Blue Ridge Bankshares, Inc Releases 2019 3rd Quarter Results.
LURAY, Va: Blue Ridge Bankshares, Inc. (OTC Pink: BRBS), parent company of Blue Ridge Bank, N.A., announced today its unaudited financial results for the third quarter ended September 30, 2019. The Company reported net income of $4,070,745 for the first nine months of 2019, or $1.01 per common share, compared to net income of $3,587,096, or $1.29 per common share for the first nine months of 2018. Included in year to date earnings is the recognition of life insurance proceeds of approximately $700 thousand and merger related expenses of approximately $865 thousand. Earnings for the third quarter ending September 30, 2019 were $1,253,139, or $0.29 per common share, and included merger related expenses of $331 thousand. The Company declared a dividend of $0.1425 during the third quarter of 2019, an increase of 1.79% compared to the 2018 third quarter dividend of $0.1400. The dividend yield is 2.75% based on the closing October 31, 2019 share price of $20.75.
Asset growth since the third quarter of 2018 has been considerable for the Company, with total assets increasing $242.9 million, or 49.2%. This growth was primarily driven by an increasing loan portfolio with loans held for investment growing $84.8 million, or 22.6%, and loans held for sale growing $51.9 million, or 183.4% compared to September 30, 2018. The investment portfolio also increased significantly as noted in our prior release, growing $86.7 million, or 154.7%. Deposit growth since the third quarter of 2018 amounted to $127.3 million, or 32.4%, which included growth of $2.7 million, or 3.12% in noninterest demand deposits. Asset growth during third quarter of 2019 was $14.5 million, or...
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