PR Newswire | Oct 28, 2020 06:39PM EDT

10/28 17:38 CDT

Blue Ridge Bankshares, Inc. Announces Third Quarter Earnings CHARLOTTESVILLE, Va., Oct. 28, 2020

CHARLOTTESVILLE, Va., Oct. 28, 2020 /PRNewswire/ -- 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 Number of Total Loan Borrowers Balance

Hotels and Motels 13 $28,436,530

Bed and Breakfasts 5 2,748,650

All Other Traveler

Accommodations 7 4,409,971

Full-Service Restaurants 17 4,091,938

Limited-Service Restaurants 11 4,707,694

Religious Organizations 36 7,245,171

TOTAL 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.

Blue Ridge Bankshares, Inc.

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

Income Statement Data: Unaudited Unaudited Unaudited Unaudited Unaudited

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 $ 0.29

Net income-diluted 0.88 1.10 0.15 0.10 0.29

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:

Assets $ 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

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

Deposits 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% 118.99% 98.93% 97.29% 104.01%

Held for investment loan to deposit ratio 113.54% 105.76% 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 6.27% 7.10% 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

* Annualized

Blue Ridge Bankshares, Inc.

Consolidated Balance Sheets

(Unaudited) (Audited) (Unaudited)

September 30, December 31, September 30,

ASSETS 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

Goodwill 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

LIABILITIES

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 135,000 - -

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

STOCKHOLDERS' EQUITY

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 INCOME

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 EXPENSE

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

PROVISION FOR LOAN LOSSES 8,075,000 1,465,000

Net Interest Income after Provision for Loan Losses 22,421,830 14,022,387

OTHER INCOME

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

OTHER EXPENSES

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, merger, and regulatory filing fees 2,072,806 929,851

Advertising 517,638 606,854

Communications 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

INCOME TAX EXPENSE 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

Blue Ridge Bankshares, Inc.

Consolidated Statements of Income

(Unaudited) (Unaudited)

Three Months Three Months

Ended Ended

September 30, September 30, 2020 2019

INTEREST INCOME

Interest and fees on loans held for $ 12,667,320 $ 6,363,731investment

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 633,713 1,133,468securities

Interest and dividends on nontaxable 30,403 55,904investment securities

Total Interest Income 14,444,359 8,117,986

INTEREST EXPENSE

Interest on savings and interest bearing 325,226 457,231demand deposits

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

PROVISION FOR LOAN LOSSES 4,000,000 570,000

Net Interest Income after Provision for Loan 7,828,896 4,865,887Losses

OTHER INCOME

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 14,399,627 3,942,644income

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

OTHER EXPENSES

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, merger, and regulatory filing 1,536,062 295,187fees

Advertising expense 164,827 191,448

Communications 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

INCOME TAX EXPENSE 1,706,805 379,322

Net Income 5,059,058 1,253,139

Net Income attributable to noncontrolling 3,945 (3,075)interest

Net Income attributable to Blue Ridge $ 5,063,003 1,250,064Bankshares, Inc.

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

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SOURCE Blue Ridge Bankshares, Inc.