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Blue Ridge Bankshares , Inc. Announces First Quarter 2021 Earnings and Update to 2021 Paycheck Protection Program Charlottesville , Va . , April 29 , 2021 – Blue Ridge Bankshares , Inc. ( the “ Company ” ) ( NYSE American : BRBS ) , the holding company of Blue Ridge Bank and VCB Financial Group , Inc. , announced today unaudited first quarter 2021 net income of $ 4.2 million , or $ 0.28 earnings per common share , compared to $ 5.6 million , or $ 0.65 earnings per common share , for the fourth quarter of 2020 , and $ 832 thousand , or $ 0.10 earnings per common share , for the first quarter of 2020. Earnings per common share for all periods presented is reflective of the three - for - two stock split effective April 30 , 2021 , as announced by the Company on March 17 , 2021 . As previously announced , on January 31 , 2021 , the Company completed the merger of Bay Banks of Virginia , Inc. ( “ Bay Banks ” ) , the holding company of Virginia Commonwealth Bank , into the Company . Immediately following the completion of the merger , Virginia Commonwealth Bank was merged into Blue Ridge Bank ( collectively , the “ Bay Banks Merger " ) . Earnings for the first quarter of 2021 include the earnings of Bay Banks from the effective date of the merger . Earnings for the first quarter of 2021 and fourth quarter of 2020 include approximately $ 9.0 million and $ 662 thousand , respectively , in expenses related to the Bay Banks Merger , and earnings for the first quarter of 2020 include approximately $ 269 thousand in expenses related to the Company's December 2019 merger with Virginia Community Bankshares , Inc. In March of 2021 , the Company announced a three - for - two stock split to be effected in the form of a 50 % dividend on its common stock outstanding , payable on April 30 , 2021 , to shareholders of record on April 20 , 2021 , with cash paid in lieu of fractional shares . Additionally , in March of 2021 , the Company declared a dividend of $ 0.15 per common share , payable on April 30 , 2021 to shareholders of record on April 20 , 2021 , on a pre - split basis . The Company also announced today that through April 26 , 2021 it had processed over 9,700 loan applications for a total of approximately $ 642 million of Paycheck Protection Program ( “ PPP ” ) loans pursuant to the Economic Aid Act , passed at the end of December 2020 ( “ PPP 2 ” ) . Of these applications , nearly 7,000 loans for approximately $ 480 million had been approved by the U.S. Small Business Administration ( " SBA " ) , as of this date . In addition , through an unaffiliated partnership , the Company has funded approximately $ 200 million of PPP 2 loans through April 26 , 2021. PPP 2 loans , including those funded through this partnership , are expected to result in over $ 35 million of net processing fees for the Company . The loans , if not forgiven , have a five - year term and a stated interest rate of 1 % . “ Our team had an incredibly successful and productive first quarter , ” said Brian K. Plum , President and Chief Executive Officer . " We welcomed new team members and customers with the consummation of the Bay Banks merger , we continued to pour an incredible amount of energy into assisting small businesses with the Paycheck Protection Program , and we remained busy with mortgage volumes and assisting homebuyers in a very competitive market . ” " The last twelve months in our nation and across the world have been a whirlwind of emotions , volatility , and uncertainty , ” Plum added . " We are fortunate to have a team which remains steadfastly and passionately committed to the growth and success of each other , our customers , and our communities , and their efforts allowed us to have an outsized positive impact at the time we were needed most . "