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Acquisition (Tables) - Virginia Community Bankshares, Inc [Member]

12 Months Ended

Dec. 31, 2019

Summary of Assets Received and Liabilities Assumed and Related Adjustments

A summary of the assets received and liabilities assumed and related adjustments are as follows:

		As Recorded by										As Recorded by
		Virginia Community										Blue Ridge
		Bankshares, Inc.					Adjustments					Bankshares, Inc.
Assets
Cash and due from banks	$		9,678,700			$		-			$		9,678,700
Investment securities available-for-sale			43,419,481					(470,191)	(1)				42,949,290
Restricted equity securities			302,700					-					302,700
Held-for-investment loans			173,871,523					(900,020)	(2)				172,971,503
Furniture, Fixtures, and equipment			6,435,695					3,296,872	(3)				9,732,567
Other Real Estate Owned			87,427					(87,427)	(4)				-
Accrued interest receivable			864,154					-					864,154
Core deposit intangible			-					1,690,000	(5)				1,690,000
Other assets			8,069,497					549,976	(6)				8,619,473
Total assets acquired	$		242,729,177			$		4,079,210					246,808,387
Liabilities
Deposits			217,953,153					118,621	(7)				218,071,774
Other liabilities			1,296,520					-					1,296,520
Total liabilities assumed	$		219,249,673			$		118,621					219,368,294
Net assets acquired													27,440,093
Total consideration paid													44,048,371
Goodwill											$		16,608,278

Explanation of adjustments:
(1)	Adjustment to reflect estimated fair value of security portfolio.
(2)	Adjustment to reflect estimated fair value and credit mark on loans of $(2,318,569), and elimination of VCB’s allowance for loan and lease losses of $1,418,549.
(3)	Adjustment to reflect estimated fair value of furniture, fixtures, and equipment.
(4)	Adjustment to reflect estimated fair value of OREO.
(5)	Adjustment to reflect recording of core deposit intangible.
(6)	Adjustment to reflect estimated fair value of other assets and the recording of deferred taxes related to acquisition.
(7)	Adjustment to reflect estimated fair value of deposits.

Summary of Consideration Paid

A summary of the consideration paid is as follows:

Common stock issued (1,312,919 shares)	$	27,401,831
Cash payments to common shareholders		16,646,540
Total consideration paid	$	44,048,371

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- Definition

Tabular disclosure of the equity interest issued or issuable in a business acquisition (or series of individually immaterial business acquisitions) planned, initiated, or completed during the period.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

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