Blue Ridge Bankshares, Inc. Releases 2013 Earnings
LURAY, Va., Jan. 28, 2013 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTCQB: BRBS), parent company of Blue Ridge Bank, announced today its financial results for the year ended Dec. 31, 2013—reporting the highest net income in the company's history and marking its fifth consecutive year of record earnings.
(Logo: http://photos.prnewswire.com/prnh/20130813/NE63024LOGO)
Blue Ridge Bankshares reported net income of $1,845,000 for the year, or $1.75 per common share, compared to $1,516,000 of net income for 2012, or $1.40 per common share. The increase in earnings per common share represents growth of 25 percent from year-to-year.
The company experienced asset growth of $6,500,000, or 3.1 percent, for the year. Its held-for-investment loan portfolio grew $28,731,000, or 22.6 percent, during the year, while experiencing a decline of $10,793,000 in loans held-for-sale.
"I am very proud of our performance in recent years," said President and Chief Executive Officer Monte L. Layman. "While many of our peers have suffered through the past several years, Blue Ridge Bankshares has continued to improve profitability and increase its common stock dividends."
"While we have grown the balance sheet significantly, we have remained cautious and conservative in our lending approach—we feel that we have built a loan portfolio that will perform well in the future," said Layman.
Layman said the company remains committed to growing in a prudent and reasonable fashion.
"We plan to make an entry into a new market in the first half of 2014 that we believe will help further improve the bank's long-term growth prospects," he said.
About Blue Ridge Bankshares, Inc.
Blue Ridge Bankshares, Inc. is single-bank holding company headquartered in Luray, Va. Chartered in 1893, Blue Ridge Bank is a locally owned, independent community bank with four branches in the Shenandoah Valley and central Virginia. Visit www.mybrb.com for more information on the bank's wide range of financial services.
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.
Contact
Brian K. Plum, Executive Vice President and Chief Financial Officer
Blue Ridge Bank
540-843-5207
bplum@mybrb.com
SOURCE Blue Ridge Bankshares, Inc.
Copyright 2013 PR Newswire
LURAY, Va., Jan. 28, 2013 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTCQB: BRBS), parent company of Blue Ridge Bank, announced today its financial results for the year ended Dec. 31, 2013—reporting the highest net income in the company's history and marking its fifth consecutive year of record earnings.
(Logo: http://photos.prnewswire.com/prnh/20130813/NE63024LOGO)
Blue Ridge Bankshares reported net income of $1,845,000 for the year, or $1.75 per common share, compared to $1,516,000 of net income for 2012, or $1.40 per common share. The increase in earnings per common share represents growth of 25 percent from year-to-year.
The company experienced asset growth of $6,500,000, or 3.1 percent, for the year. Its held-for-investment loan portfolio grew $28,731,000, or 22.6 percent, during the year, while experiencing a decline of $10,793,000 in loans held-for-sale.
"I am very proud of our performance in recent years," said President and Chief Executive Officer Monte L. Layman. "While many of our peers have suffered through the past several years, Blue Ridge Bankshares has continued to improve profitability and increase its common stock dividends."
"While we have grown the balance sheet significantly, we have remained cautious and conservative in our lending approach—we feel that we have built a loan portfolio that will perform well in the future," said Layman.
Layman said the company remains committed to growing in a prudent and reasonable fashion.
"We plan to make an entry into a new market in the first half of 2014 that we believe will help further improve the bank's long-term growth prospects," he said.
About Blue Ridge Bankshares, Inc.
Blue Ridge Bankshares, Inc. is single-bank holding company headquartered in Luray, Va. Chartered in 1893, Blue Ridge Bank is a locally owned, independent community bank with four branches in the Shenandoah Valley and central Virginia. Visit www.mybrb.com for more information on the bank's wide range of financial services.
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.
Contact
Brian K. Plum, Executive Vice President and Chief Financial Officer
Blue Ridge Bank
540-843-5207
bplum@mybrb.com
SOURCE Blue Ridge Bankshares, Inc.
Copyright 2013 PR Newswire
