Blue Ridge Bankshares, Inc. Reports Second Quarter Earnings

LURAY, Va., Aug. 13, 2013 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTCQB: BRBS), parent company of Blue Ridge Bank, announced today its unaudited financial results for the second quarter ended June 30, 2013. The company reported net income of $973,000 for the first six months of 2013—or 98 cents per common share—compared to $806,000 of net income for the same period in 2012—or 74 cents per common share—representing an increase in earnings per common share of 32.4 percent.

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The company experienced asset growth of $8,500,000—or 4.1 percent—during the first half of the year, fueled by growth in its held-for-investment loan portfolio of $10,862,000—or 8.5 percent—during the period. 

"The bank continues to focus on growing its balance sheet in a prudent fashion, which has allowed for significant expansion of earnings in recent years and the ability to continue raising dividends paid to shareholders," said President and Chief Executive Officer Monte L. Layman. "In addition to the earnings growth, the bank has maintained asset quality numbers that are very favorable compared to its peer group."

About Blue Ridge Bankshares, Inc.

Blue Ridge Bankshares, Inc. is single-bank holding company headquartered in Luray, Va. Chartered in 1893 as the Page Valley Bank of Virginia, today Blue Ridge Bank has additional branches in Shenandoah, McGaheysville and Charlottesville. Celebrating its 120th year as a locally owned, independent community bank, Blue Ridge Bank provides a wide range of financial services with an emphasis on quality, ethics and superb customer service. 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.

Contact
Brian K. Plum
Executive Vice President and Chief Financial Officer
540-843-5207
bplum@mybrb.com

SOURCE Blue Ridge Bankshares, Inc.