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Acquisition | 3 Months Ended
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Mar. 31, 2020
Business Combinations [Abstract] |
Acquisition | Note 2 – Acquisition On December 15, 2019, the Company completed the acquisition of VCB, the holding company for Virginia Community Bank, pursuant to the terms of the Agreement and Plan of Reorganization, dated May 13, 2019, between the Company and VCB. Under the agreement, VCB’s shareholders had the right to receive, at the holder’s election, either $58.00 per share in cash or 3.05 shares of the Company’s common stock, subject to the allocation and proration procedures set forth in the agreement, plus cash in lieu of fractional shares. Note 2 – Acquisition, continued A summary of the assets received and liabilities assumed and related adjustments are as follows:
Assets | As Recorded by Virginia Community Bankshares, Inc. |  |  | Adjustments |  |  | As Recorded by Blue Ridge Bankshares, Inc. |
Cash and due from banks | $ | 9,678,700 |  |  | $ | — |  |  | $ | 9,678,700 |
Investment securities available-for-sale |  | 43,419,481 |  |  |  | (470,191 | ) | (1) |  | 42,949,290 |
Restricted equity securities |  | 302,700 |  |  |  | — |  |  |  | 302,700 |
Held-for-investment loans |  | 173,871,523 |  |  |  | (900,020 | ) | (2) |  | 172,971,503 |
Furniture, fixtures, and equipment |  | 6,435,695 |  |  |  | 3,296,872 |  | (3) |  | 9,732,567 |
Other real estate owned |  | 87,427 |  |  |  | (87,427 | ) | (4) |  | - |
Accrued interest receivable |  | 864,154 |  |  |  | - |  |  |  | 864,154 |
Core deposit intangible |  | - |  |  |  | 1,690,000 |  | (5) |  | 1,690,000 |
Other assets |  | 8,069,497 |  |  |  | 549,976 |  | (6) |  | 8,619,473 |
Total assets acquired | $ | 242,729,177 |  |  | $ | 4,079,210 |  |  | $ | 246,808,387 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Deposits | $ | 217,953,153 |  |  | $ | 118,621 |  | (7) | $ | 218,071,774 |
Other liabilities |  | 1,296,520 |  |  |  | - |  |  |  | 1,296,520 |
Total liabilities assumed | $ | 219,249,673 |  |  | $ | 118,621 |  |  | $ | 219,368,294 |
Net assets acquired |  |  |  |  |  |  |  |  |  | 27,440,093 |
Total consideration paid |  |  |  |  |  |  |  |  |  | 44,048,371 |
Goodwill |  |  |  |  |  |  |  |  | $ | 16,608,278 |
| (1) | Adjustment to reflect estimated fair value of security portfolio
| (2) | Adjustment to reflect estimated fair value and credit mark on loans of $(2,318,569), and elimination of VCB’s allowance for loan and lease losses
| (3) | Adjustment to reflect estimated fair value of furniture, fixtures, and equipment
| (4) | Adjustment to reflect estimated fair value of OREO
| (5) | Adjustment to reflect recording of core deposit intangible
| (6) | Adjustment to reflect estimated fair value of other assets and the recording of deferred taxes related to acquisition
| (7) | Adjustment to reflect estimated fair value of deposits
A summary of the consideration paid is as follows:
Common stock issued (1,312,919 shares) | $ | 27,401,831 |
Cash payments to common shareholders |  | 16,646,540 |
Total consideration paid | $ | 44,048,371 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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