 9,105,158 | $ | 5,832,456 | ||
| Interest and fees on loans held for sale | 438,726 | 282,285 | |||
| Interest on federal funds sold | 1,609 | 1,138 | |||
| Interest and dividends on taxable investment securities | 829,301 | 490,847 | |||
| Interest and dividends on nontaxable investment securities | 48,084 | 64,338 | |||
| Total Interest Income | 10,422,878 | 6,671,064 | |||
| INTEREST EXPENSE | |||||
| Interest on savings and interest bearing demand deposits | 489,922 | 349,811 | |||
| Interest on time deposits | 1,235,236 | 835,835 | |||
| Interest on borrowed funds | 674,676 | 636,852 | |||
| Total Interest Expense | 2,399,834 | 1,822,498 | |||
| Net Interest Income | 8,023,044 | 4,848,566 | |||
| PROVISION FOR LOAN LOSSES | 575,000 | 295,000 | |||
| Net Interest Income after Provision for Loan Losses | 7,448,044 | 4,553,566 | |||
| OTHER INCOME | |||||
| Service charges on deposit accounts | 271,516 | 134,115 | |||
| Earnings on investment in life insurance | 92,707 | 55,416 | |||
| Mortgage brokerage income | 819,895 | 1,124,654 | |||
| Gain on sale of mortgages | 3,040,622 | 1,966,754 | |||
| Gain (loss) on disposal of assets | (3,554 | ) | 2,474 | ||
| Gain (loss) on sale of securities | — | — | |||
| Gain (loss) on sale of OREO | — | (29,736 | ) | ||
| Gain on sale of guaranteed A loans | 20,229 | — | |||
| Small business investment company fund income | — | 10,414 | |||
| Other noninterest income | 756,673 | 635,380 | |||
| Total Other Income | 4,998,088 | 3,899,471 | |||
| OTHER EXPENSES | |||||
| Salaries and employee benefits | 7,340,741 | 4,245,864 | |||
| Occupancy and equipment expenses | 856,421 | 601,624 | |||
| Data processing | 466,376 | 349,790 | |||
| Legal and other professional fees | 197,987 | 45,271 | |||
| Advertising expense | 224,142 | 195,240 | |||
| Communications | 134,893 | 110,222 | |||
| Debit card expenses | 157,757 | 81,984 | |||
| Directors fees | 66,300 | 53,150 | |||
| Audits and examinations | 42,673 | 36,385 | |||
| FDIC insurance expense | 150,388 | 75,000 | |||
| Other contractual services | 175,250 | 75,186 | |||
| Other taxes and assessments | 223,718 | 156,063 | |||
| Other noninterest expense | 1,301,015 | 823,761 | |||
| Total Other Expenses | 11,337,661 | 6,849,540 | |||
| Income before Income Taxes | 1,108,471 | 1,603,497 | |||
| INCOME TAX EXPENSE | 267,228 | 321,827 | |||
| Net Income | 841,243 | 1,281,670 | |||
| Net Income attributable to noncontrolling interest | (9,506 | ) | (13,108 | ) | |
| Net Income attributable to Blue Ridge Bankshares, Inc. | 831,737 | $ | 1,268,562 | ||
| Net Income Available to Common Stockholders | 831,737 | $ | 1,268,562 | ||
| Earnings per Share | 0.15 | $ | 0.38 | ||
| Weighted Average Shares Outstanding | 5,664,387 | 3,307,400 |
All values are in US Dollars.
Blue Ridge Bankshares, Inc.
Five Quarter Summary of Selected Financial Highlights
| Three Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars and shares in thousands,except per share data) | March 31,2020 | December 31,2019 | September 30,2019 | June 30,2019 | March 31,2019 | ||||||||||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | |||||||||||
| Income Statement Data: | |||||||||||||||
| Interest and Dividend Income | $ | 10,423 | $ | 8,457 | $ | 8,118 | $ | 7,641 | $ | 6,671 | |||||
| Interest Expense | 2,400 | 2,577 | 2,682 | 2,438 | 1,822 | ||||||||||
| Net Interest Income | 8,023 | 5,880 | 5,436 | 5,203 | 4,849 | ||||||||||
| Provision for Loan Losses | 575 | 277 | 570 | 600 | 295 | ||||||||||
| Net Interest Income After Provision for Loan Losses | 7,448 | 5,603 | 4,866 | 4,603 | 4,554 | ||||||||||
| Noninterest Income | 4,998 | 4,541 | 4,973 | 5,383 | 3,900 | ||||||||||
| Noninterest Expenses | 11,338 | 9,628 | 8,206 | 8,162 | 6,850 | ||||||||||
