EX-99.1 2 d74632dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Blue Ridge Bankshares, Inc. Announces Third Quarter Earnings

Charlottesville, Va., October 28, 2020 – Blue Ridge Bankshares, Inc. (the “Company”) (NYSE American: BRBS) announced today its third quarter 2020 net income of $5.1 million, or $0.88 earnings per share, compared to $6.2 million, or $1.10 earnings per share, for the quarterly period ended June 30, 2020, and $1.3 million, or $0.29 earnings per share, for the quarterly period ended September 30, 2019. Earnings for the third quarter of 2020 include approximately $1.1 million in one-time expenses related to the proposed merger with Bay Banks of Virginia, Inc. (“Bay Banks”) (OTCQB: BAYK). The Company continues to experience record quarterly earnings, largely attributable to its mortgage division and the increased loan volumes. The Company also continued to recognize Paycheck Protection Program (“PPP”) loan processing fees over the expected loan lives throughout the third quarter, which was largely offset by increased loan loss provisioning due to the uncertainty surrounding COVID-19 and its long-term economic impact. Additionally, the Company was pleased to declare a third quarter 2020 dividend of $0.1425 per share, payable on October 30, 2020 to shareholders of record as of the close of business on October 22, 2020.

“Our team continues to proactively serve our clients and communities with unparalleled dedication,” said Brian K. Plum, President and Chief Executive Officer. “The ongoing combination of Paycheck Protection Program fee accretion and a historically strong mortgage market has enabled us to achieve record earnings while funding our loan loss provision at meaningful levels.”

“We remain vigilantly engaged on the loan portfolio and maintain an open line of communication with borrowers as we work through the fallout of COVID-19 together,” Plum added. “While the overall economic recovery this year has been strong and deferrals have significantly fallen, we recognize that many borrowers continue to struggle and will do so for the foreseeable future in an uncertain environment. We anticipate these conditions will contribute to a deterioration of asset quality in coming quarters.”

Proposed Merger

On August 13, 2020, the Company announced the signing of a definitive merger agreement with Bay Banks, pursuant to which the companies will combine in an all-stock merger with the Company as the surviving company. At or immediately following consummation of the merger, Virginia Commonwealth Bank, the wholly-owned commercial banking subsidiary of Bay Banks, will be merged with and into Blue Ridge Bank, National Association (the “Bank”), the wholly-owned commercial banking subsidiary of Blue Ridge, with the Bank as the surviving bank.

Paycheck Protection Program

The Company funded over 2,400 PPP loans totaling approximately $361 million, as of September 30, 2020. Estimated PPP processing fees earned by the Company for these loans is approximately $11.5 million. The Company funded these loans, which have a statutory loan interest rate of 1.00%, using the Federal Reserve Paycheck Protection Program Liquidity Facility (“PPPLF”), which provides 100% funding at a cost of 0.35%. PPP loans do not count toward bank regulatory capital ratios. The Company is currently working with PPP borrowers through the forgiveness phase of the program. As of October 28, 2020, $48.7 million in PPP loans have been submitted and are awaiting full forgiveness.

COVID-19 Response

The Company resumed normalized branch operations early in the third quarter and continues to follow appropriate hygienic and distancing guidelines. While branch traffic has steadily improved, the Company believes digital use adoption following COVID-19 will have a meaningful impact on future customer behaviors and business investment decisions.

Asset Quality

Nonperforming loans and loans 90 days or more past due totaled $4.5 million at September 30, 2020, a decrease of $1.7 million, or 27.1%, from June 30, 2020. The Company’s provision for loan losses amounted to $4.0 million for the third quarter of 2020, compared to $3.5 million in the second quarter of 2020. The increased provisioning in the second and third quarters is related to the continued uncertainty surrounding COVID-19 and its impact on the Company’s borrowers.

In response to COVID-19, the Company approved 553 loan deferrals for a total of $110.6 million, or 16.3% of the held-for-investment loan portfolio excluding PPP loans, as of October 20, 2020. Approximately $104.1 million, or 94.1%, of these deferred loan balances are now past the deferment period and are back on normal payment schedules. At the time of this release, the Company was aware of five borrowers with loan balances totaling $6.5 million that were either still in deferral or in the process of requesting a second deferral for a period of three months. The Company is closely monitoring the past due loan portfolio, and proactively staying in touch with borrowers, especially as it relates to high-risk industries as outlined below.

