Blue Ridge Bankshares, Inc. Releases 2016 Earnings

LURAY, Va., Jan. 31, 2017 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTC Pink: BRBS), parent company of Blue Ridge Bank, N.A., announced today its unaudited financial results for the year ended December 31, 2016.  The Company reported net income of $689,000 for 2016, or $0.46 per common share, compared to 2015 net income of $2.5 million, or $1.79 per common share.  In addition, the Company was pleased to declare a dividend of $0.1175 during the fourth quarter of 2016, which is an increase of 2.2% compared to the 2015 fourth quarter dividend of $0.115.  The dividend yield is 2.19% based on the January 31, 2017 share price.

During the 4^th quarter of 2016, the Company acquired River Bancorp, Inc. and its wholly-owned subsidiary River Community Bank, N.A.  This merger resulted in an addition of approximately $114 million in assets, of which $90 million includes held for investment loans, approximately $97 million in total deposits, including $16 million in noninterest bearing deposits, and approximately $9 million in additional capital.  Transaction costs related to the merger resulted in $1.9 million of additional expenses, the primary reason for the significant decline in earnings for 2016 compared to 2015. Prior to the merger, the Company experienced asset growth of approximately $35.0 million, or 13.1%, and surpassed $300 million in total assets in October 2016.  This asset growth was largely fueled by growth in the Company's held for investment loan portfolio of $22.5 million or 10.9%. Additionally, prior to the merger, the Company's deposit portfolio grew approximately $42.2 million, or 21.1%.

"Last year was a significant and meaningful one for our Company. We successfully completed the acquisition of River Bancorp, Inc. and the merger of Blue Ridge Bank and River Community Bank, N.A.," stated Chief Executive Officer Brian K. Plum. "Costs related to the merger led to an anticipated decrease in net income for the year.  Even in the midst of the merger activities, we continued to make solid progress in each of our markets on the loan and deposit fronts," Plum added.   "We are excited to be serving new customers and communities with the enhanced Blue Ridge team and we believe the Company is well-positioned to offer its customers and shareholders enhanced value moving forward."

About Blue Ridge Bankshares, Inc.
Blue Ridge Bankshares, Inc. is a single-bank holding company headquartered in Luray, VA. Chartered in 1893 as the Page Valley Bank of Virginia, today Blue Ridge Bank, N.A. has additional branches in Charlottesville, Drakes Branch, Harrisonburg, Martinsville, McGaheysville, Shenandoah, Stanleytown, and Stuart. The Bank also has mortgage operations in Virginia and North Carolina. Celebrating 124 years as a locally owned, independent community bank, Blue Ridge Bank, N.A. provides a wide range of financial services.  Visit www.mybrb.com for more information.

Forward-Looking Statements
This press release may contain "forward-looking statements" as defined by federal securities laws, which may involve significant risks and uncertainties. These statements address issues that involve risks, uncertainties, estimates and assumptions made by management, and actual results could differ materially from the results contemplated by these forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects include, but are not limited to, changes in interest rates, general economic conditions and legislative and regulatory policies. Readers should consider these risks and uncertainties in evaluating forward-looking statements and should not place undue reliance on such statements. We undertake no obligation to update these statements following the date of this news release.

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SOURCE Blue Ridge Bankshares, Inc.