Blue Ridge Bankshares, Inc. Releases 2016 2nd Quarter Results

LURAY, Va., July 29, 2016 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTC Pink: BRBS), parent company of Blue Ridge Bank, announced today its unaudited financial results for the second quarter ended June 30, 2016.  The Company reported net income of $836,000 for the first six months of 2016, or $0.60 per common share, compared to 2015 net income of $1,129,000, or $0.83 per common share, for the same period.  The decline in net income and earnings per common share was an expected result directly related to the subordinated debt issuance late last year and the additional interest expense incurred as a result of that debt, as well as one-time merger expenses associated with the upcoming acquisition of River Bancorp, Inc. For the six months ended June 30, 2016, merger related expenses totaled approximately $440,000.  The Company was pleased to declare a dividend of $0.1175 during the second quarter of 2016, which is an increase of 2.2% compared to the 2015 second quarter dividend of $0.1150.  The dividend yield is 2.50% based on the July 28, 2016 share price.

The Company experienced asset growth of 14.9% since the second quarter of 2015, which was largely fueled by growth in the Company's held-for-investment loan portfolio of $12.7 million, or 6.4%, and growth in the available-for-sale loans of $17.3 million, or 100%.  The Company's asset quality continues to be strong, as reflected in its nonperforming and nonaccrual loans.  Additionally, the Company's deposit portfolio grew $30.7 million, or 16.0% since the second quarter of 2015, which included growth of $4.6 million, or 14.1% in noninterest DDA.

"The first six months of 2016 have been an exciting time for the Company," stated President and Chief Executive Officer Brian K. Plum.  "We are pleased with the continued growth in our loan and deposit portfolios.  Our team continues to execute well and we expect momentum to increase with the upcoming acquisition of River Bancorp, Inc.  We remain committed to deepening our existing customer relationships and cultivating new relationships throughout the remainder of 2016."

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 has additional branches in Shenandoah, McGaheysville, Charlottesville, and Harrisonburg. Celebrating 123 years as a locally owned, independent community bank, Blue Ridge Bank provides a wide range of financial services. Visit www.mybrb.com for more information.

Forward-Looking StatementsThis 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.

ContactAmanda G. Story, Chief Financial Officer540-843-5208[email protected]

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SOURCE Blue Ridge Bankshares, Inc.