The economic fallout from COVID-19 is materially impacting all parts of the economy, and especially certain industries. The information below provides the Company’s exposure to these industries, utilizing the Company’s NAICS coding on its loan accounting system as of October 20, 2020:


Industry by NAICS Code

     Total Loan

Hotels and Motels

     13      $ 28,436,530  

Bed and Breakfasts

     5        2,748,650  

All Other Traveler


     7        4,409,971  

Full-Service Restaurants

     17        4,091,938  

Limited-Service Restaurants

     11        4,707,694  

Religious Organizations

     36        7,245,171  








     89      $ 51,639,954  

Balance Sheet

The Company had total assets of $1.5 billion at September 30, 2020, an increase of $562.5 million, or 58.6%, from December 31, 2019 and a decrease of $62.5 million, or 3.9% from June 30, 2020. The increase in total assets year-to-date was primarily driven by PPP. Loans held for investment increased $392.3 million, or 60.7% from December 31, 2019, and $17.7 million, or 1.7%, from June 30, 2020. Included in this increase is approximately $361.8 million in PPP loans originated year-to-date, and $11.8 million in PPP loans originated in the third quarter. A majority of these loans are fully funded by the Federal Reserve’s PPPLF program, resulting in a corresponding increase in other borrowed funds on the balance sheet. The decline in total assets for the third quarter is largely due to the maturity of additional funding obtained in the first half of the year, included in cash and due from banks, in response to the insecurity surrounding COVID-19. The Company continues to test liquidity sources to ensure proper funding is available as the uncertainty around COVID-19 remains at the forefront. Total deposits increased $193.2 million, or 26.8%, from December 31, 2019, and decreased $50.6 million, or 5.2% from June 30, 2020. Noninterest demand deposit accounts increased $100.8 million, or 56.7% year-to-date and decreased $6.6 million, or 2.3% for the third quarter. The increase in deposits year-to-date was attributable to funds retained from PPP customers as well as the build-up of liquidity in response to COVID-19. The decrease in the third quarter is largely due to the maturity of some of those additional liquidity reserves.

The Company experienced held-for-sale loan growth of $137.5 million, or 247.1%, year-to-date, and $65.3 million, or 51.1% in the third quarter. The growth in available-for-sale loans was due to an uptick in volume created by market conditions and the continued expansion of our retail and wholesale mortgage operations.

Income Statement

Net Interest Income

Net interest income was approximately $11.8 million for the quarter ended September 30, 2020, compared to $10.6 million for the second quarter of 2020, and $5.4 million for the quarter ended September 30, 2019. Included in third quarter net interest income was approximately $3.8 million in net PPP related loan income. The Company’s cost of deposits remained steady in the third quarter, decreasing slightly to 0.64% from 0.65% for the second quarter of 2020. Net interest margin increased to 3.26% in the third quarter from 3.19% in the second quarter of 2020, due to slight yield improvement in certain loan categories. The Company continues to experience margin pressure, including the net interest margin on its large PPP loan portfolio, which is 0.65%.

Other Income

Other income for the third quarter ended September 30, 2020 was $17.7 million compared to $16.5 million for the quarter ended June 30, 2020. This increase is attributable to increased mortgage revenue of $739 thousand in the third quarter in addition to the gains on the sale of government guaranteed loans, which amounted to $272 thousand in third quarter. Year-to-date mortgage volume for 2020 was over $900 million through September 30, 2020, a record for the Company.    

Other Expense

Other expenses for the third quarter ended September 30, 2020 were $18.8 million compared to $15.8 million in the second quarter of 2020. The majority of this increase relates to the aforementioned one-time merger expenses of $1.1 million. Additionally, salaries and benefits increased $960 thousand for the third quarter of 2020 due to bonuses and commissions for the mortgage division in relation to increased volume.

Mortgage Division

The Company’s mortgage operations, which consists of its retail division operating as Monarch Mortgage and its wholesale division operating as LenderSelect Mortgage Group, recorded net income of $4.3 million for the third quarter compared to $5.1 million in the second quarter of 2020. The primary driver of these record earnings for the mortgage division was increased volume, largely due to the low rate environment, expansion of the retail business line, the addition of the wholesale business line in late 2019, and retaining mortgage servicing rights (“MSRs”) beginning in the second quarter of 2020. Income related to MSRs increased from $1.6 million through June 30, 2020 to $3.2 million year-to-date through September 30, 2020.

Capital and Dividends

The Company continually monitors its capital position and is particularly focused on the potential impact that the fallout from COVID-19 will have on its capital position. The Company remains confident in its ability to maintain capital levels at amounts required for regulatory purposes and for the payment of its common stock dividend, but the ability to maintain its dividend payment remains highly dependent on the depth and breadth of the economic impact of COVID-19. The Company may, depending on conditions, find it necessary to suspend common stock dividends.