| Income before income taxes | 1,108 | 516 | 1,633 | 1,824 | 1,604 | ||||||||||
| Income tax expense (benefit) | 267 | (17 | ) | 380 | 288 | 322 | |||||||||
| Net income | 841 | 533 | 1,253 | 1,536 | 1,282 | ||||||||||
| Net income attributable to noncontrolling interest | (9 | ) | (3 | ) | (3 | ) | (5 | ) | (13 | ) | |||||
| Net income attributable to Blue Ridge Bankshares, Inc. | $ | 832 | $ | 530 | $ | 1,250 | $ | 1,531 | $ | 1,269 | |||||
| Per Common Share Data: | |||||||||||||||
| Net income-basic | $ | 0.15 | $ | 0.10 | $ | 0.28 | $ | 0.35 | $ | 0.37 | |||||
| Net income-diluted | 0.15 | 0.10 | 0.28 | 0.35 | 0.37 | ||||||||||
| Dividends declared | 0.1425 | 0.1425 | 0.1425 | 0.1425 | 0.1425 | ||||||||||
| Book value per common share | 15.95 | 16.32 | 15.09 | 14.82 | 14.47 | ||||||||||
| Tangible book value per common share | 11.80 | 12.14 | 14.00 | 13.71 | 13.34 | ||||||||||
| Balance Sheet Data: | |||||||||||||||
| Assets | $ | 1,027,605 | $ | 960,811 | $ | 736,238 | $ | 721,784 | $ | 574,801 | |||||
| Loans held for investment | 670,935 | 646,834 | 460,878 | 452,229 | 431,087 | ||||||||||
| Loans held for sale | 90,019 | 55,646 | 80,255 | 61,976 | 35,610 | ||||||||||
| Securities | 120,254 | 128,897 | 142,712 | 153,764 | 58,070 | ||||||||||
| Deposits | 769,160 | 722,030 | 520,280 | 498,982 | 424,523 | ||||||||||
| Subordinated Debt, net | 9,809 | 9,800 | 9,792 | 9,783 | 9,775 | ||||||||||
| Other borrowed funds | 140,900 | 124,800 | 129,600 | 138,200 | 67,800 | ||||||||||
| Total equity | 90,274 | 92,338 | 65,597 | 64,134 | 62,667 | ||||||||||
| Average common shares outstanding—basic | 5,664 | 4,588 | 4,347 | 4,329 | 3,307 | ||||||||||
| Average common shares outstanding—diluted | 5,664 | 4,588 | 4,347 | 4,329 | 3,307 | ||||||||||
| Financial Ratios: | |||||||||||||||
| Return on average assets | 0.34 | % | 0.25 | % | 0.69 | % | 0.95 | % | 0.92 | % | |||||
| Return on average equity | 3.68 | % | 2.61 | % | 7.73 | % | 9.69 | % | 10.03 | % | |||||
| Total loan to deposit ratio | 98.93 | % | 97.29 | % | 104.01 | % | 103.05 | % | 109.93 | % | |||||
| Held for investment loan to deposit ratio | 87.23 | % | 89.59 | % | 88.58 | % | 90.63 | % | 101.55 | % | |||||
| Net interest margin | 3.71 | % | 3.46 | % | 3.16 | % | 3.35 | % | 3.70 | % | |||||
| Cost of deposits | 0.95 | % | 1.29 | % | 1.35 | % | 1.35 | % | 1.17 | % | |||||
| Efficiency ratio | 91.10 | % | 94.91 | % | 83.40 | % | 81.73 | % | 81.03 | % | |||||
| Capital and Credit Quality Ratios: | |||||||||||||||
| Average Equity to Average Assets | 9.18 | % | 9.31 | % | 8.90 | % | 9.78 | % | 9.18 | % | |||||
| Allowance for loan losses to loans held for investment | 0.73 | % | 0.71 | % | 0.96 | % | 0.90 | % | 0.87 | % | |||||
| Nonperforming loans to total assets | 0.50 | % | 0.54 | % | 0.78 | % | 0.74 | % | 0.97 | % | |||||
| Nonperforming assets to total assets | 0.50 | % | 0.54 | % | 0.78 | % | 0.77 | % | 0.98 | % | |||||
| Net charge-offs to total loans held for investment | 0.04 | % | 0.02 | % | 0.05 | % | 0.06 | % | 0.03 | % | |||||
| Reconciliation of Non-GAAP Disclosures(Unaudited): | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Tangible Common Equity: | |||||||||||||||
| Common equity (GAAP) | $ | 90,274 | $ | 92,338 | $ | 65,597 | $ | 64,134 | $ | 62,667 | |||||
| Less: Goodwill and amortizable intangibles | (23,456 | ) | (23,633 | ) | (4,722 | ) | (4,792 | ) | (4,905 | ) | |||||
| Tangible common equity (Non-GAAP) | $ | 66,818 | $ | 68,705 | $ | 60,875 | $ | 59,342 | $ | 57,762 | |||||
| Total shares outstanding | 5,661 | 5,659 | 4,347 | 4,329 | 4,330 | ||||||||||
| Book Value per Share (GAAP) | $ | 15.95 | $ | 16.32 | $ | 15.09 | $ | 14.82 | $ | 14.47 | |||||
| Tangible Book Value per Share (Non-GAAP) | $ | 11.80 | $ | 12.14 | $ | 14.00 | $ | 13.71 | $ | 13.34 |