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## Note 14. Income Taxes 

## NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 

## BLUE RIDGE BANKSHARES, INC. 

## December 31,2017 

A reconciliation between the amount of total inome taxes and the amount computed by multiplying income by the applicable federal income tax rates is as follows: 

<img src='content_image/281935.jpg'>

The current and deferred components of income tax expense are as follows: 

<img src='content_image/281936.jpg'>

Deferred tax assets have been provided for temporary differences related to the allowance for loan losses, recognition of loan fee income, and deferred compensation agreements. Deferred tax liabilities have been provided for temporary differences related to depreciation and unrealized securities gains. 

The net deferred tax asset was made up ofthe following: 

<img src='content_image/281937.jpg'>

This amount has been included as part of other assets on the balance sheet. 

The federal and Virginia income tax retums of the Company for 2009 to 2012 are subject to examination by the Intemal Revenue Service and the Virginia Department of Taxation. 

## Note IS. Employee Benefits 

The Bank has a 401 (k) Profit Sharing Plan that covers all full-time employees. Employees may make voluntary contributions subject to certain limits based on federal tax laws. The Bank matches 100 percent of an employee’s contribution up to five percent of his or her salary. The Bank’s Board of Directors may make additional contributions at its discretion. Employees become eligible to participate after one year of continuous service and the benefits vest over a five-year period. For the years ended December 31, 2012 and 2011, total expenses atfributable to this plan were $97,321 and $81,487, respectively. 