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 Blue Ridge Bankshares, Inc. (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) the effect of acquisitions the Company may make, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions; (xvi) changes in the level of the Company’s nonperforming assets and charge-offs; (xvii) the Company’s involvement, from time to time, in legal proceedings and examination and remedial actions by regulators; (xviii) potential exposure to fraud, negligence, computer theft and cyber-crime; (xix) the Company’s ability to pay dividends; (xx) the Company’s involvement as a participating lender in the PPP as administered through the U.S. Small Business Administration; (xxi) expenses related to the Company’s proposed merger with Bay Banks, unexpected delays related to the merger, or the inability to obtain regulatory and shareholder approvals or satisfy other closing conditions required to complete the merger; and (xxii) other risks and factors identified in the “Risk Factors” sections and elsewhere in documents the Company files from time to time with the SEC.

Five Quarter Summary of Selected Financial Data


     Three Months Ended  
     September 30,     June 30,     March 31,     December 31,     September 30,  
(Dollars and shares in thousands, except per share data)    2020     2020     2020     2019     2019  
     Unaudited     Unaudited     Unaudited     Unaudited     Unaudited  

Income Statement Data:


Interest and Dividend Income

   $ 14,444     $ 13,167     $ 10,423     $ 8,457     $ 8,118  

Interest Expense

     2,615       2,522       2,400       2,577       2,682  
















Net Interest Income

     11,829       10,645       8,023       5,880       5,436  

Provision for Loan Losses

     4,000       3,500       575       277       570  
















Net Interest Income After Provision for Loan Losses

     7,829       7,145       7,448       5,603       4,866  

Noninterest Income

     17,748       16,524       4,998       4,541       4,973  

Noninterest Expenses

     18,812       15,807       11,338       9,628       8,206  
















Income before income taxes

     6,765       7,862       1,108       516       1,633  

Income tax expense (benefit)

     1,707       1,644       267       (17     380  
















Net income

     5,058       6,218       841       533       1,253  

Net income attributable to

noncontrolling interest

     4       4       (9     (3     (3
















Net income attributable to Blue Ridge Bankshares, Inc.

   $ 5,062     $ 6,222     $ 832     $ 530     $ 1,250  
















Per Common Share Data:


Net income-basic

   $ 0.88     $ 1.10     $ 0.15     $ 0.10     $ 0.28  

Net income-diluted

     0.88       1.10       0.15       0.10       0.28  

Dividends declared

     0.1425       0.1425       0.1425       0.1425       0.1425  

Book value per common share

     17.47       16.83       15.95       16.32       15.09  

Tangible book value per common share

     13.47       12.72       11.80       12.14       14.00  

Balance Sheet Data:



   $  1,523,299     $  1,585,798     $ 1,027,605     $ 960,811     $ 736,238  

Loans held for investment

     1,039,180       1,021,465       670,935       646,834       460,878  

Loans held for sale

     193,122       127,796       90,019       55,646       80,255  


     123,329       114,003       120,254       128,897       142,712  


     915,266       965,857       769,160       722,030       520,280  

Subordinated Debt, net

     24,489       24,472       9,809       9,800       9,792  

Other borrowed funds

     459,611       478,412       140,900       124,800       129,600  

Total equity

     99,930       95,159       90,274       92,338       65,597  

Average common shares outstanding – basic

     5,719       5,659       5,664       4,588       4,347  

Average common shares outstanding – diluted

     5,719       5,659       5,664       4,588       4,347  

Financial Ratios:


Return on average assets *

     1.30     1.90     0.34     0.25     0.69

Return on average equity *

     20.74     26.83     3.68     2.70     7.73

Total loan to deposit ratio

     134.64     119.99     98.93     97.29     104.01

Held for investment loan to deposit ratio

     113.54     106.76     87.23     89.59     88.58

Net interest margin

     3.26     3.19     3.71     3.46     3.16

Cost of deposits

     0.64     0.65     0.95     1.29     1.35

Efficiency ratio

     73.55     66.78     91.10     94.91     83.40

Capital and Credit Quality Ratios:


Average Equity to Average Assets

     6.26     7.07     9.18     9.31     8.90

Allowance for loan losses to loans held for investment

     1.17     0.80     0.73     0.71     0.96

Nonperforming loans to total assets

     0.30     0.39     0.50     0.54     0.78

Nonperforming assets to total assets

     0.30     0.39     0.50     0.54     0.78

Net charge-offs to total loans held for investment

     0.01     0.02     0.04     0.02     0.05

Net charge-offs to average loans held

for investment (Annualized)

     0.03     0.09     0.15     0.08     0.19

Reconciliation of Non-GAAP Disclosures (Unaudited):


