Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2019

Note 24. Parent Company Only Financial Statements

The Blue Ridge Bankshares, Inc. (Parent Company only) condensed financial statements are as follows:

PARENT COMPANY ONLY CONDENSED STATEMENTS OF FINANCIAL CONDITION

December 31, 2019 and 2018

(in thousands)


Assets	2019		2018
Cash and cash equivalents	$	934	$	27
Investment in subsidiary		100,330		48,688
Other investments		911		670
Income tax receivable		306		—
Other assets		30		58
Total Assets	$	102,511	$	49,443

Liabilities
Accrued expenses	$	374	$	56
Subordinated debt, net of issuance costs		9,800		9,767
Total Liabilities		10,174		9,823

Stockholders’ Equity	$	92,337	$	39,620
Total Liabilities and Equity	$	102,511	$	49,443

PARENT COMPANY ONLY CONDENSED STATEMENTS OF INCOME

For the Years ended December 31, 2019 and 2018

(in thousands)


Income	2019			2018
Dividends from subsidiary	$	—		$	1,990
Interest income		5			7
Gains on securities		110			4
Total Income	$	115		$	2,001

Expenses
Interest on subordinated notes	$	709		$	710
Professional fees		294			197
Merger expenses		1,250			—
Other operating expenses		27			74
Total expenses	$	2,280		$	981

Net income (loss) before income tax benefit and equity in undistributed earnings of subsidiary	$	(2,165	)	$	1,020
Income tax benefit	$	(372	)	$	(204	)
Equity in undistributed earnings of subsidiary	$	6,397		$	3,349
Net income	$	4,604		$	4,573

PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS

For the Years ended December 31, 2019 and 2018

(in thousands)


Cash flows From Operating Activities	2019			2018
Net income	$	4,604		$	4,573
Equity in undistributed earnings of subsidiary		(6,397	)		(3,349	)
Deferred income tax (benefit) expense		(19	)		7
Amortization of subordinated debt issuance costs		33			34
Realized gains on securities sales		110			(4	)
Release of unearned ESOP shares		—			199
Change in other assets and liabilities		(206	)		(53	)
Net cash (used in) provided by operating activities		(1,875	)		1,407
Cash flows From Investing Activities
Purchases of securities available-for-sale		(161	)		(25	)
Proceeds from sales of securities available for sale		66			113
Cash contributed to banking subsidiary		(17,000	)		—
Net cash (used in) provided by investing activities		(17,095	)		88
Cash flows From Financing Activities
Common stock issuance		22,350			128
Dividends paid in cash		(2,473	)		(1,501	)
Repayment of contingent ESOP liability		—			(151	)
Net cash provided by financing activities		19,877			(1,524	)
Net increase (decrease) in cash and cash equivalents		907			(29	)
Cash and cash equivalents, beginning of year		27			56
Cash and cash equivalents, end of year	$	934		$	27