Blue Ridge Bankshares, Inc. Announces Second Quarter and First Half 2021 Earnings
Blue Ridge Bankshares (NYSE: BRBS) reported significant financial growth for the second quarter of 2021, achieving net income of $28.6 million or $1.54 per diluted share, markedly up from $4.2 million in Q1 2021 and $6.2 million in Q2 2020. Year-to-date net income reached $32.9 million, a substantial increase from $7.1 million in the first half of 2020. The strong performance was aided by a $19.2 million after-tax gain from the sale of PPP loans worth over $700 million. The company also announced a merger with FVCBankcorp, anticipated to close in late 2021 or early 2022.
- Net income increased to $28.6 million in Q2 2021 from $4.2 million in Q1 2021.
- Year-to-date net income reached $32.9 million, up from $7.1 million for the first half of 2020.
- After-tax gain of $19.2 million from the sale of PPP loans.
- Total assets increased to $2.76 billion, largely due to the Bay Banks Merger.
- Net interest income rose to $30.5 million in Q2 2021, compared to $20.0 million in Q1 2021.
- Nonperforming loans increased by $5.4 million to $11.9 million since December 31, 2020.
- Allowance for loan losses decreased to $13.0 million, from 1.89% at December 31, 2020 to 0.75%.
CHARLOTTESVILLE, Va., July 29, 2021 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (the "Company") (NYSE American: BRBS), the holding company of Blue Ridge Bank, National Association ("Blue Ridge Bank") and BRB Financial Group, Inc., announced today financial results for the quarter and year-to-date periods ended June 30, 2021. For the second quarter of 2021, the Company reported net income of
On January 31, 2021, the Company completed the merger of Bay Banks of Virginia, Inc. ("Bay Banks"), the holding company of Virginia Commonwealth Bank, into the Company. Immediately following the completion of the merger, Virginia Commonwealth Bank was merged into Blue Ridge Bank (collectively, the "Bay Banks Merger"). Earnings for the first half of 2021 include the earnings of Bay Banks from the effective date of the merger.
On July 14, 2021, the Company and FVCBankcorp, Inc. ("FVCB") jointly announced they had entered into a definitive agreement pursuant to which the companies will combine in an all-stock merger of equals (the "FVCB Merger"). The FVCB Merger is subject to customary closing conditions, including regulatory approvals and approval from the shareholders of both companies. The Company anticipates the FVCB Merger will close in the fourth quarter of 2021 or in the first quarter of 2022.
Net income for the second and first quarters of 2021 included approximately
"We had a very positive and busy second quarter," said Brian K. Plum, President and Chief Executive Officer. "The sale of most of our PPP loans put a capstone on our monumental efforts to assist tens of thousands of businesses and families. We are proud of the positive impact we had in facilitating the usage of this critical government program at a time when our communities and country needed it the most."
"The announced partnership with FVCB will further enhance our efforts to invest in technology and resources needed to stay in front of our evolving customer needs," continued Plum. "We are excited about the future and the numerous opportunities we see across the financial services landscape."
