Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2022

Statement of Financial Position [Abstract]

Parent Company Only Financial Statements

Note 19. Parent Company Only Financial Statements

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

PARENT COMPANY ONLY CONDENSED BALANCE SHEETS

	As of December 31,
(Dollars in thousands)	2022		2021
ASSETS
Cash and due from banks	$	2,432	$	3,156
Investment in subsidiaries		267,123		291,525
Securities available for sale, at fair value		—		2,073
Other equity investments		23,590		14,184
Other investments		7,161		4,532
Accrued interest receivable		—		24
Income tax receivable		2,747		906
Other assets		583		2,221
Total assets	$	303,636	$	318,621
LIABILITIES & STOCKHOLDERS’ EQUITY
Accrued expenses	$	3,971	$	1,126
Accrued interest payable		372		370
Subordinated notes, net		39,920		39,986
Total liabilities		44,263		41,482
Stockholders’ equity		259,373		277,139
Total liabilities and stockholders’ equity	$	303,636	$	318,621

PARENT COMPANY ONLY CONDENSED STATEMENTS OF INCOME

	For the years ended December 31,
(Dollars in thousands)	2022		2021		2020
INCOME
Dividends from Bank subsidiary	$	10,000	$	10,000	$	800
Interest income		439		140		126
Fair value adjustments of other equity investments		9,306		7,316		—
Other		147		250		—
Total income		19,892		17,706		926
EXPENSES
Interest on subordinated notes		2,215		2,627		1,265
Professional fees		1,371		890		455
Merger-related		50		2,642		1,732
Other		821		189		165
Total expenses		4,457		6,348		3,617
Income before income tax expense and equity in undistributed earnings of subsidiary		15,435		11,358		(2,691	)
Income tax expense (benefit)		1,207		509		(699	)
Equity in undistributed earnings of subsidiaries		13,685		41,628		19,688
Net income	$	27,913	$	52,477	$	17,696

PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS

	For the years ended December 31,
(Dollars in thousands)	2022			2021			2020
Cash Flows From Operating Activities
Net income	$	27,913		$	52,477		$	17,696
Equity in undistributed earnings of subsidiaries		(13,685	)		(41,628	)		(19,688	)
Deferred income tax benefit		(698	)		(1,208	)		(62	)
Amortization of subordinated note issuance costs		35			206			54
Fair value adjustments of other equity investments		(9,306	)		(7,316	)		—
Increase in other assets		(180	)		(2,677	)		(140	)
Increase in accrued expenses		4,247			646			528
Net cash provided by operating activities		8,326			500			(1,612	)
Cash Flows From Investing Activities
Net change in securities available for sale		2,073			(2,073	)		—
Net change in other equity investments		(9,406	)		(6,900	)		—
Net change in other investments		(2,629	)		(3,230	)		(7,363	)
Net cash acquired in Bay Banks Merger		—			23,214			—
Cash received from (contributed to) Bank subsidiary		10,000			10,000			(2,000	)
Net cash provided by investing activities		38			21,011			(9,363	)
Cash Flows From Financing Activities
Dividends paid on common stock		(9,175	)		(7,183	)		(2,436	)
Stock option exercises and dividend reinvestment plan issuances		87			804			—
Redemption of subordinated notes		—			(14,150	)		—
Issuance of subordinated notes		—			—			15,000
Payment of subordinated notes issuance costs		—			—			(349	)
Net cash used in financing activities		(9,088	)		(20,529	)		12,215
Net (decrease) increase in cash and due from banks		(724	)		982			1,240
Cash and due from banks at beginning of period		3,156			2,174			934
Cash and due from banks at end of period	$	2,432		$	3,156		$	2,174
Supplemental Schedule of Cash Flow Information
Cash paid for:
Interest	$	2,213		$	2,388		$	1,190
Income taxes	$	1,475		$	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	$	1,564		$	1,331		$	567