Tangible Common Equity:


Common equity (GAAP)

   $ 99,930     $ 95,159     $ 90,274     $ 92,338     $ 65,597  

Less: Goodwill and amortizable intangibles

     (22,914     (23,264     (23,456     (23,633     (4,722
















Tangible common equity (Non-GAAP)

   $ 77,016     $ 71,895     $ 66,818     $ 68,705     $ 60,875  

Total shares outstanding

     5,719       5,654       5,661       5,659       4,347  

Book Value per Share (GAAP)

   $ 17.47     $ 16.83     $ 15.95     $ 16.32     $ 15.09  

Tangible Book Value per Share (Non-GAAP)

   $ 13.47     $ 12.72     $ 11.80     $ 12.14     $ 14.00  




Blue Ridge Bankshares, Inc.

Consolidated Balance Sheets


     (Unaudited)     (Audited)     (Unaudited)  
     September 30,     December 31,     September 30,  
     2020     2019     2019  

Cash and due from banks

   $ 77,596,236     $ 60,026,071     $ 22,317,907  

Federal funds sold

     —         480,000       285,000  

Investment securities


Securities available for sale (at fair value)

     113,888,827       108,571,161       121,739,785  

Securities held to maturity

     —         12,192,139       13,117,160  

Restricted investments

     9,440,580       8,133,519       7,855,079  










Total Investment Securities

     123,329,407       128,896,819       142,712,024  

Loans held for sale

     193,121,852       55,646,215       80,255,143  

Loans held for investment

     1,039,180,070       646,833,864       460,878,329  

Allowance for loan losses

     (12,123,387     (4,572,371     (4,404,593










Net Loans Held for Investment

     1,027,056,683       642,261,493       456,473,736  

Bank premises and equipment, net

     14,946,576       13,650,556       3,457,100  

Bank owned life insurance

     15,012,705       14,734,261       8,870,920  


     19,892,331       19,914,942       3,306,664  

Other intangible assets

     3,022,085       3,718,319       1,415,123  

Other assets

     49,321,294       21,482,629       17,144,336  










Total Assets

   $  1,523,299,169     $  960,811,305     $  736,237,953  










Demand deposits


Noninterest bearing

   $ 278,583,746     $ 177,819,205     $ 91,840,165  

Interest bearing

     303,051,674       220,776,065       160,302,009  

Savings deposits

     73,273,954       62,479,898       31,352,186  

Time deposits

     260,356,861       260,954,991       236,786,100  










Total Deposits

     915,266,235       722,030,159       520,280,460  

Federal funds purchased


Other borrowed funds

     459,475,705       124,800,000       129,600,000  

Subordinated debt, net of issuance costs

     24,489,071       9,800,434       9,791,964  

Other liabilities

     24,003,294       11,843,037       10,968,831  










Total liabilities

     1,423,369,305       868,473,630       670,641,255  

Common stock, no par value, authorized – 25,000,000 shares; outstanding – 5,718,621 shares at 9/30/20, 5,658,585 shares at 12/31/19, and 4,346,866 at 9/30/19)

     66,555,535       66,204,739       38,731,340  

Contributed equity

     251,543       251,543       251,543  

Retained earnings

     35,107,023       25,428,056       25,516,493  

Accumulated other comprehensive income

     (2,210,138     229,051       876,027  










Total Stockholders’ Equity

     99,703,963       92,113,389       65,375,403  










Noncontrolling interest

     225,901       224,286       221,295  










Total Equity

     99,929,864       92,337,675       65,596,698  










Total Liabilities and Equity

   $  1,523,299,169     $  960,811,305     $  736,237,953  










Blue Ridge Bankshares, Inc.

Consolidated Statements of Income


     (Unaudited)     (Unaudited)  
     Nine Months     Nine Months  
     Ended     Ended  
     September 30, 2020     September 30, 2019  