Paycheck Protection Program
In the first half of 2021, the Company funded over 20,000 loans for approximately
Processing fees, net of costs, and interest income earned by the Company for PPP1 loans and PPP2 loans in the amounts of
The Company's PPP loans are primarily funded using the Federal Reserve Bank's Paycheck Protection Program Liquidity Facility ("PPPLF"). As of June 30, 2021, outstanding advances under the PPPLF were
Fintech Business
The Company continues to grow its partnerships with fintech providers and ended the second quarter of 2021 with numerous active partnerships, including Unit, Flexible Finance, Increase, Upgrade, Kashable, Meritize, Jaris, Aeldra, Grow Credit, and MentorWorks. Fintech relationships have resulted in over
Balance Sheet
The Company reported total assets of
Total deposits at June 30, 2021 were
As previously noted, the majority of PPP loans were funded through the PPPLF, resulting in a decrease in Federal Reserve Bank of Richmond ("FRB") advances upon the sale of PPP2 loans in the second quarter of 2021. Additionally, the Company redeemed subordinated notes with an initial aggregate principal balance of
Income Statement
Net Interest Income
Net interest income was
Net interest margin for the second quarter of 2021 was
Provision for Loan Losses
The Company recorded no provision for loan losses for the quarter and year-to-date periods ended June 30, 2021 compared to provision expense of
Noninterest Income
Noninterest income for the second quarter of 2021 was
Noninterest Expense
Noninterest expense for both the second and first quarters of 2021 was
Mortgage Division
The Company's mortgage division, which consists of a retail division operating as Monarch Mortgage and a wholesale division operating as LenderSelect Mortgage Group, recorded net income of
Asset Quality
Nonperforming loans, which include nonaccrual loans and loans 90 days or more past due and accruing interest, totaled
Capital
The Company continually monitors its capital position and remains confident in its ability to maintain capital levels at amounts required for regulatory purposes and for the payment of its common stock dividend. Tangible book value per share, a non-GAAP (defined below) measure, was
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 of the Company contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of the Company's beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as "may," "could," "should," "will," "would," "believe," "anticipate," "estimate," "expect," "aim," "intend," "plan," or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on its expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company's control. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements.
The following factors, among others, could cause the Company's financial performance to differ materially from that expressed in such forward-looking statements: (i) the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; (ii) geopolitical conditions, including acts or threats of terrorism, or actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; (iii) the effects of the COVID-19 pandemic, including the adverse impact on the Company's business and operations and on the Company's customers which may result, among other things, in increased delinquencies, defaults, foreclosures and losses on loans; (iv) the occurrence of significant natural disasters, including severe weather conditions, floods, health related issues, and other catastrophic events; (v) the Company's management of risks inherent in its real estate loan portfolio, and the risk of a prolonged downturn in the real estate market, which could impair the value of the Company's collateral and its ability to sell collateral upon any foreclosure; (vi) changes in consumer spending and savings habits; (vii) technological and social media changes; (viii) the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System, inflation, interest rate, market and monetary fluctuations; (ix) changing bank regulatory conditions, policies or programs, whether arising as new legislation or regulatory initiatives, that could lead to restrictions on activities of banks generally, or the Company's subsidiary bank in particular, more restrictive regulatory capital requirements, increased costs, including deposit insurance premiums, regulation or prohibition of certain income producing activities or changes in the secondary market for loans and other products; (x) the impact of changes in financial services policies, laws and regulations, including laws, regulations and policies concerning taxes, banking, securities and insurance, and the application thereof by regulatory bodies; (xi) the impact of changes in laws, regulations and policies affecting the real estate industry; (xii) the effect of changes in accounting policies and practices, as may be adopted from time to time by bank regulatory agencies, the Securities and Exchange Commission (the "SEC"), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setting bodies; (xiii) the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers; (xiv) the willingness of users to substitute competitors' products and services for the Company's products and services; (xv) expenses related to the FVCB Merger, unexpected delays related to the FVCB Merger, or the inability to obtain regulatory and shareholder approvals or satisfy other closing conditions required to complete the FVCB Merger within the expected time frame, or at all; (xvi) the businesses of the Company and FVCB may not be integrated successfully or such integration may be more difficult, time-consuming, or costly than expected; (xvii) customer and employee relationships and business operations may be disrupted by the Bay Banks Merger or the FVCB Merger; (xviii) the effects of the Bay Banks Merger, the FVCB Merger and other acquisitions the Company may make, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such transactions; (xix) changes in the level of the Company's nonperforming assets and charge-offs; (xx) the Company's involvement, from time to time, in legal proceedings and examination and remedial actions by regulators; (xxi) potential exposure to fraud, negligence, computer theft and cyber-crime; (xxii) the Company's ability to pay dividends; (xxiii) the Company's involvement as a participating lender in the PPP as administered through the Small Business Administration; and (xxiv) other risks and factors identified in the "Risk Factors" sections and elsewhere in documents the Company files from time to time with the SEC.
