Blue Ridge Bankshares, Inc. Releases 2016 1st Quarter Results

LURAY, Va., April 29, 2016 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (OTCQB: BRBS), parent company of Blue Ridge Bank, announced today its unaudited financial results for the first quarter ended March 31, 2016.  The Company reported net income of $524,354 for the first three months of 2016, or $0.37 per common share, compared to 2015 net income of $554,780, or $0.43 per common share, for the same period.  The decrease in earnings per common share of 12.1%, as well as the decline in the return on average assets and average equity as shown below, was an expected result of the additional expense associated with the subordinated debt issuance that occurred in November 2015. In addition, the Company was pleased to declare a dividend of $0.1175 during the first quarter of 2016, which is an increase of 2.2% compared to the 2015 first quarter dividend of $0.1150.  The dividend yield is 2.63% based on the April 28, 2016 share price.

The Company experienced asset growth of 11.2% since the first quarter of 2015, which was largely fueled by growth in the Company's held-for-investment loan portfolio of approximately $19,076,000, or 10.1%.  The Company's asset quality continues to be strong, as reflected in its nonperforming and nonaccrual loans.   Additionally, the Company's deposit portfolio grew $20,660,000, or 10.9% since the first quarter of 2015, which included growth of $5,691,000, or 18.7% in noninterest DDA.

President and Chief Executive Officer Brian K. Plum noted, "We are proud of the continued momentum in our current markets and beyond.  The recently announced acquisition of River Bancorp, Inc. will provide additional avenues for diversification of products and services and further expansion of our footprint to better serve our current and prospective customers."

Plum also mentioned the Company's recent recognition in American Banker's "Top 200 Community Banks and Thrifts" noting, "The recognition by American Banker validates the hard work and continued focused efforts of our team.  We are honored to be among the nation's top community banks and remain committed to driving value for our shareholders."

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.