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Exhibit 99.1 Blue Ridge Bankshares , Inc. Announces Second Quarter and First Half 2021 Earnings Charlottesville , Va . , July 29 , 2021 – Blue Ridge Bankshares , Inc. ( the “ Company ” ) ( NYSE American : BRBS ) , the holding company of Blue Ridge Bank , National Association ( " Blue Ridge Bank " ) and BRB Financial Group , Inc. , announced today financial results for the quarter and year - to - date periods ended June 30 , 2021. For the second quarter of 2021 , the Company reported net income of $ 28.6 million , or $ 1.54 earnings per diluted common share , compared to $ 4.2 million , or $ 0.28 earnings per diluted common share , for the first quarter of 2021 , and $ 6.2 million , or $ 0.73 earnings per diluted common share , for the second quarter of 2020. For the first half of 2021 , the Company reported net income of $ 32.9 million , or $ 1.94 earnings per diluted common share , compared to $ 7.1 million , or $ 0.83 earnings per diluted common share , for the first half of 2020. Earnings per common share for all periods presented is reflective of the 3 - for - 2 stock split effective April 30 , 2021. Net income for the second quarter and first half of 2021 included an after - tax gain of $ 19.2 million resulting from the sale of over $ 700 million of loans originated under the Paycheck Protection Program ( “ PPP " ) . Net income for all periods presented also reflected merger - related expenses , as further discussed below . 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 half of 2021 include the earnings of Bay Banks from the effective date of the merger . On July 14 , 2021 , the Company and FVCBankcorp , Inc. ( “ FVCB ” ) jointly announced they had entered into a definitive agreement pursuant to which the companies will combine in an all - stock merger of equals ( the " FVCB Merger " ) . The FVCB Merger is subject to customary closing conditions , including regulatory approvals and approval from the shareholders of both companies . The Company anticipates the FVCB Merger will close in the fourth quarter of 2021 or in the first quarter of 2022 . Net income for the second and first quarters of 2021 included approximately $ 1.0 million and $ 7.1 million , respectively , in after - tax expenses related to the Bay Banks Merger and the FVCB Merger , while earnings for the second quarter of 2020 included approximately $ 140 thousand in after - tax merger - related expenses . " We had a very positive and busy second quarter , " said Brian K. Plum , President and Chief Executive Officer . " The sale of most of our PPP loans put a capstone on our monumental efforts to assist tens of thousands of businesses and families . We are proud of the positive impact we had in facilitating the usage of this critical government program at a time when our communities and country needed it the most . " " The announced partnership with FVCB will further enhance our efforts to invest in technology and resources needed to stay in front of our evolving customer needs , " continued Plum . " We are excited about the future and the numerous opportunities we see across the financial services landscape . " Paycheck Protection Program In the first half of 2021 , the Company funded over 20,000 loans for approximately $ 728 million of PPP loans pursuant to the Economic Aid Act , passed at the end of December 2020 ( " PPP2 loans " ) . Of the PPP2 loans , approximately 19,500 with principal balances of $ 712.6 million were sold on June 28 , 2021 . Gross proceeds from the sale were $ 705.9 million and the Company recorded a pre - tax gain of $ 24.3 million on the sale after giving effect to $ 30.9 million of unearned fees , net of deferred costs , and the sale discount . As of June 30 , 2021 , the Company holds approximately 600 PPP2 loans with an aggregate