Blue Ridge Bankshares, Inc. · AMEX:BRBS
Blue Ridge Bankshares — Merger or Acquisition (August 2021)
25 slides from Blue Ridge Bankshares's merger presentation, Aug 3, 2021
Slide 1: Blue Ridge Bankshares, Inc. Investor Presentation August 2021
Blue Ridge Bankshares, Inc. Investor Presentation August 2021 Exhibit 99.1
Slide 2: Forward-Looking Statements
Disclosure 1, 94, 92 25, 27, 120 2, 152, 52 1, 2, 94 (2) Forward-Looking Statements This presentation of Blue Ridge Bankshares, Inc. (the “Company,” “Blue Ridge” or “BRBS”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-l
Slide 3: Important Information about the Merger and Where to Find It
Important Information about the Merger and Where to Find It Blue Ridge intends to file a registration statement on Form S-4 with the SEC to register the shares of Blue Ridge’s common stock that will be issued to FVCB shareholders in connection with the proposed transaction. The registration statemen
Slide 4: Merger Announcement
(2) Merger Announcement
Slide 5: Creating A Premier Financial Institution in Attractive Growth Markets
Creating A Premier Financial Institution in Attractive Growth Markets Pro forma market capitalization is based on BRBS share price of $18.03 as of July 13, 2021 and 34,691,823 pro forma shares outstanding Note: Branch footprint excludes BRBS loan production offices Attractive Returns ~16% ‘22 ROATCE
Slide 6: Transformational Partnership Driving Top-Tier Performance
Transformational Partnership Driving Top-Tier Performance Capitalizing on Scarcity Value and Creating Operating Leverage in Our Core Markets Strategically Compelling Enhanced scale to drive increased growth and profitability Strong, affluent, growing markets of operation Enhanced revenue streams wit
Slide 7: Consideration & Transaction Pricing
Consideration & Transaction Pricing 100% stock consideration Fixed exchange ratio of 1.1492 BRBS shares for each FVCB share outstanding Assumes FVCB options are rolled over into BRBS options Aggregate consideration of ~$306.6M BRBS will be both the legal and accounting acquirer Pro Forma Ownership A
Slide 8: Key Merger Model Assumptions
Key Merger Model Assumptions 2022 Earnings Assumptions BRBS internal targeted EPS of $1.75 in 2022, or ~$32.9M in aggregate FVCB internal targeted EPS of $1.95 in 2022, or ~$28.3M in aggregate Estimated One- Time Merger Costs $25 million (pre-tax) Estimated Cost Savings 15% of combined non-interest
Slide 9: Diverse Pro Forma Revenue Profile with Strong Momentum
Diverse Pro Forma Revenue Profile with Strong Momentum Revenue is annualized using combined 1Q’21 operating revenue of $50.7 million Source: Company filings, S&P Global Market Intelligence $202.6M 2021 Annualized¹ Commercially Focused Strategic Partnerships and Flexible Operating Model Mortgage Bank
Slide 10: Compelling Financial Impact For All Shareholders
Compelling Financial Impact For All Shareholders Assumes fully phased-in cost savings in FY2022 Annualized based on July 2021 quarterly dividend, declared at $0.12 per share of BRBS common stock Note: Metrics based on preliminary merger analysis Dominant Pro Forma Virginia Franchise ~$5B Assets ~$73
Slide 11: Blue Ridge Bankshares, Inc. Company Overview
1, 94, 92 25, 27, 120 2, 152, 52 1, 2, 94 (2) Blue Ridge Bankshares, Inc. Company Overview
Slide 12: BRBS Mission Statement and Core Values
BRBS Mission Statement and Core Values 128 Years of Customer Service Mission Statement Our mission is to create financial value and opportunity for our shareholders, customers, employees, and communities by providing evolving, flexible, and customized solutions for the needs of our clients ….and to
Slide 13: Financial Highlights
Financial Highlights Ej BLUE RIDGE BANK (Dollars and shares in thousands, except per share data) Income Statement Data: come ‘income Provision for loan losses ‘Noninterest income Noninterest expenses Income before income taxes Income tax expense Net in come [Net loss (income) attributable to noncont
Slide 14: Financial Highlights
. wuss [) BLUE RIDGE Financial Highlights =] BANK As ofan forthe Tune 30, March 31 caberst ‘September 30, Tune 30, (Dollars and shares in thousands, except per share data) 2021 2021 2020 Financial Ratios: cum on average assets (2) 3.39% 06 8% 1 Operating etum on average assets - Non-GAAP (2)(3) 3.50
Slide 15: Paycheck Protection Program
Round 1 of PPP Funded over 3,100 loans totaling approximately $420 million(1) As of June 30, 2021, aggregate remaining balance of $115 million and remaining unearned loan fees of $69 thousand Round 2 of PPP Funded 20,000 loans totaling approximately $728 million As of June 30, 2021, approximately 60
Slide 16: Significant Balance Sheet Growth
Significant Balance Sheet Growth ($ in millions) Source: SNL Financial; Company financials.
Slide 17: Robust & Consistent Profitability
Robust & Consistent Profitability Efficiency Ratio (%) Net Interest Margin (%) Return on Average Assets (%) Return on Average Equity (%) Adjusted(1) As Reported As Reported Adjusted(1) As Reported Adjusted(1) (1) Adjusted amounts are Non-GAAP measures and exclude merger costs; see Appendix for recon
Slide 18: Asset Quality & Credit Culture
Asset Quality & Credit Culture Nonperforming Assets/Assets (%) ALL/HFI Loans, excluding PPP Loans (%) (2) Commentary Net Charge-offs/Average Loans (1) Limited net charge-off history as Net Charge-offs/ Average Loans haven’t exceeded 0.30% over the past five quarters and 0.52% over the past 10 years
Slide 19: Per Share Growth
Per Share Growth Book Value/Tangible Book Value Per Share (1,2) Earnings Per Diluted Share (2) (1) Non-GAAP measures; see Appendix for reconciliation of Non-GAAP measures. (2) All periods presented are reflective of the 3-for-2 stock split effective April 30, 2021 Source: Company financials. As Repo
Slide 20: Robust Fee Platform Strategy
Focus on business lines that supplement and support the core commercial banking model Robust Fee Platform Strategy Mortgage: Countercyclical fee source consisting of both retail and wholesale originations. Added wholesale mortgage functionality with LenderSelect Mortgage Group acquisition in January
Slide 21: Fintech Partnerships
Fintech Partnerships Actively engaged creating partnerships in Fintech community enabling the Fintech partners and Blue Ridge to capitalize on industry disruption Fintech relationships have resulted in over $80 million in related deposits on the balance sheet as of June 30, 2021
Slide 22: Looking Forward
Looking Forward Obtain approvals and execute FVCB integration Grow efforts to partner with and integrate Fintech providers Leverage footprint and scale to grow quality relationships Drive cross-selling opportunities across business lines Manage slowing mortgage demand Minimize COVID-19 asset quality
Slide 23: Appendix: Reconciliation of Non-GAAP Disclosure
Appendix: Reconciliation of Non-GAAP Disclosure
Slide 24: Appendix: Reconciliation of Non-GAAP Disclosure
Appendix: Reconciliation of Non-GAAP Disclosure
Slide 25: Contact Information
Contact Information Brian K. Plum Chief Executive Officer (540) 843-5207 Brian.Plum@mybrb.bank Judy C. Gavant Chief Financial Officer (804) 518-2606 Judy.Gavant@mybrb.bank www.mybrb.com
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