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Blue Ridge Bankshares buys majority stake in payroll processing company

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Blue Ridge Bankshares buys majority stake in payroll processing company

Luray, Va.-based Blue Ridge Bankshares Inc. disclosed in its earnings release the purchase of a majority stake in a payroll processing company.

The company reported net income of about $3.4 million for 2017, or $1.22 per share, compared to 2016's $688,728, or 31 cents per share. For the three months ended Dec. 31, 2017, net income was roughly $286,000, or 10 cents per share, compared to the year-ago period's net loss of about $405,000, or 18 cents per share.

Blue Ridge said one-time events impacted 2017 fourth-quarter and annual earnings, such as the lower corporate income tax rate that created a deferred income tax asset write-down of about $200,000. It also bought a consumer loan pool in the fourth quarter for which it funded all anticipated losses in the allowance for loan losses of $285,000, and had an additional $60,000 in expenses associated with the payroll processing company transaction.