Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2021

Statement Of Financial Position [Abstract]

Parent Company Only Financial Statements

Note 20. Parent Company Only Financial Statements

The following tables present the condensed financial statements of Blue Ridge Bankshares, Inc. (parent company only) for the periods presented.

PARENT COMPANY ONLY CONDENSED BALANCE SHEETS

	As of December 31,
(Dollars in thousands)	2021		2020
ASSETS
Cash and due from banks	$	3,156	$	2,174
Investment in subsidiaries		291,525		121,808
Securities available for sale, at fair value		2,073		—
Restricted and other equity investments		14,184		319
Other investments		4,532		8,267
Accrued interest receivable		24		119
Income tax receivable		906		348
Other assets		2,221		6
Total assets	$	318,621	$	133,041
LIABILITIES & STOCKHOLDERS’ EQUITY
Accrued expenses	$	1,126	$	204
Accrued interest payable		370		131
Subordinated notes, net of issuance costs		39,986		24,506
Total liabilities		41,482		24,841
Stockholders’ equity		277,139		108,200
Total liabilities and stockholders’ equity	$	318,621	$	133,041

PARENT COMPANY ONLY CONDENSED STATEMENTS OF INCOME

	For the years ended December 31,
(Dollars in thousands)	2021		2020
INCOME
Dividends from subsidiary	$	10,000	$	800
Interest income		140		126
Fair value adjustments of other equity investments		7,316		—
Other		250		—
Total income		17,706		926
EXPENSES
Interest on subordinated notes		2,627		1,265
Professional fees		890		455
Merger-related		2,642		1,732
Other		189		165
Total expenses		6,348		3,617
Income (loss) before income tax expense (benefit) and equity in undistributed earnings of subsidiary		11,358		(2,691	)
Income tax expense (benefit)		509		(699	)
Equity in undistributed earnings of subsidiaries		41,631		19,689
Net income	$	52,480	$	17,697

PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS

	For the years ended December 31,
(Dollars in thousands)	2021			2020
Cash Flows From Operating Activities
Net income	$	52,480		$	17,696
Equity in undistributed earnings of subsidiaries		(41,631	)		(19,689	)
Deferred income tax benefit		(1,208	)		(62	)
Amortization of subordinated note issuance costs		206			54
Fair value adjustments of other equity investments		(7,316	)		—
Increase in other assets		(2,677	)		(139	)
Increase in accrued expenses		646			528
Net cash provided by (used in) operating activities		500			(1,612	)
Cash Flows From Investing Activities
Net change in securities available for sale		(2,073	)		—
Net change in restricted and other equity investments		(6,900	)		—
Net change in other investments		(3,230	)		(7,363	)
Net cash acquired in Bay Banks Merger		23,214			—
Cash received from (contributed to) Bank		10,000			(2,000	)
Net cash provided by (used in) investing activities		21,011			(9,363	)
Cash Flows From Financing Activities
Dividends paid on common stock		(7,183	)		(2,436	)
Stock option exercises		804			—
Payment of subordinated notes issuance costs		—			(349	)
Issuance of subordinated notes		—			15,000
Redemption of subordinated debt		(14,150	)		—
Net cash (used in) provided by financing activities		(20,529	)		12,215
Net increase in cash and due from banks		982			1,240
Cash and due from banks at beginning of period		2,174			934
Cash and due from banks at end of period	$	3,156		$	2,174
Supplemental Schedule of Cash Flow Information
Cash paid for:
Interest	$	2,388		$	1,190
Income taxes	$	10,000		$	2,000
Non-cash investing and financing activities:
Unrealized gain on securities available for sale	$	300		$	—
Issuance of restricted stock awards, net of forfeitures	$	1,331		$	567