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

6 Months Ended

Jun. 30, 2020

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:

Assets	As Recorded by Virginia Community Bankshares, Inc.				Adjustments				As Recorded by     Blue Ridge Bankshares, Inc.
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

(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

(3) Adjustment to reflect estimated fair value of furniture, fixtures, and equipment

(4) Adjustment to reflect estimated fair value of Other Real Estate Owned (“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
-Section 50
-Paragraph 1
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- Definition

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.

+ References

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-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
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