Charlottesville-based Blue Ridge Bankshares Inc., parent company of Blue Ridge Bank N.A., saw net income of $4.8 million in 2019, officials said.
The income, which bested 2018’s $4.6 million, earned investors $1.16 per common share in 2019, for the year ending Dec. 31.
The share price was a decrease from 2018’s $1.64 per common share because the number of shares outstanding rose during the year by 2.8 million as the company raised its number of shares early in 2019 and acquired Virginia Community Bank in December 2019.
The company declared a quarterly dividend of $0.1425 during the fourth quarter of 2019, an increase of 1.79% compared with the 2018 fourth quarter dividend of $0.1400 per share. The dividend yield is 2.69% based on the closing share price of $21.19 on Feb. 7.
“We ended the fourth quarter of 2019 on a momentous note, the closing on the acquisition of Virginia Community Bankshares Inc.,” bank President and Chief Executive Officer Brian K. Plum said in a prepared statement.
“The company recently completed the core integration of [Virginia Community Bank] into Blue Ridge Bank at the end of January and has been focused on ensuring a smooth transition for the VCB customer base,” he said. “We are excited to have this huge milestone completed and look forward to realizing the synergies from the combination of these two strong institutions in the coming quarters.”