Blue Ridge Bankshares, Inc. | ||||||||
Consolidated Balance Sheets | ||||||||
(Dollars in thousands except share data) | (unaudited) June 30, 2021 | December 31, | ||||||
Assets | ||||||||
Cash and due from banks | $ | 296,425 | $ | 117,945 | ||||
Federal funds sold | 2,273 | 775 | ||||||
Securities available for sale, at fair value | 261,309 | 109,475 | ||||||
Restricted equity and other investments | 15,310 | 11,173 | ||||||
Loans held for sale | 146,985 | 148,209 | ||||||
Paycheck Protection Program loans, net of deferred fees and costs | 130,193 | 288,533 | ||||||
Loans held for investment, net of deferred fees and costs | 1,729,677 | 732,883 | ||||||
Less allowance for loan losses | (13,007) | (13,827) | ||||||
Loans held for investment, net | 1,716,670 | 719,056 | ||||||
Accrued interest receivable | 11,072 | 5,428 | ||||||
Other real estate owned | 438 | — | ||||||
Premises and equipment, net | 29,551 | 14,831 | ||||||
Right-of-use asset | 6,348 | 5,328 | ||||||
Bank owned life insurance | 46,001 | 15,724 | ||||||
Goodwill | 27,098 | 19,892 | ||||||
Other intangible assets | 8,931 | 2,922 | ||||||
Mortgage derivative asset | 3,143 | 5,293 | ||||||
Mortgage servicing rights, net | 13,149 | 7,084 | ||||||
Mortgage brokerage receivable | 5,264 | 8,516 | ||||||
Interest rate swap asset | 5,072 | 1,716 | ||||||
Other assets | 39,498 | 16,358 | ||||||
Total assets | $ | 2,764,730 | $ | 1,498,258 | ||||
Liabilities and Stockholders' Equity | ||||||||
Deposits: | ||||||||
Noninterest-bearing demand | $ | 660,937 | $ | 333,051 | ||||
Interest-bearing demand and money market deposits | 812,756 | 282,263 | ||||||
Savings | 143,908 | 78,352 | ||||||
Time deposits | 572,970 | 251,443 | ||||||
Total deposits | 2,190,571 | 945,109 | ||||||
FHLB borrowings | 125,118 | 115,000 | ||||||
FRB borrowings | 97,384 | 281,650 | ||||||
Subordinated notes, net | 46,149 | 24,506 | ||||||
Lease liability | 7,795 | 5,506 | ||||||
Interest rate swap liability | 1,445 | 2,735 | ||||||
Other liabilities | 29,442 | 15,552 | ||||||
Total liabilities | 2,497,904 | 1,390,058 | ||||||
Commitments and contingencies | ||||||||
Stockholders' Equity: | ||||||||
Common stock, no par value; 25,000,000 shares authorized; 18,631,073 and 8,577,932 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively (1) | 193,259 | 66,771 | ||||||
Additional paid-in capital | 252 | 252 | ||||||
Retained earnings | 70,885 | 40,688 | ||||||
Accumulated other comprehensive income | 2,200 | 264 | ||||||
266,596 | 107,975 | |||||||
Noncontrolling interest | 230 | 225 | ||||||
Total stockholders' equity | 266,826 | 108,200 | ||||||
Total liabilities and stockholders' equity | $ | 2,764,730 | $ | 1,498,258 | ||||
(1) Common stock as of the periods presented is reflective of the 3-for-2 stock split that was effective April 30, 2021. | ||||||||
(2) Derived from audited December 31, 2020 Consolidated Financial Statements. | ||||||||
Blue Ridge Bankshares, Inc. | ||||||||||||