Interest and fees on loans held for investment

   $ 33,346,074     $ 18,307,079  

Interest and fees on loans held for sale

     2,420,270       1,333,271  

Interest on federal funds sold

     1,948       5,995  

Interest and dividends on taxable investment securities

     2,146,553       2,601,462  

Interest and dividends on nontaxable investment securities

     119,481       182,651  







Total Interest Income

     38,034,326       22,430,458  









Interest on savings and interest bearing demand deposits

     1,191,818       1,194,254  

Interest on time deposits

     3,697,433       3,296,668  

Interest on borrowed funds

     2,648,245       2,452,149  







Total Interest Expense

     7,537,496       6,943,071  







Net Interest Income

     30,496,830       15,487,387  








     8,075,000       1,465,000  







Net Interest Income after Provision for Loan Losses

     22,421,830       14,022,387  



Service charges on deposit accounts

     668,804       458,724  

Earnings on investment in life insurance

     278,444       874,337  

Gain on sale of mortgages and brokerage income

     31,968,720       10,966,532  

Mortgage servicing income

     3,241,070       —    

Gain (loss) on disposal of assets

     (115,620     2,080  

Gain (loss) on sale of securities

     208,836       85,666  

Gain (loss) on sale of OREO

     —         (33,399

Gain on sale of guaranteed USDA loans

     778,559       298,288  

Other noninterest income

     2,241,377       1,602,888  







Total Other Income

     39,270,190       14,255,116  









Salaries and employee benefits

     30,140,768       14,148,864  

Occupancy and equipment

     2,653,339       1,867,813  

Data processing

     1,799,268       1,068,695  

Legal, issuer, and regulatory filing fees

     2,072,806       929,851  


     517,638       606,854  


     536,447       334,450  

Debit card

     465,365       241,914  

Directors fees

     335,104       174,050  

Audits and examinations

     290,737       175,026  

FDIC insurance

     567,926       256,000  

Other contractual services

     870,432       269,626  

Other taxes and assessments

     748,405       746,361  

Other operating

     4,958,570       2,397,958  







Total Other Expenses

     45,956,805       23,217,462  







Income before Income Taxes

     15,735,215       5,060,041  


     3,618,349       989,296  







Net Income

     12,116,866       4,070,745  

Net Income attributable to noncontrolling interest

     (1,614     (21,251







Net Income attributable to Blue Ridge Bankshares, Inc.

   $ 12,115,252     $ 4,049,494  

Net Income Available to Common Stockholders

   $ 12,115,252     $ 4,049,494  







Earnings per Share

   $ 2.13     $ 1.01  







Weighted Average Shares Outstanding

     5,680,930       3,998,267  







     (Unaudited)     (Unaudited)  
     Three Months     Three Months  
     Ended     Ended  
     September 30, 2020     September 30, 2019  



Interest and fees on loans held for investment

   $ 12,667,320     $ 6,363,731  

Interest and fees on loans held for sale

     1,112,631       562,877  

Interest on federal funds sold

     292       2,006  

Interest and dividends on taxable investment securities

     633,713       1,133,468  

Interest and dividends on nontaxable investment securities

     30,403       55,904  







Total Interest Income

     14,444,359       8,117,986  









Interest on savings and interest bearing demand deposits

     325,226       457,231  

Interest on time deposits

     1,189,521       1,305,869  

Interest on borrowed funds

     1,100,716       918,999  







Total Interest Expense

     2,615,463       2,682,099  







Net Interest Income

     11,828,896       5,435,887  








     4,000,000       570,000  







Net Interest Income after Provision for Loan Losses

     7,828,896       4,865,887  



Service charges on deposit accounts

     214,529       171,151  

Earnings on investment in life insurance

     93,738       58,915  

Gain on sale of mortgages and brokerage income

     14,399,627       3,942,644  

Mortgage servicing income

     1,644,739       —    

Gain (loss) on disposal of assets

     (112,066     —    

Gain (loss) on sale of securities

     208,836       85,666  

Gain on sale of guaranteed USDA loans

     515,631       251,768  

Other noninterest income

     784,086       462,749  







Total Other Income

     17,749,120       4,972,893  









Salaries and employee benefits

     11,880,126       5,078,753  

Occupancy and equipment expenses

     921,692       627,281  

Data processing

     674,522       412,632  

Legal, issuer, and regulatory filing fees

     1,536,062       295,187  

Advertising expense

     164,827       191,448  


     214,436       122,781  

Debit card expenses

     136,999       81,627  

Directors fees

     219,704       51,750  

Audits and examinations

     98,894       86,885  

FDIC insurance expense

     187,150       86,000  

Other contractual services

     515,995       89,292  

Other taxes and assessments

     279,617       257,056  

Other noninterest expense

     1,982,129       825,627  







Total Other Expenses

     18,812,153       8,206,319  







Income before Income Taxes

     6,765,863       1,632,461  


     1,706,805       379,322  







Net Income

     5,059,058       1,253,139  

Net Income attributable to noncontrolling interest

     3,945       (3,075







Net Income attributable to Blue Ridge Bankshares, Inc.

     5,063,003       1,250,064  







Net Income Available to Common Stockholders

   $ 5,063,003     $ 1,250,064  







Earnings per Share

   $ 0.88     $ 0.29  







Weighted Average Shares Outstanding

     5,718,621       4,346,866