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Blue Ridge Bankshares, Inc. Announces Third Quarter Earnings
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Blue Ridge Bankshares, Inc. Announces Third Quarter Earnings
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.
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