Consolidated Statements of Income (unaudited) | ||||||||||||
For the Three Months Ended | ||||||||||||
(Dollars in thousands except per share data) | June 30, 2021 | March 31, 2021 | June 30, 2020 | |||||||||
Interest income: | ||||||||||||
Interest and fees on loans | $ | 32,591 | $ | 21,363 | $ | 12,443 | ||||||
Interest on taxable securities | 1,133 | 1,130 | 683 | |||||||||
Interest on nontaxable securities | 64 | 52 | 40 | |||||||||
Interest on deposit accounts and federal funds sold | 24 | 31 | 1 | |||||||||
Total interest income | 33,812 | 22,576 | 13,167 | |||||||||
Interest expense: | ||||||||||||
Interest on deposits | 1,682 | 1,540 | 1,650 | |||||||||
Interest on subordinated notes | 868 | 630 | 266 | |||||||||
Interest on FHLB and FRB borrowings | 800 | 389 | 606 | |||||||||
Total interest expense | 3,350 | 2,559 | 2,522 | |||||||||
Net interest income | 30,462 | 20,017 | 10,645 | |||||||||
Provision for loan losses | — | — | 3,500 | |||||||||
Net interest income after provision for loan losses | 30,462 | 20,017 | 7,145 | |||||||||
Noninterest income: | ||||||||||||
Gain on sale of Paycheck Protection Program loans | 24,315 | — | — | |||||||||
Residential mortgage banking income, net | 7,254 | 9,301 | 13,708 | |||||||||
Mortgage servicing rights | 1,707 | 3,371 | 1,596 | |||||||||
Gain on sale of government guaranteed loans | 143 | 1,074 | 243 | |||||||||
Wealth and trust management | 833 | 602 | — | |||||||||
Service charges on deposit accounts | 370 | 327 | 183 | |||||||||
Increase in cash surrender value of bank owned life insurance | 237 | 164 | 92 | |||||||||
Payroll processing | 213 | 270 | 212 | |||||||||
Bank and purchase card, net | 299 | 300 | 139 | |||||||||
Other | 1,054 | 400 | 180 | |||||||||
Total noninterest income | 36,425 | 15,809 | 16,353 | |||||||||
Noninterest expense: | ||||||||||||
Salaries and employee benefits | 17,642 | 14,009 | 10,846 | |||||||||
Occupancy and equipment | 1,868 | 1,357 | 875 | |||||||||
Data processing | 1,534 | 845 | 611 | |||||||||
Legal, issuer, and regulatory filing | 489 | 576 | 296 | |||||||||
Advertising and marketing | 247 | 290 | 129 | |||||||||
Communications | 673 | 368 | 187 | |||||||||
Audit and accounting fees | 291 | 189 | 136 | |||||||||
FDIC insurance | 9 | 343 | 230 | |||||||||
Intangible amortization | 506 | 400 | 233 | |||||||||
Other contractual services | 666 | 853 | 179 | |||||||||
Other taxes and assessments | 1,078 | 348 | 245 | |||||||||
Merger-related | 1,237 | 9,019 | 177 | |||||||||
Other | 4,308 | 1,915 | 1,492 | |||||||||
Total noninterest expense | 30,548 | 30,512 | 15,636 | |||||||||
Income before income tax | 36,339 | 5,314 | 7,862 | |||||||||
Income tax expense | 7,697 | 1,077 | 1,644 | |||||||||
Net income | $ | 28,642 | $ | 4,237 | $ | 6,218 | ||||||
Net loss (income) attributable to noncontrolling interest | 4 | (9) | 4 | |||||||||
Net income attributable to Blue Ridge Bankshares, Inc. | $ | 28,646 | $ | 4,228 | $ | 6,222 | ||||||
