Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2023

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)	2023		2022
ASSETS
Cash and due from banks	$	7,025	$	2,432
Investment in subsidiaries		201,403		256,543
Other equity investments		12,740		23,590
Other investments		8,706		7,161
Income tax receivable		2,200		2,747
Other assets		1,432		583
Total assets	$	233,506	$	293,056
LIABILITIES & STOCKHOLDERS’ EQUITY
Accrued expenses	$	7,294	$	3,971
Accrued interest payable		368		372
Subordinated notes, net		39,855		39,920
Total liabilities		47,517		44,263
Stockholders’ equity		185,989		248,793
Total liabilities and stockholders’ equity	$	233,506	$	293,056

PARENT COMPANY ONLY CONDENSED STATEMENTS OF INCOME

	For the years ended December 31,
(Dollars in thousands)	2023			2022		2021
INCOME
Dividends from Bank subsidiary	$	6,000		$	10,000	$	10,000
Interest income		14			439		140
Fair value adjustments of other equity investments		(110	)		9,306		7,316
Loss on sale of other equity investments		(1,636	)		—		—
Other		50			147		250
Total income		4,318			19,892		17,706
EXPENSES
Interest on subordinated notes		2,209			2,215		2,627
Legal and regulatory filing		3,161			1,371		890
Merger-related		—			50		2,642
ESOP litigation		6,000			—		—
Other		270			821		189
Total expenses		11,640			4,457		6,348
(Loss) income before income tax expense and equity in undistributed earnings of subsidiary		(7,322	)		15,435		11,358
Income tax (benefit) expense		(2,623	)		1,207		509
Equity in undistributed (loss) earnings of subsidiaries		(47,074	)		3,106		41,628
Net (loss) income	$	(51,773	)	$	17,334	$	52,477

PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS

	For the years ended December 31,
(Dollars in thousands)	2023			2022			2021
Cash Flows From Operating Activities
Net (loss) income	$	(51,773	)	$	17,334		$	52,477
Equity in undistributed loss (earnings) of subsidiaries		47,074			(3,106	)		(41,628	)
Deferred income tax benefit		(3,830	)		(698	)		(1,208	)
Amortization of subordinated note issuance costs		35			35			206
Realized loss on sale of other equity securities		1,500			—			—
Fair value adjustments of other equity investments		110			(9,306	)		(7,316	)
Increase in other assets		(302	)		(180	)		(2,677	)
Increase in accrued expenses		2,622			4,247			646
Net cash (used in) provided by operating activities		(4,564	)		8,326			500
Cash Flows From Investing Activities
Net change in securities available for sale		—			2,073			(2,073	)
Proceeds from sale of other equity investments		7,754			—			—
Net change in other equity investments		1,486			(9,406	)		(6,900	)
Net change in other investments		(1,545	)		(2,629	)		(3,230	)
Net cash acquired in Bay Banks Merger		—			—			23,214
Cash received from Bank subsidiary		6,000			10,000			10,000
Net cash provided by investing activities		13,695			38			21,011
Cash Flows From Financing Activities
Dividends paid on common stock		(4,641	)		(9,175	)		(7,183	)
Stock option exercises and dividend reinvestment plan issuances		103			87			804
Redemption of subordinated notes		—			—			(14,150	)
Net cash used in financing activities		(4,538	)		(9,088	)		(20,529	)
Net increase (decrease) in cash and due from banks		4,593			(724	)		982
Cash and due from banks at beginning of period		2,432			3,156			2,174
Cash and due from banks at end of period	$	7,025		$	2,432		$	3,156
Supplemental Schedule of Cash Flow Information
Cash paid for:
Interest	$	2,213		$	2,213		$	2,388
Income taxes	$	6,600		$	1,475		$	10,000
Non-cash investing and financing activities:
Unrealized gain on securities available for sale	$	—		$	—		$	300
Issuance of restricted stock awards, net of forfeitures	$	1,573		$	1,564		$	1,331