Net income available to common stockholders | $ | 28,646 | $ | 4,228 | $ | 6,222 | ||||||
Basic and diluted earnings per common share (EPS) (1) | $ | 1.54 | $ | 0.28 | $ | 0.73 | ||||||
(1) EPS has been adjusted for all periods presented to reflect the 3-for-2 stock split that was effective April 30, 2021. | ||||||||||||
Blue Ridge Bankshares, Inc. | ||||||||
Consolidated Statements of Income (unaudited) | ||||||||
For the Six Months Ended | ||||||||
(Dollars in thousands except per share data) | June 30, 2021 | June 30, 2020 | ||||||
Interest income: | ||||||||
Interest and fees on loans | $ | 53,954 | $ | 21,987 | ||||
Interest on taxable securities | 2,263 | 1,513 | ||||||
Interest on nontaxable securities | 116 | 89 | ||||||
Interest on deposit accounts and federal funds sold | 55 | 1 | ||||||
Total interest income | 56,388 | 23,590 | ||||||
Interest expense: | ||||||||
Interest on deposits | 3,222 | 3,375 | ||||||
Interest on subordinated notes | 1,498 | 443 | ||||||
Interest on FHLB and FRB borrowings | 1,189 | 1,104 | ||||||
Total interest expense | 5,909 | 4,922 | ||||||
Net interest income | 50,479 | 18,668 | ||||||
Provision for loan losses | — | 4,075 | ||||||
Net interest income after provision for loan losses | 50,479 | 14,593 | ||||||
Noninterest income: | ||||||||
Gain on sale of Paycheck Protection Program loans | 24,315 | — | ||||||
Residential mortgage banking income, net | 16,555 | 17,569 | ||||||
Mortgage servicing rights | 5,078 | 1,596 | ||||||
Gain on sale of government guaranteed loans | 1,217 | 263 | ||||||
Wealth and trust management | 1,435 | — | ||||||
Service charges on deposit accounts | 697 | 454 | ||||||
Increase in cash surrender value of bank owned life insurance | 401 | 185 | ||||||
Payroll processing | 483 | 515 | ||||||
Bank and purchase card, net | 599 | 271 | ||||||
Other | 1,454 | 341 | ||||||
Total noninterest income | 52,234 | 21,194 | ||||||
Noninterest expense: | ||||||||
Salaries and employee benefits | 31,651 | 18,006 | ||||||
Occupancy and equipment | 3,225 | 1,732 | ||||||
Data processing | 2,379 | 994 | ||||||
Legal, issuer, and regulatory filing | 1,065 | 490 | ||||||
Advertising and marketing | 537 | 353 | ||||||
Communications | 1,041 | 322 | ||||||
Audit and accounting fees | 480 | 179 | ||||||
FDIC insurance | 352 | 381 | ||||||
Intangible amortization | 906 | 376 | ||||||
Other contractual services | 1,519 | 354 | ||||||
Other taxes and assessments | 1,426 | 469 | ||||||
Merger-related | 10,256 | 446 | ||||||
Other | 6,223 | 2,714 | ||||||
Total noninterest expense | 61,060 | 26,816 | ||||||
Income before income tax | 41,653 | 8,971 | ||||||
Income tax expense | 8,774 | 1,912 | ||||||
Net income | $ | 32,879 | $ | 7,059 | ||||
Net income attributable to noncontrolling interest | (5) | (5) | ||||||
Net income attributable to Blue Ridge Bankshares, Inc. | $ | 32,874 | $ | 7,054 | ||||
Net income available to common stockholders | $ | 32,874 | $ | 7,054 | ||||
Basic earnings per common share (EPS) (1) | $ | 1.95 | $ | 0.83 | ||||
Diluted earnings per common share (EPS) (1) | $ | 1.94 | $ | 0.83 | ||||
(1) EPS has been adjusted for all periods presented to reflect the 3-for-2 stock split that was effective April 30, 2021. | ||||||||
Blue Ridge Bankshares, Inc. | ||||||||||||||||||||
Five Quarter Summary of Selected Financial Data (unaudited) | ||||||||||||||||||||
As of and for the Three Months Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
(Dollars and shares in thousands, except share data) | 2021 | 2021 | 2020 | 2020 | 2020 | |||||||||||||||
Income Statement Data: | ||||||||||||||||||||
Interest income | $ | 33,812 | $ | 22,576 | $ | 16,426 | $ | 14,444 | $ | 13,167 | ||||||||||
Interest expense | 3,350 | 2,559 | 2,412 | 2,615 | 2,522 | |||||||||||||||
Net interest income | 30,462 | 20,017 | 14,014 | 11,829 | 10,645 | |||||||||||||||
Provision for loan losses | — | — | 2,375 | 4,000 | 3,500 | |||||||||||||||
Net interest income after provision for loan losses | 30,462 | 20,017 | 11,639 | 7,829 | 7,145 | |||||||||||||||
Noninterest income | 36,425 | 15,809 | 17,436 | 17,611 | 16,353 | |||||||||||||||
Noninterest expenses | 30,548 | 30,512 | 22,312 | 18,674 | 15,636 | |||||||||||||||
Income before income taxes | 36,339 | 5,314 | 6,763 | 6,766 | 7,862 | |||||||||||||||
Income tax expense | 7,697 | 1,077 | 1,182 | 1,707 | 1,644 | |||||||||||||||
Net income | 28,642 | 4,237 | 5,581 | 5,059 | 6,218 | |||||||||||||||
Net loss (income) attributable to noncontrolling interest | 4 | (9) | — | 4 | 4 | |||||||||||||||
Net income attributable to Blue Ridge Bankshares, Inc. | $ | 28,646 | $ | 4,228 | $ | 5,581 | $ | 5,063 | $ | 6,222 | ||||||||||
Per Common Share Data: | ||||||||||||||||||||
Earnings per share - basic (2) | $ | 1.54 | $ | 0.28 | $ | 0.65 | $ | 0.59 | $ | 0.73 | ||||||||||
Earnings per share - diluted (2) | 1.54 | 0.28 | 0.65 | 0.59 | 0.73 | |||||||||||||||
Dividends declared - pre-stock split basis | — | 0.2925 | — | 0.1425 | 0.1425 | |||||||||||||||
Book value per common share (2) | 14.32 | 12.88 | 12.61 | 11.65 | 11.22 | |||||||||||||||
Tangible book value per common share (2) - Non-GAAP | 12.49 | 11.02 | 10.03 | 9.05 | 8.56 | |||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||
Assets | $ | 2,764,730 | $ | 3,167,374 | $ | 1,498,258 | $ | 1,523,299 | $ | 1,585,798 | ||||||||||
Loans held for investment (including PPP loans) | 1,859,870 | 2,304,542 | 1,021,416 | 1,072,377 | 1,053,037 | |||||||||||||||
Allowance for loan losses | 13,007 | 13,402 | 13,827 | 12,123 | 8,206 | |||||||||||||||
Purchase accounting adjustments (discounts) on acquired loans | 16,987 | 18,691 | 1,248 | 1,372 | 1,519 | |||||||||||||||
Loans held for sale | 146,985 | 122,453 | 148,209 | 159,925 | 96,224 | |||||||||||||||
Securities | 276,619 | 293,555 | 120,648 | 123,329 | 114,003 | |||||||||||||||
Deposits | 2,190,571 | 2,140,118 | 945,109 | 915,266 | 965,857 | |||||||||||||||
Subordinated notes, net | 46,149 | 54,588 | 24,506 | 24,489 | 24,472 | |||||||||||||||
FHLB and FRB advances | 222,502 | 692,789 | 396,650 | 459,611 | 478,412 | |||||||||||||||
Total stockholders' equity | 266,826 | 239,734 | 108,200 | 99,930 | 95,159 | |||||||||||||||
Average common shares outstanding - basic (2) | 18,625 | 15,137 | 8,579 | 8,579 | 8,489 | |||||||||||||||
Average common shares outstanding - diluted (2) | 18,646 | 15,154 | 8,579 | 8,579 | 8,489 | |||||||||||||||
Financial Ratios: | ||||||||||||||||||||
Return on average assets (1) | 3.39 | % | 0.68 | % | 1.48 | % | 1.30 | % | 1.90 | % | ||||||||||
Operating return on average assets (1) - Non-GAAP | 3.50 | % | 1.84 | % | 1.62 | % | 1.56 | % | 1.95 | % | ||||||||||
Return on average equity (1) | 47.39 | % | 8.69 | % | 21.45 | % | 20.75 | % | 26.83 | % | ||||||||||
Operating return on average equity (1) - Non-GAAP | 49.01 | % | 23.29 | % | 23.46 | % | 24.84 | % | 27.43 | % | ||||||||||
Total loan to deposit ratio | 91.6 | % | 113.4 | % | 123.8 | % | 134.6 | % | 119.0 | % | ||||||||||
Held for investment loan to deposit ratio | 84.9 | % | 107.7 | % | 108.1 | % | 117.2 | % | 109.0 | % | ||||||||||
Net interest margin (1) | 3.82 | % | 3.43 | % | 3.88 | % | 3.26 | % | 3.19 | % | ||||||||||
Cost of deposits (1) | 0.29 | % | 0.36 | % | 0.56 | % | 0.64 | % | 0.65 | % | ||||||||||
Efficiency ratio | 45.7 | % | 85.2 | % | 70.9 | % | 63.4 | % | 57.9 | % | ||||||||||
Operating efficiency ratio - Non-GAAP | 43.8 | % | 60.0 | % | 68.8 | % | 59.1 | % | 57.3 | % | ||||||||||
Merger-related expenses (MRE) | 1,237 | 9,019 | 662 | 1,264 | 177 | |||||||||||||||
Capital and Asset Quality Ratios: | ||||||||||||||||||||
Average stockholders' equity to average assets | 7.1 | % | 7.9 | % | 6.9 | % | 6.3 | % | 7.1 | % | ||||||||||
Allowance for loan losses to loans held for investment, excluding PPP loans | 0.75 | % | 0.79 | % | 1.89 | % | 1.71 | % | 1.17 | % | ||||||||||
Nonperforming loans to total assets | 0.43 | % | 0.17 | % | 0.44 | % | 0.30 | % | 0.39 | % | ||||||||||
Nonperforming assets to total assets | 0.45 | % | 0.19 | % | 0.44 | % | 0.30 | % | 0.39 | % | ||||||||||
Reconciliation of Non-GAAP Financial Measures (unaudited): | ||||||||||||||||||||
Tangible Common Equity: | ||||||||||||||||||||
Total stockholders' equity | $ | 266,826 | $ | 239,734 | $ | 108,200 | $ | 99,930 | $ | 95,159 | ||||||||||
Less: Goodwill and other intangibles, net of deferred tax liability (3) | (34,153) | (34,556) | (22,200) | (22,279) | (22,556) | |||||||||||||||
Tangible common equity (Non-GAAP) | $ | 232,673 | $ | 205,178 | $ | 86,000 | $ | 77,651 | $ | 72,603 | ||||||||||
Total shares outstanding (2) | 18,631 | 18,618 | 8,579 | 8,579 | 8,481 | |||||||||||||||
Book value per share | $ | 14.32 | $ | 12.88 | $ | 12.61 | $ | 11.65 | $ | 11.22 | ||||||||||
Tangible book value per share (Non-GAAP) | 12.49 | 11.02 | 10.03 | 9.05 | 8.56 | |||||||||||||||
Tangible stockholders' equity to tangible total assets | ||||||||||||||||||||
Total assets | $ | 2,764,730 | $ | 3,167,374 | $ | 1,498,258 | $ | 1,523,299 | $ | 1,585,798 | ||||||||||
Less: Goodwill and other intangibles, net of deferred tax liability (3) | (34,153) | (34,556) | (22,200) | (22,279) | (22,556) | |||||||||||||||
Tangible total assets (Non-GAAP) | $ | 2,730,577 | $ | 3,132,818 | $ | 1,476,058 | $ | 1,501,020 | $ | 1,563,242 | ||||||||||
Tangible common equity (Non-GAAP) | $ | 232,673 | $ | 205,178 | $ | 86,000 | $ | 77,651 | $ | 72,603 | ||||||||||
Tangible stockholders' equity to tangible total assets (Non-GAAP) | 8.5 | % | 6.5 | % | 5.8 | % | 5.2 | % | 4.6 | % | ||||||||||
Operating return on average assets (annualized) | ||||||||||||||||||||
Net income | $ | 28,642 | $ | 4,237 | $ | 5,581 | $ | 5,059 | $ | 6,218 | ||||||||||
Add: MRE, after-tax basis (ATB) (4) | 977 | 7,125 | 523 | 999 | 140 | |||||||||||||||
Operating net income (Non-GAAP) | $ | 29,619 | $ | 11,362 | $ | 6,104 | $ | 6,058 | $ | 6,358 | ||||||||||
Average assets | $ | 3,383,015 | $ | 2,475,912 | $ | 1,510,779 | $ | 1,554,549 | $ | 1,306,702 | ||||||||||
Operating return on average assets (annualized) (Non-GAAP) | 3.50 | % | 1.84 | % | 1.62 | % | 1.56 | % | 1.95 | % | ||||||||||
Operating return on average equity (annualized) | ||||||||||||||||||||
Net income | $ | 28,642 | $ | 4,237 | $ | 5,581 | $ | 5,059 | $ | 6,218 | ||||||||||
Add: MRE, ATB (4) | 977 | 7,125 | 523 | 999 | 140 | |||||||||||||||
Operating net income (Non-GAAP) | $ | 29,619 | $ | 11,362 | $ | 6,104 | $ | 6,058 | $ | 6,358 | ||||||||||
Average stockholders' equity | $ | 241,731 | $ | 195,103 | $ | 104,065 | $ | 97,545 | $ | 92,717 | ||||||||||
Operating return on average equity (annualized) (Non-GAAP) | 49.01 | % | 23.29 | % | 23.46 | % | 24.84 | % | 27.43 | % | ||||||||||
Operating efficiency ratio | ||||||||||||||||||||
Total noninterest expense | $ | 30,548 | $ | 30,512 | $ | 22,312 | $ | 18,674 | $ | 15,636 | ||||||||||
Less: MRE | 1,237 | 9,019 | 662 | 1,264 | 177 | |||||||||||||||
Noninterest expense excluding MRE (Non-GAAP) | $ | 29,311 | $ | 21,493 | $ | 21,650 | $ | 17,410 | $ | 15,459 | ||||||||||
Net interest income | 30,462 | 20,017 | 14,014 | 11,829 | 10,645 | |||||||||||||||
Noninterest income | 36,425 | 15,809 | 17,436 | 17,611 | 16,353 | |||||||||||||||
Operating efficiency ratio (Non-GAAP) | 43.8 | % | 60.0 | % | 68.8 | % | 59.1 | % | 57.3 | % | ||||||||||
(1) Annualized. | ||||||||||||||||||||
(2) Shares outstanding as of and for the periods stated are reflective of the 3-for-2 stock split that was effective April 30, 2021. | ||||||||||||||||||||
(3) Excludes mortgage servicing rights. | ||||||||||||||||||||
(4) Assumes an income tax rate of | ||||||||||||||||||||
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SOURCE Blue Ridge Bankshares, Inc.
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